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Mitel, a provider of unified communications software solutions, has announced its financial results for the first quarter of fiscal 2011 ended July 31, 2010.

Highlights of the financial results indicate revenue for the first quarter was $160.0 million, as compared to $159.4 million for the first quarter of fiscal 2010. The adjusted EBITDA for the first quarter of fiscal 2011 was $20.4 million, compared to $19.5 million for the first quarter of fiscal 2010.

Cash and cash equivalents as of July 31, 2010 were $84.7 million, up by 10.6 percent compared to the end of the fourth quarter of fiscal 2010.

Operating cash flows for the first quarter of fiscal 2011 was $9.6 million, an increase of 12.9 percent from the first quarter of fiscal 2010.

Net income for the first quarter of fiscal 2011 was $6.8 million, compared to a net income of $2.0 million, in the same period last year. While the Non-GAAP net income for the first quarter of fiscal 2011 was $10.8 million.

Mitel (News - Alert) chief executive Officer Don Smith also announced his retirement from the position of chief executive officer of the company, although he will continue to serving as CEO until a successor is found, and as director of Mitel, even after he retires. 

Terence H. Matthews, chairman of Mitel's board of directors, said that they were thankful to Smith for his contributions and years of service. He added that since 2001 Don and his team had successfully overseen the transition of the company from a legacy (Digital) PBX (News - Alert) company to one focused on IP communications, UCC, mobility, and software.

Mitel gained several new customers during the first quarter of fiscal 2011 prominent among them are: National Unified Procurement Company, Mark Barnes & Associates, Memorial University of Newfoundland, and Packaging Incorporated.

The report announced the availability of Mitel's suite of unified communications applications as virtual appliances running in a VMware environment in addition to its improved position in Gartner (News - Alert) Magic Quadrants, with “Challenger” placement in the Corporate Telephony MQ and “Visionary” placement in the Unified Communications MQ.

Among other business developments announced were the expansion of Mitel Mobile service with the addition of BlackBerry (News - Alert) Smartphones, earning a Distinguished Honouree medal in the "Best New Product or Service of the Year - Telecommunications" category of The 2010 International Business Awards for Virtual Mitel Communications Director (Virtual MCD).

They were also named Tech Awards Circle Silver Winner in the SMB and Enterprise Software Product category for Virtual Mitel Communications Director (Virtual MCD) and receiving of the Most Innovative Channel Product Award at the Comms Business Awards ceremony in recognition of the Mitel Virtual Solutions software portfolio.

Steve Spooner, chief financial officer, Mitel, said that they were proud of their achievements during the fiscal quarter, and that they would continue to focus on execution and driving market share growth, while keeping a close eye on our operating model to ensure expenses remain in line with revenues.

The financial performance guidance for the second quarter of fiscal year 2011 ending October 31, 2010 mentions an increase in revenue from $160 to $163 million, while the gross margin percentage is expected to be approximately flat compared to the first quarter of fiscal 2011.

Non-GAAP operating expenses as a percent of revenue are expected to be in the range of 38 to 39 percent.