5/11/2013 Update

MRV reported earnings late on Friday.

Revenues were $38.9 million up 16% from a year ago. Gross margin fell however to 33.5% from 38% last year and they lost $4.4 million which included $1.6 million of litigation costs and $.2 million in vapor share compensation costs. Our valuation fell to $23.06 per share–still more than double the current price, but going in the wrong direction. We will continue to hold MRV but an 8% gain after holding this for 1.5 years is not very exciting.


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