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Optical Communication to Fire 110 Workers

July 31, 2001|Bloomberg News

Optical Communication Products Inc., a maker of fiber-optic components, said it will fire about 110 employees, or 28% of its staff, because companies are spending less on communications gear.

The Chatsworth-based company announced the cuts as it posted a 6.2% decline in fiscal third-quarter profit to $6.93 million, or 6 cents a share, missing analysts' average forecast of 7 cents.

Revenue grew 36% to $39.4 million, but the company said it expects revenue in the current quarter to be down as much as 64% from that figure.

Optical Communication shares closed at $8.73, up 68 cents on Nasdaq.

Separately, MRV Communications Inc., which spun off Optical last year, reported second-quarter net income of $1.3 million, or 2 cents a share, up a slight 0.8% from the year-earlier period. Revenue rose 21% to $89.5 million.

Los Angeles Times Thursday August 2, 2001 Home Edition Part A Part A Page 2 A2 Desk 1 inches; 30 words Type of Material: Correction
MRV Communications--An item in Tuesday's Business section misstated the relationship between MRV Communications Inc. and Optical Communications Products Inc. The two firms were never part of the same company.

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