Brief: DZS To Restate First Quarter 2023 Financial Statements, Updates FY 2023 Guidance

DZS

01/06/2023 13:14

June 1 (Reuters) - DZS Inc  DZSI.O :
    * DZS TO RESTATE FIRST QUARTER 2023 FINANCIAL STATEMENTS AND
UPDATES FULL YEAR 2023 GUIDANCE
    * DZS TO RESTATE FIRST QUARTER 2023 FINANCIAL STATEMENTS AND
UPDATES FULL YEAR 2023 GUIDANCE
    * VALUE OF REVENUE TO BE RESTATED IS ABOUT $15 MILLION
    * SEES 2023 NET REVENUE OF APPROXIMATELY $370 MILLION
VERSUS.
APPROXIMATELY $400 MILLION PREVIOUSLY
    * ANTICIPATES MAJORITY OF REVENUE RESTATED WILL BE
RECOGNIZED
DURING SECOND AND THIRD QUARTERS OF 2023
    * FY2023 REVENUE VIEW $398.5 MILLION -- REFINITIV IBES DATA
    * RESTATEMENT RELATES TO TIMING OF REVENUE RECOGNITION WITH
RESPECT TO TWO CUSTOMER PROJECTS
    * WITHDRAWING Q2 EARNINGS GUIDANCE ISSUED ON MAY 8, 2023
    * ADJUSTING OUR FULL-YEAR GUIDANCE, TAKING INTO
CONSIDERATION RISK
THAT CUSTOMERS MAY TAKE LONGER TO DEPLOY THEIR CURRENT INVENTORY

Source text for Eikon:  ID:nGNX8X6JMS 
Further company coverage:  DZSI.O 

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