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Friday, Jun 9, 2023

MRV Reports Fourth Quarter Profit

MRV Communications Inc. swung to a profit in the fourth quarter, boosted by the sale of three subsidiaries and a rise in North American revenue. The Chatsworth firm, which sells and installs computer network infrastructure equipment, reported net income of $5.6 million (72 cents a share) in the quarter ended Dec. 31, compared with a loss of $6.5 million (-82 cents) for the same quarter a year earlier. Revenue rose 2.9 percent to $46 million. During the quarter, the company completed the sale of three non-core units for a total of $7.1 million. There were no analyst estimates for the company’s earnings. The company has not reported a profit since the first quarter of 2012. It credited a restructuring and improvement of operations for the turnaround. “As part of our renewed growth strategy, we have increased our efforts to bring innovative products in high-growth segments to market, and we have demonstrated success with both impressive industry awards and new product releases,” said Chief Executive David Stehlin in a statement. For the full year 2012, the company reported net income of $5.7 million (72 cents a share) compared with a loss of $6.8 million (-87 cents) a year earlier. It paid out $58 million in dividends during the year. Shares were down 20 cents to $10.50 in afternoon over-the-counter trading.

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