DASAN Zhone Solutions Reports Fourth Quarter and Full Year 2017 Financial Results
Oakland, CA - February 28, 2018 - DASAN Zhone Solutions, Inc. (NASDAQ: DZSI or the "Company"), a global leader in fiber access transformation for enterprise and service provider networks, today reported its financial results for the quarter and year ended December 31, 2017.
Revenue for the fourth quarter of 2017 was $68.6 million compared to $66.4 million for the third quarter of 2017 and $59.5 million for the fourth quarter of 2016. Revenue for the fiscal year 2017 was a record $247.1 million compared to the $150.3 million for fiscal year 2016.
"As I reflect on 2017, I am proud that it has been such a watershed moment for us from a focus and execution perspective, and also as importantly, from a financial perspective. We generated record high quarter and annual revenue and are seeing tremendous platform benefits from the combination of Dasan Network Solutions and Zhone Technologies,” said Yung Kim, CEO of DASAN Zhone Solutions, Inc. “The thesis behind the merger of building a world-class, global communications equipment leader with greater scale, faster speed to innovation, and enhanced product portfolio is playing out very well.”
Net income attributable to DASAN Zhone Solutions, Inc. for the fourth quarter of 2017, calculated in accordance with generally accepted accounting principles (“GAAP”), was $4.2 million or $0.26 per share compared with net income of $1.4 million or $0.09 per share for the third quarter of 2017 and net loss of $6.3 million or a loss of $0.38 per share for the fourth quarter of 2016. Adjusted earnings before stock-based compensation, interest income (expense), net income tax provision (benefit), and depreciation and amortization, and merger related costs (“adjusted EBITDA”) was $2.6 million for the fourth quarter of 2017, compared to $2.7 million for the third quarter of 2017 and a loss of $3.6 million for the fourth quarter of 2016.
The following information was filed by Dasan Zhone Solutions Inc (DZSI) on Wednesday, February 28, 2018 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-K Annual 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-K Annual Report Accession Number: 0001101680-18-000012 Submitted to the SEC: Wed Apr 04 2018 4:13:19 PM EST Accepted by the SEC: Wed Apr 04 2018 Period: Sunday, December 31, 2017 Industry: Telephone And Telegraph Apparatus