TORONTO, April 27, 2012 /CNW/ - Unique Broadband Systems, Inc. ("UBS") (TSX Venture: UBS) today reported its operating and financial results for the second quarter of fiscal 2012, ended February 29, 2012.
Recent operating and financial highlights:
- UBS continues to operate under the court approved Company Creditors Arrangement Act.
- For the three months ended February 29, 2012, UBS recorded revenue of $434 from fees earned pursuant to the Look Management Services Agreement.
- UBS recorded a loss from operations of $1,245 for the three months ended February 29, 2012, compared to income totaling $459 for the three months ended February 28, 2011. The variance resulted from, among other things, the reversal of restructuring award accruals totaling $1,297 during the second quarter of 2011 and higher operating costs, primarily due to professional fees, during the second quarter of fiscal 2012.
- At February 29, 2012, UBS held cash and cash equivalents of $542 compared to $945 at August 31, 2011. The decrease is due primarily to the receipt of HST recoveries, offset by payment of ongoing legal and administrative costs.
- UBS received $2.7 million as their share of Look's return of capital paid on March 13, 2012.
UBS, through its equity interest in Look, continues to offer administrative services to Look and to examine opportunities to maximize shareholder value.
For further information on UBS' financial results, please review UBS' condensed consolidated interim 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 Unique Broadband Systems, Inc.
UBS' 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.
For further information:
Grant McCutcheon, Chief Executive Officer & Director