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 MRV Reports Fourth-Quarter and Full-Year 2015 Results
   Tuesday, March 08, 2016 4:05:01 PM ET

MRV Communications (MRVC ), provider of innovative solutions to service providers and data center operators, reported financial results for the three- and twelve-months ended December 31, 2015.

"2015 was truly a transformative year that established MRV as a network equipment pure play that specializes in carrier grade solutions for metro networks," stated MRV President and CEO Mark Bonney. "Throughout the year, we enhanced our end-to-end packet and optical solutions portfolio, including introducing award winning products. We increased gross margins from 49% to 52% as our product mix increasingly emphasizes features that enable value-added services for our customers. Further, we continued to reduce our cost structure by implementing initiatives to improve efficiency and streamline infrastructure, which accelerates our path to profitability. In December, we completed the sale of our network integration business, and, 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."

2015 Key Accomplishments

-- Sold Tecnonet S.p.A., receiving $21.6 million in 2015 and an additional $4.8 million in February 2016 from the Shares Purchase Agreement post-closing adjustment.

-- Increased OptiDriver(R) customer count to 85 at December 31, 2015, almost doubling the number of cumulative customers over the year including several new customers in the data center segment.

-- Established MRV as a provider of end-to-end solutions, with packet service delivery and switching/routing aggregation, packet optical transport and service orchestration.

-- Expanded relationships with Tier 1 customers with existing products, which were further broadened by the adoption of OptiPacket(R).

-- Released major Pro-Vision(R) release, enabling full lifecycle service orchestration of packet and optical networks.

-- Enhanced the 100G offering with OptiPacket and OptiDriver and entered 2016 with expanded development efforts for higher capacity optical speeds of 200G in the OptiDriver product line.

-- Received the 2015 Data Center Excellence Award from infoTECH Spotlight for OptiDriver.

Financial Reporting

As the company sold Tecnonet S.p.A. on December 3, 2015, the Network Integration business is classified as a discontinued operation. As a result, MRV now reports a single segment, and SG&A now includes corporate expenses. Also, 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.

Fourth Quarter 2015 Results as compared to Fourth Quarter 2014

-- Revenue was $18.6 million, compared to $20.6 million. The decrease reflects a decline in sales of the legacy infrastructure management products along with short-term weakness in certain long-term, run-rate accounts.

-- Gross margin increased to 53.7% from 46.6%, principally as a result of an improved cost structure augmented by favorable product and geographic mix.

-- Operating expenses decreased to $11.7 million, from $13.2 million, reflecting efficiency and cost controls.

-- Operating loss improved $1.9 million to $1.7 million, from $3.6 million.

-- GAAP net loss from continuing operations improved to $4.5 million, or $0.65 per share, from $5.0 million, or $0.68 per share.

-- Non-GAAP net loss from continuing operations was $4.4 million, compared to $4.2 million.

-- Total GAAP net loss including discontinued operations was $6.7 million, or $0.96 per share, compared to $4.6 million, or $0.63 per share.

Full year December 31, 2015 Results as compared to Full year December 31, 2014

-- Total revenue was $88.2 million, compared to $86.5 million, reflecting an increase in optical transport and carrier Ethernet products partially offset by a decrease in legacy network and infrastructure management products.

-- Gross margin increased to 51.7% from 49.2%, reflecting the benefits of product and service differentiation as well as the contract manufacturing strategy.

-- Operating expenses decreased to $49.4 million, from $55.9 million, also reflecting efficiency and cost controls.

-- Operating loss improved $9.5 million to $3.8 million, from $13.3 million.

-- GAAP net loss from continuing operations improved to $6.8 million, or $0.97 per share, from $14.5 million, or $1.98 per share.

-- Non-GAAP net loss from continuing operations improved $6.7 million to $5.2 million, from $11.9 million.

-- Total GAAP net loss including discontinued operations was $7.2 million, or $1.02 per share, compared to $12.2 million, or $1.66 per share.

Balance Sheet Highlights

At December 31, 2015, cash and investments were $31.4 million, compared to $16.4 million at December 31, 2014. With the sale of Tecnonet, MRV not only received the cash proceeds set forth above, but it also eliminated all debt and improved its working capital by reducing its requirements for accounts receivable, inventory and accounts payable. During 2015, the company repurchased approximately 502,000 shares for $4.9 million.

Mr. Bonney concluded, "We have confidence in our future. At the core of that confidence is our belief that we are successfully positioning our product lines to align with our customers’ current need for more data and network capacity as well as a flexible and cost efficient ’pay as you grow’ architecture, while also preparing to help our customers meet future needs including a strong migration path to software defined network and network function virtualization."

