TORONTO, April 25, 2012 /CNW/ - Look Communications Inc. ("Look" or the "Corporation") (NEX: LOK.H and LOK.K) today reported its operating and financial results for the three and six months ended February 29, 2012.
Financial highlights included the following:
- Cash and cash equivalents and short-term investments at February 29, 2012 totalled $26.1 million, which represents a decrease of $1.5 million from August 31, 2011, prior to the return of capital of $7.0 million paid to the shareholders on March 13, 2012. The $1.5 million decrease is due to losses from ongoing operations related primarily to the payment of professional fees;
- Operating expenses for the three months ended February 29, 2012 totalled $1.1 million, an increase of $0.1 million or 10% from the $1.0 million incurred during the three months ended February 28, 2011; and
- The net loss for the three months ended February 29, 2012 was $1.0 million, or a basic loss per share of $0.008.
Look continues to vigorously pursue recovery of the approximately $20 million of sale awards paid in 2009 pursuant to the Statement of Claim issued by Look in July, 2011 and CBCA motion materials filed in August, 2011.
Look also continues to pursue potential investment opportunities that could utilize Look's cash and tax attributes in an effort to maximize shareholder value. Look's remaining tax attributes of approximately $165 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 interim unaudited consolidated financial statements and management's discussion and analysis of financial condition and results of operations for the three and six months ended February 29, 2012 and February 28, 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.
For further information:
Chief Executive Officer and Director