Previous Statements by MRVC
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During the course of today's call, MRV's management may make forward-looking statements about financial and business guidance, product introduction, customer development and the plans and objectives of management for future operations and the company's future economic performance.These statements, which can be identified when they are in the context of word such as, may, will, could, expect, intend, plan, believe, target, estimate, forecast and variations of these words or use of words with similar import reflect management's current judgment on those issues. As these statements deal with future events, they are subject to risks and uncertainties that could cause the actual results to differ materially. In addition to the factors that may be discussed during this call, and those contained in the press release issued earlier today, important factors that could actual results to differ materially are contained in the company's annual report on Form 10-K/A for the year ended December 31, 2009, filed with the SEC and available on our website. Any future product feature or related specification that may be reference in today's call are for informational purposes only and are not commitments to deliver any technology or enhancements. MRV reserves the right to modify future product plans at any time. Additional risks not known to us may also impair our business or results of operations and may prevent us from realizing our current expectations. By discussing the current perception of our markets and making these forward-looking statements, we are not undertaking an obligation to provide updates in the future. I would now like to turn the call over to Dilip Singh, MRV's CEO. Dilip Singh Thank you, Anne-Marie. Good afternoon everyone. Six weeks into my tenure as the new CEO of MRV, it's a real pleasure to have the opportunity to share my impressions with all of you. I'm impressed with the dedication of our employees and the quality of our technology portfolio in this competitive optical communication solutions marketplace.
MRV's commitment to innovation has driven its road thus far, but the growth has not always translated into profitability. We are now focusing our efforts and resources to continue to drive innovation and deliver sustainable growth, profitability, and shareholder value. I'll further discuss our opportunities and challenges at hand and our goals moving forward after Near and Chris provide a preview of the second quarter.With that, I'll turn the call over to Near for his review of our Optical Components Group. Near Margalit Thank you, Dilip. Revenue for the quarter came in at $64 million, a 30% increase from the prior quarter and a 28% increase from the same period last year. Gross margin came in at 24% inline with previous quarter and significantly above the 13.3% reported in the second quarter of the prior year. In addition, we had operating income of $3.9 million which includes a reserve of $1.4 million related to litigation with Finisar. During the quarter, we continued to have significantly increase demand for our products. I'm happy to say that we were successful and implementing the plans and improvements in our supply chain and several key aspects of our operations as we discussed in last quarter. These investments paid off and helped to enable us to meet this demand as well as catch up on the orders that we were pushed from Q1 to Q2. As a result, Source Photonics achieved its best quarterly operating result to-date. First our Opto-Electronics or OE factory in Taiwan for lasers and detector assemblies significantly increase its throughput compared to historical levels. This allowed for better utilization of our Chengdu, China, factory which helped with record level of production. Read the rest of this transcript for free on seekingalpha.com