Mitel books net loss after further restructuring costs

Restructuring costs of $8.4m (£5.37m) have driven Mitel to a $1.2m GAAP net loss during the second quarter of its fiscal 2012, which closed on 31 October.

Restructuring costs of $8.4m (£5.37m) have driven Mitel to a $1.2m GAAP net loss during the second quarter of its fiscal 2012, which closed on 31 October.

Nevertheless, the unified comms and collaboration specialist's stock was on the rise late last week as investors gave a thumbs up to revenues of $129.4m, up 7%, and widening margins, up 21% from 18% this time last year.

CEO Richard McBee pointed to solid execution that had "allowed us to achieve results greater than our previous guidance."

"We continue to see the benefits of our previously announced strategic initiatives to simplify our business and streamline our organisation.

"In addition we are seeing solid demand for out Mitel 5000 platform and our virtualised UC Advanced client software," he said.

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