VANCOUVER, BC, Feb. 28,
2023 /CNW/ - LITE ACCESS TECHNOLOGIES
INC. (the "Company") (TSXV: LTE) (OTC: LTCCF), a world
leader in the fibre optic products and advanced installation
methodologies, today reported its financial results for the
first quarter ended December 31,
2022. 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 2023 (1):
- Total Q1 2023 revenue of $1,845,593 compared to revenue of $1,346,050 for Q1 2022, an increase of 37%;
- Gross profit for Q1 2023 of $195,254, or 11%, compared to $13,385, or 1%, for Q1 2022. The improvement
primarily due to strong project execution and cost management,
offset by the higher material and subtrade costs resulting from
global supply chain issues and labour shortage;
- EBITDA* for the three months ended December 31, 2022 was ($210,979) versus ($439,093) in the comparative quarter. The
decrease of EBITDA loss reflected the Company's strong operating
results for the quarter, driven by improvements in project
execution, operational efficiency, and cost management;
- Operating expenses for Q1 2023 decreased to $488,098, or 26% of revenue, from $561,400 for Q1 2022, or 42% of revenue. The
reduction driven by various cost-cutting initiatives the Company
has taken to lower the overhead expenses across most expense
categories;
- Net comprehensive income loss of ($305,972) for Q1 2023 compared to net
comprehensive loss of ($708,872) for
Q1 2022;
- Exited the quarter with $1,227,881 cash and cash equivalents.
|
Note:
|
|
|
|
|
(1)
|
As the financial
results of LAT UK and AMEC have been classified as discontinued
operations, certain prior year comparative figures have been
reclassified to compare with the current year's
presentation.
|
"I am very pleased to report that our Company's financial
performance continued to improve with key metrics such as revenues,
gross margins and EBITDA," said Mike
Plotnikoff, CEO of Lite Access. "This upward trend in
our financial results is a testament to management's strategic
priorities and focus on solid execution of properly vetted projects
and cost management."
Mr. Plotnikoff explained, "Delivering on our commitment to
financial and operational performance continues to pay dividends
and we are in a much stronger position than last year.
We have a solid foundation and aggressive strategy that we are
successfully executing against as we continue to enhance revenues
and scale our business in the next chapter of our growth. In
addition, our team has been working diligently on a number of
significant opportunities and we will be providing further updates
as the activities progress."
"I am proud with the progress we are making in value creation
objectives for our business and in providing clients with true
end-to-end solutions for telecom infrastructure. We look
forward to building on these positive financial results and remain
confident in our Lite Access' outlook for 2023 and beyond,"
concluded Mr. Plotnikoff.
About Lite Access
Recognized as an industry leader possessing years of experience
in the telecommunications space, Lite Access offers total
integrated solutions for all types of telecom requirements.
Beginning with a comprehensive project analysis to engineering,
design and permitting, Lite Access proudly offers a full
complement of aerial and underground construction methodologies
including splicing, testing and maintenance.
Our innovative approach, flexible products and installation
solutions are combined with decades of experience and unparalleled
passion. 'The Lite Access Way' methodology of construction for both
trunk and fibre-to-the-premises (FTTx) connectivity has become a
recommended and preferred method of fibre installation,
globally.
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, and onerous contract provision. 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, 2022, 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
