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Lite Access Technologies Reports 2017 Q4 and Year End Financial Results
Lite Access Technologies Reports 2017 Q4 and Year End Financial Results Canada New...
About this update from Ironman International Ltd.
[{"type":"text","content":"\n\n\n\nLite Access Technologies Reports 2017 Q4 and Year End Financial Results\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, Jan. 30, 2018\n\n\n\nLite Access Positioned for Substantial Growth from United Kingdom Operations\n\n\n\nVANCOUVER, Jan. 30, 2018 /CNW/ - LITE ACCESS TECHNOLOGIES INC. (the \"Company\") (TSX VENTURE: LTE)(OTC PINK: LTCCF), a world leader in the use of innovative and proven micro trenching and narrow trenching technologies, alternate methods of deployment and specialist products which transform the cost of fibre optic network deployment for telecommunications operators, yesterday reported its fiscal fourth quarter and full fiscal year 2017 financial results for the period ended September 30, 2017.  The audited financial statements and related management's discussion and analysis (\"MD&A\") can be viewed on SEDAR at www.sedar.com.\n\nFinancial Results\n\nFor the year ended September 30, 2017, the Company generated revenues of $8,334,658 (2016: $12,605,075), had comprehensive loss of $8,115,837 (2016: comprehensive income of $1,457,507), and an adjusted EBITDA* of $(3,888,852) (2017: $2,644,032). Adjusted EBITDA excludes goodwill impairment, share-based payments, interest and amortization. \n\nAs at September 30, 2017, the Company has invested approximately £3.4 million ($5.7 million CAD) to establish operations and prepare for expansion in the UK. The Company expects to deliver significant growth in 2018 and has recently announced that it is strengthening the senior management team as it completes the foundation phase and enters the growth phase of the business.\n\nAdjusted EBITDA results are in line with expectations and consistent with the investment in capital and operating expenditures required to deliver the Company's dual strategy of securing recurring project revenues in North America and delivering growth in international markets. \n\nThe Company has a strong balance sheet and is well positioned for sustainable growth.  The strategic deployment of cash to dat...