WINNIPEG – Craig Wireless reported a net loss of $4.4 million for its third quarter ended May 31, 2009, $2 million more than its $2.4 million net loss for the same quarter last year.
Revenue declined from $461,368 in the third quarter in 2008 to $418,290 in the third quarter ended May 31, 2009, as the company continued to shift its focus away from its current fixed-wireless digital television distribution business in British Columbia and Manitoba.
The increase in the loss is due in part to an increase in interest expense and amortization, and a decrease in other income due primarily to recording unrealized foreign exchange losses, the announcement read.
The company also incurred interest expense during the quarter on related party advances from T. Boyd Craig and J. D. Craig Holdings Inc. Amortization expense increased as well as the company commenced amortization of its spectrum license and network assets in Greece in Fiscal 2009.
