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Lite Access Technologies Reports Q3 2020 Financial Results; Revenues up 367% over Q3 2019 with a Gross Margin of 18%
Lite Access Technologies Reports Q3 2020 Financial Results; Revenues up 367% over Q3 2019 ...
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[{"type":"text","content":"\n\n\n\nLite Access Technologies Reports Q3 2020 Financial Results; Revenues up 367% over Q3 2019 with a Gross Margin of 18%\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, BC, Aug. 28, 2020\n\n\n\nVANCOUVER, BC, Aug. 28, 2020 /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, yesterday reported its financial results for the third quarter ended June 30, 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 THIRD QUARTER:\nTotal Q3 2020 revenue of $6,428,504 compared to $1,377,726 for Q3 2019 and $2,036,507 for Q2 2020, representing an increase of 367% and 216%, respectively, Gross margin for Q3 2020 was $1,156,064, or 18%, compared to $(416,638), or -30%, in Q3 2019 and $(210,330), or -10%, in Q2 2020; EBITDA* for Q3 2020 was $(501,374) compared to $(1,584,450) for Q3 2019 and $(1,638,109) for Q2 2020; Net comprehensive loss of $1,131,264 for Q3 2020 compared to a loss of $2,235,364 in Q3 2019 and a loss of $2,018,876 in Q2 2020; Working capital of $2,462,930 at June 30, 2020.\"Our third quarter was one of growth through an extraordinarily uncertain time,\" said Carlo Shimoon, President & CEO of Lite Access.  \"On a year-over-year basis, revenue increased 367% over Q3 2019 and gross margin increased to 18% compared to -30% in 2019 with a significant reduction in net loss.  On the back of three substantial contracts with CityFibre in the UK, and the opportunities that present themselves here in Canada, we expect to deliver significant revenue, gross margin and EBITDA improvements for the balance of fiscal 2020 and throughout fiscal 2021.  Management is focused on the execution of our Contracts and delivering continuous...