From 4/28/03 issue of Optical Networks Daily
7) MRV Q1 sales = $51.1m, (24.5%) sequentially; Q2 forecast in range $57-59m, to include key product launch
April 24th MRV Communications of Chatsworth, California
1. a supplier of scalable network infrastructure equipment and optical components in more than 50 countries
2. whose scalable network solutions include metro and last-mile Ethernet, free space optics, optical transport and remote presence management
3. and which via its subsidiary Luminent is a supplier of long-wavelength transceivers, FTTX, and CWDM components
Reported its financial results for the first quarter ended March 31st 2003 as follows:
a. Revenues of $51.1 million, a sequential fall of (24.5%) million compared to $67.7 million for the fourth quarter of 2002, and down (19.1%) year on year compared to $62.4 million for the first quarter of 2002.
b. Net loss of ($6.4 million), or (6 cents) per share, compared sequentially to a net loss of ($17.4 million), or (18 cents) per share for the prior fourth quarter of 2002 and comparing year on year to a net loss of ($326.4 million), or ($3.85) per share, for the first quarter of 2002.
The company offered guidance for the second quarter of 2003, saying it expected revenues within the range of $57 million to $59 million (a sequential growth in the range 11.5% to 15.4%).
The MRV announcement quoted its president/CEO Noam Lotan as saying:
1. MRV expected additional savings to be realized over the next two quarters, as it moved towards break-even and profitability.
2. In line with many customers' requirement for practical integrated solutions, MRV was continuing to strengthen its system integration and distribution services and as part of those services to include products manufactured by third-party vendors.
3. During the quarter MRV would add "significant optical capabilities" to its networking portfolio with the launch of an important new physical layer connectivity product family in its Fibre Driver product line, designed to provide high density solutions for applications such as: media conversion, distance extension, CWDM networks, digital video multicasting, SANs, network reconfiguration, self healing etc, and which MRV claimed would make it "the only vendor to provide a physical layer connectivity solution with integrated fibre optic technology".
4. During the quarter MRV also planned significant additions to its OptiSwitch and LX remote presence product ranges. |
