RANCHO MIRAGE, CA – Despite cutting its losses by over $2 million, Craig Wireless’ second quarter results showed the company still firmly in the red.
Craig reported a loss of $3.45 million for the quarter ended February 28, 2011, which it called “a significant improvement” over its $5.56 million loss in the same period last year. It also posted a $3.28 million loss from continuing operations, compared to a year-over-year net loss of $5.11 million, and a decrease in its net loss from discontinued operations to $442,114 last year to $171,333 in the current quarter.
The company said that it has cash reserves of approximately $26.8 million following the payment of taxes and expenses associated with the sale of its Canadian spectrum assets last year, the funding of on-going operations, and a dividend payment to shareholders.
"Since the sale of our Canadian spectrum assets at a significant profit, which we believe confirms the value of our spectrum assets and the Company as a whole, we continue to pursue opportunities in our current markets and throughout the world”, said president and CEO, Boyd Craig, in a statement. “We believe there has never been a better time for our Company to continue to build on our successes and the strength of our team."
