VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 30, 2016) - LITE ACCESS TECHNOLOGIES INC. (the "Company" or "Lite Access") (CSE:LTE)(OTC PINK:LTCCF), a total integrated fibre optic solutions provider, yesterday reported its financial results for the third quarter ended June 30, 2016 and provided a business update. 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 Third Quarter 2016:
- Second consecutive quarter of profitability and second consecutive quarter of positive adjusted EBITDA
- Total sales of $2,437,537 for the quarter ended June 30, 2016 compared to $119,402 in 2015, an increase of 2,041%;
- Total sales of $10,146,561 for the nine months ended June 30, 2016 compared to $665,794 in 2015, an increase of 1,524%;
- Adjusted EBITDA* totalled $981,812
- Income from operations of $791,273 for the quarter ended June 30, 2016 compared to a loss from operations of $1,110,943 in 2015;
- Income before income tax of $805,216 in the quarter compared to a loss of $1,111,326 in 2015;
- Net income after taxes of $614,386 for the quarter ended June 30, 2016 compared to a net loss of $1,111,326 for 2015; and
- Earnings per share of $0.04 for the nine months ended June 30, 2016 compared to a loss per share of $0.07.
Mike Plotnikoff, CEO of Lite Access, stated, "We are very excited to report our second consecutive quarter of profitability and deliver substantial quarter-over-quarter revenue growth. Key to our growth strategy we've expanded our international distribution partnerships by adding new territories and expect this to positively impact sales. In addition, we have all the equipment and skilled personnel in place to scale our installation operations in Western Canada." Mr. Plotnikoff concluded, "The fibre optic industry represents a massive market opportunity for Lite Access and we look forward to leveraging our successes to end the year strong and continue as a world leader in providing a full portfolio of fibre connectivity solutions in the most future proof and cost effective manner possible."
- Increased number of installers that are currently undergoing Lite Access certification and training. Yukon-based Total North Communications Ltd. joined the list of global certified technology partners. The Company now has over 20 certified deployment and technology partners.
- Key additions to strengthen the Company's Advisory Board, namely Brian McFadden and Robert Neal. Both bring extensive industry knowledge and depth of experience integral to driving the Company's growth both nationally and internationally.
- Received new purchase order from long-time, valued Peruvian-based value-added reseller, MG Trading, for a project build totaling 18km. Importantly, the scale of the projects is growing substantially since Lite Access' initial 500m project in 2013.
- New proprietary product LiteXtend for last mile connectivity solution manufactured exclusively by Lite Access.
About Lite Access
Lite Access is a world leader in microduct and fibre optic technologies. Using its specially designed and innovative micro-trench and micro-drill methods of deployment, Lite Access' proprietary microduct technology extends a network provider's ability to deliver true broadband connectivity directly to end-users, such as homes, government and educational institutions, and emergency response facilities. Providing a full portfolio of fibre connectivity solutions for many types of Telecom infrastructure, Lite Access has successfully deployed thousands of kilometres of microduct networks throughout North and South America, the United Kingdom, the Caribbean, Australia and Asia.
Lite Access' products have been deployed in many high profile communication networks including the Whistler 2010 Winter Olympic facilities, builds within the State of New York including Central Park, the Bering Sea for the TV show "Deadliest Catch", fibre to the home at Stanford University and numerous other locations around the globe that have adopted Lite Access as the "solution of choice" for future proof fibre optic connectivity.
Adjusted 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. Adjusted EBITDA is defined as earnings before interest income, taxes, depreciation and amortization, stock based compensation, restructuring costs, impairment charges and other non-recurring gains or losses. Management believes Adjusted EBITDA is a useful measure that facilitates period-to-period operating comparisons.
Adjusted 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 Adjusted 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' Adjusted 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
Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties described in the Company's Listing Statement dated May 26, 2015 available on www.cnsx.ca. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
The CSE has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this release.