$DZSI
DZS INC.

2015 Q3 Form 10-Q Financial Statement

#000110168015000037 Filed on November 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $22.59M $29.44M
YoY Change -23.25% -6.6%
Cost Of Revenue $16.77M $18.68M
YoY Change -10.21% -4.72%
Gross Profit $5.817M $10.75M
YoY Change -45.91% -9.68%
Gross Profit Margin 25.75% 36.53%
Selling, General & Admin $3.939M $8.799M
YoY Change -55.23% 38.65%
% of Gross Profit 67.72% 81.82%
Research & Development $4.859M $4.611M
YoY Change 5.38% 17.21%
% of Gross Profit 83.53% 42.88%
Depreciation & Amortization $730.0K $110.0K
YoY Change 563.64% 10.0%
% of Gross Profit 12.55% 1.02%
Operating Expenses $8.798M $13.41M
YoY Change -34.39% 30.45%
Operating Profit -$2.981M -$2.656M
YoY Change 12.24% -263.25%
Interest Expense $87.00K $36.00K
YoY Change 141.67% 44.0%
% of Operating Profit
Other Income/Expense, Net $583.0K $0.00
YoY Change
Pretax Income -$2.485M -$2.692M
YoY Change -7.69% -268.04%
Income Tax $295.0K $13.00K
% Of Pretax Income
Net Earnings -$2.780M -$2.705M
YoY Change 2.77% -269.49%
Net Earnings / Revenue -12.31% -9.19%
Basic Earnings Per Share -$0.01 -$0.08
Diluted Earnings Per Share -$0.01 -$0.08
COMMON SHARES
Basic Shares Outstanding 347.0M shares 32.38M shares
Diluted Shares Outstanding 347.0M shares 32.38M shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.000M $13.50M
YoY Change -33.33% -5.59%
Cash & Equivalents $5.194M $13.54M
Short-Term Investments
Other Short-Term Assets $2.400M $3.200M
YoY Change -25.0% 33.33%
Inventory $15.36M $17.67M
Prepaid Expenses
Receivables $30.92M $34.17M
Other Receivables $0.00 $0.00
Total Short-Term Assets $57.66M $68.56M
YoY Change -15.9% 1.96%
LONG-TERM ASSETS
Property, Plant & Equipment $1.447M $802.0K
YoY Change 80.42% 24.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $250.0K $255.0K
YoY Change -1.96% 1.59%
Total Long-Term Assets $1.697M $1.057M
YoY Change 60.55% 18.37%
TOTAL ASSETS
Total Short-Term Assets $57.66M $68.56M
Total Long-Term Assets $1.697M $1.057M
Total Assets $59.36M $69.62M
YoY Change -14.74% 2.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.25M $13.38M
YoY Change -8.47% 15.91%
Accrued Expenses $7.000M $8.000M
YoY Change -12.5% -8.05%
Deferred Revenue
YoY Change
Short-Term Debt $5.100M $0.00
YoY Change -100.0%
Long-Term Debt Due $10.00M
YoY Change
Total Short-Term Liabilities $24.34M $31.40M
YoY Change -22.5% 4.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.783M $2.064M
YoY Change -13.61% -23.21%
Total Long-Term Liabilities $1.783M $2.064M
YoY Change -13.61% -23.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.34M $31.40M
Total Long-Term Liabilities $1.783M $2.064M
Total Liabilities $26.12M $33.47M
YoY Change -21.95% 1.78%
SHAREHOLDERS EQUITY
Retained Earnings -$1.043B -$1.039B
YoY Change 0.43% 0.06%
Common Stock $1.077B $1.075B
YoY Change 0.17% 0.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $33.24M $36.15M
YoY Change
Total Liabilities & Shareholders Equity $59.36M $69.62M
YoY Change -14.74% 2.17%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$2.780M -$2.705M
YoY Change 2.77% -269.49%
Depreciation, Depletion And Amortization $730.0K $110.0K
YoY Change 563.64% 10.0%
Cash From Operating Activities -$7.620M -$1.900M
YoY Change 301.05% -223.38%
INVESTING ACTIVITIES
Capital Expenditures $110.0K -$210.0K
YoY Change -152.38% 75.0%
Acquisitions
YoY Change
Other Investing Activities $2.360M
YoY Change
Cash From Investing Activities $2.470M -$210.0K
YoY Change -1276.19% 75.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.370M 10.00K
YoY Change 43600.0% -94.44%
NET CHANGE
Cash From Operating Activities -7.620M -1.900M
Cash From Investing Activities 2.470M -210.0K
Cash From Financing Activities 4.370M 10.00K
Net Change In Cash -780.0K -2.100M
YoY Change -62.86% -231.25%
FREE CASH FLOW
Cash From Operating Activities -$7.620M -$1.900M
Capital Expenditures $110.0K -$210.0K
Free Cash Flow -$7.730M -$1.690M
YoY Change 357.4% -201.81%

