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Lite Access Technologies Reports Preliminary Financial Results for First Quarter 2019
Lite Access Technologies Reports Preliminary Financial Results for First Quarter 2019 ...
About this update from Ironman International Ltd.
[{"type":"text","content":"\n\n\n\nLite Access Technologies Reports Preliminary Financial Results for First Quarter 2019\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. 28, 2019\n\n\n\nVANCOUVER, Jan. 28, 2019 /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, today is pleased to report preliminary unaudited financial results for the quarter ended December 31, 2018. The financial results are preliminary only and subject to finalization by the Company. Consequently, final results may differ from these preliminary estimates and any changes could be material. The Company expects to release final unaudited financial results for the first quarter ended December 31, 2018 on or before March 1, 2019. \n\n \n \n\n \nLite Access expects to report the following results for the first quarter ended December 31, 2018*:\nTotal Q1 2019 revenue of approximately $6.8 million compared to $2.6 million for Q1 2018, an increase of 162% over the same period last year; Gross margins for Q1 2019 were approximately 32% compared to 8.7% in Q1 2018; EBITDA** of approximately $740,000 for the three months ended December 31, 2018 compared to ($483,237) in the year ago period; As at December 31, 2018, the Company had 43,569,832 common shares issued and outstanding;\"Our preliminary results for the first quarter were strong across the board, highlighted by improving gross margins, our first EBITDA positive quarter in the UK since inception and the second highest quarterly revenue level in Canada in the Company's history,\" said Carlo Shimoon, CEO of Lite Access. \"We are seeing the impact of measures taken to lower overhead costs. Our costs of sales are now properly aligned with revenues resulting in a robust gross margin. Our ability to generate positive EBITDA is a result of our ongoing operations being mana...