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MRV Reports Third-Quarter 2014 ResultsCHATSWORTH, Calif. --(Business Wire)-- MRV Communications (NASDAQ:MRVC), a global provider of converged packet and optical solutions that empower the optical edge and network integration services for communications service providers, reported financial results for the three- and nine- months ended September 30, 2014. "During the third quarter of 2014, we grew total revenue 12% due to the continued strong performance of our Network Integration business, which was partially offset by a modest slowdown in our Network Equipment business," said David Stehlin, MRV's chief executive officer. "The soft telecommunications capital spending environment in the Americas and EMEA impacted our revenues during the quarter while, at the same time, we continue to transition from older, legacy products to a new, market-leading, packet and optical product portfolio. These new products have distinct market and technical advantages, already recognized by the market. "OptiDriver, our new optical transport platform, continues to perform well. In the third quarter, we increased our total customer count to more than 30 by adding 15 customers, 9 of whom are new users of MRV optical transport solutions. Notably, we won our first multi-million dollar contract from a large regional North American communications service provider in the quarter. MRV's OptiDriver customers now include Content Delivery Network operators, wireline communications service providers, data center operators, enterprises and governments. This set of diverse wins underscores the value of OptiDriver's flexibility, cost effectiveness and capacity for use in a wide range of vertical market applications." Third-Quarter 2014 Results as compared to Third-Quarter 2013
Stehlin continued, "MRV has made substantial investments in repositioning the company to capitalize on the ongoing evolution in the optical edge. As we accelerate our transformation, we will focus on growing revenue while improving our efficiencies. We are confident that MRV's expanding new product portfolio meets the needs of our markets. We expect this to drive our long-term growth and success beginning in 2015." Year-to-date September 30, 2014 Results as compared to Year-to-date September 30, 2013 Total revenue amounted to $128.6 million, up 11% from $115.5 million. Network Equipment revenue was $66.1 million, up 2%. Network Integration revenue was $62.6 million, up 24%. Total net loss was $7.5 million, or $1.03 per diluted share, compared to a net loss of $5.6 million, or $0.74 per diluted share. Conference Call Information: MRV Communication's third quarter 2014 financial results conference call is scheduled to take place on November 5, 2014 at 5:00 p.m. ET. The live audio webcast will be accessible at www.mrv-corporate.com in the Investor Relations section. For access via telephone, please dial 877-359-9508, and for international calls dial 224-357-2393 approximately 10 minutes prior to the start of the conference. The conference ID is 22931812#. The conference call will also be broadcast live at www.mrv.com where it will be available for replay for 90 days. In addition, a replay will be available via telephone for three business days, beginning three hours after the call. To listen to the replay, in the U.S. please dial 855-859-2056, and internationally dial 404-537-3406. The access code is 22931812#. About MRV Communications MRV Communications is a global provider of converged packet and optical solutions that empower the optical edge and network integration services for leading communications service providers. For more than two decades, the most demanding service providers, Fortune 1000 companies and governments worldwide have trusted MRV to provide best-in-class solutions and services for their mission-critical networks. We help our customers overcome the challenge of orchestrating the ever-increasing need for capacity while improving service delivery and lowering network costs for critical applications such as cloud connectivity, high-capacity business services, mobile backhaul and data center connectivity. For more information please visit www.mrv.com. Forward Looking Statements This press release may contain statements regarding future financial and operating results of MRV, management's assessment of business trends, and other statements about management's future expectations, beliefs, goals, plans or prospects and those of the market segments in which MRV is engaged that are based on management's current expectations, estimates, forecasts and projections about MRV and its consolidated businesses and the respective market segments in which MRV's businesses operate, in addition to management's assumptions. Statements in this press release regarding MRV's future financial and operating results, which are not statements of historical facts, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as "expects," "anticipates," "envisions," "estimates," "targets," "intends," "plans," "believes," "seeks," "should," "could," "forecasts," "projects," variations of such words and similar expressions, are intended to identify such forward-looking statements which are not statements of historical facts. These forward-looking statements are not guarantees of future performance nor guarantees that the events anticipated will occur or expected conditions will remain the same or improve. These statements involve certain risks, uncertainties and assumptions, the likelihood of which are difficult to assess and may not occur, including risks that each of its business segments may not make the expected progress in its respective market, or that management's long-term strategy may not achieve the expected results. Therefore, actual outcomes, performance and results may differ from what is expressed or forecast in such forward-looking statements, and such differences may vary materially from current expectations. For further information regarding risks and uncertainties associated with MRV's businesses, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of MRV's SEC filings, including, but not limited to its annual report on Form 10-K for the year ended December 31, 2013, copies of which may be obtained by contacting MRV's investor relations department or by visiting MRV's website at http://www.mrv-corporate.com or the SEC's EDGAR website at http://www.sec.gov. All information in this release is as of November 5, 2014 unless otherwise stated. MRV undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in MRV's expectations.
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