MRV halves Q2 losses

Fiber Optics Weekly Update, August 1, 2003

MRV Communications Inc., a provider of optical components, reported its financial results for the second quarter ended June 30, 2003. Net loss for the second quarter of 2003 was $9.8 million, or $0.10 per share, compared to a net loss of $6.4 million, or $0.06 per share for the prior quarter, and a net loss of $18.8 million, or $0.21 per share, for the second quarter of 2002. Revenues for the second quarter of 2003 were $62.0 million compared to $51.1 million for the prior quarter, and $61.6 million for the second quarter last year.

Outlook

The company expects improvement in its net loss per share for the third quarter to be in the range of $0.07 to $0.09 per share based on revenue expectations within the range of $54 million to $59 million. The third quarter is a summer quarter in Europe, where most of the company's revenues are concentrated. The company expects seasonally stronger results for the fourth quarter.