MRVC released earnings before Bell. Had
a nice response, but all depends on CC tonite.
BSNS WIRE) MRV Announces Strong Third-Quarter 2000 Results; Sequential Qua
MRV Announces Strong Third-Quarter 2000 Results; Sequential Quarterly Revenue
Increased 12 Percent; Pro Forma Net Profit Increased 150 Percent From Prior
Quarter
Business Editors
CHATSWORTH, Calif.--(BUSINESS WIRE)--Nov. 1, 2000--MRV
Communications Inc. (Nasdaq:MRVC), a world-class leader in optical
components and network infrastructure systems, today reported net
quarterly revenues of $82.7 million, representing 12 percent
sequential growth from second-quarter net revenues of $73.9 million.
Net quarterly revenues increased 16 percent from $71.3 million in
the third quarter of 1999.
Pro forma basic and diluted earnings per share for the quarter
were 5 cents, increasing from 2 cents in the previous quarter, and
compared with pro forma basic earnings per share of 9 cents and pro
forma diluted earnings per share of 8 cents for the third quarter of
1999.
Pro forma net income for the third quarter of 2000 totaled $3.8
million, compared with pro forma net income of $4.8 million for the
third quarter of 1999.
Noam Lotan, president and chief executive officer of MRV,
commented: "We are pleased with our third-quarter results. From a
financial perspective, we delivered double-digit sequential growth. We
have exceeded bottom-line expectations, our momentum is strong and we
are continuing to validate MRV's business model."
Revenues for the nine months ended Sept. 30, 2000, were $221.7
million, compared with $214.6 million for the corresponding nine-month
period in 1999.
Pro forma basic and diluted earnings per share for the nine months
ended Sept. 30, 2000, were 8 cents and 7 cents, respectively, compared
with pro forma basic and diluted earnings per share of 23 cents and 21
cents, respectively, for the nine months ended Sept. 30, 1999.
Pro forma net income for the nine months ended Sept. 30, 2000,
totaled $5.3 million compared with pro forma net income of $12.3
million in the corresponding period in 1999.
Pro forma net income and earnings per share exclude certain
charges such as non-cash amortization of intangibles from
acquisitions, non-cash deferred stock compensation expenses and
expenses associated with development stage enterprises.
Including these items, MRV's net loss for the third quarter of
2000, totaled $74.4 million, or $1.06 per share, compared with net
income of $567,000, or 1 cent per share in the third quarter of 1999.
Including these items, net loss for the nine months ended Sept. 30,
2000, was $108.0 million, or $1.71 per share, compared with net income
of $183,000 during the corresponding period in 1999.
All historical amounts reflected in these financial results have
been adjusted for the 2-for-1 stock split that took place in May 2000.
Business Outlook:
MRV expects double-digit sequential revenue growth for the fourth
quarter. Management maintains a very positive outlook for 2001. Lotan
also stated: "As we continue to work diligently on building value into
MRV, we are optimistic about our future. Our new IPO pipeline is
active and we hope that one of our partner companies will file a
registration statement in the near future."
About MRV Communications Inc.:
MRV Communications is a world-class leader in optical components
and network infrastructure systems. The company has leveraged its
early leadership in fiber optic technology into a portfolio of
well-focused operating entities, integrating switching, routing,
transaction management and wireless optical transmission systems.
Over the past two years, MRV adopted a business model of forming
independent business units such as Luminent, Optical Access, iTouch
Communications and NBase-Xyplex, as well as creating and managing
several start-up companies.
Cutting-edge start-up companies MRV has initiated and funded
include Zaffire, Charlotte's Networks, Zuma Networks, Hyperchannel
and, most recently, RedC Optical Networks, Optical Crossing and All
Optical. Visit MRV's Web site at mrv.com.
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, and as amended, 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.
-0-
*T
PS. Anyone think today's downgrade by Goldman could have anything to do with Thursday's pricing of GLW secondary??
(Call me cynical) |
