Look Communications reports results of the third quarter of fiscal 2012
July 19 2012 - 4:04AM
PR Newswire (Canada)
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 professional fees; -- 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, 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
$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
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. Look
Communications Inc. CONTACT: Grant McCutcheonChief Executive
Officer and Director(416) 613-8222
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