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Lite Access Technologies Reports Q1 2020 Financial Results
Lite Access Technologies Reports Q1 2020 Financial Results Canada NewsWire VANCO...
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[{"type":"text","content":"\n\n\n\nLite Access Technologies Reports Q1 2020 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\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, March 3, 2020\n\n\n\nVANCOUVER, March 3, 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 first quarter ended December 31, 2019.  The financial statements and related management's discussion and analysis (\"MD&A\") can be viewed on SEDAR at www.sedar.com.\nFinancial Highlights for the First Quarter 2020:\nTotal Q1 2020 revenue of $1,109,539 compared to $6,796,437 for Q1 2019. The revenue decrease is a result of three issues 1) no meaningful revenue from UK operations as the company transitioned from the Gigaclear contract to negotiating and securing the CityFibre contract; 2) the Canadian western market experiencing a slowing of activity and 3) revenue in the prior year quarter benefited from a contract with a major Canadian telecom customer which did not occur in the current quarter. Gross margin for Q1 2020 was $186,790, or 17%, compared to $2,126,675, or 31%, in Q1 2019; EBITDA* for Q1 2020 was $(498,083) compared to $747,101 for Q1 2019; Net comprehensive loss of $(727,739) for Q1 2020 compared to comprehensive income of $548,231 for Q1 2019; Working capital of $1,580,174 at December 31, 2019.Recent Developments:\nIn February and March 2020, the Company completed a non-brokered private placement, in two tranches, for gross proceeds of $3.5 million, which strengthens the Company's financial position for targeted acquisitions and its growth plans. In addition to the Company's current undrawn $500,000 revolving demand credit facility at Royal Bank of Canada (\"RBC\") prime plus 2.60%, RBC approved an additional $1,650,000 revolving credit facility at RBC's prime plus 0.66%, with the first ...