MRV Reports First Quarter 2003 Financial Results
April 24th, 2003
Chatsworth, CA -- April 24, 2003 ? MRV COMMUNICATIONS, INC. (Nasdaq: MRVC), a leading provider of unlimited connectivity solutions for scalable networks and optical components, today reported its financial results for the first quarter ended March 31, 2003.
Net loss for the first quarter of 2003 was $6.4 million, or $0.06 per share, compared to a net loss of $17.4 million, or $0.18 per share for the prior quarter, and a net loss of $326.4 million, or $3.85 per share, for the first quarter of 2002. Revenues for the first quarter of 2003 were $51.1 million compared to $67.7 million for the prior quarter, and $62.4 million for the first quarter last year.
Outlook
The Company expects growth in revenues within the range of $57 million to $59 million for the second quarter.
Noam Lotan, MRV?s president and CEO, commented, ?We are very pleased with our improvements in the bottom line. We expect additional savings to be realized over the next two quarters, as we continue to transition the Company towards break-even and profitability.?
Mr. Lotan continued, ?MRV has a compelling new product launch scheduled this quarter, adding significant optical capabilities to the breadth of its networking products. These are physical layer connectivity solutions with integrated, pluggable fiber optic technology. We believe that MRV will be the only vendor to provide a physical layer connectivity solution with integrated fiber optic technology. The new family, part of our Fiber Driver? product line, provides high density solutions for applications such as: media conversion, distance extension, CWDM networks, digital video multicasting, SANs, network reconfiguration, self healing and more. Significant additions to our OptiSwitch? and LX remote presence are also expected this quarter.?
Mr. Lotan continued, ?Many customers today demand integration and refuse to accept piece parts that aren?t configured to work together. They are demanding practical solutions, not ?feeds and speeds?. Accordingly, MRV continues to strengthen its system integration and distribution capabilities to further expand and reach key customers. We sell and market our products with other products manufactured by third-party vendors, supplied as part of network system integration and distribution services. Partnering with other vendors in certain areas helps sustain revenues and provides growth opportunities beyond our own product line. This strategy has helped us weather the current industry slowdown. When the networking industry picks up, our new product launch, together with the network integration activity, will be the cornerstone for our growth.?
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by that section. The forward-looking statements in this press release are subject to a number of risks and uncertainties, including the strength of the overall economy and the high-technology market in particular, competition, continued demand for Internet related equipment and acceptance of MRV?s current and future products, as well as potential order cancellations. Actual results could differ materially from those projected in our forward-looking statements. Investors should review the risk factors described in more detail in our most recent Annual Report on Form 10-K and most recent Quarterly Report on Form 10-Q available free of charge from MRV at www.mrv.com or from the SEC at www.sec.gov. MRV Communications, Inc. assumes no obligation to update the forward-looking statements contained in this press release.
About MRV Communications, Inc.
Founded in 1988, MRV Communications, Inc. is a world-class provider of unlimited connectivity solutions for networks that scale in size, speed, distance and complexity. Our scalable network solutions include metro and last-mile Ethernet, Free Space Optics (FSO), Optical Transport and Remote Presence Management. MRV markets its products in more than 50 countries to service providers and enterprise customers. Luminent, a wholly owned subsidiary of MRV Communications, Inc., is an established leader of long-wavelength transceivers, FTTX, and CWDM components. For more information, call MRV at 818/773-0900 or visit mrv.com and luminent.com. |
