VANCOUVER, BC, Aug. 29,
2022 /CNW/ - LITE ACCESS TECHNOLOGIES INC.
(the "Company") (TSXV: LTE) (OTC: LTCCF), a world leader in
the fibre optic products and advanced installation methodologies,
today reported its financial results for the third quarter
ended June 30, 2022. The
financial statements and related management's discussion and
analysis ("MD&A") can be viewed on SEDAR at www.sedar.com.
FINANCIAL HIGHLIGHTS FOR Q3 2022:
- Total Q3 2022 revenue of $1,395,713, representing an increase of 69%,
versus $823,456 for Q3 2021;
- Gross margin for three months ended June
30, 2022 was $(167,851)
compared to $(6,932) for the three
months ended June 30, 2021. Gross
margin as a percentage of revenue went down to -12% this year,
primarily attributed to higher construction costs compared to the
third quarter of last year;
- Operating expenses of $522,803
for Q3 2022, down 32% compared to $770,181 in Q3 2021. Operating expenses for the
nine months ended June 30, 2022 was
$1,722,008, down 28% from
$2,391,920 reported last year driven
by cost cutting initiatives the Company has taken to lower the
overhead expenses across the majority of the expense
categories;
- EBITDA* of $(575,178) for Q3 2022
compared to $(450,648) for Q3 2021;
The decrease of EBITDA mainly attributable to higher material and
labour costs this year, partially offset by the lower operating
expenses resulting from the cost cutting measures;
- Net comprehensive loss of $(962,197) for Q3 2022 compared to a loss of
$(890,672) in Q3 2022.
"We are satisfied with the progress Lite Access has made as we
continue ramping up our top-line revenues, prudently managing
expenses and strengthening our financial flexibility," said
Mike Plotnikoff, Interim CEO of Lite
Access. "We have a clear focus on the deployment of fibre
network infrastructure and, as part of our growth strategy,
recently closed a Cooperation Agreement with Ironman Directional
Drilling Ltd. (see press release dated August 19, 2022). We are very excited to be
collaborating with Ironman and expect this strategic partnership to
be mutually beneficial, resulting in additional project flow and
opportunities to bolster sales going forward. Importantly,
our Company's new board and management team consists of individuals
possessing industry knowledge and the requisite skillsets to
support our growth objectives."
Mr. Plotnikoff continued, "I firmly believe Lite Access is
particularly well-positioned for sustainable growth given our
increased execution capabilities and operational improvement,
combined with the strong industry outlook as Canadian market and
business conditions continue to improve. The telecom network
infrastructure industry is expected to undergo exponential growth
to meet the consumer demand for high-speed internet access.
We believe we have all the ingredients to steadily
improve and remain optimistic in our outlook for the rest of 2022
through hard work and determination."
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.
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.
*Non-IFRS Measures
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, other non-recurring gains
or losses, onerous contract provision, and discontinued operations.
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, 2021 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