The transition to a software model continues at Mitel, and its cloud and mobile business lines contributed to a strong first quarter of 2016, CEO Rich McBee said Thursday.
“Our cloud business set a new quarterly record with revenue of $45.8 million, up 32% year-over-year as we continue to gain market traction globally,” he said in a statement. “Year-over-year growth of 55% in mobile was fueled by new footprint wins as well as the transition of existing footprints into network-wide roll-outs.”
Overall, Mitel posted revenue of $276.8 million for the three months ending March 31, up three per cent from the same quarter last year.
OBJ360 (Sponsored)
Stay Ahead of the Curve: The New Issue of Kingston Business Journal is Here
Are you looking for insightful analysis on the forces shaping the economic landscape of Eastern Ontario? The latest edition of the Kingston Business Journal (KBJ) is now available digitally, offering
Kingston manufacturers winning on the global stage with innovative products
Darrell Searles says Anchor Concrete wants to revolutionize the homebuilding industry—and the Kingston-based company has been doing exactly that through its innovative precast concrete building solutions. “We want to do
Adjusted EBITDA of $25.6 million was up 62 per cent from the same period last year. The company posted earnings of six cents per share.
As of March 31, Mitel had $83 million in cash after making $40 million worth of voluntary debt repayments during the quarter.
The quarter saw Mitel announce an agreement to buy Polycom that will create a $2.4 billion revenue company if approved. It also saw the company surpass 2 million cloud seats.
Looking ahead to the second quarter, Mitel is projecting revenues between $285 million and $305 million, gross margins between 53 per cent and 55 per cent, and earnings between 10 and 16 cents per share
