LITE ACCESS TECHNOLOGIES REPORTS 2021 Q4 AND YEAR END FINANCIAL RESULTS; REVENUES UP 204% OVER FISCAL 2020 – QNT Press Release


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 $584,674or 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 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, 2021the 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 (UK) Ltd. (LAT UK). Discussions continue with the …

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