Business
Lite Access Technologies Reports Q2 2020 Financial Results and Provides Business Outlook
Lite Access Technologies Reports Q2 2020 Financial Results and Provides Business Outlook ...
About this update from Ironman International Ltd.
[{"type":"text","content":"\n\n\n\nLite Access Technologies Reports Q2 2020 Financial Results and Provides Business Outlook\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, June 1, 2020\n\n\n\nVANCOUVER, June 1, 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, today reported its financial results for the second quarter ended March 31, 2020.  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:\nTotal Q2 2020 revenue of $2,036,507 compared to $2,834,129 for Q2 2019; Gross margin for Q2 2020 was $(210,330) compared to $619,036 in Q2 2019; EBITDA* for Q2 2020 was $(1,638,109) compared to $(639,041) for Q2 2019; Net comprehensive loss of $2,018,876 for Q2 2020 compared to a loss of $1,156,656 in Q2 2019; Exited the quarter with $2.9 million in cash and cash equivalents, $3.3 million in working capital, and an undrawn credit facility of $1.9 million.\"In fiscal Q2 we took immediate and strategic actions to adjust to the current market conditions stemming from the COVID-19 global pandemic,\" stated Carlo Shimoon, President & CEO of Lite Access.  \"While there have been no site shutdowns, for the safety of our crews, we adapted our operations to comply with applicable protocols which affected productivity during this period.  As well, Q2 was dominated with heavy ramp up costs in Lowestoft and Bury St Edmunds which affected our financial performance for the quarter. The good news is that Q3 and Q4 should demonstrate improvement quarter over quarter as revenue is recognized from the two cities and we bring online Cambridge as well. This marks the beginning of a significant growth period in which Lite Access will be delivering on its backlog.\"\n\"Our constr...