DASAN Zhone Solutions Announces Results of 2018 Annual Meeting and Updates Guidance for Full Year 2018 Net Revenue
Oakland, Calif., May 30, 2018 – DASAN Zhone Solutions, Inc. (NASDAQ: DZSI or the “Company”), a global leader in fiber access transformation for enterprise and service provider networks, announced the results of its Annual Meeting of Shareholders held in Oakland on May 22, 2018. The Company is also raising its net revenue guidance for the full year 2018, which ends December 31, 2018. The revised net revenue guidance is driven by strong execution and healthy industry conditions.
2018 Annual Meeting Results:
By a majority of the shareholder votes casted, the Company’s nominee, Rolf Unterberger, was elected as a new Director to serve a three-year term expiring at the 2021 annual meeting.
“Rolf is an industry veteran with decades of success leading innovative companies across the telecommunications and software services industries,” said Yung Kim, CEO of DASAN Zhone Solutions, Inc. “Rolf brings a valued expertise in scaling businesses globally, having developed extensive system integrators and partners ecosystem in Europe and Asia in addition to his deep experience driving business growth in the area of security-critical systems.”
Additional results from the Annual Meeting are as follows:
- Shareholders approved the re-election of current Director Sung-Bin Park to the Board to serve a three-year term expiring at the 2021 annual meeting.
- Shareholders approved the appointment of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2018.
- Shareholders approved the amendment to the 2017 Incentive Award Plan and approved the adoption of the 2018 Employee Stock Purchase Plan (ESPP).
2018 Business Outlook:
DASAN Zhone Solutions’ Business Outlook is based on current expectations. The following statements are forward-looking, and actual results could differ materially based on market conditions and the factors set forth under the “Forward-Looking Statements” below.
- For the full year 2018, on a GAAP basis, the Company now expects net revenue in the range of $272 million to $280 million, or approximately 10% to 13% year-over-year growth, compared to prior guidance of $265 million to $270 million, or approximately 7% to 9% year-over-year growth.
“Our revised revenue outlook is driven by focused execution of our strategy and continued momentum in our global markets, particularly in our Southeast Asia region,” said Michael Golomb, CFO of DASAN Zhone Solutions, Inc. “We look forward to discussing the strong market opportunity that we see at the Craig-Hallum institutional investor conference later today and at the Cowen TMT conference tomorrow.”
For additional information on the Craig-Hallum 15th Annual Institutional Investor Conference and the Cowen and Company 46th Annual Technology, Media & Telecom Conference or to schedule a one-on-one meeting with DZS management, please contact the Company’s investor relations and strategic communications teams.
This press release contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. Words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “goal,” “intend,” “may,” “plan,” “project,” “seek,” “should,” “target,” “will,” “would,” variations of such words, and similar expressions are intended to identify forward-looking statements. Readers are cautioned that actual results could differ materially from those expressed in or contemplated by the forward-looking statements. Factors that could cause actual results to differ include, but are not limited to, commercial acceptance of the Company’s products; intense competition in the communications equipment market; the Company’s ability to execute on its strategy and operating plans; and economic conditions. In addition, please refer to the risk factors contained in the Company’s SEC filings available at www.sec.gov, including without limitation, the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update or revise any forward-looking statements for any reason.
About DASAN Zhone Solutions
DASAN Zhone Solutions, Inc. (NASDAQ: DZSI) is a global leader in network access solutions for service provider and enterprise networks. The company provides a wide array of reliable, cost-effective networking technologies-including broadband access, Ethernet switching, Passive Optical LAN, and software-defined networks-to a diverse customer base that includes more than 1,000 of the world’s most innovative network operators. DASAN Zhone Solutions is headquartered in Oakland, California, with operations in more than 20 countries worldwide.
DASAN Zhone Solutions, the DASAN Zhone Solutions logo, and DASAN Zhone product names are trademarks of DASAN Zhone Solutions, Inc. Other brand and product names are trademarks of their respective holders. Specifications, products, and/or products names are all subject to change without notice.