WINNIPEG – Craig Wireless reported a net loss and a decrease in total assets for their fiscal year ended August 31, 2008.
Losses for 2008 were $7,761,677, compared to a $9,384,525 loss for the previous year. Total assets decreased by $12.3 million during the year, due to the repayment of bank indebtedness, payment of share issuance costs and funding of operating expenses, the company reported.
Excluding stock based compensation expense, selling, general and administration expenses increased in fiscal 2008 due to an increase in network build-out activity, higher consulting and professional fees due to such build-outs, public reporting requirements, preparation for a public offering by the company that was withdrawn by the company due to unfavorable market conditions, and increased staff levels.
"The company has been preparing for uncertain economic conditions”, said Boyd Craig, co-CEO, in the release. "Throughout fiscal 2008 we have taken serious measures to reduce and refocus our expenditures in light of the global economic conditions we are presently operating under. We remain confident that the investments we have made in our spectrum assets have the potential to have a substantial positive impact on our future and our position in the global telecommunications market."
