Revenue during the quarter grew 12.14 percent to $21.18 million from $18.88 million in the previous year period. Gross margin for the quarter contracted 137 basis points over the previous year period to 50.55 percent. Operating margin for the quarter stood at negative 3.74 percent as compared to a negative 18.84 percent for the previous year period.

Operating loss for the quarter was $0.79 million, compared with an operating loss of $3.56 million in the previous year period.

However, the adjusted operating loss for the quarter stood at $0.22 million compared to operating loss of $3.11 million in prior year period.

"MRV’s investments in new product development over the past few years has enabled us to deepen our relationships with our major customers while broadening our market opportunities and customer base," said Mark Bonney, MRV’s president and chief executive officer, "We increased our revenue 12%, a second consecutive quarter of double digit year-over-year growth. Packet and optical revenue grew 17% year-over-year, with OptiDriver® and OptiSwitch® platforms increasing both quarter-over-quarter and year-over-year. In the quarter, we added 15 new OptiDriver customers. In addition, 13 customers have now purchased our new OptiSwitch V Series of enhanced packet switches. With the lower cost structure resulting from the initiatives we announced last quarter coupled with our increased momentum with both existing and new customers, we have built a strong foundation for sustainable, profitable growth."

Cash conversion cycle (CCC) has decreased to 52 days for the quarter from 116 days for the last year period. Days sales outstanding went down to 67 days for the quarter compared with 71 days for the same period last year.

Days inventory outstanding has decreased to 42 days for the quarter compared with 102 days for the previous year period. At the same time, days payable outstanding was almost stable at 57 days for the quarter, when compared with the previous year period.