Conference Call Information:

MRV Communication’s fourth quarter 2015 financial results conference call is scheduled to take place on March 8, 2016 at 5:00 p.m. ET. To access the call in the U.S. please dial 1-888-466-4462, and for international calls dial 1-719-457-1035 approximately 10 minutes prior to the start of the conference. The conference ID is 8554549. 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 1-877-870-5176, and internationally dial 1-858-384-5517. The access code is 8554549.

About MRV Communications

MRV Communications (MRVC ) enables service providers and data center operators to make their networks smarter, faster and more efficient. 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 @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.

Certain revenue information is presented on a constant currency basis. The company presents this supplemental revenue information, because it believes doing so facilitates a comparison of its operating results from period to period without regard to changes resulting solely from fluctuations in currency rates. The company calculates constant currency revenue growth by comparing current-period revenues to prior-period revenues with both periods converted at the U.S. Dollar/local currency average foreign exchange rate for each month of the prior period for the currencies in which it does business.

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," "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 filings, including, but not limited to its annual report on Form 10-K for the year ended December 31, 2014, 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 March 8, 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.

 
                                                                                                                                   MRV Communications, Inc.
                                                                                                                             Consolidated Statements of Operations
                                                                                                                             (In thousands, except per share data)
 
                                                                                                         Three months ended                                                                       Twelve Months ended
                                                                                                                                December 31                                                                                                 December 31
                                                                                                         2015                              2014                                                 2015                                2014
                                                                                           --------------------------------                     --------------------------------                     --------------------------------                     ------------------------------------
Revenue:
   Product revenue                                                                           $ 15,743                                             $ 17,978                                             $ 77,553                                                $  76,828
   Service revenue                                                                              2,819                             2,592                            10,646                                 9,710  
                                                                                           -------------------------------                      -------------------------------                      -------------------------------                      -----------------------------------
                                                                                               18,562                                               20,570                                               88,199                                                   86,538
      Total revenue
Cost of Revenue:
   Cost of product                                                                              7,489                                                9,831                                               38,496                                                   39,705
   Cost of services                                                                             1,110                             1,146                             4,123                                 4,232  
                                                                                           -------------------------------                      -------------------------------                      -------------------------------                      -----------------------------------
      Total cost of revenue                                                                     8,599                            10,977                            42,619                                43,937  
                                                                                           -------------------------------                      -------------------------------                      -------------------------------                      -----------------------------------
         Gross profit                                                                           9,963                             9,593                            45,580                                42,601  
                                                                                           -------------------------------                      -------------------------------                      -------------------------------                      -----------------------------------
Operating expenses:
   Product development and engineering                                                          5,112                                                4,803                                               20,448                                                   20,833
   Selling, general and administrative                                                          6,570                             8,394                            28,966                                35,080  
                                                                                           -------------------------------                      -------------------------------                      -------------------------------                      -----------------------------------
   Total operating expenses                                                                    11,682                            13,197                            49,414                                55,913  
                                                                                           -------------------------------                      -------------------------------                      -------------------------------                      -----------------------------------
Operating loss                                                                                 (1,719 )                                             (3,604 )                                             (3,834 )                                                (13,312 )
   Interest income (expense)                                                                       (8 )                                                 29                                                  (55 )                                                    (24 )
   Other income (expense), net                                                                    (21 )                                                275                               (48 )                                                    671  
                                                                                           -------------------------------                      -------------------------------                      -------------------------------                      -----------------------------------
Loss from continuing operations before provision for income taxes                              (1,748 )                                             (3,300 )                                             (3,937 )                                                (12,665 )
   Provision for income taxes                                                                   2,783                             1,695                             2,871                                 1,873  
                                                                                           -------------------------------                      -------------------------------                      -------------------------------                      -----------------------------------
Loss from continuing operations                                                                (4,531 )                                             (4,995 )                                             (6,808 )                                                (14,538 )
   Income (loss) from discontinued operations, net of income taxes of                          (2,185 )                                                364                              (371 )                                                  2,383  
   $8, $950, $1,311 and $2,430, respectively
                                                                                           ---------  --------------------                      ---------  --------------------                      ---------  --------------------                      -------------  --------------------
Net loss                                                                                     $ (6,716 )                                           $ (4,631 )                                           $ (7,179 )                                              $ (12,155 )
                                                                                           === ====== ====================                      === ====== ====================                      === ====== ====================                      ====== ======= ====================
                                                                                                                                                                                                                                                           
