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MRV Reports Q2

Revenue was down slightly to $61.6M; net loss was $21.1M, or $0.23 per share, down from $32.5M, or $0.38 per share, in the prior quarter

July 26, 2002

1 Min Read

CHATSWORTH, Calif. -- MRV COMMUNICATIONS, INC. (Nasdaq: MRVC), a leading provider of networking solutions and optical components, today reported its financial results for the second quarter ended June 30, 2002. Revenue for the second quarter of fiscal 2002 was $61.6 million compared to $62.4 million in the prior quarter and $89.5 million for the same quarter last year. Net loss for the second quarter of fiscal 2002 was $21.1 million, or $0.23 per share, compared to a net loss of $32.5 million, or $0.38 per share, in the prior quarter and $94.1 million, or $1.24 per share, for the same quarter last year. The net loss of $0.23 cents per share is detailed as follows:
-- Operational Entities contributed $0.04 cents to the net loss per share compared with $0.07 per share in the prior quarter;
-- Development Stage Enterprises contributed $0.08 cents to the net loss per share compared with $0.10 per share in the prior quarter;
-- Non-cash transactions, deferred stock compensation expense and amortization of intangibles contributed $0.09 to the net loss per share compared with $0.10 per share in the prior quarter, while asset impairments on investments and MRV's share in related investment losses contributed $0.02 to the net loss per share compared with $0.11 per share in the prior quarter. For the third quarter 2002, the company expects revenues to be within the range of $57 million to $60 million. The company expects continued improvements, and decrease in loss from operational and development stage enterprise entities. MRV Communications Inc.

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