Mitel (MITL) Prelim. Q3 Revs Slightly Below Consensus; EVP Philip Keenan Resigns
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Mitel (Nasdaq: MITL) announced that for the third quarter of fiscal 2013, ended January 31, 2013, revenue will be approximately $142M, which is within the guidance range provided during the company's second quarter fiscal 2013 earnings announcement on November 29, 2012. The Street sees revs of $144 million.
The company also confirmed that preliminary gross margin is within the guidance range previously provided, and that non-GAAP operating expenses for the quarter are expected to be 42%-43% of revenue, which is favorable to previously provided guidance.
Preliminary third quarter results are being disclosed in conjunction with Mitel's ongoing market discussions with potential lenders related to the refinancing of its existing senior secured credit facilities. Mitel routinely monitors the credit markets to evaluate the merits of refinancing its senior secured credit facilities and from time to time explores available options.
In addition, Mitel announced that Philip Keenan, Executive Vice President of Sales for North America, is leaving the company. Mitel President and CEO Richard McBee will assume responsibility for the North American sales organization on an interim basis until a permanent replacement is identified.
The company also confirmed that preliminary gross margin is within the guidance range previously provided, and that non-GAAP operating expenses for the quarter are expected to be 42%-43% of revenue, which is favorable to previously provided guidance.
Preliminary third quarter results are being disclosed in conjunction with Mitel's ongoing market discussions with potential lenders related to the refinancing of its existing senior secured credit facilities. Mitel routinely monitors the credit markets to evaluate the merits of refinancing its senior secured credit facilities and from time to time explores available options.
In addition, Mitel announced that Philip Keenan, Executive Vice President of Sales for North America, is leaving the company. Mitel President and CEO Richard McBee will assume responsibility for the North American sales organization on an interim basis until a permanent replacement is identified.
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