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Technology Stocks : MRV Communications (MRVC) opinions? -- Ignore unavailable to you. Want to Upgrade?

To: mahler_one who wrote (36437)	10/15/2001 2:51:35 PM
From: Greg h2o	Respond to of 42804

no. i don't think so. but, heck, who knows? still would like to see them get some cash for the deal. i believe it's only been delayed due to the death of mr. glazer.

To: mahler_one who wrote (36437)	10/15/2001 2:57:41 PM
From: Greg h2o	Read Replies (1) \| Respond to of 42804

from the WSJ online: <http://public.wsj.com/sn/y/spacer.gif> October 15, 2001 Marconi Reaffirms Debt Targets, Posts Profit Despite Lower Sales Dow Jones Newswires LONDON -- Marconi PLC Monday posted a fiscal second-quarter operating profit in line with its forecasts and reaffirmed its targets for reducing debt, despite warning that the outlook for the telecommunications sector is still unclear. The United Kingdom-based telecom-equipment maker reported operating profit of five million pounds ($7.3 million or eight million euros) in its preliminary figures for the quarter to Sept. 30, compared with an operating loss of 227 million pounds in the fiscal first quarter. The company also said that net debt had been reduced to below 4.3 billion pounds as of Sept. 30 from 4.44 billion pounds at Aug. 31. It reaffirmed its net-debt target of between 2.7 billion pounds and 3.2 billion pounds at March 31, 2002. Sales in the latest quarter, however, were down 26% at 1.4 billion pounds, compared with 1.9 billion pounds in the fiscal second quarter of 2000, Marconi said. The company warned that market conditions remain difficult with continued uncertainty about the levels and timing of spending by clients with recent events in the U.S. "further exacerbating this uncertainty." The group expects to post a fiscal first-half operating loss of 222 million pounds. The group's first-half results are due Nov. 13. Marconi said that in the second quarter, the group recorded an operating cash flow of 83 million pounds with its core business contributing 32 million pounds of cash flow in the period. The company said it expects an increase in inventory provisions of approximately 500 million pounds. It also expects to increase debt provisions to 150 million pounds, with a write-down in the value of historical goodwill of around three billion pounds to 3.5 billion pounds. Marconi confirmed that for the full fiscal year, exceptional restructuring costs will amount to 550 million pounds. The company said that a further 630 employees left the company during September as part of its cost reduction program, bringing the total number of staff reductions to 6,600 since April 1. Marconi said it is aggressively implementing the actions arising from its operational review and confirmed that it was on target to achieve one billion pounds in annualized operating costs in its core division as it enters the next financial year. Marconi shares were up 6% at 27 pence apiece in London trading.