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Lite Access Technologies Reports Q3 2019 Financial Results
Lite Access Technologies Reports Q3 2019 Financial Results Canada NewsWire VANCO...
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[{"type":"text","content":"\n\n\n\nLite Access Technologies Reports Q3 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, Aug. 27, 2019\n\n\n\nVANCOUVER, Aug. 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, yesterday reported its financial results for the third quarter ended June 30, 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 Third Quarter and YTD 2019:\nTotal Q3 2019 revenue of $1,377,726 compared to $1,088,633 for Q3 2018, an increase of 27% over the same period last year; Total YTD 2019 revenue of $11,008,292 compared to $5,232,478 for YTD 2018, an increase of 110% over the same period last year; Gross margin for Q3 2019 was $(416,638), or -30%, compared to $(2,083,648), or -191%, in Q3 2018; Gross margin for YTD 2019 was $2,329,073, or 21%, compared to $(2,678,130), or -51%, in YTD 2018; EBITDA* for Q3 2019 was $(1,694,256) compared to $(3,679,854) for Q3 2018; EBITDA* for YTD 2019 was $(1,660,383) compared to ($5,903,956) in the year ago period; Net comprehensive loss of $2,235,364 for Q3 2019 compared to a loss of $4,607,835 in Q3 2018; YTD 2019 net comprehensive loss of $2,843,819 compared to loss of $7,555,373 for YTD 2018; Working capital of $4,601,752 at June 30, 2019;\"Our financial performance in Q3 continued to be adversely impacted by reduced work from our UK customers. Although Q3 and YTD 2019 results continue to show significant growth in revenues and gross margin compared to the same periods in 2018, we are executing a substantial reduction in costs in our UK subsidiary. This will continue to be the case until we deploy for a new opportunity. Additionally, a strategic review is currently underway to further accelerate ...