Mitel Reports Fourth Quarter Results

Mitel (NASDAQ:MITL; TSX:MNW) has announced its financial results for the fourth quarter ended December 31, 2017.

As quoted in the press release:

“Our strong fourth quarter performance driven by ongoing customer adoption of Mitel cloud solutions combined with continued solid revenue from our on-site business enabled us to exceed consensus estimates with revenue of $356 million,” said Rich McBee, Mitel Chief Executive Officer. “In line with our move to the cloud strategy, we ended the year with an installed UCaaS subscriber base in excess of 1.1 million seats, and with UCaaS revenue up 158% from a year ago. MiCloud seats installed via service providers in Europe also crossed the 1 million seat mark, a positive market indicator that our move to the cloud strategy is now gaining traction and speed in Europe as cloud momentum builds globally.”

Commenting on the integration of ShoreTel, Mr. McBee said, “In the first full quarter since completing the ShoreTel acquisition we moved quickly and efficiently to integrate the key value drivers for the deal including integration of the portfolios, sale and service teams, and R&D organizations and roadmaps. With the heavy lifting on integration well-advanced, we are now expecting a synergy opportunity of $75M in annual run rate spend to be achieved over two years. With this new synergy target we see opportunity to deliver additional shareholder value from the combination.”

Click here to read the full press release.