VANCOUVER, Jan. 28, 2019 /CNW/ - LITE ACCESS TECHNOLOGIES INC. (the "Company") (TSX VENTURE: LTE)(PINK: LTCCF), a world leader in the use of innovative and proven micro/narrow trenching technologies, alternate methods of deployment and specialist products which transform the cost of fibre optic network deployment for telecommunications operators, today is pleased to report preliminary unaudited financial results for the quarter ended December 31, 2018. The financial results are preliminary only and subject to finalization by the Company. Consequently, final results may differ from these preliminary estimates and any changes could be material. The Company expects to release final unaudited financial results for the first quarter ended December 31, 2018 on or before March 1, 2019.
Lite Access expects to report the following results for the first quarter ended December 31, 2018*:
- Total Q1 2019 revenue of approximately $6.8 million compared to $2.6 million for Q1 2018, an increase of 162% over the same period last year;
- Gross margins for Q1 2019 were approximately 32% compared to 8.7% in Q1 2018;
- EBITDA** of approximately $740,000 for the three months ended December 31, 2018 compared to ($483,237) in the year ago period;
- As at December 31, 2018, the Company had 43,569,832 common shares issued and outstanding;
"Our preliminary results for the first quarter were strong across the board, highlighted by improving gross margins, our first EBITDA positive quarter in the UK since inception and the second highest quarterly revenue level in Canada in the Company's history," said Carlo Shimoon, CEO of Lite Access. "We are seeing the impact of measures taken to lower overhead costs. Our costs of sales are now properly aligned with revenues resulting in a robust gross margin. Our ability to generate positive EBITDA is a result of our ongoing operations being managed optimally by our team."
Mr. Shimoon added, "The progress we have achieved in the UK and more recently in Canada is now translating into accelerated pipeline growth in multiple markets. We remain focused on execution of our current works and converting significant market opportunities in our pipeline to drive revenue and cash flow generation over the course of the year. We look forward to demonstrating strong results throughout 2019 and creating value for our shareholders."
About Lite Access
Lite Access Technologies Inc. is a world leader in the use of innovative and proven micro/narrow trenching technologies, alternate methods of deployment and specialist products which transform the cost the network deployment for telecommunications operators. Lite Access has successfully deployed or enabled deployment of thousands of kilometres of broadband networks throughout North America and the United Kingdom as well as South America, Africa, Australia and Asia.
As part of its suite of services, Lite Access provides clients with integrated solutions or select components for the design and implementation of fibre optic networks. Lite Access' products have been deployed in many high-profile communication networks including Olympic facilities, military and government, numerous communities throughout the United Kingdom, the USA and Canada as well as global telecommunications companies that have adopted Lite Access as the "solution of choice" for the least invasive, most cost effective and future-proof fibre optic connectivity available.
Lite Access' installation technology and proprietary products extend a network provider's ability to deliver true broadband connectivity directly to end-users, such as homes, businesses, government and educational institutions, and emergency response facilities. Lite Access remains flexible and innovative in its commitment to provide global clients and partners with the most cost effective and proven fibre connectivity solutions available.
*Future-Oriented Financial Information and Anticipated Revenues
This news release contains future-oriented financial information and financial outlook information (FOFI) about Lite Access' anticipated revenues during the first quarter of fiscal 2019. The FOFI contained in this news release was made as of the date of this news release and was provided for the purpose of providing information about Lite Access' anticipated revenue generated from its business operations. Lite Access disclaims any intention or obligation to update or revise any FOFI contained in this news release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. The FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein.
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. 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 EBITDA is a useful measure that facilitates period-to-period operating comparisons.
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 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' 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 Lite Access's most recent Management Discussion & Analysis (MD&A) for the financial year ended September 30, 2018 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, Lite Access 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., Carlo Shimoon, CEO, 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., 810 - 609 Granville St., Vancouver, BC V7Y 1G5