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LITE ACCESS TECHNOLOGIES REPORTS 2021 Q4 AND YEAR END FINANCIAL RESULTS; REVENUES UP 204% OVER FISCAL 2020
LITE ACCESS TECHNOLOGIES REPORTS 2021 Q4 AND YEAR END FINANCIAL RESULTS; REVENUES UP 204%...
About this update from Ironman International Ltd.
[{"type":"text","content":"\n \n \n \n LITE ACCESS TECHNOLOGIES REPORTS 2021 Q4 AND YEAR END FINANCIAL RESULTS; REVENUES UP 204% OVER FISCAL 2020\n \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 Canada NewsWire\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Jan. 28, 2022\n \n /CNW/ -\n \n LITE ACCESS TECHNOLOGIES INC.\n \n (the \"\n \n Company\n \n \") (TSXV: LTE) (OTC: 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, today reported its financial results for the fourth quarter and fiscal year ended\n \n September 30, 2021\n \n . The financial statements and related management's discussion and analysis (\"MD&A\") can be viewed on SEDAR at\n \n www.sedar.com\n \n .\n \n \n \n FINANCIAL HIGHLIGHTS FOR FOURTH QUARTER AND FISCAL YEAR END 2021\n \n (1)\n \n :\n \n \n \n \n Total fiscal 2021 revenue of\n \n $7,187,698\n \n representing an increase of 204% compared to revenue of\n \n $2,366,752\n \n for fiscal 2020;\n \n \n Total Q4 2021 revenue of\n \n $1,540,618\n \n representing an increase of 102% versus\n \n $761,526\n \n for Q4 2020;\n \n \n Gross margin for the year ended\n \n September 30, 2021\n \n was\n \n $584,674\n \n , or 8% compared to\n \n ($441,308)\n \n , or -19% over the same period last year;\n \n \n EBITDA* for fiscal 2021 was\n \n ($1,456,160)\n \n compared to\n \n ($2,362,207)\n \n for fiscal 2020. Operating expenses went down to 47% of the revenue from 129% for the same period of last year resulted from the synergy saving and cost cutting initiatives executed this year;\n \n \n EBITDA* for Q4 2021 of\n \n ($14,996)\n \n versus\n \n ($574,883)\n \n for Q4 2020;\n \n \n Comprehensive net income of\n \n $2,147,274\n \n for fiscal 2021 compared to comprehensive net loss of\n \n ($17,272,126)\n \n for fiscal 2020;\n \n \n Exited fiscal 2021 with positive working capital of\n \n $439,461\n \n compared to negative working capital of\n \n ($3,819,547)\n \n for fiscal 2020.\n \n...