DASAN Zhone Solutions Reports First Quarter 2018 Financial Results
Oakland, CA - May 10, 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 three months ended March 31, 2018.
Net revenues for the March 31, 2018 ended quarter were $59.5 million, which grew 14.2% year-over-year compared to $52.1 million for the first quarter of 2017. Net revenues for the first quarter of 2018 reflected the implementation of the new revenue accounting standard (ASC 606). Excluding the impact from ASC 606, net revenues would have been approximately $60 million, which reflect an increase of 15% year-over-year.
GAAP gross margin for the first quarter 2018 was 36.5% compared to 35.0% for the first quarter of 2017.
GAAP net income attributable to DASAN Zhone Solutions, Inc. in the first quarter 2018 was approximately $0.1 million or $0.01 per fully diluted share compared with net loss of $3.7 million or a loss of $0.23 per fully diluted share for the first quarter of 2017.
Adjusted earnings before stock-based compensation, interest income (expense), net income tax provision (benefit), and depreciation and amortization (“adjusted EBITDA”) was $1.4 million for the first quarter 2018 compared to a loss of $1.4 million for the first quarter of 2017.
"We carried the significant momentum we had in 2017 into the first quarter of 2018, and successfully met our revenue guidance,” said Yung Kim, CEO of DASAN Zhone Solutions, Inc. “We are uniquely positioned to capitalize on the trends in the dynamic service provider market as fiber-based GPON deployments continue to accelerate. We are finding that, especially in emerging markets, broadband access technology is leap-frogging directly to fiber.
The following information was filed by Dasan Zhone Solutions Inc (DZSI) on Thursday, May 10, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Dasan Zhone Solutions Inc's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed, and by Dasan Zhone Solutions Inc.
Ticker: DZSI CIK: 1101680 Form Type:10-Q Quarterly Report Accession Number: 0001101680-18-000022 Submitted to the SEC: Tue May 15 2018 1:19:35 PM EST Accepted by the SEC: Tue May 15 2018 Period: Saturday, March 31, 2018 Industry: Telephone And Telegraph Apparatus