This should be easier to read.
MRV COMMUNICATIONS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
Dec. 31, Dec. 31,
1998 1997
(Audited) (Audited)
ASSETS
CURRENT ASSETS:
Cash & cash equivalents $ 20,692 $ 19,428
Short-term investments 30,493 36,413
Accounts receivable, net of reserves
of $8,489 in 1998 and $4,252 in 1997 54,596 47,258
Inventories 47,467 41,689
Deferred income taxes 5,035 2,280
Other current assets 5,508 7,248
Total current assets 163,791 154,316
PROPERTY AND EQUIPMENT -- At cost,
net of depreciation and amortization 19,357 8,183
OTHER ASSETS:
Intangibles, including goodwill 26,666 5,077
Investments 100,138 62,382
Deferred income taxes 5,661 6,231
Loan financing costs and other 4,579 47
$320,192 $236,236
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Current maturities of financing
lease obligations $ 185 $ 111
Accounts payable 29,757 30,439
Accrued liabilities 13,606 8,429
Accrued restructuring costs 82 --
Deferred revenue 4,398 293
Income taxes payable 445 3,485
Total current liabilities 48,473 42,757
LONG-TERM LIABILITIES
Convertible debentures 90,000 --
Capital lease obligations,
net of current portion 1,400 788
Deferred income taxes 48 --
Other long-term liabilities 2,869 2,065
Total long term liabilities 94,317 2,853
MINORITY INTERESTS 2,973 657
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value:
1,000 shares authorized no shares
outstanding -- --
Common stock, $0.0034 par value:
80,000 shares authorized and
26,639 shares outstanding in 1998
and 26,360 shares outstanding in 1997 88 88
Additional paid-in capital 180,656 175,874
Treasury Stock (133) --
Retained earnings (deficit) (5,471) 14,635
Cumulative translation adjustments (711) (628)
Total stockholders' equity 174,429 189,969
$320,192 $236,236
MRV COMMUNICATIONS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Year Ended Three Months Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1998 1997 1998 1997
(Audited) (Audited) (Unaudited) (Unaudited)
REVENUES, net $264,075 $165,471 $ 74,883 $ 48,400
COSTS AND EXPENSES:
Cost of goods sold 162,284 94,709 53,186 27,843
Writedown of
discontinued
products 3,101 -- 3,101 --
Research and
development
expenses 25,817 13,093 8,480 3,999
Selling,
general and
administrative
expenses 56,753 27,365 16,978 8,620
Purchased
technology in
progress 20,633 -- -- --
Restructuring
costs 15,671 -- (7,523) --
Operating income
(loss) (20,184) 30,304 661 7,938
Interest expense
related to
convertible
notes 2,480 843 1,110 416
Other income
(expense), net 6,819 2,744 3,537 2,284
Provision for
income taxes 5,707 9,474 4,665 2,634
Minority interests 1,345 146 975 61
NET INCOME
(LOSS) BEFORE
EXTRAORDINARY ITEM (22,897) 22,585 (2,552) 7,111
EXTRAORDINARY ITEM
Gain on repurchase
of convertible
notes, net of tax 2,791 -- 2,791 --
NET INCOME (LOSS) $(20,106) $ 22,585 $ 239 $ 7,111
NET INCOME (LOSS)
PER SHARE -- BASIC
BEFORE EXTRAORDINARY
ITEM $ (0.86) $ 0.95 $ (0.10) $ 0.27
NET INCOME (LOSS)
PER SHARE -- DILUTED
BEFORE EXTRAORDINARY
ITEM $ (0.86) $ 0.88 $ (0.08) $ 0.25
NET INCOME (LOSS)
PER SHARE -- BASIC $ (0.76) $ 0.95 $ 0.01 $ 0.27
NET INCOME (LOSS)
PER SHARE --
DILUTED $ (0.76) $ 0.88 $ 0.01 $ 0.25
SHARES USED IN PER
SHARE CALCULATION
-- BASIC 26,532 23,670 26,637 26,315
SHARES USED IN PER
SHARE CALCULATION
-- DILUTED 26,532 25,734 30,207 28,432
MRV COMMUNICATIONS INC.
The following represents the historical statements of operations
adjusted for purchased technology in progress, restructuring costs,
writedown of discontinued products and gain on repurchase of
convertible notes.
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(the following pro forma statements exclude extraordinary
and one time items as indicated below)
(In thousands, except per share data)
Year Ended Three Months Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1998 1997 1998 1997
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
REVENUES, net $264,075 $165,471 $ 74,883 $ 48,400
COSTS AND EXPENSES:
Cost of goods sold 162,284 94,709 53,186 27,843
Research and
development
expenses 25,817 13,093 8,480 3,999
Selling, general
and administrative
expenses 56,753 27,365 16,978 8,620
Operating income
(loss) 19,221 30,304 (3,761) 7,938
Interest expense
related to
convertible notes 2,480 843 1,110 416
Other income
(expense), net 6,819 2,744 3,537 2,284
Provision for
income taxes 7,346 9,474 38 2,634
Minority interests 1,345 146 975 61
NET INCOME (LOSS) $ 14,869 $ 22,585 $ (2,347) $ 7,111
NET INCOME (LOSS)
PER SHARE -- BASIC $ 0.56 $ 0.95 $ (0.09) $ 0.27
NET INCOME (LOSS)
PER SHARE --
DILUTED $ 0.53 $ 0.88 $ (0.09) $ 0.25
SHARES USED IN PER
SHARE CALCULATION
-- BASIC 26,532 23,670 26,637 26,315
SHARES USED IN PER
SHARE CALCULATION
-- DILUTED 31,294 25,734 26,637 28,432
NOTE: Pro forma statements above exclude the following:
Purchased technology
in progress 20,633 -- -- --
Restructuring costs 15,671 -- (7,523) --
Writedown of
discontinued products 3,101 -- 3,101 --
Gain on repurchase of
convertible notes 4,430 -- 4,430 --
CONTACT: MRV Communications Inc.
Diana Hayden, 818/886-6782
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%CA-MRV-COMMUNICATIONS MRVC %CALIFORNIA %TELECOMMUNICATIONS %COMPUTERS
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