MRV Communications (MRVC) Updates Revenue Outlook
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MRV Communications (Nasdaq: MRVC) updated its revenue guidance for Q1 of fiscal year 2009 ended March 31, 2009 and provided revenue guidance for its second quarter of 2009.
Based on preliminary information, revenue for the first quarter of fiscal 2009 exceeded the upper end of the previously stated guidance of $110 million for the first quarter of 2009, but represented a decline from revenue for the first quarter of 2008 of $125.6 million. The Company currently expects that it will report a net loss in the first quarter of 2009.
"We saw market softness across all of our segments driven by adverse macroeconomic conditions and the decline of the Euro," commented Noam Lotan, President and Chief Executive Officer of MRV. "We believe our products continue to perform well in relation to our respective markets but the increasingly competitive market is putting significant pressure on our product margins, especially in our optical components business. So far this year, we have implemented measures to reduce losses such as initiating selective layoffs, reducing compensation by 10 percent for directors and certain executives and employees, consolidating our operations, and negotiating cost savings with our suppliers."
MRV currently estimates that revenue for the second quarter of 2009 will be in the range of $105 million to $125 million, compared to $147.6 million for the second quarter of 2008, and expects to report a net loss. (No estimates available)
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Jack on Jun 8, 2009 01:29 PMHas anyoe noticed that this company going back 10 years has never had any earnings since becoming a public company? and they have the same President and same CEO? 1 or 2 years of no earnings, blame it on the VP of Sales, the Director of Product development or some one like that. 10 plus years of no earnings, it's the CEO and President.