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Saturday, Sep 23, 2023

Briefs: MRV, Ixia, Children’s Museum

MRV Communications Inc. named a new chief financial officer on Monday at the same time it announced widening quarterly losses. The Chatsworth manufacturer of telecommunications equipment named Mark Bonney, 60, who has served on the board since April 2013, as the CFO. He will replace Stephen Garcia, effective today. The company reported a net loss of $2.27 million (-31 cents a share) in the second quarter ended June 30, compared to a loss of $993,000 (-13 cents) for the same period last year. Revenue increased 13 percent to $43.1 million. No analysts follow the company. “Mark Bonney has joined the MRV management team as executive vice president and chief financial officer, and brings a wealth of talent to help us improve operations and execute on our strategic growth initiatives,” said Chief Executive David Stehlin, in a statement. Shares closed up 7 cents, or less than 1 percent, to $13.46 on the Nasdaq. Ixia has once again received a delisting warning from the Nasdaq due to delayed filings of two quarterly statements. The Calabasas computer networking software developer received the warning letter on Friday because it has yet to file first and second quarter earnings reports. In July, a Nasdaq hearing panel gave the company until Sept. 12 to be current with all Securities and Exchange Commission filings or face delisting from the exchange. The delays in filing the reports stems from the sudden resignation last fall of then-Chief Executive Walt Alston, which led to an accounting review by the board of director’s audit committee. The review found errors in previous filings. Shares closed down 20 cents, or 2 percent, to $9.56 on the Nasdaq. Kafi Blumenfield has been named executive director of Discovery Cube Los Angeles, a hands-on science museum which will open in November in the San Fernando Valley. The museum, a sister campus of the Discovery Cube Orange County in Santa Ana, will open at a 2.5-acre site in the Hansen Dam Recreational Area in Sylmar after a long delay. Construction of the museum building finished in 2007 but the project stalled when the Los Angeles Children’s Museum – which had operated downtown but planned to move to the Valley – went bankrupt. In 2012, the L.A. City Council revived the project, budgeting several million dollars toward it, and Discovery Cube agreed to operate it. Blumenfield has 20 years of nonprofit experience and formerly served as chief executive of the Liberty Hill Foundation, a social justice organization in Los Angeles.

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