Mitel Networks Jumps After Q4 Results

, a small-cap business communications and software provider, released its fiscal fourth quarter financial results after the closing bell on Monday. Despite reporting disappointing year over year earnings and revenue, the results came in ahead of Wall Street consensus, sending the stock higher in the after-hours. At last check, Mitel shares had climbed around 7 percent to $4.19.

"In the fourth quarter, we are pleased to have exceeded our guidance for revenue and gross margin," said Richard McBee, Chief Executive Officer, Mitel. "We had solid sequential revenue growth of 6% resulting from our continued focus on both our premise-based business and our cloud service offerings. This month, we announced and completed the acquisition of the contact center OEM supplier prairieFyre, which will allow us to capitalize on the increasing market demand for contact center solutions. We also significantly enhanced our sales leadership with the appointment of three new sales executives in the Americas."

Mitel reported net income of $8.1 million or $0.14 per share, compared to $49.2 million or $0.88 per share, in last year's fourth quarter. Adjusted net income, which is comparable to analysts' consensus, was $14.1 million or $0.25 per share, down from $17.1 million or $0.30 per share, in the year ago period. This beat analysts' consensus EPS estimates of $0.24 by a penny. Revenue in the quarter was $150.9 million from $157.6 million last year. This also came in ahead of consensus expectations of $145.71 million.

Looking ahead to Mitel's fiscal first-quarter, the company guided for revenue which is below current Wall Street consensus. For Q1, Mitel sees sales between $140 and $145 million. The high-end of this range is just below current expectations calling for revenue of $145.88 million in the fiscal first-quarter.