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Lite Access Technologies Reports 2019 Q4 and Year End Financial Results - Revenues Up 26% Over Fiscal 2018
Lite Access Technologies Reports 2019 Q4 and Year End Financial Results - Revenues Up 26% ...
About this update from Ironman International Ltd.
[{"type":"text","content":"\n\n\n\nLite Access Technologies Reports 2019 Q4 and Year End Financial Results - Revenues Up 26% Over Fiscal 2018\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, Jan. 29, 2020\n\n\n\nVANCOUVER, Jan. 29, 2020 /CNW/ - LITE ACCESS TECHNOLOGIES INC. (the \"Company\") (TSX VENTURE: LTE)(PINK: LTCCF), a world leader in the use of innovative and proven micro/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 financial results for the fourth quarter and fiscal year ended September 30, 2019.  The financial statements and related management's discussion and analysis (\"MD&A\") can be viewed on SEDAR at www.sedar.com. \n\"Fiscal 2019 was certainly a challenging year as we transitioned from an investment phase to an operational and growth phase of the UK business. Even so we managed to increase annual revenue 26% to $12.2 million and, in fact, we've generated year-over-year revenue growth in each of the last three years,\" said Carlo Shimoon, President & CEO of Lite Access.  Furthermore, we have experienced meaningful improvements in gross margin and EBITDA through a combination of right-sizing operations and cost reductions all while completing works in the UK under difficult commercial terms. If we consider FY2018 our UK Investment year, then it's fair to say that FY2019 was the year we understood the importance of having fair commercial terms in our contracts.\"\n\"As of today, we have achieved a record $33 million backlog and we do not see a need to invest further to continue our organic growth.  Our UK construction works in Lowestoft and most recently announced second city (see press releases dated October 23, 2019 and January 22, 2020) is on schedule to ramp up to full production by the end of March.  Canadian operations have shown significant growth and improvement year over year as well, and we foresee replicating this success by securing more opportuni...