VANCOUVER, Aug. 29, 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, today reported its financial results for the third quarter ended June 30, 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 Third Quarter 2018:
The financial results reflect the fact that the Company transitioned its resources to ramp up UK operations and to begin work on the Gigaclear project. Notwithstanding the net loss as set forth below, the Company believes it is well positioned to produce positive results by late fiscal 2018 and beyond as it continues to fulfill its obligations under the Gigaclear project and pursue other business development activities in the UK and North America.
- Lite Access UK 2018 Q3 revenues of $562,439 and total Lite Access UK nine-month revenues of $3,380,816.
- Total revenue of $1,088,633 for the quarter ended June 30, 2018 (2018 YTD: $5,232,478) compared to $1,912,934 for the quarter ended June 30, 2017 (2017 YTD: $5,518,751), a decrease of 43%.
- Adjusted EBITDA* for the nine months ended June 30, 2018 totalled ($5,903,956) (2017: ($2,758,057))
- Gross profit of ($2,083,648) for the quarter ended June 30, 2018 compared to ($598,918) for the quarter ended June 30, 2017. The negative gross profit was due to the expansion of UK operations.
- Net loss of $4,163,847 for the quarter ended June 30, 2018 (2018 YTD: $7,428,345) compared to net loss after taxes of $2,024,081 for the quarter ended June 30, 2017 (2017 YTD: $4,175,370).
- Cash of $8,429,750 as at June 30, 2018
"Significant progress took place in the third quarter in transitioning our resources from Wrexham to West Oxfordshire, UK to begin work on the Gigaclear project." stated Carlo Shimoon, CEO of Lite Access. "We have ramped up operations in West Oxfordshire and have received positive feedback for work done to-date from Gigaclear. We will continue to execute our key strategies to benefit from the tremendous opportunity in the UK and grow our business".
Mr. Shimoon added, "It will be important for us to continue 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 robust 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, share-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 June 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: firstname.lastname@example.org, Contact Financial Corp., 810 - 609 Granville St., Vancouver, BC V7Y 1G5