Look Communications reports results of the first quarter of fiscal 2012
January 27 2012 - 5:30PM
PR Newswire (Canada)
TORONTO, Jan. 27, 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 months ended November
30, 2011. Financial highlights included the following: -- Cash and
cash equivalents and short-term investments at November 30, 2011
totalled $26.5 million, which represents a decrease of $1.0 million
from August 31, 2011. This decrease is due mainly to losses from
ongoing operations; -- Operating expenses before depreciation for
the three months ended November 30, 2011 totalled $0.8 million, a
decrease of $0.2 million or 20% from the $1.0 million incurred
during the three months ended November 30, 2010; and -- The net
loss for the three months ended November 30, 2011 was $0.8 million,
or a basic loss per share of $0.005. 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 annual
audited consolidated financial statements and management's
discussion and analysis of financial condition and results of
operations for the three months ended November 30, 2011 and 2010.
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. Look
Communications Inc. CONTACT: Grant McCutcheonChief Executive
Officer and Director(416) 613-8222
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