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Lite Access Technologies Inc. reports Q1 2017 financial results - Revenues up 121% over fiscal 2016
Lite Access Technologies Inc. reports Q1 2017 financial results - Revenues up 121% over fi...
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[{"type":"text","content":"\n\n\n\nLite Access Technologies Inc. reports Q1 2017 financial results - Revenues up 121% over fiscal 2016\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, March 2, 2017\n\n\n\nVANCOUVER, March 2, 2017 /CNW/ - LITE ACCESS TECHNOLOGIES INC. (the \"Company\") (TSX VENTURE: LTE) (OTC PINK: LTCCF), a total integrated fibre optic solutions provider, yesterday reported its financial results for the first quarter ended December 31, 2016.  The financial statements and related management's discussion and analysis (\"MD&A\") can be viewed on SEDAR at www.sedar.com. \n\nFinancial Highlights for the First Quarter 2017:\n\n\nTotal revenues of $1,798,254 for the quarter ended December 31, 2016 compared to $813,546 in 2015, an increase of 121%; \nQ1 gross margins of 29% compared to 10% in 2015; \nLoss from operations of $337,027 for the quarter ended December 31, 2016 compared to a loss from operations of $348,563 in 2015; \nLoss before income tax of $335,784 for the quarter ended December 31, 2016 compared to a loss before income tax of $350,927 in 2015; \nNet loss after taxes of $358,728 for the quarter ended December 31, 2016 compared to a net loss after taxes of $306,273 in 2015; \nAdjusted EBITDA* totalled $(174,451)\n \n\n\"We are pleased with our sales results for the first quarter and continue to see good growth,\" said Mike Plotnikoff, CEO of Lite Access.  \"We made a calculated decision to invest significantly in our UK operations given market research and expressed demand for our fibre solutions from service providers and other entities within the UK.  Mr. Plotnikoff explained, \"Subsequently, the move to purchase more equipment and train crews was strategic, giving us the ability to scale quickly and meet the expected demand for our leading micro-trench and fibre technologies.  We are confident that our revenue and profit will be positively impacted in future quarters as the results of all our operations begin to be realized.\"  \n\nAbout Lite AccessLite Access is a world leader in Microduct and fibre optic tec...