Here is 3Q96 report. Gross and net margin improves very slightly to
58% and 11.4%, resp. But a total charge of 24.8 mils for the Fibronics
acquisition and "restructuring" (7 mils), plus a huge provision for
income tax (7.8 mils) was a surprise to me. I wonder if MRVC has
any cash left after this deal.
No mention of inventory or receivables. Not much details here. Guess
we have to wait for the 10Q.
Young
-------------------------
CHATSWORTH, Calif., Nov. 4 (Reuter) -
MRV COMMUNICATIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except share data)
3 Months Ended 9 Months Ended
Sep 30, Sep 30, Sep 30, Sep 30,
1996 1995 1996 1995
REVENUES, net $22,664 $11,135 $57,779 $26,182
COSTS AND EXPENSES:
Cost of goods sold
13,282 6,309 33,682 15,404
Research and development
expenses 2,111 1,160 5,787 2,662
Selling, general and
administrative expenses
3,713 2,021 8,808 4,392
Purchased technology
in progress 17,795 -- 17,795 6,211
Restructuring costs
6,974 -- 6,974 1,465
Operating
(loss) income (21,211) 1,645 (15,267) (3,952)
Other income, net
of interest 132 118 296 526
Provision (Credit) for
income taxes (7,865) 608 (5,982) (579)
Minority interests 54 -- 117 --
NET (LOSS) INCOME
(13,268) 1,155 (9,106) (2,847)
(LOSS) EARNINGS
PER SHARE: (0.67) 0.06 (0.47) (0.15)
WEIGHTED AVERAGE NUMBER
OF COMMON SHARES
OUTSTANDING:
19,686,685 20,031,960 19,312,171 18,716,322
PRO FORMA INFORMATION (prior to non-recurring charges)
NET INCOME PRIOR TO
NON-RECURRING CHARGES
NET OF THEIR TAX EFFECTS
2,584 1,155 6,746 2,771
EARNINGS PER SHARE PRIOR TO
NON-RECURRING CHARGES
NET OF THEIR TAX EFFECTS
0.12 0.06 0.31 0.15
WEIGHTED AVERAGE NUMBER
OF COMMON SHARES
OUTSTANDING 22,861,611 20,031,960 22,112,731 18,716,322
NOTE: This financial statement reflects the acquisition of
Fibronics assets which was completed on September 26, 1996.
The non-recurring charges for purchased technology in progress
and restructuring resulted from the acquisition and the
restructuring plan adopted in connection with the integration
of those assets.
10:19 11-04-96
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