Facts In Submission

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SalesRevenueNet
76743000 USD
CY2014Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
4775000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
14257000 USD
CY2015Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
3871000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
531000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
12640000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
880000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
34343000 USD
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
33237000 USD
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32384000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32346000 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32902000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32724000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32384000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32346000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32902000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32724000 shares
CY2014Q4 zhne Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
7669000 USD
CY2015Q3 zhne Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
7014000 USD
CY2014Q4 zhne Allowance For Doubtful Accounts Receivable And Sales Returns Current
AllowanceForDoubtfulAccountsReceivableAndSalesReturnsCurrent
1095000 USD
CY2015Q3 zhne Allowance For Doubtful Accounts Receivable And Sales Returns Current
AllowanceForDoubtfulAccountsReceivableAndSalesReturnsCurrent
1118000 USD
CY2015Q3 zhne Loanand Lettersof Credit Reserve
LoanandLettersofCreditReserve
2500000 USD
zhne Provision For Doubtful Accounts Receivable And Sales Returns
ProvisionForDoubtfulAccountsReceivableAndSalesReturns
-205000 USD
zhne Provision For Doubtful Accounts Receivable And Sales Returns
ProvisionForDoubtfulAccountsReceivableAndSalesReturns
24000 USD
zhne Standard Product Warranty Time Period
StandardProductWarrantyTimePeriod
P1Y
zhne Termination Notice Period
TerminationNoticePeriod
P30D
us-gaap Revenue Recognition Multiple Element Arrangements
RevenueRecognitionMultipleElementArrangements
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Revenue Recognition</font></div><div style="line-height:120%;padding-top:6px;padding-left:72px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company recognizes revenue when the earnings process is complete. The Company recognizes product revenue upon shipment of product under contractual terms which transfer title to customers upon shipment, under normal credit terms, net of estimated sales returns and allowances at the time of shipment. Revenue is deferred if there are significant post-delivery obligations or if the fees are not fixed or determinable. When significant post-delivery obligations exist, revenue is deferred until such obligations are fulfilled. The Company&#8217;s arrangements generally do not have any significant post-delivery obligations. If the Company&#8217;s arrangements include customer acceptance provisions, revenue is recognized upon obtaining the signed acceptance certificate from the customer, unless the Company can objectively demonstrate that the delivered products or services meet all the acceptance criteria specified in the arrangement prior to obtaining the signed acceptance.&#160;In those instances where revenue is recognized prior to obtaining the signed acceptance certificate, the Company uses successful completion of customer testing as the basis to objectively demonstrate that the delivered products or services meet all the acceptance criteria specified in the arrangement. The Company also considers historical acceptance experience with the customer, as well as the payment terms specified in the arrangement, when revenue is recognized prior to obtaining the signed acceptance certificate. When collectability is not reasonably assured, revenue is recognized when cash is collected.</font></div><div style="line-height:120%;padding-top:12px;padding-left:72px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company makes certain sales to product distributors. These customers are given certain privileges to return a portion of inventory. Return privileges generally allow distributors to return inventory based on a percent of purchases made within a specific period of time. The Company recognizes revenue on sales to distributors that have contractual return rights when the products have been sold by the distributors, unless there is sufficient customer specific sales and sales returns history to support revenue recognition upon shipment. In those instances when revenue is recognized upon shipment to distributors, the Company uses historical rates of return from the distributors to provide for estimated product returns.