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
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.
For further information:
Chief Executive Officer and Director