Mitel (NASDAQ:MITL) swung to a loss year-over-year in its first fiscal quarter of 2012 on one-time restructuring charges.
Mitel chief executive Richard McBee. (Provided)
Its net loss was $2.8 million or $0.05 per share on restructuring charges of $4.8 million, compared with net income of $6.8 million or $0.12 per share in Q1 2011.
Mitel's overall revenues were $164.1 million compared with $160 million last year, with growth in all three of its divisions: communications solutions, net solutions and DataNet.
"We are pleased with our execution in the first quarter of fiscal 2012 where we again exceeded our guidance, implemented our new strategy and initiated organizational changes to position Mitel for growth," stated Richard McBee, Mitel's chief executive.
He also paid tribute to the launch of desktop virtualization integration software announced at the VMworld conference, saying "our combined solution extends a company's desktop and mobile environment to anywhere an employee has an Internet connection."
For the second quarter, Mitel forecasts revenue of between $164 million and $168 million, gross margin of between 48.8 and 49.2 per cent, and non-GAAP operating expenses as a percentage of revenue between 48.8 and 49.2 per cent.
The company undertook restructuring after its IPO last year did not generate as much market response as expected.