WINNIPEG and VANCOUVER – The losses continue to mount at Craig Wireless after the company posted a $5.56 million net loss for its second quarter.
The loss for the quarter ended February 28, 2010 was more than double the $2.07 million loss that it reported for the same quarter last year. Revenue also dipped from $433,283 in the second quarter of 2009 to $367,226.
The company generates broadband Internet access and television distribution revenues in Manitoba and British Columbia. The decline in revenues has continued over the last three fiscal years as Craig Wireless shifts its focus away from its current offering of fixed-wireless digital television distribution business to the development of 4G networks.
In other company news, Craig announced that it has received a broadband radio service license by Industry Canada for the Vancouver, B.C. region, which it says satisfies “a significant condition” to the closing of the sale of its Canadian spectrum assets to Inukshuk Wireless Partnership.