Net income (loss) per share -- basic
   From continuing operations                                                                $  (0.65 )                                           $  (0.68 )                                           $  (0.97 )                                              $   (1.98 )
   From discontinued operations                                                                 (0.31 )                                               0.05                             (0.05 )                                                   0.32  
                                                                                           -------------------------------                      -------------------------------                      -------------------------------                      -----------------------------------
Net loss per share -- basic                                                      $  (0.96 )                                           $  (0.63 )                                           $  (1.02 )                                              $   (1.66 )
                                                                                           === ====== ====================                      === ====== ====================                      === ====== ====================                      ====== ======= ====================
                                                                                                                                                                                                                                                           
Net Income (loss) per share -- diluted
   From continuing operations                                                                $  (0.65 )                                           $  (0.68 )                                           $  (0.97 )                                              $   (1.98 )
   From discontinued operations                                                                 (0.31 )                                               0.05                             (0.05 )                                                   0.32  
                                                                                           -------------------------------                      -------------------------------                      -------------------------------                      -----------------------------------
Net loss per share -- diluted                                                    $  (0.96 )                                           $  (0.63 )                                           $  (1.02 )                                              $   (1.66 )
                                                                                           === ====== ====================                      === ====== ====================                      === ====== ====================                      ====== ======= ====================
Weighted average number of shares:
      Basic                                                                                     6,980                                                7,368                                                7,019                                                    7,344
      Diluted                                                                                   6,980                                                7,368                                                7,019                                                    7,344
 
                                                                                      MRV Communications, Inc.
                                                                                     Consolidated Balance Sheets
                                                                                  (In thousands, except par values)
 
                                                                                              December 31,                           December 31,
                                                                                                                     2015                                                      2014
                                                                                                     -------------------------------------                     -------------------------------------
Assets
Current assets:
   Cash and cash equivalents                                                                               $  26,169                                                 $  16,142
   Restricted time deposits                                                                                    5,190                                                       235
   Accounts receivable, net                                                                                   14,837                                                    17,533
   Inventories, net                                                                                           10,226                                                    11,810
   Deferred income taxes                                                                              --                                                       535
   Other current assets                                                                                        6,851                                                     2,742
   Current assets of discontinued operations                                                          --                                 56,415  
                                                                                                     ------------------------------------                      ------------------------------------
      Total current assets                                                                                    63,273                                                   105,412
Property and equipment, net                                                                                    4,050                                                     4,533
Deferred income taxes                                                                                 --                                                     2,105
Intangible assets, net                                                                                         1,153                                                     1,364
Other assets                                                                                                     608                                                       711
Non-current assets of discontinued operations                                                         --                                    447  
                                                                                                     ------------------------------------                      ------------------------------------
      Total assets                                                                                         $  69,084                              $ 114,572  
                                                                                                     ======= ======= ====================                      ======= ======= ====================
                                                                                                                                                                
Liabilities and stockholders’ equity
Current liabilities:
   Deferred consideration payable                                                                          $     233                                                 $     233
   Accounts payable                                                                                            5,749                                                     7,154
   Accrued liabilities                                                                                         9,972                                                    10,557
   Deferred revenue                                                                                            7,642                                                     8,711
   Other current liabilities                                                                                     196                                                       297
Current liabilities of discontinued operations                                                        --                                 31,379  
                                                                                                     ------------------------------------                      ------------------------------------
      Total current liabilities                                                                               23,792                                                    58,331
   Other long-term liabilities                                                                                 3,846                                                     4,304
Long-term liabilities from discontinued operations                                                    --                                                       967
Commitments and contingencies
                                                                                                                                                                
Stockholders’ equity:
   Preferred Stock, $0.01 par value: Authorized -- 1,000 shares; no                       --                                            --
   shares issued or outstanding
   Common Stock, $0.0017 par value:
   Authorized -- 16,000 shares
   Issued -- 8,341 shares in 2015 and 8,242 shares in 2014
   Outstanding -- 6,982 shares in 2015 and 7,386 in 2014                                             270                                                       270
   Additional paid-in capital                                                                              1,285,787                                                 1,284,483
   Accumulated deficit                                                                                    (1,227,671 )                                              (1,220,492 )
   Treasury stock -- 1,359 shares in 2015 and 856 in 2014                                        (15,355 )                                                 (10,412 )
   Accumulated other comprehensive loss                                                                       (1,585 )                                                  (2,879 )
                                                                                                     ------------------------------------                      ------------------------------------
      Total stockholders’ equity                                                                              41,446                                 50,970  
                                                                                                     ------------------------------------                      ------------------------------------
         Total liabilities and stockholders’ equity                                                        $  69,084                              $ 114,572  
                                                                                                     ======= ======= ====================                      ======= ======= ====================
 
