MRV Loss Widens

MRV Communications Inc. widened its net loss and saw a revenue decrease in fourth quarter results released Tuesday. The Chatsworth company, which makes computer network equipment, reported a net loss of $6.7 million (-96 cents a share) for the quarter ended Dec. 31, compared to a loss of $4.6 million (-63 cents) in the same period a year earlier. Revenue declined 9.7 percent to $18.6 million. One analyst had forecast earnings of 1 cent on revenue of $22.5 million, according to Thomson Financial Network. MRV Chief Executive Mark Bonney called 2015 a transformative year for the company by having sold off a subsidiary and reduced costs through initiatives to improve efficiency and streamline infrastructure, which accelerated the path to profitability. In December, MRV sold off Tecnonet S.p.A., its network integration subsidiary based in Italy for $26.3 million. “As a result, we entered 2016 as a better capitalized, more efficient and more focused company with a product line that is well-positioned for growth,” Bonney said in a prepared statement. Shares closed down 28 cents, or more than 2 percent, to $11.24 on the Nasdaq.