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Strategies & Market Trends : Piffer OT - And Other Assorted Nuts -- Ignore unavailable to you. Want to Upgrade?

To: arno who wrote (58196)	11/1/2000 4:40:07 PM
From: Original Mad Dog	Read Replies (1) \| Respond to of 63513

Did you see MRVC in the last 15 minutes? 600K shares and whoosh! Gee, nobody had the earnings in advance, did they??? Up fractionally so far in after hours, though conf. call still to come. siliconinvestor.com MRV Announces Strong Third-Quarter 2000 Results; Sequential Quarterly Revenue Increased 12 Percent Pro Forma Net Profit Increased 150 Percent From Prior Quarter CHATSWORTH, Calif., Nov 1, 2000 (BUSINESS WIRE) -- MRV Communications Inc. (Nasdaq: MRVC chart, msgs), 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."