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08:52 MRV Communications, Inc. Reports Record First Quarter Results; Quarterly
Sales Exceed $35 million; EPS up 100% despite non-recurring charge
CHATSWORTH, Calif.--(BUSINESS WIRE)--April 30, 1997--MRV Communications,
Inc. (Nasdaq MRVC) today reported record revenues and profit for the quarter
ended March 31, 1997. Revenues for the quarter rose 129% to $35,564,000 from
$15,529,000 in the first quarter of 1996. Net income, excluding non-recurring
charges for the quarter, increased 153% to $4,751,000 from $1,879,000 in the
same period last year. Earnings per share excluding non-recurring charges
were $0.19 for the quarter, up 111% from $0.09 in the year ago period.
Including non-recurring charges for interest expense related to convertible
debentures and acquisition net income was $4,343,000 and earnings per share
were $0.18 for the March 1997 quarter.
Noam Lotan, President and CEO commented: "Our strong sequential growth is
spearheaded by shipments of MegaSwitch II, the industry first Ethernet/Fast
Ethernet/Gigabit Ethernet switch. MRV began shipping Gigabit Ethernet
commercially during the first quarter. Our business continues to be robust
across all geographies and all product lines including those in our
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relationships with key strategic partners Intel, Fujitsu, Digital Equipment
and Newbridge Networks."
Lotan continued, "Our industry is in the midst of many important
transitions, including users migrating from shared media to switched media,
from Ethernet to Fast Ethernet and eventually, to Gigabit Ethernet. Our focus
on high speed LAN distribution clearly helps customers achieve these
transitions."
With manufacturing and design centers on two continents, MRV Communications,
Inc. is a leading manufacturer of LAN connectivity solutions and digital and
linear fiber optic transmission products for computer networks, telephony and
cable TV communications. |
