Schedule of Quarterly Financial Information |
The following tables summarize MRV's consolidated statements of operations for 2015 (in thousands): | | | | | | | | | | | | | | | | | | Three months ended: | | March 31, 2015 | | June 30, 2015 | | September 30, 2015 | | December 31, 2015 | Revenue | | $ | 22,185 |
| | $ | 24,519 |
| | $ | 22,933 |
| | $ | 18,562 |
| Cost of sales | | 10,641 |
| | 12,560 |
| | 10,819 |
| | 8,599 |
| Gross profit | | 11,544 |
| | 11,959 |
| | 12,114 |
| | 9,963 |
| Operating expenses: | | | | | | | | | Product development and engineering | | 5,125 |
| | 5,310 |
| | 4,901 |
| | 5,112 |
| Selling, general and administrative | | 7,736 |
| | 7,379 |
| | 7,281 |
| | 6,570 |
| Total operating expenses | | 12,861 |
| | 12,689 |
| | 12,182 |
| | 11,682 |
| Operating loss | | (1,317 | ) | | (730 | ) | | (68 | ) | | (1,719 | ) | Interest expense | | (14 | ) | | (22 | ) | | (11 | ) | | (8 | ) | Other income (loss), net | | 81 |
| | (296 | ) | | 188 |
| | (21 | ) | Income (loss) from continuing operations before provision for income taxes | | (1,250 | ) | | (1,048 | ) | | 109 |
| | (1,748 | ) | Provision (benefit) for income taxes | | 50 |
| | 77 |
| | (39 | ) | | 2,783 |
| Income (loss) from continuing operations | | (1,300 | ) | | (1,125 | ) | | 148 |
| | (4,531 | ) | Gain (loss) from discontinued operations | | 232 |
| | 844 |
| | 738 |
| | (2,185 | ) | Net income (loss) | | $ | (1,068 | ) | | $ | (281 | ) | | $ | 886 |
| | $ | (6,716 | ) | | | | | | | | | | Net income (loss) per share — basic | | | | | | | | | From continuing operations | | $ | (0.18 | ) | | $ | (0.16 | ) | | $ | 0.02 |
| | $ | (0.65 | ) | From discontinued operations | | 0.03 |
| | 0.12 |
| | 0.11 |
| | (0.31 | ) | Net income (loss) per share — basic | | $ | (0.15 | ) | | $ | (0.04 | ) | | $ | 0.13 |
| | $ | (0.96 | ) | | | | | | | | | | Net income (loss) per share — diluted | | | | | | | | | From continuing operations | | $ | (0.18 | ) | | $ | (0.16 | ) | | $ | 0.02 |
| | $ | (0.65 | ) | From discontinued operations | | 0.03 |
| | 0.12 |
| | 0.11 |
| | (0.31 | ) | Net income (loss) per share — diluted | | $ | (0.15 | ) | | $ | (0.04 | ) | | $ | 0.13 |
| | $ | (0.96 | ) | | | | | | | | | | Basic weighted average shares | | 7,131 |
| | 6,988 |
| | 6,978 |
| | 6,980 |
| Diluted weighted average shares | | 7,131 |
| | 6,988 |
| | 7,014 |
| | 6,980 |
|
The above table includes a $2.6 million increase in the provision for income taxes for the three months ended December 31, 2015 related to an increase in the Company's valuation allowance on deferred tax assets. (See Note 6, Income Taxes).
The following tables summarize MRV's consolidated statements of operations for 2014 (in thousands): | | | | | | | | | | | | | | | | | | Three months ended: | | March 31, 2014 | | June 30, 2014 | | September 30, 2014 | | December 31, 2014 | Revenue | | $ | 22,265 |
| | $ | 21,770 |
| | $ | 21,933 |
| | $ | 20,570 |
| Cost of sales | | 11,506 |
| | 10,584 |
| | 10,870 |
| | 10,977 |
| Gross profit | | 10,759 |
| | 11,186 |
| | 11,063 |
| | 9,593 |
| Operating expenses: | | | | | | | | | Product development and engineering | | 5,578 |
| | 5,392 |
| | 5,060 |
| | 4,803 |
| Selling, general and administrative | | 9,877 |
| | 8,624 |
| | 8,185 |
| | 8,394 |
| Total operating expenses | | 15,455 |
| | 14,016 |
| | 13,245 |
| | 13,197 |
| Operating loss | | (4,696 | ) | | (2,830 | ) | | (2,182 | ) | | (3,604 | ) | Interest income (expense) | | (34 | ) | | 20 |
| | (39 | ) | | 29 |
| Other income (loss), net | | 75 |
| | (29 | ) | | 350 |
| | 275 |
| Loss from continuing operations before provision for income taxes | | (4,655 | ) | | (2,839 | ) | | (1,871 | ) | | (3,300 | ) | Provision (benefit) for income taxes | | (28 | ) | | 135 |
| | 71 |
| | 1,695 |
| Income (loss) from continuing operations | | (4,627 | ) | | (2,974 | ) | | (1,942 | ) | | (4,995 | ) | Income (loss) from discontinued operations | | 410 |
| | 707 |
| | 902 |
| | 364 |
| Net loss | | $ | (4,217 | ) | | $ | (2,267 | ) | | $ | (1,040 | ) | | $ | (4,631 | ) | | | | | | | | | | Net income (loss) per share — basic | | | | | | | | | From continuing operations | | $ | (0.64 | ) | | $ | (0.40 | ) | | $ | (0.26 | ) | | $ | (0.68 | ) | From discontinued operations | | 0.06 |
| | 0.10 |
| | 0.12 |
| | 0.05 |
| Net income (loss) per share — basic | | $ | (0.58 | ) | | $ | (0.30 | ) | | $ | (0.14 | ) | | $ | (0.63 | ) | | | | | | | | | | Net income (loss) per share — diluted | | | | | | | | | From continuing operations | | $ | (0.64 | ) | | $ | (0.40 | ) | | $ | (0.26 | ) | | $ | (0.68 | ) | From discontinued operations | | 0.06 |
| | 0.10 |
| | 0.12 |
| | 0.05 |
| Net income (loss) per share — diluted | | $ | (0.58 | ) | | $ | (0.30 | ) | | $ | (0.14 | ) | | $ | (0.63 | ) | | | | | | | | | | Basic weighted average shares | | 7,283 |
| | 7,360 |
| | 7,362 |
| | 7,368 |
| Diluted weighted average shares | | 7,283 |
| | 7,360 |
| | 7,362 |
| | 7,368 |
|
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