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MRV Reports First-Quarter ResultsMRV (News - Alert) Communications (NASDAQ:MRVC), a provider of innovative network solutions for service providers, data center operators and enterprises, reported financial results for the three-months ended March 31, 2016. "We entered 2016 as a better capitalized, more efficient and more focused company that is well-positioned for growth at high margins. While our legacy infrastructure management products have experienced a cyclical slowdown that impacted our results over the past few quarters, we are thrilled with the customer and market reaction to our new packet and optical product families," stated MRV President and CEO Mark Bonney. "Illustrating our traction with our new products, OptiDriver®, our award-winning optical transport platform, recorded the strongest quarter since its launch, winning numerous repeat orders and attracting 15 new customers, reaching the 100-customer milestone. We believe that OptiDriver offers some of the lowest latency of any optical transport product in the world, and this attribute combined with our efficient, scalable architecture enables us to become the value-added partner of choice to a growing group of regional and global telecom service providers, carrier neutral providers for data center interconnect and financial services firms. Furthermore, OptiPacket®, our purpose-built optical and packet tool for 100G high-capacity packet aggregation and Carrier Ethernet demarcation is also an integral part of our end-to-end solutions for regional service providers and is off to a great start. Additionally, we continue to drive innovation across all of our core product lines; today we announced that we launched our new generation of Carrier Ethernet network access devices, the OptiSwitch® V-Series, designed to be a highly scalable, open and programmable foundation for software defined networking and network functions virtualization. Overall, we are confident that we are well-positioned in our target markets, and with our robust product line we are poised to capture significant growth going forward." First Quarter 2016 Results as compared to First Quarter 2015
The company uses certain non-GAAP financial measures and a reconciliation of the non-GAAP measures to GAAP measures is provided in the attached table. Balance Sheet Highlights Compared to December 31, 2015
Conference Call Information: MRV Communication's first quarter 2016 financial results conference call is scheduled to take place on May 5, 2016 at 5:00 p.m. ET. To access the call in the U.S. please dial 888-505-4375, and for international calls dial 719-457-2645 approximately 10 minutes prior to the start of the conference. The conference ID is 4365210. 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 one business day, beginning two hours after the call. To listen to the replay, in the U.S. please dial 877-870-5176, and internationally dial 858-384-5517. The access code is 4365210. About MRV Communications (News - Alert) MRV Communications (NASDAQ: MRVC) enables service providers, data center operators and enterprises to make their networks smarter, faster and easier to operate. MRV's end-to-end portfolio includes innovative packet, optical and software platforms designed for flexibility and reliability. To learn more about MRV visit www.mrv.com and follow us on Twitter (News - Alert) @MRVC. Non-GAAP Measures The company uses certain non-GAAP financial measures in this press release to supplement its consolidated financial statements, which are presented in accordance with GAAP. These non-GAAP measures include non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP basic and diluted income (loss) per share. The company's non-GAAP financial measures exclude the impact of stock-based compensation expense, fair value adjustments, litigation costs, severance and related restructuring costs, costs related to the sale of Tecnonet S.p.A. and other non-recurring expenses, which the company believes are not indicative of its core operating results. The company used these non-GAAP measures when evaluating its financial results as well as for internal resource management, planning and forecasting purposes. These non-GAAP measures should not be viewed in isolation from or as a substitute for the company's financial results in accordance with GAAP. A reconciliation of GAAP to non-GAAP measures is attached to this press release. 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 "anticipate," "appear," "believe," "could," "estimate," "expect," "intend," "may," "should," "plan," "project," "contemplate," "target," "foresee," "goal," "likely," "will," and "would" or 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 (News - Alert) filings, including, but not limited to its annual report on Form 10-K for the year ended December 31, 2015, 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 May 5, 2016 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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