RANCHO MIRAGE, CA – Craig Wireless announced earnings of over $65 million and a net income of $52.6 million for the year ended August 31, 2010.
The company realized a gain of $77.4 million after completing the sale of its Canadian spectrum assets to Inukshuk Wireless Partnership in August. After repaying the full balance of its outstanding $12.99 million debt and declaring a shareholder dividend worth $20.5 million in the aggregate, president and CEO Boyd Craig said in a statement that the company plans to use its reserves to pursue global 4G spectrum.
"Following the sale of our Canadian spectrum assets at a significant profit, and allowing the company’s shareholders to share in that profit by paying a significant dividend, the company continues to believe that it is well positioned to execute on its long term strategy of (i) complying with all regulatory requirements in our existing markets; (ii) building and operating limited "phase one" deployment fixed/portable 4G networks and strategically targeting unserved or underserved business and premium customers in certain of its existing markets; (iii) pursuing opportunities to realize the accretive value of network deployments by considering the potential for sale, merger, partnership, joint venture or other business arrangement that meets the strategic goals of the company to maximize spectrum value; and (iv) acquiring or leasing licenses for the rights to operate on 4G compatible spectrum throughout the world."
