Tuesday, April 25, 2006

MRV Reports 25% YoY Growth, Strong Transceiver Sales for Verizon FTTP

MRV Communications reported $77.3 million, an increase of 25% over revenues of $62.0 million for the first quarter of 2005. GAAP net loss for the first quarter of 2006 was $3.7 million, or $0.03 per share, a reduction of 43% when compared to a GAAP net loss of $6.4 million, or $0.06 per share, for the first quarter of 2005.

MRV's optical component business unit, LuminentOIC, posted 43%sequential revenue growth and continued to improve gross margin to 21%. Demand was primarily driven by sales of its ONT Triplexer Transceiver, which is being used in Verizon's FTTP deployment. LuminentOIC announced it had surpassed the half million milestone for shipments of its ONT Triplexer Transceiver.

MRV's core networking business (internally developed) benefited from a strong quarter from sales of advanced networking products used by the US Government, with sales to this segment increasing 26% sequentially.

MRV's systems integration business in Europe enjoyed another strong quarter with a 25% year-over-year increase in revenue. Margins also improved as the networking business posted gross margins of 37.5% overall, a 670 basis point improvement from the preceding quarter.http://ir.mrv.com


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