MRVC: PART TWO.
This release may contain forward-looking statements that involve
risks and uncertainties. These statements may differ materially from
actual future events or results. Readers are referred to the documents
filed by MRV with the Securities and Exchange Commission, specifically
the most recent reports on Forms 10K and 10Q, which identify important
risk factors that could cause actual results to differ from those
contained in the forward-looking statements, including potential
fluctuations in operating results, dependence on new product
developments, rapid technological and market changes, manufacturing
risks, volatility of the company's stock price, financial risk
management and future growth subject to risks. The announcement of
the anticipated filing of any registration statements contained herein
does not constitute an offer of any securities for sale.
MRV COMMUNICATIONS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
June 30, Dec. 31,
2000 1999
(unaudited) (audited)
ASSETS
CURRENT ASSETS:
Cash & cash equivalents $ 45,207 $ 34,330
Short-term investments 3,427 10,141
Accounts receivable 63,555 60,637
Inventories (Including Contract
in Progress of $1,682 in 2000) 49,616 35,392
Refundable Income Taxes -- 3,216
Deferred income taxes 7,663 6,907
Other current assets 5,872 6,336
Total current assets 175,340 156,959
PROPERTY AND EQUIPMENT - At cost,
net of depreciation and amortization 48,497 19,600
OTHER ASSETS:
Goodwill & Intangibles 321,764 27,214
Deferred compensation 40,795 --
U.S. Treasury notes 95,014 97,704
Investments in Partner Companies 29,969 4,232
Deferred income taxes 6,827 5,324
Loan financing costs and other 6,655 3,500
$724,861 $314,533
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Current maturities of financing
lease obligations $ 1,097 $ 198
Accounts payable 33,485 33,455
Accrued liabilities 21,744 15,403
Short-term debt 78,801 --
Deferred revenue 1,293 1,478
Income taxes payable 714 --
Total current liabilities 137,134 50,534
LONG-TERM LIABILITIES
Convertible debentures 90,000 90,000
Capital lease obligations,
net of current portion 1,589 1,481
Deferred income taxes 1,213 281
Other long-term liabilities 10,152 2,647
Total long-term liabilities 102,954 94,409
MINORITY INTERESTS 2,599 2,775
STOCKHOLDERS' EQUITY: 482,174 166,815
$724,861 $314,533
MRV COMMUNICATIONS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Six Months Three Months
Ended, Ended
June 30, June 30, June 30, June 30,
2000 1999 2000 1999
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
REVENUES, net $139,007 $143,367 $ 73,935 $ 73,251
COSTS AND EXPENSES:
Cost of goods sold 88,529 93,961 45,793 47,595
Research and
development expenses 13,367 12,098 7,307 5,969
Research and
development expenses
of consolidated
development
stage enterprises 13,282 4,939 7,451 2,603
Selling, general and
administrative
expenses 41,481 29,804 26,467 14,750
Amortization of
goodwill and
intangibles from
acquisitions 13,069 1,933 12,055 1,142
Operating (loss)
income (30,721) 632 (25,138) 1,192
Interest expense related
to convertible notes 2,803 2,250 1,678 1,125
Other income, net (a) 1,125 2,660 488 1,257
Provision for income
taxes 883 1,409 1,377 782
Minority interests 332 17 45 17
NET INCOME (LOSS) $(33,614) $ (384) $(27,750) $ 525
NET INCOME (LOSS)
PER SHARE - BASIC $ (0.56) $ (0.01) $ (0.44) $ 0.01
NET INCOME (LOSS)
PER SHARE - DILUTED $ (0.56) $ (0.01) $ (0.44) $ 0.01
SHARES USED IN PER -
SHARE CALCULATION
- BASIC 59,839 53,358 62,754 53,472
SHARES USED IN PER -
SHARE CALCULATION
- DILUTED 59,839 53,358 62,754 57,621
(a) Includes cost of unconsolidated development stage enterprises of
$1,437 and $951 for the six- and three months ended June 30, 2000.
SUPPLEMENTAL PRO FORMA INFORMATION (Unaudited)
AMORTIZATION OF
INTANGIBLES FROM
ACQUISITIONS, net
of tax effects 13,069 1,933 12,055 1,142
DEFERRED COMPENSATION
EXPENSE, net of tax
effects 7,328 -- 7,328 --
DEVELOPMENT STAGE
ENTERPRISES, net of
tax effects 14,719 4,939 9,565 2,603
NET INCOME BEFORE
AMORTIZATION OF
ACQUISITION INTANGIBLES
AND RECOGNIZED
DEVELOPMENT STAGE
ENTERPRISE COSTS $ 1,502 $ 6,488 $ 1,198 $ 4,270
EARNINGS PER SHARE
BEFORE AMORTIZATION
OF ACQUISITION
INTANGIBLES AND
RECOGNIZED
DEVELOPMENT STAGE
ENTERPRISE COSTS
- BASIC $ 0.03 $ 0.12 $ 0.02 $ 0.08
EARNINGS PER SHARE
BEFORE AMORTIZATION
OF ACQUISITION
INTANGIBLES AND
RECOGNIZED
DEVELOPMENT STAGE
ENTERPRISE COSTS
- DILUTED $ 0.02 $ 0.12 $ 0.02 $ 0.07
SHARES USED IN PER -
SHARE CALCULATION
- BASIC 59,839 53,358 62,754 53,472
SHARES USED IN PER -
SHARE CALCULATION
- DILUTED 66,767 56,391 68,925 58,326
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CONTACT: MRV Communications Inc.
Diana Hayden, 818/886-6782 (investor relations)
diana@mrv.com |
