Continues its trend of narrowing losses, dropping them to $3.1M, or 3 cents per share, versus $4.8M in the previous quarter

July 22, 2004

2 Min Read

CHATSWORTH, Calif. -- MRV Communications Inc. (Nasdaq: MRVC), a leading provider of scalable network infrastructure equipment and optical components for metro and Fiber-to-the-Premise solutions, today reported its results for the second quarter ended June 30, 2004.

Net loss for the second quarter of 2004 was narrowed to $3.1 million, or $0.03 per share, compared to a net loss of $9.8 million, or $0.10 per share, for the second quarter of 2003 and a net loss of $4.8 million, or $0.05 per share, for the first quarter of 2004.

Revenues for the second quarter of 2004 were $67.2 million, compared to $62.0 million for the second quarter of 2003, and $59.6 million for the first quarter of 2004.

Noam Lotan, MRV’s president and CEO, commented, “Q2 was a very good quarter. We are pleased with strong developments in our Fiber-to-the-Premises (FTTP) components. With FTTP, carriers can offer fiber grade data transmission, phone service as well as a full suite of CATV services. We continue to deliver solid improvements in our financial results, with significant gains in operating income. We are optimistic about the developments at MRV bringing us closer to our goal of profitability with our continued vigilance on cost containment. MRV remains intensely focused on our customers’ needs for a broad array of Optical Ethernet Access solutions, ranging from 802.3 AH Ethernet in the first mile to advanced service solutions, including MPLS and VPLS customer edge devices. During the quarter, MRV raised the bar by announcing an industry first with its VPLS auto-discovery for multipoint to multipoint VPN services.”

“Our net loss per share was reduced to $0.03 per share. Overall revenues grew 9% for the second quarter of 2004 compared to the same quarter last year, and were at the high end of our guidance. We have been growing on a year-over-year basis for three consecutive quarters. Our outlook continues to be positive for the next quarter and beyond. We expect year-over-year growth for the third quarter within the range of $60 to $64 million, lower than the second quarter due to the seasonal effects in Europe, which accounts for approximately 70% of our revenues,” Mr. Lotan added.

MRV Communications Inc.

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