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Lite Access more than doubles revenues in fiscal Q1 2017

Thursday, March 2, 2017 12:23
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(Before It's News)

Lite Access Technologies Inc.’s (CVE:LTE) recorded a more than doubling of its Total revenues in the first quarter of 2017 as well as a trebling of its gross margins.

The company, a world leader in microduct and air-blown fibre optic technologies, said that total revenues jumped to C$1.8mln in the quarter ended Dec 31 versus C$813,546 in the same period in 2015.

The first quarter gross margin was 29% versus 10% in 2015.

Financial highlights for the first quarter of 2017:

  • Total revenues of C$1,798,254 for the quarter ended Dec. 31, 2016, compared with $813,546 in 2015, an increase of 121%;
  • Q1 gross margins of 29%, compared with 10% in 2015;
  • Net loss after taxes of C$358,728 for the quarter ended Dec. 31, 2016, compared with a net loss after taxes of C$306,273 in 2015;
  • Adjusted EBITDA (earnings before interest income, taxes, depreciation and amortization, stock-based compensation, restructuring costs, impairment charges, and other non-recurring gains or losses) totalled (C$174,451).

“We are pleased with our sales results for the first quarter and continue to see good growth,” said Mike Plotnikoff, chief executive officer of Lite Access.

“We made a calculated decision to invest significantly in our U.K. operations given market research and expressed demand for our fibre solutions from service providers and other entities within the U.K.”

He added that subsequently, the move to purchase more equipment and train crews was strategic, giving the firm the ability to scale quickly and meet the expected demand for its leading microtrench and fibre technologies.

“We are confident that our revenue and profit will be positively impacted in future quarters as the results of all our operations begin to be realized,” he said.

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/174157/lite-access-more-than-doubles-revenues-in-fiscal-q1-2017-174157.html

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