Mitel Lowers First Quarter 2013 GuidanceCharles GrossBenzinga
Mitel (NASDAQ: MITL), a leading provider of Unified Communications and Collaboration software solutions, today announced that it expects revenue for the quarter ended July 31, 2012 to be in the range of $138 million - $139 million, compared to the previously provided range of $150 million to $155 million.
"Our results reflect orders booked that did not ship in the quarter, implementation delays on several customer projects and a general deterioration in the macro environment," said Richard McBee, chief executive officer, Mitel. "We remain confident in our strategy and product leadership, however we are taking immediate actions to size the business cost structure consistent with our broader macroeconomic concerns."During the current quarter ending October 31, 2012, the company will implement a restructuring plan to include a reduction of approximately 200 full-time employees, and the closure of excess facilities.
Mitel will provide more detail when it releases its financial results for the first quarter of fiscal 2013 and host a conference call for analysts and investors after the market closes on August 30, 2012. Details for the conference call will be announced prior to the date.(c) 2012 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.