DASAN Zhone Solutions Reports Second Quarter 2017 Financial Results
Oakland, CA - August 9, 2017 – DASAN Zhone Solutions, Inc. (NASDAQ: DZSI), a global leader in fiber access transformation for enterprise and service provider networks, today reported its financial results for the quarter ended June 30, 2017. Revenue for the second quarter of 2017 was $60.1 million, compared to $53.1 million for the first quarter of 2017 and $34.8 million for the second quarter of 2016. "With the successful integration of our businesses, we are seeing improved financial performance led by stronger than expected revenue growth," stated Jim Norrod, Co-CEO of DASAN Zhone Solutions.
Net loss attributable to DASAN Zhone Solutions, Inc. for the second quarter of 2017, calculated in accordance with generally accepted accounting principles (“GAAP”), was $0.9 million or $0.05 per share compared with net loss attributable to DASAN Zhone Solutions, Inc. of $3.5 million or $0.21 per share for the first quarter of 2017 and net loss attributable to DASAN Zhone Solutions, Inc. of $0.5 million or $0.05 per share for the second quarter of 2016. Adjusted earnings before stock-based compensation, interest income (expense), net, income tax provision (benefit), and depreciation and amortization (“adjusted EBITDA”) was an adjusted EBITDA income of $0.8 million for the second quarter of 2017, compared to an adjusted EBITDA loss of $1.1 million for the first quarter of 2017 and an adjusted EBITDA income of $0.1 million for the second quarter of 2016. "The merger has also created significant value for our customers and investors," said Yung Kim, Co-CEO of DASAN Zhone Solutions. "Our financial results are already reflecting that value and we expect that the momentum will continue to accelerate through the remainder of the year."
Cash and cash equivalents at June 30, 2017 were $9.9 million compared to $17.9 million at December 31, 2016.
DASAN Zhone Solutions will conduct a conference call and audio webcast today, August 9, 2017, at approximately 2:00 p.m. PT / 5:00 p.m. ET to review its second quarter 2017 results. This call is open to the public by dialing +1 (888) 306-9369 for
The following information was filed by Dasan Zhone Solutions Inc (DZSI) on Wednesday, August 9, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: DZSI CIK: 1101680 Form Type:10-Q Quarterly Report Accession Number: 0001101680-17-000058 Submitted to the SEC: Wed Sep 27 2017 5:47:33 PM EST Accepted by the SEC: Thu Sep 28 2017 Period: Friday, June 30, 2017 Industry: Telephone And Telegraph Apparatus