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Thursday, Mar 28, 2024

MRV Narrows Net Loss for Q2

MRV Communications Inc. narrowed its net loss for the second quarter compared with the previous year, according to financial statements released Wednesday. The Chatsworth-based provider of optical components and network equipment reported a net loss of $2.5 million, or a loss of $0.02 per diluted share, on revenues of $102 million for the quarter ending June 30. That amount is down from the net loss of $2.6 million, or a loss of $0.02 per diluted share on revenues of $87 million, for the second quarter of 2006. Demand for the company’s products remains strong and the revenue total for quarter beat expectations, said MRV President and CEO Noam Lotan. The company has positioned itself for future growth by benefiting from emerging trends such as the increased use of video on the network for enterprise applications and by consumers through applications like IPTV, Lotan said. In early July, MRV closed on its acquisition of Fiberxon, Inc. an optoelectronic module developer, which will be combined with MRV subsidiary Luminent Inc.

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