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MRV reports Q1 revenue of $18.88m, up 1.7% sequentially, net loss of $3.90m
Announced Date: 5/5/2016 Published Date: 5/6/2016

MRV Communications reported financial results for the first quarter ended March 31, 2016 as follows:


  1. Revenue for the first quarter of 2016 of $18.88 million, up 1.7% compared with $18.56 million in the preceding fourth quarter and down 14.9% versus $22.18 million in the prior year first quarter.

  2. Gross profit for the first quarter of 2016 of $9.80 million, down 1.6% compared with $9.96 million in the preceding fourth quarter and down 2.4% versus $10.04 million in the prior year first quarter.

  3. R&D expenditure for the first quarter of 2016 of $5.34 million, up 4.5% compared with $5.11 million in the preceding fourth quarter and up 4.3% versus $5.12 million in the prior year first quarter.

  4. SG&A expenditure for the first quarter of 2016 of $8.02 million, up 22.1% compared with $6.57 million in the preceding fourth quarter and down 3.6% versus $7.74 million in the prior year first quarter.

  5. Total operating expenditure for the first quarter of 2016 of $13.36 million, up 14.3% compared with $11.68 million in the preceding fourth quarter and up 3.9% versus $12.86 million in the prior year first quarter.

  6. A net loss for the first quarter of 2016 of $3.90 million, compared with a net loss of $6.72 million in the preceding fourth quarter and a net loss of $1.07 million in the prior year first quarter.

  7. Cash and cash equivalents as of March 31, 2016 of $26.93 million, compared with $26.17 million as at December 31, 2015.


Additional results and notes

MRV stated that in the first quarter the OptiDriver solution achieved the strongest quarterly sales since its launch, gaining a number of repeat orders and attracting 15 new customers to reach the 100-customer milestone.

The company also noted that the year on year decline in revenue in the first quarter reflected a lower contribution from legacy infrastructure management products, partially offset by growing sales of packet and optical products.