TORONTO,
Jan. 22, 2013 /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,
2012.
Financial and operating highlights included
the following:
- Cash and short-term investments, as at November 30, 2012, totalled $17.5 million, which represents a decrease of
$0.6 million from August 31, 2012. The decrease was due
mainly to losses from operations, and the timing of payment of
accounts payable.
- Operating expenses for the three months ended November 30, 2012 totalled $0.4 million, a decrease of $0.4 million or 55.9% from the $0.8 million incurred during the three months
ended November 30, 2011. This
decrease was due mainly to the expiration of the MSA on
May 19, 2012.
- The net loss for the three months ended November 30, 2012 was $0.3
million, or a basic loss per share of $0.002.
The Corporation continues to pursue
opportunities to realize value from its tax attributes of
approximately $166 million, which may
be utilized by the Corporation in its future operations, or by a
potential acquirer to offset income, provided certain tests are
satisfied, including those related to change in control.
Management continues to vigorously pursue the
claim against certain former directors and certain former officers
of Look in connection with the payment of approximately
$15.7 million of "corporate
restructuring awards", paid to the directors and senior officers
named in the claim (or their personal holding companies, as
applicable), from the net proceeds of approximately $64.0 million realized by the Corporation on the
sale of its spectrum license in 2009. None of the allegations in
the Claim have been proven before the Court, and statements of
defense have not been received from all of the defendants.
For further information on Look's financial
results, please review the Corporation's unaudited condensed
consolidated interim financial statements and management's
discussion and analysis of financial condition and results of
operations for the three months ended November 30, 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.
SOURCE Look Communications Inc.