Business
Lite Access Technologies Inc. Reports Q2 2017 Financial Results and Provides Corporate Update
Lite Access Technologies Inc. Reports Q2 2017 Financial Results and Provides Corporate Upd...
About this update from Ironman International Ltd.
[{"type":"text","content":"\n\n\n\nLite Access Technologies Inc. Reports Q2 2017 Financial Results and Provides Corporate Update\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, May 30, 2017\n\n\n\nLite Access Sees Continued Revenue Growth in UK Operations \n\n\n\nVANCOUVER, May 30, 2017 /CNW/ - LITE ACCESS TECHNOLOGIES INC. (the \"Company\") (TSX VENTURE: LTE)(OTC PINK: LTCCF), a world leader in fibre optic products and advanced installation methodologies, today reported its financial results for the second quarter ended March 31, 2017 and provided a corporate update.  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 Second Quarter 2017:\n\n\nIncreased Lite Access UK 2017 Q2 revenues of $954,196 as compared to 2017 Q1 Lite Access UK revenues of $119,193 for total Lite Access UK revenue of $1,073,389, an increase of 700%.\nTotal revenue of $1,807,563 for the quarter ended March 31, 2017 compared to $6,895,478 for the quarter ended March 31, 2016. \nTotal revenue of $3,605,817 for the six months ended March 31, 2017 compared to $7,709,024 for the six months ended March 31, 2016.\n2017 Q2 revenues $1,807,563 compared to 2017 Q1 revenues of $1,798,254.\nNet loss after taxes of $1,803,586 for the quarter ended March 31, 2017 compared to net income after taxes of $953,096 for the quarter ended March 31, 2016.  The net loss for 2017 is attributable to Lite Access UK start-up costs relating to intensive training and trialing of different deployment methods as well as intentionally overstaffing crews to allow for development of an experienced, trained workforce that can be rapidly scaled to meet anticipated future demand.\nCash of $19,830,446 as at March 31, 2017 compared to cash of $2,115,078 as at September 30, 2016.\n\nOperational Highlights for the Second Quarter 2017:\n\n\nFirmly establishes Lite Access UK operations, accounting for 53% of Lite Access' 2017 Q2 revenue.\nContinued developing an experienced and tra...