Boston, MA 07/19/2013 (wallstreetpr) – On July 17th, 2013, Zhone Technologies Inc (NASDAQ:ZHNE) reported its financial results, second quarter, ended June 30th, 2013. For the second quarter of the year, the revenue for the company was $30 million and it has increased considerably when compared to the first quarter revenue which was $28.4 million. In accordance with generally accepted accounting principles, the net income for the second quarter was $1.1 million or it was $0.03 for each share whereas the net income for the first quarter was $0.2 million or $0.01 for each share. The EBITDA profit for this quarter is $1.3 million while it was $0.6 million during the first quarter. The company will be continuing to focus on profitability as the primary financial objective and anticipating further, improving the profitability during the second half of 2013.
For the purpose of supplementing the consolidated financial statements calculated in accordance with the GAAP, Zhone Technologies Inc used EBITDA which was believed to be the appropriate measure for enhancing the overall understanding of the past financial performances and the future prospects of the company. These adjustments to the GAAP were made with an intention to provide greater transparency for the supplemental information which was used by the company’s management in the financial and operation decision-making. In addition to these, the non-GAAP financial measures could facilitate the internal comparisons of the management with the historical operating results of the company and also to the operating results of the competitors.
During the last trading session, the shares of Zhone Technologies Inc were increased by 35%. This is because the company reported better than anticipated earnings on Wednesday. The company was trading at $1.53 at 7 times the normal value with $35 million. The stock of Zhone Technologies Inc was increased by 77% in the last 6 months.
