LITE ACCESS TECHNOLOGIES ANNOUNCES Q1 2022 FINANCIAL RESULTS
VANCOUVER, BC, March 2, 2022 /CNW/ – LITE ACCESS TECHNOLOGIES INC. (the “Company“) (TSXV: LTE) (OTC: LTCCF), a global leader in fiber optic products and advanced installation methodologies, yesterday announced its financial results for the first quarter ended December 31, 2021. The financial statements and related MD&A (“MD&A”) are available on SEDAR at www.sedar.com.
FINANCIAL HIGHLIGHTS OF THE FIRST QUARTER 2022:
- Total revenue for the 1st quarter of 2022 of $1,881,985 compared to the income of $1,994,410 for the first quarter of 2021. The slight decrease in revenue is mainly attributable to lower construction activities due to weather conditions this year;
- Q1 2022 gross margin of $86,064i.e. 5%, compared to $128,545, or 6%, for the first quarter of 2021. The decline in gross profit was primarily due to higher depreciation this year resulting from the acquisition of AMEC, partially offset by lower material and sub-costs. contractors. Excluding depreciation, gross margin would increase to 12% for the quarter, up 1% from the first quarter of last year;
- EBITDA* for the three months ended December 31, 2021 has been ($415,645) vs ($330,561) in the comparative quarter. The moderately lower EBITDA is mainly attributable to lower revenues resulting from lower construction activities due to weather conditions this year;
- Overall net loss of for Q1 2022 ($708,872) compared to the overall net loss of ($839,726) for Q1 2021;
- Left the neighborhood with $1,048,734 Cash and cash equivalents.
HIGHLIGHTS AFTER THE FIRST QUARTER:
At February 22, 2022Lite Access has announced that it has signed a contract with the City of Brooks valued at approximately $13.6 million for the installation of a city-wide next-generation broadband network. Phase 1 of the project is expected to start in April 2022 and will focus on building the backbone network. Once complete, Phase 2 will follow immediately and provide individual connections to residents as well as businesses, with construction expected to be completed by December 2023.
At February 25, 2022stock warrants totaling 5,290,200 expired unexercised.
Greg SmithActing President and CEO of Lite Access, said: “Overall, we are pleased with our first quarter results, as revenues could have been higher were it not for the particularly challenges that reduced construction activity during the quarter. However, we continued to be vigilant. by controlling spending and through our increased execution capabilities and operational improvements, we are well positioned to complete more infrastructure projects, diversify our customer base and expand our footprint. »
Mr. Smith continued, “I expect to see solid year-over-year growth throughout fiscal 2022 as we build to launch the recently signed program. $13.6 million contract with Brooks next month. Combined with the continued execution of our business, this strong backlog positions us well for 2022 and 2023 and we remain confident that we will add to it as tender activity continues to be strong and above usual levels. . I look forward to providing our shareholders with further updates as we plan to convert RFPs into awards and successfully execute our business plan. »
About Simplified Access
Lite Access Technologies Inc. is a world leader in the use of innovative and proven narrow micro/trench technologies, alternative deployment methods and specialty products that transform the cost of network deployment for telecommunications operators.
As part of its suite of services, Lite Access provides its customers with integrated solutions or selected components for the design and implementation of fiber optic networks. Lite Access products have been deployed in many high profile communications networks, including Olympic, military and government facilities, many communities across the UKthe United States and Canada as well as global telecommunications companies that have adopted Lite Access as the “solution of choice” for the least invasive, cost-effective, and scalable fiber 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 residential facilities. emergency response. Lite Access remains flexible and innovative in its commitment to providing global customers and partners with the most cost-effective and proven fiber connectivity solutions available.
EBITDA is a measure not recognized by IFRS. However, Lite Access management believes that most shareholders, creditors, other stakeholders and investment analysts prefer these measures to be included as reported measures of operating performance, a proxy for cash flow and to facilitate the evaluation 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 that EBITDA is a useful measure that facilitates operating comparisons from period to period.
EBITDA does not have a standardized meaning 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 Lite Access’ EBITDA should be read in conjunction with Lite Access’ financial statements and MD&A published on SEDAR. (www.sedar.com).
This press release contains statements which, to the extent that they are not recitals 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. These forward-looking statements are based on assumptions and analyzes made by Lite Access in light of its experience and perception of historical trends, current conditions and expected future developments. However, whether actual results and developments will conform to Lite Access’ expectations and forecasts are subject to a 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 press release. These factors include, among others: the risks and uncertainties described in Lite Access’s most recent MD&A for the year ended September 30, 2021 which can be viewed at www.sedar.com. The “forward-looking statements” contained herein speak only as of the date of this press release and, except as 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 Furthermore.
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: For further information, please contact: Lite Access Technologies Inc., Greg Smith, Interim President and CEO, Telephone: 1-604-247-4704, 20108 Logan Avenue, Langley, BC V3A 4L6, www.liteaccess.com; For Investor Relations, please contact: Rob Gamley, Phone: 1-604-689-7422, Email: [email protected]Contact Financial Corp., 204 – 998 Harborside Dr., North Vancouver, BC V7P 3T2