                                                                                                                           Consolidated Non-GAAP reconciliation
                                                                                                                 Three and Twelve Months Ended December 31, 2015 and 2014
                                                                                                                      (Unaudited, in thousands except per share data)
 
                                                                                           Three months ended                                                                               Twelve Months ended
                                                                                                                  December 31                                                                                                         December 31
                                                                        -----------------------------------------------------------------------------------------------                     -----------------------------------------------------------------------------------------------
                                                                                        2015                                   2014                                                      2015                                   2014
                                                                        -------------------------------------                     -------------------------------------                     -------------------------------------                     -------------------------------------
Revenue:                                                                                                                                                                                      
                                                                        -------------------------------------                     -------------------------------------                     -------------------------------------                     -------------------------------------
   GAAP revenue                                                               $  18,562                              $  20,570                              $  88,199                              $  86,538  
                                                                        ------- ------- --------------------                      ------- ------- --------------------                      ------- ------- --------------------                      ------- ------- --------------------
Cost of revenue
   GAAP cost of revenue                                                       $   8,599                                                 $  10,977                                                 $  42,619                                                 $  43,937
   Stock-based charges                                                              (41 )                                                     (26 )                                                    (131 )                                                    (113 )
                                                                        ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------
Non-GAAP adjusted cost of revenue                                             $   8,558                              $  10,951                              $  42,488                              $  43,824  
                                                                        ------- ------- --------------------                      ------- ------- --------------------                      ------- ------- --------------------                      ------- ------- --------------------
                                                                                                                                                                                                                                                       
Gross profit:
   GAAP gross profit                                                          $   9,963                                                 $   9,593                                                 $  45,580                                                 $  42,601
   Stock-based charges                                                               41                                    (29 )                                                     131                                    113  
                                                                        ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------
Non-GAAP adjusted gross profit                                                $  10,004                              $   9,564                              $  45,711                              $  42,714  
                                                                        ------- ------- --------------------                      ------- ------- --------------------                      ------- ------- --------------------                      ------- ------- --------------------
         Gross Margin %                                                            53.9 %                                                    46.5 %                                                    51.8 %                                                    49.4 %
                                                                                                                                                                                                                                                       
Operating expenses:
   GAAP Product development and engineering                                   $   5,112                                                 $   4,803                                                 $  20,448                                                 $  20,833
   Stock-based charges                                                              (71 )                                                     (44 )                                                    (232 )                                                    (166 )
                                                                        ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------
      Non-GAAP Product development and engineering                            $   5,041                              $   4,759                              $  20,216                              $  20,667  
                                                                        ------- ------- --------------------                      ------- ------- --------------------                      ------- ------- --------------------                      ------- ------- --------------------
                                                                                                                                                                                                                                                       
GAAP Selling, general & administrative                                        $   6,199                                                 $   6,570                                                 $  24,881                                                 $  28,841
   Stock-based charges                                                             (105 )                                                    (155 )                                                    (296 )                                                    (358 )
   Severance                                                                       (144 )                                                     (87 )                                                    (456 )                                                    (555 )
   Litigation costs                                                      --                                     18                         --                                    (64 )
                                                                        ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------
      Non-GAAP Selling, general & administrative                              $   5,950                              $   6,346                              $  24,129                              $  27,864  
                                                                        ------- ------- --------------------                      ------- ------- --------------------                      ------- ------- --------------------                      ------- ------- --------------------
                                                                                                                                                                                                                                                       
GAAP Corporate charges                                                              371                                                     1,824                                                     4,085                                                     6,239
   Stock-based charges                                                             (144 )                                                     (15 )                                                    (460 )                                                    (295 )
   Severance                                                                         10                                                      (215 )                                                     (27 )                                                    (351 )
   Litigation costs                                                      --                                                      (503 )                                          --                                                      (599 )
   Divestiture costs                                                                385                                            --                                            --                                            --
   Warrant revaluation charges                                           --                         --                         --                                   (406 )
                                                                        ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------
      Non-GAAP Corporate charges                                              $     622                              $   1,091                              $   3,598                              $   4,588  
                                                                        ------- ------- --------------------                      ------- ------- --------------------                      ------- ------- --------------------                      ------- ------- --------------------
                                                                                                                                                                                                                                                       
