UBS announces second quarter 2007 results



    TORONTO, April 24 /CNW/ - Unique Broadband Systems, Inc. (TSX Venture:
UBS) today reported its financial and operating results for the quarter ended
February 28, 2007.

    Financial highlights of the quarter ended February 28, 2007 included the
following:

    
    -   Gross revenue for the quarter ended February 28, 2007 was
        $6.3 million compared to $7.9 million for the quarter ended
        February 28, 2006;
    -   Service gross margins were $3.3 million for the quarter ended
        February 28, 2007 compared to $4.7 million for the quarter ended
        February 28, 2006;
    -   Operating expenses decreased by $0.3 million or 5% to $5.6 million
        for the quarter ended February 28, 2007 compared with the quarter a
        year ago;
    -   The net loss for the quarter ended February 28, 2007 was $1.6 million
        or $0.02 per share compared with net income of $1.9 million or $0.02
        per share for February 28, 2006.
    

    About Unique Broadband Systems, Inc.
    ------------------------------------
    UBS is a publicly listed Canadian company that has a 51.6% fully diluted
economic interest in Look Communications Inc. and other assets. With its
licensed spectrum through its subsidiary, Look, UBS is a Canadian digital
television broadcaster and broadband wireless service provider. The Company's
web site may be found at www.uniquebroadband.com.

    About Look Communications Inc.
    ------------------------------
    Look's mission is to be an M(3) - Mobile Multi Media - entertainment and
information service provider in Ontario and Québec. The Company is developing
an M(3) network and currently delivers a full range of communications
services, including high-speed and dial-up Internet access, Web applications,
digital television distribution, and superior customer service to both the
business and residential markets. Look's shares are listed on the TSX Venture
Exchange under the symbols "LOK" for Multiple Voting Shares and "LOK.A" for
Subordinate Voting Shares. Look's website may be found at www.look.ca.

    The corporate information contained in this release contains
forward-looking statements regarding future events and the future performance
of the Company that involves risks and uncertainties that could cause actual
results to differ materially. Assumptions used in the preparation of such
information, although considered reasonable by the Company at the time of
preparation, may prove to be incorrect. The actual results achieved will vary
from the information provided herein and the variations may be material.
Consequently, there is no representation by UBS and Look that actual results
achieved will be the same in whole or in part as those forecasts.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

    Readers of this press release are referred to Look's press release of
April 24, 2007 reporting its results for the quarter ended February 28, 2007.


    
    UNIQUE BROADBAND SYSTEMS, INC.

    UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS

    (in thousands of dollars)
    -------------------------------------------------------------------------
                                                 February 28,      August 31,
                                                        2007            2006
    -------------------------------------------------------------------------

    ASSETS
    Total current assets                             $12,319         $11,192
    Capital assets, net                               15,913          18,091
    Deferred charges                                     156             196
    -------------------------------------------------------------------------
                                                     $28,388         $29,479
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Total current liabilities                        $18,540         $15,643
    Long-term debt                                     1,800           1,814
    Liability component of convertible debentures        769             793
    -------------------------------------------------------------------------
    Total liabilities                                 21,109          18,250
    -------------------------------------------------------------------------

    Non controlling interest                           6,560           7,752

    Shareholders' equity
    Share capital                                     58,139          58,139
    Contributed surplus                                1,721           1,041
    Deficit                                          (59,141)        (55,703)
    -------------------------------------------------------------------------
    Total shareholders' equity                           719           3,477
    -------------------------------------------------------------------------
                                                     $28,388         $29,479
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    UNIQUE BROADBAND SYSTEMS, INC.

    UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT

    Three and six months ended February 28, 2007 and 2006

    -------------------------------------------------------------------------
                                       Three months ended   Six months ended
                                           February 28         February 28
                                          2007      2006      2007      2006
    -------------------------------------------------------------------------

    Service and sales revenue         $  6,346  $  7,850  $ 12,982  $ 16,210

    Carrier charges and cost of sales    3,019     3,138     6,161     7,172
    -------------------------------------------------------------------------

    Gross margin                         3,327     4,712     6,821     9,038

    Operating expenses                   5,592     5,870    10,613    11,316
    -------------------------------------------------------------------------
    Loss before the following:          (2,265)   (1,158)   (3,792)   (2,278)
    Accretion on liability component
     of convertible debenture              (41)       (8)      (80)      (56)
    Net interest income/(expense)           39        (3)       91       (13)
    -------------------------------------------------------------------------

    Loss before income taxes and
     non-controlling interest           (2,267)   (1,169)   (3,781)   (2,347)
    Income taxes recovery/(provision)        -        (1)        -         2
    Non-controlling interest               667       693     1,343     1,355
    -------------------------------------------------------------------------

    Loss from continuing operations     (1,600)     (477)   (2,438)     (990)

    Income/(Loss) from discontinued
     operations                              -     2,423    (1,000)    2,423
    -------------------------------------------------------------------------

    Income/(Loss) for the period        (1,600)    1,946    (3,438)    1,433

    Deficit, beginning of period       (57,541)  (53,804)  (55,703)  (53,291)
    -------------------------------------------------------------------------
    Deficit, end of period            $(59,141) $(51,858) $(59,141) $(51,858)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Basic and diluted loss per share
     - continuing operations:         $  (0.02) $   0.00  $  (0.02) $  (0.01)
    Basic and diluted income/(loss)
     per share                        $  (0.02) $   0.02  $  (0.03) $   0.01
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    UNIQUE BROADBAND SYSTEMS, INC.

    UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

    Three and six months ended February 28, 2007 and 2006

    -------------------------------------------------------------------------
                                       Three months ended   Six months ended
                                           February 28         February 28
                                          2007      2006      2007      2006
    -------------------------------------------------------------------------

    Cash flows from/(used in)
    -------------------------
     operating activities:
     ---------------------
      Loss for the period             $ (1,600) $   (477) $ (2,438) $   (990)
      Non-controlling interest            (667)     (693)   (1,343)   (1,355)
      Amortization of capital assets     1,149     1,258     2,309     2,572
      Amortization of deferred charges      16        23        40        47
      Amortization of stock based
       compensation                        575       141       725       231
      Accretion on liability component
       of convertible debenture             41        12        80        56
      Change in non-cash operating
        working capital                  1,259       232     2,869    (1,151)
      -----------------------------------------------------------------------
      Cash flows from/(used in)
       continued operations                773       496     2,242      (590)
      Cash flows used in discontinued
       operations                         (350)     (129)     (350)     (198)
      -----------------------------------------------------------------------
      Cash flows from/(used in)
       operating activities                423       367     1,892      (788)
      -----------------------------------------------------------------------

    Cash flows from/(used in)
    -------------------------
     financing activities:
     ---------------------
      Interest on convertible
       debentures                           (1)        -        (1)       (4)
      Repayment of obligations under
       capital leases                       (8)       (8)      (23)      (23)
      -----------------------------------------------------------------------
      Cash flows used in financing
       activities                           (9)       (8)      (24)      (27)
      -----------------------------------------------------------------------

    Cash flows from/(used in) investing
    -----------------------------------
     activities:
     -----------
      Proceeds from the repayment of
       loan receivable                       -     2,423         -     2,423
      Restricted cash                        5       185        18        59
      Purchase of capital assets            (6)      (92)     (131)     (201)
      -----------------------------------------------------------------------
      Cash flows from/(used in)
       investing activities                 (1)    2,516      (113)    2,281
    -------------------------------------------------------------------------

    Increase in cash and cash
     equivalents                           413     2,875     1,755     1,466

    Cash and cash equivalents,
     beginning of period                 9,823     6,111     8,481     7,520
    -------------------------------------------------------------------------
    Cash and cash equivalents,
     end of period                    $ 10,236  $  8,986  $ 10,236  $  8,986
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    %SEDAR: 00010550E




For further information:

For further information: Peter Block, Investor and media relations,
E-mail: irinfo@uniquebroadband.com, (403) 531-0331, (416) 586-0180

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