Look Communications reports results of the second quarter of fiscal 2012
26 April 2012 - 7:00AM
PR Newswire (Canada)
TORONTO, April 25, 2012 /CNW/ - Look Communications Inc. ("Look" or
the "Corporation") (NEX: LOK.H and LOK.K) today reported its
operating and financial results for the three and six months ended
February 29, 2012. Financial highlights included the following: --
Cash and cash equivalents and short-term investments at February
29, 2012 totalled $26.1 million, which represents a decrease of
$1.5 million from August 31, 2011, prior to the return of capital
of $7.0 million paid to the shareholders on March 13, 2012. The
$1.5 million decrease is due to losses from ongoing operations
related primarily to the payment of professional fees; -- Operating
expenses for the three months ended February 29, 2012 totalled $1.1
million, an increase of $0.1 million or 10% from the $1.0 million
incurred during the three months ended February 28, 2011; and --
The net loss for the three months ended February 29, 2012 was $1.0
million, or a basic loss per share of $0.008. Look continues to
vigorously pursue recovery of the approximately $20 million of sale
awards paid in 2009 pursuant to the Statement of Claim issued by
Look in July, 2011 and CBCA motion materials filed in August, 2011.
Look also continues to pursue potential investment opportunities
that could utilize Look's cash and tax attributes in an effort to
maximize shareholder value. Look's remaining tax attributes of
approximately $165 million may be utilized by the Corporation in
its future operations, or may be utilized by a potential acquirer
to offset income, provided certain tests are satisfied including
those related to change in control. For further information on
Look's financial results, please review the Corporation's interim
unaudited consolidated financial statements and management's
discussion and analysis of financial condition and results of
operations for the three and six months ended February 29, 2012 and
February 28, 2011. About Look Communications Inc. Look's shares are
listed on the NEX under the symbols "LOK.H" for Multiple Voting
Shares and "LOK.K" for Subordinate Voting Shares. Look's website
may be found at www.look.ca. The corporate information contained in
this release includes forward-looking statements regarding future
events and the future performance of Look that involve risks and
uncertainties that could cause actual results to differ materially.
Assumptions used in the preparation of such information, although
considered reasonable by Look at the time of preparation, may prove
to be incorrect. The actual results achieved may vary from the
information provided herein and the variations may be material.
Consequently, there is no representation by Look that actual
results achieved will be the same in whole or in part as those
forecast. Neither the NEX nor its Regulation Services Provider (as
that term is defined in the policies of the NEX) accepts
responsibility for the adequacy or accuracy of this release. Look
Communications Inc. CONTACT: Grant McCutcheonChief Executive
Officer and Director(416) 613-8222
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