VANCOUVER, Oct. 3, 2018 /CNW/ – LITE ACCESS TECHNOLOGIES INC. (the “Company“) (TSX VENTURE: LTE)(PINK: 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 is pleased to announce selected preliminary unaudited financial results for the fourth quarter ended September 30, 2018. The Company notes that these preliminary unaudited results are based on management’s initial review of operations for the quarter and year ended September 30, 2018. They are subject to adjustments in conjunction with the completion of the Company’s customary annual closing procedures. Consequently, final results may differ from these preliminary estimates and any changes could be material. The Company expects to release final audited 2018 financial results on or before January 28, 2019.
Preliminary Unaudited Highlights for the Fourth Quarter 2018*:
- The Company anticipates that its 2018 Q4 revenue will be approximately $4.8 million compared to $1.1 million for 2018 Q3, an increase of $3.7 million quarter over quarter, and compared to $2.8 million for 2017 Q4, an increase of $2.0 million over the same period last year.
- Full year anticipated 2018 revenue of approximately $10 million compared to $8.3 million for 2017.
- The Company anticipates improved gross margin in 2018 Q4 and expects continued improvement into 2019 Q1.
“We certainly had our fair share of growing pains in the UK this past quarter but are generally pleased with our anticipated results and we expect this positive trend to accelerate into Q1 2019” stated Carlo Shimoon, CEO of Lite Access. “We are entering the critical phase of monetising our ramp up efforts. We have stabilised our operating expenditures and our focus is to accelerate growth in revenue and gross margin to deliver profitable and cash flow positive quarters from fiscal Q1 2019”.
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. Lite Access has successfully deployed or enabled deployment of thousands of kilometres of broadband networks throughout North America and the United Kingdom as well as South America, Africa, Australia and Asia.
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.
Lite Access Technologies Inc., Carlo Shimoon, CEO, Phone: 1-604-247-4704, Unit 5 – 20678 Duncan Way, Langley, BC V3A 7A3, www.liteaccess.com
*Future-Oriented Financial Information and Anticipated Revenues
This news release contains future-oriented financial information and financial outlook information (FOFI) about Lite Access’ anticipated revenues during the fourth quarter of fiscal 2018. The FOFI contained in this news release was made as of the date of this news release and was provided for the purpose of providing information about Lite Access’ anticipated revenue generated from its business operations. Lite Access disclaims any intention or obligation to update or revise any FOFI contained in this news release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. The FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein.
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 period ended June 30, 2018 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.