MITEL NETWORKS $11.29 - Toronto symbol MNW

MITEL NETWORKS $11.29 (Toronto symbol MNW; TSINetwork Rating: Extra Risk)(613-592-2122; www.mitel.ca; Shares outstanding: 120.0 million; Market cap: $1.4 billion; No dividends paid) develops and markets products centred on business telephone systems, including technology that integrates land lines and mobile phones. The company also offers call centre and videoconferencing products.

In the three months ended March 31, 2015, Mitel’s revenue rose 2.7%, to $248.1 million from $241.5 million a year ago (all figures except share price and market cap in U.S. dollars). Without the effect of the higher U.S. dollar, its revenue was $268.9 million in the latest quarter.

Earnings per share fell 27.3%, to $0.16 from $0.22, as the stronger dollar hurt the contribution from the company’s international sales. However, the latest earnings still beat the consensus estimate of $0.15. Earlier this year, Mitel acquired Mavenir Systems for $560 million U.S.

This was an important move because right now Mitel’s services are mainly over land-line phones. Mavenir will help it move into the market for voiceover long-term evolution, or VoLTE, a technology that repackages voice calls as data and transmits them over wireless networks. VoLTE is quickly becoming the standard for high-speed wireless communications.

Mitel is a buy.

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