MRV Posts Q1 Revenue of $109 Million

MRV Communications reported Q1 2010 revenue of $109.1 million, compared with revenue of $124.4 million in the preceding quarter and $103.6 million in the first quarter of the prior year. The sequential decline in revenue is due primarily to normal seasonality. First quarter 2010 gross margin was 36 percent, compared with 33 percent in the prior quarter and 20 percent reported in the first quarter of 2009.
Net income from continuing operations attributed to MRV stockholders of $3.6 million in the first quarter of 2010, or $0.02 per diluted share, which included share-based compensation charges of $0.4 million, and depreciation and amortization of $2.4 million.


The Network Equipment group reported revenue of $30.0 million, compared with $29.7 million in the prior quarter and $24.9 million in the first quarter of 2009.


The Network Integration group reported revenue of $32.7 million, compared with $41.2 million in the fourth quarter of fiscal 2010, and $33.1 million in the first quarter of fiscal 2009.


The Optical Components group, consisting primarily of Source Photonics, Inc., reported revenue of $49.5 million in the first quarter 2010, compared with $56.6 million in the prior quarter and $48.1 million in the first quarter of 2009. http://www.mrv.com
http://www.sourcephotonics.com