SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K/A
(AMENDMENT NO. 1)
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): OCTOBER 15, 2002
MRV COMMUNICATIONS, INC.
(NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 06-1340090
(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) IDENTIFICATION NUMBER)
20415 NORDHOFF STREET
CHATSWORTH, CA 91311
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
ISSUER'S TELEPHONE NUMBER: (818) 773-0900
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
This Form 8-K/A supplements and completes registrant's Form 8-K filed October
23, 2002:
Item 7. Financial Statements and Exhibits
(a) Financial Statements of Business Acquired
Not applicable.
(b) Pro forma Financial Information
In connection with registrant's disposition of shares of the capital stock of
Fiber Optics Communications, Inc. ("FOCI") and Quantum Optec, Inc. ("QOI") as
previously reported on October 23, 2002, the following pro forma financial
information is filed as part of this report:
Unaudited Pro Forma Consolidated Condensed Balance Sheet As of September 30,
2002;
Unaudited Pro Forma Condensed Consolidated Statements of Operations For the Nine
Months Ended September 30, 2002;
Unaudited Pro Forma Condensed Consolidated Statements of Operations For the Year
Ended December 31, 2001; and
Notes to Pro Forma Condensed Consolidated Financial Information
(c) Exhibits
2.1 Share Purchase Agreement dated September 30, 2002, by and amongst
Luminent and Lin, Song-Fure (Steve), Chen, Chao Hsien (Goodman), Hou,
Janpu Hsu and Jen Hsu (Rio) (incorporated by reference to Exhibit 2.1
filed with registrant's Form 8-K on October 23, 2002).
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MRV Communications, Inc.
Unaudited Pro Forma Consolidated Condensed Balance Sheet
As of September 30, 2002
Pro Forma
(000's) MRVC Adjustments Total
----------- ------------- -----------
Current assets:
Cash and cash equivalents $ 80,675 $ 8,000 (1) $ 88,675
Short-term marketable securities 22,911 -- 22,911
Time deposits 3,092 -- 3,092
Accounts receivable, net 40,571 -- 40,571
Inventories 39,389 -- 39,389
Assets held for sale 36,322 (36,322)(1) --
Other current assets 8,848 2,000 (1) 10,848
----------- ----------- -----------
Total current assets 231,808 (26,322) 205,486
Property and equipment, net 35,599 -- 35,599
Goodwill and other intangibles 29,869 -- 29,869
Long-term marketable securities 1,359 -- 1,359
Deferred income taxes 11,749 -- 11,749
Investments 5,741 2,708 (1) 8,449
Other non-current assets 5,893 -- 5,893
----------- ----------- -----------
$ 322,018 $ (23,614) $ 298,404
=========== =========== ===========
Current liabilities
Current maturities of long-term debt 684 -- 684
Convertible subordinated notes 39,918 -- 39,918
Short-term obligations 1,869 -- 1,869
Accounts payable 39,997 -- 39,997
Accrued liabilities 30,552 -- 30,552
Liabilities held for sale 23,614 (23,614)(1) --
Other current liabilities 6,694 -- 6,694
----------- ----------- -----------
Total current liabilities 143,328 (23,614) 119,714
Long-term debt 614 -- 614
Other long-term liabilities 3,792 -- 3,792
Minority interests 7,311 -- 7,311
Commitments and contingencies
Stockholders' equity:
Preferred stock -- -- --
Common stock 161 -- 161
Additional paid-in capital 1,148,737 -- 1,148,737
Accumulated deficit (959,998) -- (959,998)
Deferred stock compensation, net (9,859) -- (9,859)
Treasury stock (679) -- (679)
Accumulated other comprehensive loss (11,389) -- (11,389)
----------- ----------- -----------
Total stockholders' equity 166,973 -- 166,973
----------- ----------- -----------
$ 322,018 $ (23,614) $ 298,404
=========== =========== ===========
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MRV Communications, Inc.
