VANCOUVER, May 31, 2018 /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, yesterday reported its financial results for the second quarter ended March 31, 2018. 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 Second Quarter 2018:
- Lite Access UK 2018 Q2 revenues of $833,579 as compared to 2018 Q1 Lite Access UK revenues of $1,984,798 for total Lite Access UK six-month revenues of $2,818,377
- Total revenue of $1,525,039 for the quarter ended March 31, 2018 compared to $1,807,563 for the quarter ended March 31, 2017, a decrease of 16%
- Total revenue of $4,143,845 for the six months ended March 31, 2018 compared to $3,605,817 for the six months ended March 31, 2017, an increase of 13%
- Adjusted EBITDA* for the six months ended March 31, 2018 totalled ($2,210,189) (2017: ($1,031,656))
- Loss from operations of $2,668,879 for the quarter ended March 31, 2018 compared to $1,884,065 for the quarter ended March 31, 2017
- Gross profit of ($785,177) for the quarter ended March 31, 2018 compared to ($231,915) for the quarter ended March 31, 2017
- Net loss after taxes of $2,309,887 for the quarter ended March 31, 2018 compared to net loss after taxes of $1,792,560 for the quarter ended March 31, 2017. The net loss for 2018 is attributable mainly to the UK operations where the Company focused on remedial works as a result of issues caused by other contractors. The Company believes it is on track to achieving profitability in the UK later this fiscal year.
- Cash of $13,191,442 as at March 31, 2018
"After several quarters of significant investment in our UK subsidiary, we are beginning to see results," stated Carlo Shimoon, CEO of Lite Access. "Sales have temporarily declined over the prior year due to issues beyond the Company's control and we are currently focussing on remedial works for issues caused by other contractors, which in turn is greatly helping us maintain key stakeholder relationships in the UK. We are still on track to achieving profitability later this year. We will continue to execute our key strategies to exploit the tremendous opportunity in the UK and grow our business."
Mr. Shimoon added, "In March, Gigaclear engaged Lite Access to bring full-fibre broadband to up to 10,000 homes in West Oxfordshire, UK. We expect increased sales from this award to be reflected later this year and throughout fiscal 2019. It will be important for us to manage the project and scale to meet the additional demands of Gigaclear and other network providers in the UK. The UK market for our specialty construction services remains massive and after much hard work we are now being recognized in the industry as the standard for fibre deployment. We are also pursuing new opportunities that will enable the company to deliver further results and shareholder value."
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.
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 Lite Access's most recent Management Discussion & Analysis (MD&A) for the period ended December 31, 2017 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