MRV Enjoys $100M Quarter

First-quarter revenue exceeds $100 million, a 54% increase year-over-year

May 1, 2001

2 Min Read

CHATSWORTH, Calif. -- MRV Communications Inc. (Nasdaq:MRVC), a world-class leader in optical components and network infrastructure systems, reported today strong results for the fiscal first quarter ended March 31, 2001.

MRV reached record revenue of $100.1 million for the first quarter ended March 31, 2001, an increase of 54% over revenue of $65.1 million for the first quarter of fiscal year 2000. On a pro forma basis, net income for the current quarter was $1.4 million, or $0.02 per basic and diluted share, compared with pro forma net income of $4.5 million, or $0.06 per basic and diluted share in the previous quarter, and pro forma net income of $304,000, or $0.01 per basic share and breakeven, on a diluted basis, for the first quarter of 2000.

Pro forma results exclude certain charges such as non-cash amortization of intangibles from acquisitions, non-cash deferred stock compensation expenses and expenses associated with development stage enterprises. On an as-reported basis, MRV reported a net loss of $54.3 million, or $0.73 per basic and diluted share for the current quarter, compared with a net loss of $45.0 million, or $0.62 per basic and diluted share for the previous quarter and a net loss of $5.9 million, or $0.10 per basic and diluted share for the first quarter of 2000.

"We are excited to break the $100 million mark," said Noam Lotan, president and chief executive officer of MRV. "We feel optimistic about our future and believe that the slowdown in the telecommunications capital spending is just the `calm before the storm.' The rapid build up of fiber at the core has created an over abundance of capacity and has left a serious bottleneck at the access network. MRV is well equipped to seize this opportunity and bridge the access gap. Clearing bandwidth bottlenecks using fiber optic transmission, 3G wireless technology and Free Space Optics (FSO) is our business."

All historical amounts reflected in these financial results have been adjusted for the two-for-one stock split that took place in May 2000.

MRV Communications Inc.

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