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Mitel Networks swings to loss in Q1

Mitel Networks Corp. said its normalized net income for the first quarter came to a loss of 8 cents per share, compared with the S&P Capital IQ consensus estimate of 7 cents per share.

The per-share result swung to a loss from the prior-year profit of 11 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $9.9 million, compared with income of $11.6 million in the year-earlier period.

The normalized profit margin dropped to negative 0.1% from 4.7% in the year-earlier period.

Total revenue climbed 11.3% year over year to $276.1 million from $248.1 million, and total operating expenses grew 17.0% from the prior-year period to $281.2 million from $240.3 million.

Reported net income totaled a loss of $23.0 million, or a loss of 19 cents per share, compared to income of $5.2 million, or 5 cents per share, in the year-earlier period.