TORONTO, April 12 /CNW/ - Unique Broadband Systems, Inc. ("UBS") (TSX
Venture: UBS) today reported its operating and financial results for
the second quarter of fiscal 2011, ended February 28, 2011.
Recent operating and financial highlights:
Cash and cash equivalents at February 28, 2011 totalled $2.5 million,
which represents a decrease of $1.9 million from August 31, 2010. This
decrease is due primarily to UBS' payment of restructuring accruals,
severance payments due to contract terminations and ongoing
administrative costs from continuing operations.
Revenue of $0.5 million represents UBS management fees charged to Look
under the MSA for the three month period ending February 28, 2011.
Operating expenses for the quarter ended February 28, 2011 totalled a
recovery of $0.3 million, due principally to a net reversal of
restructuring charges of $1.3 million, a net decrease of $2.4 million
for the same period last year.
The net income for the quarter ended February 28, 2011 was $0.5 million,
or a basic income per share of nil.
Subsequent to the issuance of 1,500,000 stock options to a director of
UBS on February 11, 2011, the TSX Venture Exchange advised that the
stock options must have a minimum strike price of $0.10. None of
these options were exercised and the stock option grant was cancelled
subsequent to the end of the second quarter.
UBS, through its equity interest in Look, plans to continue to offer
administrative services to Look and to examine opportunities to
maximize shareholder value.
For further information on UBS' financial results, please review UBS'
interim unaudited consolidated financial statements and management's
discussion and analysis of financial condition and results of
operations for the six months ended February 28, 2011 and 2010, as well
as UBS' annual audited consolidated financial statements and
management's discussion and analysis of financial condition and results
of operations for the years ended August 31, 2010 and 2009.
About Unique Broadband Systems, Inc.
UBS's shares are listed on the TSX Venture Exchange under the symbols
"UBS". More information on UBS can be found at www.sedar.com.
The corporate information contained in this release includes
forward-looking statements regarding future events and the future
performance of UBS 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 UBS
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
UBS that actual results achieved will be the same in whole or in part
as those forecast.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE Unique Broadband Systems, Inc.
For further information:
Grant McCutcheon, Director