Lite Access Storms Back to Profit

Fibre optic broadband infrastructure specialist Lite Access Technologies (CVE:LTE) demonstrated on Tuesday that nothing speaks louder than numbers after it recorded a profit surge in fiscal 2016.

The company generated comprehensive income of C$1.5mln in the year to September 30, swinging back to profit for the first time in two years. In the previous year it recorded a C$1.6mln loss as it looked to increase its product offerings, while in 2014 it landed a more modest profit of C$31,000.

Read: Lite Access revenues grow as it ups product offering

As already reported last week, the company recorded a lot of momentum in 2016 and the earnings back that up.

Read: Lite Access ready to build on momentum gained during exceptional 2016

The company also notched up a 5 cent earnings per shares versus a loss of 8 cents in 2015.

Improved numbers were also felt across the balance sheet.

Assets mushroomed to C$10.4mln from C$4.2mln a year ago, while revenue jumped 12-fold to C$12.6mln from C$1mln.

Cash flow was king too. Total cash inflows from operating activities jumped to C$1,46mln from an outflow of C$693,959 in 2015..

Cash flow from financing activities also rose to C$2mln from C$1.77mln. Even a doubling of cash outflow attributed to investment activities didn’t dent the top line performance.

As a result the company ended the 2016 year cash richer to the tune of C$2.11mln versus C$269,005 the previous year.