Look sees "record" Q3 profits thanks to Inukshuk sale

TORONTO and MONTREAL – Look Communications recorded the largest quarterly profit in its history, due in large part to the sale of its spectrum and broadcast licence to Inukshuk Wireless Partnership in May. Unrestricted cash and cash equivalents for the third quarter ended May 31, 2009 totalled $18.0 million, an increase of $14.5 million from the quarter ended August 31, 2008, as a result of the first instalment of $30 million paid by Inukshuk. The amount was partially offset by a payment of $16 million to Bell in settlement of its outstanding payables and litigation.Look's income and comprehensive income from...