Business
Lite Access Technologies Reports Second Quarter Financial Results With Net Comprehensive Income in Q2 2021 and Appointment of Interim CEO
Lite Access Technologies Reports Second Quarter Financial Results With Net Comprehensive ...
About this update from Ironman International Ltd.
[{"type":"text","content":"\n \n \n \n Lite Access Technologies Reports Second Quarter Financial Results With Net Comprehensive Income in Q2 2021 and Appointment of Interim CEO\n \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 Canada NewsWire\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n June 1, 2021\n \n /CNW/ -\n \n LITE ACCESS TECHNOLOGIES INC.\n \n (the \"\n \n Company\n \n \") (TSXV: 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 second quarter ended\n \n March 31\n \n , 2021.  The financial statements and related management's discussion and analysis (\"MD&A\") can be viewed on SEDAR at\n \n www.sedar.com\n \n .\n \n \n \n FINANCIAL HIGHLIGHTS FOR Q2 2021\n \n (1)\n \n :\n \n \n \n \n Total Q2 2021 revenue of\n \n $2,030,877\n \n compared to\n \n $275,646\n \n for Q2 2020;\n \n \n Gross margin for Q2 2021 was\n \n $(48,649)\n \n compared to\n \n $(244,902)\n \n in Q2 2020;\n \n \n EBITDA* from continuing operations for Q2 2021 was\n \n $(659,049)\n \n compared to\n \n $(922,430)\n \n for Q2 2020;\n \n \n Net comprehensive loss from continuing operations of\n \n $(1,004,089)\n \n compared to a net comprehensive loss of\n \n $(1,128,612)\n \n for Q2 2020;\n \n \n Net comprehensive income of\n \n $3,154,823\n \n for Q2 2021, which includes a gain from discontinued operations of\n \n $4,158,912\n \n , compared to a net comprehensive loss of\n \n $(2,018,886)\n \n for Q2 2020;\n \n \n Exited the quarter with\n \n $1,018,785\n \n in cash and cash equivalents, positive working capital of\n \n $714,828\n \n , and maintains one undrawn credit facility of\n \n $500,000\n \n .\n \n \n \n \n Note:\n \n \n \n (1) On\n \n January 26, 2021\n \n , the UK business officially appointed FRP Advisory Trading Limited as administrators.  Accordingly, the Company no longer has control over the UK business as of the date of the appo...