09:19:35 EDT Fri 29 Mar 2024
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Lite Access Technologies Inc
Symbol LTE
Shares Issued 33,786,663
Close 2020-01-29 C$ 0.60
Market Cap C$ 20,271,998
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Lite Access chops fiscal 2019 loss to $5.44-million

2020-01-29 08:39 ET - News Release

Mr. Carlo Shimoon reports

LITE ACCESS TECHNOLOGIES REPORTS 2019 Q4 AND YEAR END FINANCIAL RESULTS - REVENUES UP 26% OVER FISCAL 2018

Lite Access Technologies Inc. has provided its financial results for the fourth quarter and fiscal year ended Sept. 30, 2019. The financial statements and related management's discussion and analysis (MD&A) can be viewed on SEDAR.

"Fiscal 2019 was certainly a challenging year as we transitioned from an investment phase to an operational and growth phase of the U.K. business. Even so we managed to increase annual revenue 26 per cent to $12.2-million and, in fact, we've generated year-over-year revenue growth in each of the last three years," said Carlo Shimoon, president and chief executive officer of Lite Access. "Furthermore, we have experienced meaningful improvements in gross margin and EBITDA through a combination of right-sizing operations and cost reductions all while completing works in the U.K. under difficult commercial terms. If we consider FY2018 our U.K. investment year, then it's fair to say that FY2019 was the year we understood the importance of having fair commercial terms in our contracts."

"As of today, we have achieved a record $33-million backlog and we do not see a need to invest further to continue our organic growth. Our U.K. construction works in Lowestoft and most recently announced second city (see press releases dated Oct. 23, 2019, and Jan. 22, 2020) is on schedule to ramp up to full production by the end of March. Canadian operations have shown significant growth and improvement year over year as well, and we foresee replicating this success by securing more opportunities in the Canadian market. We are confident that our business growth will continue to accelerate and fully expect to grow revenue, backlog and profitability throughout 2020 as many of our strategic initiatives, projects and partnerships reach fruition. Highlighted by a record backlog, this sets the stage for improved financial performance going forward."

Financial highlights for fiscal 2019

  • Total 2019 revenue of $12,194,874, representing an increase of 26 per cent, versus $9,698,526 for 2018;
  • Gross margin for the year ended Sept. 30, 2019, was $1,061,926, or 9 per cent compared with negative $2,954,977, or minus 30 per cent, over the same period last year;
  • EBITDA (earnings before interest, taxes, depreciation and amortization) for 2019 was negative $3,827,369 compared with $8,383,838 for 2018;
  • Comprehensive net loss of $5,440,890 for 2019 compared with $10,257,012 for 2018;
  • Operating expenses of $6,329,065 for 2019, resulting in a 19-per-cent reduction over the same period last year (FY 2018: $7,827,412);
  • Working capital of $2,153,813 as at Sept. 30, 2019.

About Lite Access Technologies Inc.

Lite Access Technologies is a world leader in the use of innovative and proven micro/narrow trenching technologies, alternative 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.

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