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MRV reports Q1 revenue of $38.77m, down 8.4% yr/yr, net loss of $1.07m
Announced Date: 5/7/2015 Published Date: 5/11/2015

MRV Communications, a global provider of converged packet and optical solutions for the optical edge and network integration services to service providers, reported financial results for the first quarter ended March 31, 2015 as follows:


  1. Revenue for the first quarter of 2015 of $38.77 million, down 10.7% compared with $43.44 million in the preceding fourth quarter and down 8.4% versus $42.32 million in the prior year first quarter.

  2. Gross income for the first quarter of 2015 of $13.88 million, up 6.5% compared with $13.03 million in the preceding fourth quarter and up 4.7% versus $13.25 million in the prior year first quarter.

  3. R&D expenditure for the first quarter of 2015 of $5.12 million, up 6.6% compared with $4.80 million in the preceding fourth quarter and down 8.2% versus $5.58 million in the prior year first quarter.

  4. SG&A expenditure for the first quarter of 2015 of $9.56 million, down 9.6% compared with $10.58 million in the preceding fourth quarter and down 17.0% versus $11.52 million in the prior year first quarter.

  5. Total operating expenditure for the first quarter of 2015 of $14.69 million, down 4.5% compared with $15.38 million in the preceding fourth quarter and down 14.1% versus $17.10 million in the prior year first quarter.

  6. A net loss for the first quarter of 2015 of $1.07 million, compared with a net loss of $4.63 million in the preceding fourth quarter and a net loss of $4.22 million in the prior year first quarter.

  7. Cash and cash equivalents as of March 31, 2015 of $14.21 million, compared with $22.42 million as at December 31, 2014.


Additional results and notes

Reported by product segment for the first quarter, MRV reported Network Equipment revenue of $22.28 million, up 9.8% sequentially and down 0.2% year on year, and Network Integration revenue of $16.59 million, down 27.5% sequentially and down 17.3% year on year.

MRV noted that in the first quarter it expanded the customer base for its OptiDriver platform from 46 at the end of 2014 to 59, including 34 customers that were first time optical transport buyers from MRV. The company also received the first OptiPacket order, which combined with its OptiDriver and Pro-Vision solutions, will provide a service orchestration software platform for a North American service provider customer.



CEO comments

Regarding the results, Mark Bonney, president and CEO of MRV, said:


  • "During the quarter, MRV achieved several significant milestones… OptiDriver is gaining traction among service providers and data centre operators, most notably in the Americas and EMEA… and the company achieved its OptiPacket product development milestones, completed a successful trial in a Tier 1 account… and secured its first OptiPacket order".

  • The Network Integration business continues to perform well, and MRV is exploring strategic alternatives for this business to help unlock and realise the value of its two independent and distinct lines of business".