RANCHO MIRAGE, CA, April 14 /CNW/ - Craig Wireless Systems Ltd. ("Craig Wireless" or the "Company") (TSX: CWG), today released its financial results for the second
quarter ended February 28, 2011. All dollar figures are reported in
As previously announced, in the latter part of the quarter, the Company
commenced commercial operations on its newly installed leading edge 4G
network in the Coachella Valley (Palm Springs), California and is now
marketing its services and is successfully supporting active and
revenue generating business customers.
As at February 28, 2011 the Company had cash reserves of approximately
$26.8 million. This is the cash remaining following the payment of
taxes and expenses associated with the sale of the Company's Canadian
spectrum assets in Fiscal 2010, the funding of ongoing operations and
the payment of a significant dividend to shareholders of the Company in
the amount of $20,536,812 (or $0.40 per share) on July 6, 2010.
The Company intends to utilize such reserves to continue to execute on
its strategies as outlined in the Company's most recently filed
management discussion and analysis dated April 14, 2011.
Earnings (Loss) Per Share
The Company reported a loss of $3,451,662 ($0.07 per share) for the
second quarter ended February 28, 2011, a significant improvement
compared to a loss of $5,557,050 ($0.11 per share) for the quarter
ended February 28, 2010.
Continuing and Discontinued Operations
The Company reported a net loss of $3,280,329 ($0.07 per share) from
continuing operations in the second quarter ended February 28, 2011
compared to a net loss of $5,114,936 ($0.10 per share) for the second
quarter ended February 28, 2010. The net loss from discontinued
operations decreased from $442,114 ($0.01 per share) at February 28,
2010 to $171,333 (nil per share) in the current quarter.
Boyd Craig, the Company's President and Chief Executive Officer
commented on the Company's second quarter results and continuing
operations by stating: "Since the sale of our Canadian spectrum assets
at a significant profit, which we believe confirms the value of our
spectrum assets and the Company as a whole, we continue to pursue
opportunities in our current markets and throughout the world. We
believe there has never been a better time for our Company to continue
to build on our successes and the strength of our team."
The detailed financial statements for the three and six months ended
February 28, 2011, 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: firstname.lastname@example.org