Craig Wireless Announces Second Quarter Financial Results
(Canada Newswire Via Acquire Media NewsEdge)
RANCHO MIRAGE, CA, April 11, 2012 /CNW/ - Craig Wireless Systems Ltd. ("Craig Wireless" or the "Company") (TSX: CWG), today released its condensed interim consolidated
financial results for the second quarter ended February 29, 2012. All
dollar figures are reported in Canadiancurrency.
Woosh Wireless Integration
As previously announced, the integration of the business and related
assets of Woosh Wireless Limited and its 25,000 New Zealand customers
into the Craig Wireless operations environment through Woosh Wireless
(NZ) Limited has been substantially and successfully completed. Woosh
Wireless (NZ) Limited is 51% owned by Craig Wireless, with the first
day of operations as part of the Craig Wireless Group starting on
December 1, 2011.
Coachella Valley Retail Store
The Company is preparing to launch its first retail store in Palm
Springs, California in April 2012 to take advantage of its leading edge
4G Wimax network by providing very fast and well-priced 4G Internet
services to the residential market.
Normal Course Issuer Bid
On February 29, 2012, the Company authorized a normal course issuer bid
for the repurchase and cancellation of up to 2,388,290 subordinate
voting shares from February 29, 2012 to February 28, 2013 (unless
earlier terminated), representing up to 5% of its 47,765,814
subordinate voting shares issued and outstanding as at February 22,
2012. The Company believes that, at certain times, the market price of
its subordinate voting shares may not reflect the value of its existing
business and its future prospects and that the purchase of its
subordinate voting shares represents an effective use of its funds and
is in the best interests of the Company and its shareholders.
As at February 29, 2012 the Company had cash reserves of approximately
$12.2 million and no debt. The Company intends to utilize the cash
reserves to continue to execute on its strategies as outlined in the
Company's most recently filed management discussion and analysis dated
April 10, 2012.
Revenues, including $3,904,874 of Woosh Wireless (NZ) Limited revenues,
were $3,912,558 during the quarter. Total assets amounted to
$44,410,698 and total shareholders' equity was $38,495,957 at the
quarter end. Assets include approximately $2.4 million of new 4G Wimax
equipment available to be deployed. The Company reported a net loss of
$3,084,248 ($0.06 per share) for the quarter ended February 29, 2012.
T. Boyd Craig stated "We are very pleased with the acquisition of the
Woosh Wireless business and the potential business opportunities it
provides us in New Zealand. We also look forward to the opening of
our Palm Springs retail store where we believe the real 4G Internet
experience will be extremely well received by customers."
About Craig Wireless Systems Ltd.:
Craig Wireless and its affiliates (collectively, the "CWS Group") offer a broad range of telecommunications services, including,
broadband internet access, business connectivity solutions, hosting,
security and telecommunications solutions. Through certain members of
the CWS Group, Craig Wireless holds or leases licenses for spectrum in
the 2.5 GHz, 2.6 GHz or 3.5 GHz bands in Riverside County in Southern
California, United States and in Greece. The CWS Group also has
spectrum interests in Norway and New Zealand. Spectrum in these ranges
is effective for delivery of point-to-multipoint signals, possesses
robust bandwidth capability and supports emerging 4G-based
applications, including portable and mobile applications.
The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Notice on forward-looking statements
This release includes forward-looking statements regarding Craig
Wireless and its business. Such statements are based on management's
current expectations. The forward looking events and circumstances
discussed in this release may not occur and actual results could differ
materially as a result of known and unknown risk factors and
uncertainties affecting Craig Wireless and its business. No
forward-looking statement can be guaranteed. Forward-looking statements
speak only as of the date on which they are made and Craig Wireless
does not undertake any obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events, or otherwise.
[ Back To TMCnet.com's Homepage ]