RANCHO MIRAGE, CA, Jan. 14 /CNW/ - Craig Wireless Systems Ltd. ("Craig Wireless" or the "Company") (TSX: CWG), today released its financial results for the first
quarter ended November 30, 2010. All dollar figures are reported in
Earnings Per Share
The Company reported a loss of $2,724,181 ($0.05 per share) for the
first quarter ended November 30, 2010 compared to a loss of $4,084,583
($0.08 per share) for the quarter ended November 30, 2009.
The Company reported a net loss of $2,638,009 ($0.05 per share) from
continuing operations in the first quarter ended November 30, 2010
compared to a net loss of $3,047,695 ($0.06 per share) for the first
quarter ended November 30, 2009. The net loss from discontinued
operations decreased from $1,036,888 ($0.02 per share) at November 30,
2009 to $86,172 ($0.00 per share) in the current quarter.
Following the payment of taxes associated with the sale of the Canadian
spectrum assets in Fiscal 2010, and as at November 30, 2010 the Company
had cash reserves of approximately $30.5 million. The Company intends
to utilize such reserves to execute on its strategies as outlined below
and in the Company's most recently filed management discussion and
analysis dated January 14, 2011.
Boyd Craig, the Company's President and Chief Executive officer
commented on the Company's strategy by stating: "We believe that the
sale of our Canadian spectrum assets at a significant profit confirms
the value of our spectrum assets. The Company continues to believe
that it is well positioned to execute on its long term strategy of:
maintaining regulatory compliance in respect of its existing 4G
compatible spectrum assets; acquiring or leasing additional licenses
for the rights to 4G compatible spectrum throughout the world at what
the Company believes are attractive prices; and pursuing opportunities
to maximize the value of its spectrum assets in due course."
The detailed financial statements for the first quarter ended November
30, 2010, the management discussion and analysis of financial condition
and results of operations in relation thereto and the Company's annual
information form dated November 24, 2010 are all available for viewing
on the SEDAR website at www.sedar.com.
About Craig Wireless Systems Ltd.:
Craig Wireless and its affiliates (collectively, the "CWS Group") offer a broad range of telecommunications services, including,
broadband internet access, business connectivity solutions, hosting,
security and telecommunications solutions. Through certain members of
the CWS Group, Craig Wireless holds or leases licenses for spectrum in
the 2.5 GHz, 2.6 GHz or 3.5 GHz bands in Riverside County in Southern
California, United States and in Greece. The CWS Group also has
spectrum interests in Norway and New Zealand. Spectrum in these ranges
is effective for delivery of point-to-multipoint signals, possesses
robust bandwidth capability and supports emerging 4G-based
applications, including portable and mobile applications.
The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Notice on forward-looking statements
This release includes forward-looking statements regarding Craig
Wireless and its business. Such statements are based on management's
current expectations. The forward looking events and circumstances
discussed in this release may not occur and actual results could differ
materially as a result of known and unknown risk factors and
uncertainties affecting Craig Wireless and its business. No
forward-looking statement can be guaranteed. Forward-looking statements
speak only as of the date on which they are made and Craig Wireless
does not undertake any obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events, or otherwise.
SOURCE Craig Wireless Systems Ltd.
For further information:
Boyd Craig, Chief Executive Officer, Craig Wireless Systems Ltd., email: email@example.com.