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To: Wyätt Gwyön who wrote (321)	2/20/2001 4:41:00 PM
From: bob zagorin	Read Replies (1) \| Respond to of 3294

MRV reports good Q with fairly optimistic guidance going forward. MRV Announces Strong Fourth Quarter 2000 Results; Sequential Quarterly Revenue Increased 18 Percent CHATSWORTH, Calif.--(BUSINESS WIRE)--Feb. 20, 2001--MRV Communications, Inc. (Nasdaq: MRVC), a world-class leader in optical components and network infrastructure systems, reported today strong fiscal fourth quarter and year-end results for the periods ended December 31, 2000. MRV recorded revenue of $97.7 million for the quarter ended December 31, 2000, an increase of 18% over revenue of $82.7 million for the quarter ended September 30, 2000, and an increase of 32% over revenue of $73.9 million for the fourth quarter of fiscal year 1999. On a pro forma basis, net income for the current quarter was $4.5 million, or $0.06 per diluted share, compared with pro forma net income of $3.8 million or $0.05 for the previous quarter, and pro forma net income of $5.2 million and basic and diluted earnings per share of $0.09 and $0.08, respectively, for the fourth quarter of fiscal year 1999. Pro forma results exclude certain charges such as non-cash amortization of intangibles from acquisitions, non-cash deferred stock compensation expenses, expenses related to disposition of investments and expenses associated with development stage enterprises. On an as reported basis, MRV reported a net loss of $45.0 million, or $0.62 per share for the current quarter, compared with a net loss of $74.4 million for the previous quarter and a net loss of $13.1 million, or $0.24 per share for the fourth quarter of 1999. "We are very pleased with our fourth quarter results," said Noam Lotan, President & CEO of MRV. "While we are aware of concerns about capital spending in the communications sector, we believe that end-user demand and bandwidth bottlenecks will continue to drive growth in the metro and access segments. Our broad technology base contributes to a balanced and well-coordinated portfolio of business units and start-ups that complement each other within these segments." For fiscal year 2000, MRV recorded revenue of $319.4 million, compared with revenue of $288.5 million for fiscal year 1999. Pro forma net income for fiscal year 2000 was $9.8 million, compared with pro forma net income of $14.6 million for fiscal year 1999. Pro forma basic and diluted earnings per share for fiscal year 2000 were $0.15 and $0.13, respectively, as compared to pro forma basic and diluted earnings per share of $0.27 and $0.25, respectively, in fiscal year 1999. Net loss on an as reported basis for fiscal year 2000 was $153.0 million, or $2.33 per share, as compared to a net loss of $12.9 million, or $0.24 per share for the prior fiscal year. All historical amounts reflected in these financial results have been adjusted for the two for one stock split that took place in May 2000. Business Outlook MRV expects realized revenue growth in the range of 5% for the first quarter of 2001. Management maintains a cautiously optimistic outlook for 2001. About MRV Communications, Inc. MRV Communications, Inc. 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. MRV's business model consists of forming independent business units such as Luminent, Inc., Optical Access, Inc., iTouch Communications, Cescomm and NBase-Xyplex. In addition, MRV helped create and manage several cutting edge start-up companies including Zaffire, Charlotte's Networks, Zuma Networks, RedC Optical Networks, Optical Crossing and All Optical. Visit MRV's web site at mrv.com.