GAAP operating expenses                                                       $  11,682                                                 $  13,197                                                 $  49,414                                                 $  55,913
   Stock-based charges                                                             (320 )                                                    (214 )                                                    (988 )                                                    (819 )
   Severance                                                                       (134 )                                                    (302 )                                                    (483 )                                                    (906 )
   Litigation costs                                                      --                                                      (485 )                                          --                                                      (663 )
   Divestiture costs                                                                385                                            --                                            --                                            --
   Warrant revaluation charges                                           --                         --                         --                                   (406 )
                                                                        ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------
Non-GAAP operating expenses                                                   $  11,613                              $  12,196                              $  47,943                              $  53,119  
                                                                        ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================
 
                                                                                                                               Consolidated Non-GAAP reconciliation
                                                                                                                                            (continued)
                                                                                                                     Three and Twelve Months Ended December 31, 2015 and 2014
                                                                                                                          (Unaudited, in thousands except per share data)
 
                                                                                                   Three months ended                                                                               Twelve Months ended
                                                                                                                          December 31                                                                                                         December 31
                                                                                -----------------------------------------------------------------------------------------------                     -----------------------------------------------------------------------------------------------
                                                                                                2015                                   2014                                                      2015                                   2014
                                                                                -------------------------------------                     -------------------------------------                     -------------------------------------                     -------------------------------------
                                                                                                                                                                                                                                                               
GAAP operating loss                                                                   $  (1,719 )                                               $  (3,604 )                                               $  (3,834 )                                               $ (13,312 )
   Stock-based charges                                                                      361                                                       240                                                     1,119                                                       932
   Severance                                                                                134                                                       302                                                       483                                                       906
   Litigation costs                                                              --                                                       485                                            --                                                       663
   Divestiture costs                                                                       (385 )                                          --                                            --                                            --
   Warrant revaluation charges                                                   --                         --                         --                                    406  
                                                                                ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------
Non-GAAP operating loss                                                               $  (1,609 )                                               $  (2,577 )                                               $  (2,232 )                                               $ (10,405 )
                                                                                ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                               
Net loss
   GAAP net loss                                                                      $  (4,531 )                                               $  (4,995 )                                               $  (6,808 )                                               $ (14,538 )
   Stock-based charges                                                                      361                                                       240                                                     1,119                                                       932
   Severance                                                                                134                                                       302                                                       483                                                       906
   Litigation costs                                                              --                                                       485                                            --                                                       663
   Divestiture costs                                                                       (385 )                                          --                                            --                                            --
   Warrant revaluation charges                                                   --                                            --                                            --                                                       406
   Income tax impact                                                             --                                   (194 )                                          --                                   (265 )
                                                                                ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------
Non-GAAP adjusted net loss                                                            $  (4,421 )                                               $  (4,162 )                                               $  (5,206 )                                               $ (11,896 )
                                                                                ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                               
Tecnonet discontinued operations                                                      $  (2,185 )                                               $     364                                                 $    (371 )                                               $   2,383
                                                                                                                                                                                                      
                                                                                -------------------------------------                     -------------------------------------                     -------------------------------------                     -------------------------------------
Non-GAAP adjusted net loss including Tecnonet Discontinued                            $  (6,606 )                                               $  (3,798 )                                               $  (5,577 )                                               $  (9,513 )
operations
                                                                                ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                               
Weighted average number of shares - Basic                                                 6,980                                                     7,368                                                     7,019                                                     7,344
   GAAP EPS - Continuing operations                                                   $   (0.65 )                                               $   (0.68 )                                               $   (0.97 )                                               $   (1.98 )
   Non-GAAP EPS - Continuing operations                                               $   (0.63 )                                               $   (0.56 )                                               $   (0.74 )                                               $   (1.62 )
                                                                                                                                                                                                                                                               
Weighted average number of shares - Diluted                                               6,980                                                     7,368                                                     7,019                                                     7,344
   GAAP EPS - Discontinued operations                                                 $   (0.31 )                                               $    0.05                                                 $   (0.05 )                                               $    0.32
   Non-GAAP EPS - Discontinued operations                                             $   (0.31 )                                               $    0.05                                                 $   (0.05 )                                               $    0.32

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20160308006642r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20160308006642/en/

SOURCE: MRV Communications

IR Contact: 
LHA 
Cathy Mattison/Kirsten Chapman, 415-433-3777 
ir@mrv.com


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