VANCOUVER, BC, March 2, 2022 /CNW/ - LITE ACCESS TECHNOLOGIES
INC. (the "Company") (TSXV: LTE) (OTC: LTCCF), a world
leader in the fibre optic products and advanced installation
methodologies, yesterday reported its financial results for the
first quarter ended December 31,
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 THE FIRST QUARTER 2022:
- Total Q1 2022 revenue of $1,881,985 compared to revenue of $1,994,410 for Q1 2021. The slightly lower
revenue was primarily attributable to decreased construction
activities due to weather conditions this year;
- Gross profit for Q1 2022 of $86,064, or 5%, compared to $128,545, or 6%, for Q1 2021. The lower
gross profit was primarily driven by the higher amortization this
year resulting from the acquisition of AMEC, partially offset by
the lower material and subtrade costs. Excluding the
amortization, gross profit would increase to 12% for the quarter,
up 1% from the first quarter of last year;
- EBITDA* for the three months ended December 31, 2021 was ($415,645) versus ($330,561) in the comparative quarter. The
moderately lower EBITDA was mainly attributable to lower revenue
resulting from decreased construction activities due to weather
conditions this year;
- Comprehensive net loss of for Q1 2022 ($708,872) compared to comprehensive net loss of
($839,726) for Q1 2021;
- Exited the quarter with $1,048,734 cash and cash equivalents.
HIGHLIGHTS SUBSEQUENT TO THE FIRST QUARTER:
On February 22, 2022, Lite Access
announced it had signed a contract with the City of Brooks valued
at approximately $13.6 million for
the installation of a city-wide Next Generation Broadband
Network. Phase 1 of the project is expected to commence
in April 2022 and will focus on the construction of the
backbone network. Once completed, Phase 2 will immediately follow
and will provide individual connections to residents as well as
businesses with construction expected to be completed
by December 2023.
On February 25, 2022, share
purchase warrants totalling 5,290,200 expired
unexercised.
Greg Smith, Chairman and Interim
CEO of Lite Access, commented, "Overall we are pleased with our
first quarter results considering revenues could have actually been
higher if not for particularly harsh weather conditions which
decreased construction activities during the
quarter. Regardless, we continued to be vigilant in keeping
expenses in check and with our increased execution capabilities and
operational improvement, are well-positioned to deliver more
infrastructure projects, diversify our client base and expand our
footprint."
Mr. Smith continued, "I expect to see robust year-over-year
growth throughout the remainder of fiscal 2022 as we mobilize to
commence the recently signed $13.6
million contract with Brooks next month. Paired with
the ongoing execution of our business, this solid backlog positions
us well for 2022 and 2023 and we remain confident that we will add
to it as RFP activity continues to be strong and above typical
levels. I look forward to providing our shareholders with
further updates as we expect to convert RFPs into awards and
successfully execute upon our business plan."
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