TORONTO and MONTREAL – Struggling Look Communications recorded losses across the board for its second quarter of fiscal 2009 ended February 28, 2009.
Service and sales revenue from continuing operations for the quarter was $3.3 million, compared to $4.4 million for the same quarter last year, while LBITDA (loss from continuing operations before interest expenses, income taxes, depreciation and amortization) was $2.4 million, a $1.3 million year-over-year decrease.
In the press release announcing its financial results, the company said that it was “very pleased” with Industry Canada’s position with respect to the 2500-2690 MHz band plan.
Look’s 92 MHz of multipoint distribution service spectrum, equivalent to 61 MHz of broadband radio service (BRS) spectrum, represents BRS coverage of approximately 1.2 billion MHz/Pops across Ontario and Quebec, which Look called “the largest contiguous block of mobile spectrum owned by any individual operator in Canada.”
The company said that the identification of this band by the International Telecommunication Union “as the only band designated for next generation mobile services on a global basis”, reaffirms its belief that its spectrum is a “unique and valuable asset”.
Look pledged to “participate fully” in the stakeholder proposal development process, the current consultation, and all future consultations regarding the band.
Anxious to sell its assets, the company set up a controlled sale to determine a value for its spectrum, a network between Toronto and Montreal covering approximately 18 million people.
