Craig Wireless cuts losses, but still in the red

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...