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Lite Access Technologies Reports Q2 2019 Financial Results
Lite Access Technologies Reports Q2 2019 Financial Results Canada NewsWire VANCO...
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[{"type":"text","content":"\n\n\n\nLite Access Technologies Reports Q2 2019 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, May 27, 2019\n\n\n\nVANCOUVER, May 27, 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 reported its financial results for the second quarter ended March 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 Second Quarter and YTD 2019:\nTotal Q2 2019 revenue of $2,834,129 compared to $1,525,039 for Q2 2018, an increase of 86% over the same period last year; Total YTD 2019 revenue of $9,630,566 compared to $4,143,845 for YTD 2018, an increase of 132% over the same period last year; Gross margin for Q2 2019 was $619,036, or 22%, compared to $(785,177), or -51%, in Q2 2018; Gross margin for YTD 2019 was $2,745,711, or 29%, compared to $(556,729), or -13%, in YTD 2018; EBITDA* for Q2 2019 was $(713,228) compared to $(1,726,952) for Q2 2018; EBITDA* for YTD 2019 was $33,873 compared to ($2,210,189) in the year ago period; Net comprehensive loss of $1,156,686 for Q2 2019 compared to a loss of $2,007,012 in Q2 2018; YTD 2019 net comprehensive loss of $608,455 compared to loss of $2,947,538 for YTD 2018; Working capital of $6,368,856 at March 31, 2019;\"Our financial performance in the Q2 was adversely impacted by temporarily reduced works from customers and weather-related challenges during the winter period. Q2 and YTD 2019 results show significant growth in revenues and in gross margin compared to the same periods in 2018. The improvement in gross margin combined with tight controls of operating costs provides a positive EBITDA for YTD 2019. Our sales pipeline is strong, and we remain optimistic for the balance of the ye...