VANCOUVER, March 2, 2017 /CNW/ - LITE ACCESS TECHNOLOGIES INC. (the "Company") (TSX VENTURE: LTE) (OTC PINK: LTCCF), a total integrated fibre optic solutions provider, yesterday reported its financial results for the first quarter ended December 31, 2016. The financial statements and related management's discussion and analysis ("MD&A") can be viewed on SEDAR at www.sedar.com.
Financial Highlights for the First Quarter 2017:
- Total revenues of $1,798,254 for the quarter ended December 31, 2016 compared to $813,546 in 2015, an increase of 121%;
- Q1 gross margins of 29% compared to 10% in 2015;
- Loss from operations of $337,027 for the quarter ended December 31, 2016 compared to a loss from operations of $348,563 in 2015;
- Loss before income tax of $335,784 for the quarter ended December 31, 2016 compared to a loss before income tax of $350,927 in 2015;
- Net loss after taxes of $358,728 for the quarter ended December 31, 2016 compared to a net loss after taxes of $306,273 in 2015;
- Adjusted EBITDA* totalled $(174,451)
"We are pleased with our sales results for the first quarter and continue to see good growth," said Mike Plotnikoff, CEO of Lite Access. "We made a calculated decision to invest significantly in our UK operations given market research and expressed demand for our fibre solutions from service providers and other entities within the UK. Mr. Plotnikoff explained, "Subsequently, the move to purchase more equipment and train crews was strategic, giving us the ability to scale quickly and meet the expected demand for our leading micro-trench and fibre technologies. We are confident that our revenue and profit will be positively impacted in future quarters as the results of all our operations begin to be realized."
About Lite Access
Lite Access is a world leader in Microduct and fibre optic technologies. Using its specially designed and innovative micro-trench and alternate methods of deployment, Lite Access' proprietary Microduct technology extends a network provider's ability to deliver true broadband connectivity directly to end-users, such as homes, government and educational institutions, and emergency response facilities. Providing a full portfolio of fibre connectivity solutions for many types of Telecom infrastructure, Lite Access has successfully deployed or enabled deployment of thousands of kilometres of Microduct networks throughout North and South America, the United Kingdom, the Caribbean, Australia and Asia.
Lite Access' products have been deployed in many high-profile communication networks including the Whistler 2010 Winter Olympic facilities, communities throughout British Columbia, the USA and Alberta as well as numerous Global telecoms that have adopted Lite Access as the "solution of choice" for future proof fibre optic connectivity solutions. Providing total Integrated Solutions including proven and approved alternate deployment methodologies, Lite Access remains flexible and innovative in its commitment to enable global clients and partners with the most cost effective and proven fibre connectivity available.
Adjusted EBITDA is a measure not recognized under IFRS. However, management of Lite Access believes that most shareholders, creditors, other stakeholders and investment analysts prefer to have these measures included as reported measures of operating performance, a proxy for cash flow, and to facilitate valuation analysis. Adjusted EBITDA is defined as earnings before interest income, taxes, depreciation and amortization, stock based compensation, restructuring costs, impairment charges and other non-recurring gains or losses. Management believes Adjusted EBITDA is a useful measure that facilitates period-to-period operating comparisons.
Adjusted EBITDA does not have any standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. Readers are cautioned that Adjusted EBITDA is not an alternative to measures determined in accordance with IFRS and should not, on its own, be construed as indicators of performance, cash flow or profitability. References to the Lite Access' Adjusted EBITDA should be read in conjunction with the financial statements and management's discussion and analysis of Lite Access posted on SEDAR (www.sedar.com).
Forward Looking Information
This news release contains statements that, to the extent they are not recitations of historical fact, may constitute "forward-looking statements" within the meaning of applicable Canadian securities laws. Lite Access uses words such as "may", "would", "could", "will", "likely", "expect", "believe", "intend" and similar expressions to identify forward-looking statements. Any such forward-looking statements are based on assumptions and analyses made by Lite Access in light of its experience and its perception of historical trends, current conditions and expected future developments. However, whether actual results and developments will conform to Lite Access' expectations and predictions is subject to any number of risks, assumptions and uncertainties. Many factors could cause Lite Access' actual results to differ materially from those expressed or implied by the forward-looking statements contained in this news release. Such factors include, among other things: risks and uncertainties described in the Company's most recent Management Discussion & Analysis (MD&A) dated August 29, 2016 which can be accessed at www.sedar.com. The "forward-looking statements" contained herein speak only as of the date of this press release and, unless required by applicable law, the Company undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Lite Access Technologies Inc
For further information: Lite Access Technologies Inc.: Phone: 1-604-247-4704, Unit 5 - 20678 Duncan Way, Langley, BC V3A 7A3, www.liteaccess.com; For investor relations please contact: Rob Gamley, Phone: 1-604-689-7422, Email: [email protected], Contact Financial Corp., 1450 - 701 West Georgia St., Vancouver, BC V7Y 1G5