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MRV reports Q2 revenue of $42.71m, up 10.1% Q/Q, to sell Tecnonet network integration operation
Announced Date: 8/10/2015 Published Date: 8/11/2015

MRV Communications reported financial results for the second quarter ended June 30, 2015 as follows:


  1. Revenue for the second quarter of 2015 of $42.71 million, up 10.1% compared with $38.78 million in the preceding first quarter and down 0.9% versus $43.12 million in the prior year second quarter.

  2. Gross profit for the second quarter of 2015 of $15.09 million, up 8.7% compared with $13.88 million in the preceding first quarter and up 2.0% versus $14.78 million in the prior year second quarter.

  3. R&D expenditure for the second quarter of 2015 of $5.31 million, up 3.9% compared with $5.12 million in the preceding first quarter and down 1.5% versus $5.39 million in the prior year second quarter.

  4. SG&A expenditure for the second quarter of 2015 of $8.98 million, down 6.1% compared with $9.56 million in the preceding first quarter and down 14.7% versus $10.52 million in the prior year second quarter.

  5. Total operating expenditure for the second quarter of 2015 of $14.29 million, down 2.7% compared with $14.69 million in the preceding first quarter and down 10.1% versus $15.91 million in the prior year second quarter.

  6. A net loss for the second quarter of 2015 of $280,000, compared with a net loss of $1.07 million in the preceding first quarter and versus a net loss of $2.27 million in the prior year second quarter.

  7. Cash and cash equivalents as of June 30, 2015 of $13.52 million, compared with $14.21 million as at March 31, 2015 and $22.42 million as at December 31, 2014.


Additional results and notes

Reported by product segment for the second quarter, MRV reported Network Equipment revenue of $24.54 million, up 10.1% sequentially and up 12.4% year on year, and Network Integration revenue of $18.19 million, up 9.6% sequentially and down 14.8% year on year.

In the second quarter, MRV noted that the customer count for OptiDriver increased to a total of 65, including regional and national service-providers, Internet exchanges and data centres that selected its 100 Gbit/s technology, while long-standing customer CentraCom became the first customer for its OptiPacket solution.



Tecnonet divestment

Separately, MRV announced an agreement to sell Tecnonet, its Network Integration subsidiary based in Rome, Italy, to Maticmind for Euro 19.7 million (approximately $21.4 million). The consideration includes a cash payment by Maticmind of Euro 15.6 million plus a cash payment by Tecnonet of Euro 4.1 million prior to closing to repay an outstanding inter-company obligation. The transaction, which is subject to stockholder approval, is expected to close in the fourth quarter of 2015.