The full text -
MRV Communications Inc. Reports Record Second Quarter Results; Quarterly Sales Exceed $39 million EPSup 91%
July 28, 1997 08:30 AM
CHATSWORTH, Calif.--(BUSINESS WIRE)--July 28, 1997--MRV Communications Inc. MRVC today reported record revenues and profit for the quarter ended June 30, 1997.
Revenues for the quarter rose 102% to $39,528,000 from $19,586,000 in the second quarter of 1996. Net income increased 129% to $5,209,000 from $2,346,000 in the same period last year. Earnings per share were $0.21 for the quarter, up 91% from $0.11 in the year ago period.
Revenues for the six months ended June 30, 1997 were $75,092,000, up 114% from revenues of $35,115,000 for the corresponding period in 1996. Excluding non-recurring charges for interest expense related to convertible debentures and acquisition, net income was up 140% to $9,979,000 for the six months ended June 30, 1997 from $4,162,000 for the six months ended June 30, 1996.
Earnings per share, excluding non-recurring charges for interest expense related to convertible debentures and acquisition, were up 111% to $0.40 from $0.19 in the year ago period. Including non recurring charges, net income and earnings per share for the six months ended June 30, 1997 were $9,552,000 and $0.38, representing increases of 130% and 100% from the year ago results of $4,162,000 and $0.19, respectively.
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.
MRV Communications Inc.
Condensed Consolidated Balance Sheets
(In thousands, except share data)
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June 30, December 31,
1997 1996
(unaudited) (unaudited)
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ASSETS
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CURRENT ASSETS:
Cash & Cash Equivalents $ 6,856 $ 14,641
Short-term investments 24,981 17,659
Accounts receivable, net of
reserves of $2,518 in 1997
and $2,404 in 1996 32,780 24,296
Inventories 21,264 18,238
Deferred income taxes 2,760 2,660
Other current assets 4,008 4,377
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Total current assets 92,649 81,871
PROPERTY AND EQUIPMENT - At cost,
net of depreciation and
amortization 6,071 6,248
OTHER ASSETS:
Goodwill 2,603 2,788
Deferred income taxes 5,916 6,036
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$ 107,239 $ 96,943
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LIABILITIES AND STOCKHOLDERS' EQUITY
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CURRENT LIABILITIES
Current maturities of
financing lease obligations $ 56 $ 119
Accounts payable 16,249 11,328
Accrued liabilities 4,525 6,389
Accrued restructuring costs 2,487 3,549
Customer Deposits 474 1,500
Income taxes payable 2,768 2,013
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Total current liabilities 26,559 24,898
LONG-TERM LIABILITIES
Convertible debentures - 17,325
Capital lease obligations,
net of current portion 926 1,035
Other long-term liabilities 663 532
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Total long term liabilities 1,589 18,892
MINORITY INTERESTS 922 852
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value:
no shares outstanding
Common stock, $0.0033 par value:
40,000,000 shares authorized
and 23,226,581 shares
outstanding in 1997 and
21,745,481 shares outstanding
in 1996 77 72
Additional paid-in capital 76,795 60,164
Retained earnings (Deficit) 1,602 (7,950)
Cumulative translation adjustments (305) 15
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Total stockholders' equity 78,169 52,301
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$ 107,239 $ 96,943
MRV Communications Inc.
Condensed Consolidated Statement of Income
(In thousands, except share data)
Six Months Ended Three Months Ended
June 30, June 30, June 30, June 30,
1997 1996 1997 1996
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
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REVENUES, net $ 75,092 $ 35,115 $ 39,528 $ 19,586
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COSTS AND EXPENSES:
Cost of goods sold 43,061 20,400 22,885 11,411
Research and
development
expenses 5,789 3,676 3,041 1,992
Selling, general and
administrative
expenses 12,007 5,095 6,232 2,959
Operating income 14,235 5,944 7,370 3,224
Interest expense
related to convertible
debentures and
acquisition (427) - (19) -
Other income, net 119 164 285 84
Provision for
income taxes 4,305 1,883 2,367 962
Minority interests 70 63 60 -
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NET INCOME $ 9,552 $ 4,162 $ 5,209 $ 2,346
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EARNINGS PER SHARE $ 0.38 $ 0.19 $ 0.21 $ 0.11
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WEIGHTED AVERAGE NUMBER
OF COMMON SHARES AND
COMMON SHARE
EQUIVALENTS
OUTSTANDING: 24,892 22,047 25,205 22,204
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PRO FORMA INFORMATION (prior to non-recurring charges)
Six Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
1997 1996 1997 1996
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
NET INCOME PRIOR TO
NON-RECURRING
CHARGES NET OF
THEIR TAX EFFECTS 9,979 4,162 5,228 2,346
EARNINGS PER SHARE
PRIOR TO NON-
RECURRING CHARGES
NET OF THEIR TAX
EFFECTS 0.40 0.19 0.21 0.11 |
