Inter-Tel today released preliminary results for the period ending June 30, 2007.
From the announcement:
- Net sales for the quarter ended June 30, 2007 are expected to range from $113.5 million to $115.5 million, compared to net sales of $115.9 million for the second quarter of 2006.
- Net sales for the six months ended June 30, 2007 are expected to range from $223 million to $225 million, compared to net sales of $222.8 million for the corresponding six-month period in 2006.
Norman Stout, Inter-Tel’s Chief Executive Officer, stated, “We are releasing this preliminary net sales data to provide more current information to Inter-Tel stockholders as they consider how to vote on the proposed Mitel merger. In particular, we did not meet the second quarter net sales used in the projections in our proxy statement for the Mitel merger, and we also expect to be well below projected net sales for the second half of 2007 and the full year 2007, based on the current sales trends and trajectory.”
On Monday I reported on the postponement of the shareholder vote, which was to decide the fate of the proposed merger with Mitel.
I asked if the delay, coupled with the pending announcement of Inter-Tel’s latest results, would be good or bad for the merger. It seems that the results might tend to favor the merger with Mitel, which will draw on synergies between the two firms to achieve financial success as opposed to the proposed recapitalization put forth by founder and former CEO Steven Mihaylo.
The date for the vote on the merger with Mitel Networks Corporation has been rescheduled for July 23.
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