MRV Communications reported financial results for the second quarter ended June 30, 2017 as follows:
1. Revenue for the second quarter of 2017 of $19.72 million, down 6.8% compared with $21.17 million in the preceding first quarter and down 8.6% versus $21.58 million in the prior year second quarter.
2. Gross profit for the second quarter of $10.16 million, down 5.0% compared with $10.70 million in the preceding first quarter and up 1.2% versus $10.04 million in the prior year second quarter.
3. R&D expenditure for the second quarter of $4.61 million, down 2.5% compared with $4.73 million in the preceding first quarter and down 10.0% versus $5.12 million in the prior year second quarter.4. SG&A expenditure for the second quarter of $7.45 million, up 10.0% compared with $6,77 million in the preceding first quarter and up 6.3% versus $7.01 million in the prior year second quarter.
5. Total operating expenditure for the second quarter of $12.06 million, up 4.9% compared with $11.50 million in the preceding first quarter and down 0.6% versus $12.13 million in the prior year second quarter.
6. On a GAAP basis, net loss for the second quarter of $2.10 million, compared with a net loss of $1.04 million in the preceding first quarter and a net loss of $2.02 million in the prior year second quarter.
On a non-GAAP basis, net loss for the second quarter of $0.44 million, compared with a net loss of $0.52 million in the preceding first quarter and a net loss of $1.31 million in the prior year second quarter.
7. Cash and cash equivalents as of June 30, 2017 of $24.33 million, compared with $21.41 million as at March 31, 2017 and compared with $25.12 million as at December 31, 2016.
Additional results and notes
MRV noted that on July 2, 2017 it entered into a merger agreement with ADVA NA Holdings and its subsidiary Golden Acquisition (Merger Sub). Under the merger agreement Merger Sub was to commence a cash tender offer to purchase all issued and outstanding shares of MRV for $10.00 per share. On completion of the offer Merger Sub will merge with and into the company, with MRV continuing as the surviving corporation and a wholly owned subsidiary of ADVA.
On July 17th, the offer commenced as per the agreement and is currently scheduled to expire at midnight, August 11, 2017.