</font></div><div style="line-height:120%;padding-top:12px;padding-left:72px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company derives revenue primarily from stand-alone sales of its products. In certain cases, the Company&#8217;s products are sold along with services, which include education, training, installation, and/or extended warranty services. As such, some of the Company&#8217;s sales have multiple deliverables. The Company&#8217;s products and services qualify as separate units of accounting and are deemed to be non-contingent deliverables as the Company&#8217;s arrangements typically do not have any significant performance, cancellation, termination and refund type provisions. Products are typically considered delivered upon shipment. Revenue from services is recognized ratably over the period during which the services are to be performed.</font></div><div style="line-height:120%;padding-top:12px;padding-left:72px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For multiple deliverable revenue arrangements, the Company allocates revenue to products and services using the relative selling price method to recognize revenue when the revenue recognition criteria for each deliverable are met. The selling price of a deliverable is based on a hierarchy and if the Company is unable to establish vendor-specific objective evidence of selling price (&#8220;VSOE&#8221;) it uses third-party evidence of selling price (&#8220;TPE&#8221;), and if no such data is available, it uses a best estimated selling price (&#8220;BSP&#8221;). In most instances, particularly as it relates to products, the Company is not able to establish VSOE for all deliverables in an arrangement with multiple elements. This may be due to infrequently selling each element separately, not pricing products within a narrow range, or only having a limited sales history. When VSOE cannot be established, the Company attempts to establish the selling price of each element based on TPE. Generally, the Company&#8217;s marketing strategy differs from that of the Company&#8217;s peers and the Company&#8217;s offerings contain a significant level of customization and differentiation such that the comparable pricing of products with similar functionality cannot be obtained. Furthermore, the Company is unable to reliably determine what similar competitor products&#8217; selling prices are on a stand-alone basis. Therefore, the Company is typically not able to determine TPE for the Company&#8217;s products.</font></div><div style="line-height:120%;padding-top:12px;padding-left:72px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">When the Company is unable to establish selling price using VSOE or TPE, the Company uses BSP. The objective of BSP is to determine the price at which the Company would transact a sale if the product or service were sold on a stand-alone basis. The BSP of each deliverable is determined using average discounts from list price from historical sales transactions or cost plus margin approaches based on the factors, including but not limited to, the Company&#8217;s gross margin objectives and pricing practices plus customer and market specific considerations.</font></div><div style="line-height:120%;padding-top:12px;padding-left:72px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has established TPE for its training, education and installation services. TPE is determined based on competitor prices for similar deliverables when sold separately. These service arrangements are typically short term in nature and are largely completed shortly after delivery of the product. Training and education services are based on a daily rate per person and vary according to the type of class offered. Installation services are based on daily rate per person and vary according to the complexity of the products being installed.</font></div><div style="line-height:120%;padding-top:12px;padding-left:72px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Extended warranty services are priced based on the type of product and are sold in </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">one</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">five</font><font style="font-family:inherit;font-size:10pt;"> year durations. Extended warranty services include the right to warranty coverage beyond the standard warranty period. In substantially all of the arrangements with multiple deliverables pertaining to arrangements with these services, the Company has used and intends to continue using VSOE to determine the selling price for the services. The Company determines VSOE based on its normal pricing practices for these specific services when sold separately.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:6px;padding-left:72px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the condensed consolidated financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates.</font></div></div>

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