Zhone Technologies Releases 3Q Results

Sun. October 25, 2009; Posted: 10:31 PM

Oct 26, 2009 (Close-Up Media via COMTEX) -- ZHNE | Quote | Chart | News | PowerRating -- Zhone Technologies, a provider of network access solutions, reported its financial results for the third quarter ended September 30.

In a release dated October 20, the company stated:

- Revenue for the third quarter of 2009 was $36.0 million compared with $30.3 million for the second quarter of 2009 and $32.0 million for the third quarter of 2008. Net loss for the third quarter of 2009, calculated in accordance with generally accepted accounting principles ("GAAP"), was $1.2 million or $0.01 per share compared with a net loss of $2.3 million or $0.02 per share for the second quarter of 2009, and a net loss of $6.5 million or $0.04 per share for the third quarter of 2008.

- Pro forma earnings before stock-based compensation, interest, taxes, depreciation, restructuring, lease liability accrual, gain on sale of intangible assets and goodwill impairment ("EBITDA") was a $0.1 million profit for the third quarter of 2009, compared to a pro forma EBITDA loss of $0.9 million for the second quarter of 2009, and pro forma EBITDA loss of $4.6 million for the third quarter of 2008.

"Strong sequential revenue growth for the second straight quarter led to better than expected earnings. This revenue growth was driven by broad based deployment of our new products in the U.S. and abroad as we begin a new major product cycle for the company," said Mory Ejabat, Zhone's chief executive officer. "As a result, we generated slightly positive proforma EBITDA ahead of schedule and are on track to improve proforma EBITDA profitability in the fourth quarter."

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