TORONTO, Nov. 22, 2012 /CNW/ - Look Communications Inc.
("Look" or the "Corporation") (NEX: LOK.H and LOK.K) today reported
its operating and financial results for the year ended August 31, 2012.
Operating and financial highlights included
the following:
- The Management Services Agreement between Look and UBS expired
on May 19, 2012;
- Management continues to vigorously pursue the claim against
certain former directors and certain former officers of Look in
connection with the payment of approximately $15.7 million of "restructuring awards", paid to
the directors and senior officers named in the claim (or their
personal holding companies, as applicable), from the net proceeds
of approximately $64.0 million
realized by the Corporation on the sale of its spectrum license in
2009. None of the allegations in the Claim have been proven before
the Court and none of the defendants have filed a statement of
defense;
- Cash and cash equivalents and short-term investments, as at
August 31, 2012, totalled
$18.2 million, which represents a
decrease of $9.4 million from
August 31, 2011. This decrease is due
primarily to the return of capital of $7.0
million paid to the shareholders during the year, and losses
from ongoing operations related primarily to the payment of
professional fees;
- Operating expenses before amortizations and restructuring
charges for fiscal 2012 totalled $4.5
million, consistent with fiscal 2011; and
- The net loss for the year ended August
31, 2012 was $4.2 million, or
a basic loss per share of $0.03.
The Corporation continues to pursue
opportunities to realize value from its tax attributes. The
Corporation's remaining tax attributes of approximately
$166 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 consolidated financial
statements and management's discussion and analysis of financial
condition and results of operations for the years ended
August 31, 2012 and 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.
SOURCE Look Communications Inc.