Just the tables in fixed font
MRV COMMUNICATIONS INC.
Condensed Consolidated Balance Sheets
(In thousands, except share data)
Dec. 31, Dec. 31,
1997 1996
(Audited) (Audited)
ASSETS
CURRENT ASSETS:
Cash & cash equivalents $19,428 $14,641
Short-term investments 36,413 17,659
Accounts receivable, net of
reserves of $4,252 in 1997
and $2,468 in 1996 47,258 24,296
Inventories 41,689 18,238
Deferred income taxes 2,280 2,660
Other current assets 7,248 4,377
Total current assets 154,316 81,871
PROPERTY AND EQUIPMENT -- At cost,
net of depreciation and amortization 8,183 6,248
OTHER ASSETS:
Goodwill 5,077 2,788
Investments 62,382 --
Deferred income taxes 6,231 6,036
Other 47 --
$236,236 $96,943
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of financing
lease obligations $ 111 $ 119
Accounts payable 30,439 11,328
Accrued liabilities 8,429 6,389
Accrued restructuring costs -- 3,549
Customer deposits 293 1,500
Income taxes payable 3,485 2,013
Total current liabilities 42,757 24,898
LONG-TERM LIABILITIES:
Convertible debentures -- 17,325
Capital lease obligations, net of
current portion 788 1,035
Other long-term liabilities 2,065 532
Total long-term liabilities 2,853 18,892
MINORITY INTERESTS 657 852
COMMON STOCK ISSUED IN CONNECTION
WITH ACQUISITION -- 10,530
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value:
1 million shares authorized, no shares
outstanding -- --
Common stock, $0.0034 par value:
40 million shares authorized and
26,359,806 shares outstanding in 1997
and 21,149,185 shares outstanding in 1996 88 70
Additional paid-in capital 175,874 49,636
Retained earnings (deficit) 14,635 (7,950)
Cumulative translation adjustments (628) 15
Total stockholders' equity 189,969 41,771
$236,236 $96,943
MRV COMMUNICATIONS INC.
Condensed Consolidated Statements of Operations
(In thousands, except share data)
Year ended
Dec. 31,
1997 1996
(Audited) (Audited)
REVENUES, net $165,471 $88,815
COSTS AND EXPENSES:
Cost of goods sold 94,709 51,478
Research and development expenses 13,093 8,201
Selling, general and administrative
expenses 27,365 14,025
Purchased technology in progress -- 17,795
Restructuring costs -- 6,974
Operating income 30,304 (9,658)
Interest expense related to convertible
debentures and acquisition 427 4,357
Other income (expense), net 2,328 153
Provision (credit) for income taxes 9,474 (4,404)
Minority interests 146 196
NET INCOME (LOSS) $ 22,585 $(9,654)
NET INCOME (LOSS) PER SHARE -- BASIC $ 0.95 $ (0.49)
NET INCOME (LOSS) PER SHARE -- DILUTED $ 0.88 $ (0.49)
SHARES USED IN PER-SHARE CALCULATION --
BASIC 23,670,370 19,739,350
SHARES USED IN PER-SHARE CALCULATION --
DILUTED 25,733,784 19,739,350
Three months ended
Dec. 31,
1997 1996
(Unaudited) (Unaudited)
REVENUES, net $ 48,400 $31,036
COSTS AND EXPENSES:
Cost of goods sold 27,843 17,796
Research and development expenses 3,999 2,414
Selling, general and administrative
expenses 8,620 5,217
Purchased technology in progress -- --
Restructuring costs -- --
Operating income 7,938 5,609
Interest expense related to convertible
debentures and acquisition -- 2,121
Other income (expense), net 1,868 (143)
Provision (credit) for income taxes 2,634 1,578
Minority interests 61 79
NET INCOME (LOSS) $ 7,111 $ 1,688
NET INCOME (LOSS) PER SHARE -- BASIC $ 0.27 $ 0.08
NET INCOME (LOSS) PER SHARE -- DILUTED $ 0.25 $ 0.07
SHARES USED IN PER-SHARE CALCULATION --
BASIC 26,314,971 21,011,628
SHARES USED IN PER-SHARE CALCULATION -- |
