TORONTO and MONTREAL – Look Communications revenue and EBITDA dropped in the first quarter of fiscal 2008, ended November 30, 2007.
Financial highlights for the first quarter ended November 30, 2007 included the following:
* Gross revenues for the quarter ended November 30, 2007 were $5.4 million compared to $6.6 million for the quarter ended November 30, 2006;
* Operating expenses decreased $0.3 million or 6.5% to $4.5 million for the quarter ended November 30, 2007 (quarter ended November 30, 2006 – $4.8 million);
* EBITDA for the quarter ended November 30, 2007 was negative $0.5 million compared to EBITDA of positive $0.1 million for the quarter ended November 30, 2006;
* The net loss for the quarters ended November 30, 2007 and November 30, 2006 was $1.8 million or $0.01 per share and $1.4 million or $0.01 per share respectively;
* Unrestricted cash and cash equivalents decreased by $2.7 million or 34.5% during the quarter ended November 30, 2007 from $7.8 million at August 31, 2007 to $5.1 million at November 30, 2007 (quarter ended November 30, 2006 – cash increased by $1.7 million from $5.1 million to $6.8 million).
The company also noted that the Minister of Industry, the Honourable Jim Prentice, announced the rules around the advance wireless spectrum auction coming later this year. “The Corporation believes the new policy decisions will foster better and more diverse services for consumers. In particular, the spectrum set aside, mandated roaming and antenna tower and site sharing, coupled with binding arbitration to conclude commercial agreements, are likely to encourage increased competition and lower prices in Canada’s wireless industry,” says Look’s release.
Look’s mission is to be an M(3) – Mobile Multi Media – entertainment and information service provider in Ontario and Québec. The corporation currently delivers a full range of communications services, including high-speed and dial-up Internet access, web applications, and digital television distribution.
