VANCOUVER, BC, Jan. 28, 2022 /CNW/ - LITE ACCESS
TECHNOLOGIES INC. (the "Company") (TSXV: LTE) (OTC:
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
fourth quarter and fiscal year ended September 30, 2021. The financial statements and
related management's discussion and analysis ("MD&A") can be
viewed on SEDAR at www.sedar.com.
FINANCIAL HIGHLIGHTS FOR FOURTH QUARTER AND FISCAL YEAR END
2021(1):
- Total fiscal 2021 revenue of $7,187,698 representing an increase of 204%
compared to revenue of $2,366,752 for
fiscal 2020;
- Total Q4 2021 revenue of $1,540,618 representing an increase of 102%
versus $761,526 for Q4 2020;
- Gross margin for the year ended September 30, 2021 was $584,674, or 8% compared to ($441,308), or -19% over the same period last
year;
- EBITDA* for fiscal 2021 was ($1,456,160) compared to ($2,362,207) for fiscal 2020. Operating expenses
went down to 47% of the revenue from 129% for the same period of
last year resulted from the synergy saving and cost cutting
initiatives executed this year;
- EBITDA* for Q4 2021 of ($14,996)
versus ($574,883) for Q4 2020;
- Comprehensive net income of $2,147,274 for fiscal 2021 compared to
comprehensive net loss of ($17,272,126) for fiscal 2020;
- Exited fiscal 2021 with positive working capital of
$439,461 compared to negative working
capital of ($3,819,547) for fiscal
2020.
Note:
(1) On January 26, 2021, 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 appointment of
the administrators. As a result, LAT UK financial results
have been classified as a discontinued operation as at March 31, 2021. Certain prior year comparative
figures have been reclassified to compare with the current year
presentation.
SUBSEQUENT TO YEAR END
The Company received $528,000
interim distribution payment from the United Kingdom business appointed
administrator, FRP Advisory Trading Ltd., with respect to the
wind-up of Lite Access Technologies (U.K.) Ltd. (LAT UK).
Discussions continue with the administrator and we anticipate a
further dividend in the first half of calendar 2022.
"Significant progress took place during the fiscal year with the
Company's focus strictly on Canada," said Greg Smith, Chairman and Interim CEO of Lite
Access. "We have made solid progress on the goals we set out
to accomplish at the beginning of the year, which focused on
bolstering our operational platform to build a more robust and
sustainable and business. To highlight a few, we successfully
completed the acquisition and integration of AMEC and increased our
top-line revenue over 200%. Additionally, economies of scale
and further cost saving measures reduced operating expenses to 47%
of revenue from 129%. The ratio of overhead to revenue is
heading in the right direction, but will continue to remain a key
priority.
"We are in the final stages towards signing the Master Sales
Agreement ("MSA") with the City of
Brooks, Alberta for the initial $14.4
million proposal (see press release dated October 27, 2021) and remain highly active with
both new construction and additional project phases in many regions
of British Columbia and
Alberta where we have earned a
strong reputation," added Mr. Smith. "Our priorities will be
to maintain our focus on operational execution, continuing to build
through organic growth as well as accelerate our growth through
subsequent tactical acquisitions that would be highly
accretive."
Mr. Smith concluded, "We have developed a strong base through
the important steps taken in fiscal 2021 and we have the ability to
scale and take advantage of the 5G and broadband buildout that is
rapidly underway both regionally and globally. The
infrastructure funding environment and our sales pipeline remain
robust and we are confident we have the operational capabilities to
further improve across all financial metrics for an even stronger
year in fiscal 2022.
About Lite Access
Lite Access Technologies Inc. is 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 the network deployment for telecommunications
operators.
As part of its suite of services Lite Access provides clients
with integrated solutions or select components for the design and
implementation of fibre optic networks. Lite Access' products
have been deployed in many high-profile communication networks
including Olympic facilities, military and government, numerous
communities throughout the United
Kingdom, the USA and
Canada as well as global
telecommunications companies that have adopted Lite Access as the
"solution of choice" for the least invasive, most cost effective
and future-proof fibre optic connectivity available.
Lite Access' installation technology and proprietary products
extend a network provider's ability to deliver true broadband
connectivity directly to end-users, such as homes, businesses,
government and educational institutions, and emergency response
facilities. Lite Access remains flexible and innovative in its
commitment to provide global clients and partners with the most
cost effective and proven fibre connectivity solutions
available.
*Non-IFRS Measures
EBITDA is a measure not recognized under IFRS. However,
management of Lite Access believes that most shareholders,
creditors, other stakeholders and investment analysts prefer to
have these measures included as reported measures of operating
performance, a proxy for cash flow, and to facilitate valuation
analysis. EBITDA is defined as earnings before interest income,
taxes, depreciation and amortization, stock- based compensation,
restructuring costs, impairment charges, other non-recurring gains
or losses, onerous contract provision, and discontinued operations.
Management believes EBITDA is a useful measure that facilitates
period-to-period operating comparisons.
EBITDA does not
have any standardized meanings prescribed by IFRS and therefore may
not be comparable to similar measures presented by other issuers.
Readers are cautioned that EBITDA is not an alternative to measures
determined in accordance with IFRS and should not, on its own, be
construed as indicators of performance, cash flow or profitability.
References to the Lite Access' EBITDA should be read in conjunction
with the financial statements and management's discussion and
analysis of Lite Access posted on
SEDAR (www.sedar.com).
Forward Looking Information
This news release contains
statements that, to the extent they are not recitations of
historical fact, may constitute "forward-looking statements" within
the meaning of applicable Canadian securities laws. Lite Access
uses words such as "may", "would", "could", "will", "likely",
"expect", "believe", "intend" and similar expressions to identify
forward-looking statements. Any such forward-looking statements are
based on assumptions and analyses made by Lite Access in light of
its experience and its perception of historical trends, current
conditions and expected future developments. However, whether
actual results and developments will conform to Lite Access'
expectations and predictions is subject to any number of risks,
assumptions and uncertainties. Many factors could cause Lite
Access' actual results to differ materially from those expressed or
implied by the forward-looking statements contained in this news
release. Such factors include, among other things: risks and
uncertainties described in Lite Access's most recent Management
Discussion & Analysis (MD&A) for the financial year ended
September 30, 2021 which can be
accessed at www.sedar.com. The "forward-looking statements"
contained herein speak only as of the date of this press release
and, unless required by applicable law, Lite Access undertakes no
obligation to publicly update or revise such information, whether
as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Lite Access Technologies Inc