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Lite Access Technologies Reports Q1 2018 Financial Results - Revenues Up 46% Over Fiscal 2017
Lite Access Technologies Reports Q1 2018 Financial Results - Revenues Up 46% Over Fiscal 2...
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[{"type":"text","content":"\n\n\n\nLite Access Technologies Reports Q1 2018 Financial Results - Revenues Up 46% Over Fiscal 2017\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, March 1, 2018\n\n\n\nVANCOUVER, March 1, 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/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 fiscal first quarter for the three months ended December 31, 2017.  The unaudited condensed interim 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 three months ended December 31, 2017, the Company generated revenues of $2,618,806 (December 31, 2016: $1,798,254).  This result represents a 46% increase in revenue and stems from the Company expanding its market share in the UK.  \n\nThe Company recorded a comprehensive loss of $940,526 (2016: comprehensive loss of $358,728) and an adjusted EBITDA* of $ (483,237) (2017: $ (174,598)). Adjusted EBITDA excludes share-based payments, interest and amortization.  \n\nThese results are in line with expectations and consistent with the investment phase in capital and operating expenditures required to build the foundations necessary to deliver the Company's dual strategy of securing recurring project revenues in North America and focusing on growth in international markets. \n\nAs at December 31, 2017, the Company has invested approximately £4.4 million ($7.7 million CAD) to establish operations and complete the foundation phase of expansion in the UK. Stemming from this investment, the Company expects to deliver significant growth in 2018. \n\nThe Company has a strong balance sheet and is well positioned for sustainable growth.  The strategic deployment of cash to date has allowed the Company to retain sufficient cash reserv...