TORONTO, July 20, 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 nine months ended May 31, 2012.
Financial and operating highlights included the following:
Cash and cash equivalents and short-term investments at May 31, 2012
totalled $18.8 million, which represents a decrease of $8.7 million
from August 31, 2011. The decrease was due mainly to the return of
capital of $7.0 million paid to the shareholders on March 13, 2012 and
losses from ongoing operations related primarily to the payment of
Operating expenses for the three months ended May 31, 2012 totalled $1.1
million, an increase of $0.2 million or 21.5% from the $0.9 million
incurred during the three months ended May 31, 2011. The increase was
due mainly to lower compensation, offset by higher professional costs
related to the indemnification hearing; and
The net loss for the three months ended May 31, 2012 was $1.1 million,
or a basic loss per share of $0.007.
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,
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
$163 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 nine months ended May 31, 2012 and
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.
SOURCE Look Communications Inc.
For further information:
Chief Executive Officer and Director