Unaudited Pro Forma Condensed Consolidated Statements of Operations
For the Nine Months Ended September 30, 2002
Pro Forma
MRVC Adjustments(2) Total
--------- -------------- ---------
NET REVENUE $ 184,878 $ 16,003 $ 168,875
Cost of goods sold 127,205 14,522 112,683
--------- --------- ---------
GROSS PROFIT 57,673 1,481 56,192
Operating costs and expenses:
Product development and engineering 41,726 2,315 39,411
Selling, general and administrative 69,224 4,351 64,873
Amortization of intangibles 86 -- 86
Impairment loss on long-lived assets 16,516 15,878 638
Impairment loss on goodwill and other intangibles 72,697 9,302 63,395
--------- --------- ---------
Total operating costs and expenses 200,249 31,846 168,403
--------- --------- ---------
OPERATING LOSS (142,576) (30,365) (112,211)
Other expense, net 10,328 7,975 2,353
--------- --------- ---------
LOSS BEFORE MINORITY INTEREST, PROVISION FOR TAXES
AND CUMULATIVE EFFECT OF AN ACCOUNTING CHANGE (152,904) (38,340) (114,564)
Minority interest 145 -- 145
Provision for taxes 12,911 323 12,588
--------- --------- ---------
LOSS BEFORE CUMULATIVE EFFECT OF AN ACCOUNTING CHANGE (165,960) (38,663) (127,297)
Cumulative effect of an accounting change 296,355 183,725 112,630
--------- --------- ---------
NET LOSS $(462,315) $(222,388) $(239,927)
========= ========= =========
EARNINGS PER SHARE:
Basic and diluted loss per share:
Loss before cumulative effect of an accounting change $ (1.85) -- $ (1.42)
Cumulative effect of an accounting change $ (3.30) -- $ (1.25)
NET LOSS $ (5.15) -- $ (2.67)
WEIGHTED AVERAGE NUMBER OF SHARES:
Basic and diluted 89,800 -- 89,800
========= ========= =========
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MRV Communications, Inc.
Unaudited Pro Forma Condensed Consolidated Statements of Operations
For the Year Ended December 31, 2001
Pro Forma
MRVC Adjustments(3) Total
--------- -------------- ---------
NET REVENUE $ 332,844 $ 29,757 $ 303,087
Cost of goods sold 267,389 28,496 238,893
--------- --------- ---------
GROSS PROFIT 65,455 1,261 64,194
Operating costs and expenses:
Product development and engineering 94,813 5,659 89,154
Selling, general and administrative 150,674 7,569 143,105
Amortization of goodwill and other intangibles 126,484 57,897 68,587
Restructuring costs 14,111 7,434 6,677
--------- --------- ---------
Total operating costs and expenses 386,082 78,559 307,523
--------- --------- ---------
OPERATING LOSS (320,627) (77,298) (243,329)
Other expense, net 22,777 (337) 23,114
--------- --------- ---------
LOSS BEFORE MINORITY INTEREST, PROVISION FOR TAXES
AND EXTRAORDINARY GAIN (343,404) (76,961) (266,443)
Minority interest (11,577) (4) (11,573)
Provision for taxes 4,475 770 3,705
--------- --------- ---------
LOSS BEFORE EXTRAORDINARY GAIN (336,302) (77,727) (258,575)
Extraordinary gain on purchase of minority interest in
Luminent, Inc., net of tax (9,949) -- (9,949)
--------- --------- ---------
NET LOSS $(326,353) $ (77,727) $(248,626)
========= ========= =========
EARNINGS PER SHARE:
Basic and diluted loss per share:
Loss before extraordinary gain $ (4.40) -- $ (3.39)
Extraordinary gain $ 0.13 -- $ 0.13
NET LOSS $ (4.27) -- $ (3.26)
WEIGHTED AVERAGE NUMBER OF SHARES:
Basic and diluted 76,369 -- 76,369
========= ========= =========
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NOTES TO PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION
(1) The pro forma adjustment is to record the sale of FOCI and QOI as follows:
Consideration received:
Cash $ 8,000
Future product credit 2,000
--------
10,000
Assets and liabilities disposed of:
Assets held for sale 36,322
Liabilities held for sale (23,614)
--------
12,708
--------
Remaining 19.5% ownership in FOCI classified
as a cost method investment $ 2,708
========
(2) The pro forma adjustments are to remove the operating results of FOCI and
QOI as if the transaction occurred on January 1, 2002.
(3) The pro forma adjustments are to remove the operating results of FOCI and
QOI as if the transaction occurred on January 1, 2001.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned, hereunto duly authorized.
Date: December 4, 2002
MRV COMMUNICATIONS, INC.
By: /s/ SHAY GONEN
---------------------------
Shay Gonen
Chief Financial Officer
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