Business
Lite Access Technologies Inc. Reports Record Q2 2016 Financial Results and Provides Corporate Update
(via Thenewswire.ca) Vancouver, British Columbia / TheNewswire / May 31, 2016 - LITE...
About this update from Ironman International Ltd.
[{"type":"text","content":"Lite Access Technologies Inc. Reports Record Q2 2016 Financial Results and Provides Corporate Update(via Thenewswire.ca)\n \n \nVancouver, British Columbia / TheNewswire / May 31, 2016 - LITE ACCESS TECHNOLOGIES INC. (the \"Company\") (CSE: LTE, Pink Sheets: LTCCF) today reported its financial results for the second quarter ended March 31, 2016 and provided a business update. The financial statements and related management's discussion and analysis (\"MD&A\") can be viewed on SEDAR at www.sedar.com. \n\n \n \nLite Access Posts Record Quarterly Revenues and Earnings - Revenues up 1,589% \n\n\n \nFinancial Highlights for the Second Quarter 2016:\n\n\n \n-Strong quarterly performance with revenues and earnings reaching record levels;\n\n\n \n-Total sales of $6,895,478 for the quarter ended March 31, 2016 compared to $408,312 in 2015, an increase of 1,589%;\n\n\n \n-2016 Q2 revenues $6,895,478 compared to 2016 Q1 revenues of $813,546 up 748%;\n\n\n \n-Q2 Gross Margins of 32.8%;\n\n\n \n-Record income from operations of $1,385,813 for the quarter ended March 31, 2016 compared to a loss from operations of $27,761 in 2015;\n\n\n \n-Record income before income tax of $1,374,172 in the quarter compared to a loss of $30,764 in 2015;\n\n\n \n-Record net income after taxes of $953,096 for the quarter ended March 31, 2016 compared to a net loss of $30,764 for 2015 and net loss of $306,273 in Q1;\n\n\n \n-Adjusted EBITDA* totalled $1.82 million (26.4% of total revenue)\n\n \n \nRecent Corporate Highlights:\n\n\n \n-Increased number of installers that are currently undergoing Lite Access certification and training. The addition of these partnerships further enables new opportunities in areas expressing interest and have projects that cannot be completed using conventional methods and current infrastructure budgets or timelines. Having our teams of qualified and trained construction partners enables immediate response to fibre connectivity needs using proven air blown technologies as well as the approved and successful micro-trench / micro-drill processes developed by Lite Access Technologies. Being able to satisfy connectivity requirements in the most cost effective, timely and environmentally friendly means possible further solidifies our position as a global leader. New partners and territories include; South Africa, Sweden, Peru, Northw...