Unique Broadband Systems, Inc. reports second quarter 2012 results
24 Abril 2012 - 8:37PM
PR Newswire (Canada)
TORONTO, April 27, 2012 /CNW/ - Unique Broadband Systems, Inc.
("UBS") (TSX Venture: UBS) today reported its operating
and financial results for the second quarter of fiscal 2012, ended
February 29, 2012. Recent operating and financial highlights:
-- UBS continues to operate under the court approved Company
Creditors Arrangement Act. -- For the three months ended February
29, 2012, UBS recorded revenue of $434 from fees earned pursuant to
the Look Management Services Agreement. -- UBS recorded a loss from
operations of $1,245 for the three months ended February 29, 2012,
compared to income totaling $459 for the three months ended
February 28, 2011. The variance resulted from, among other things,
the reversal of restructuring award accruals totaling $1,297 during
the second quarter of 2011 and higher operating costs, primarily
due to professional fees, during the second quarter of fiscal 2012.
-- At February 29, 2012, UBS held cash and cash equivalents of $542
compared to $945 at August 31, 2011. The decrease is due primarily
to the receipt of HST recoveries, offset by payment of ongoing
legal and administrative costs. -- UBS received $2.7 million as
their share of Look's return of capital paid on March 13, 2012.
UBS, through its equity interest in Look, continues to offer
administrative services to Look and to examine opportunities to
maximize shareholder value. For further information on UBS'
financial results, please review UBS' condensed consolidated
interim financial statements and management's discussion and
analysis of financial condition and results of operations for the
three and six months ended February 29, 2012 and February 28, 2011.
About Unique Broadband Systems, Inc. UBS' shares are listed on the
TSX Venture Exchange under the symbols "UBS". More information on
UBS can be found at www.sedar.com. The corporate information
contained in this release includes forward-looking statements
regarding future events and the future performance of UBS that
involve risks and uncertainties that could cause actual results to
differ materially. Assumptions used in the preparation of such
information, although considered reasonable by UBS at the time of
preparation, may prove to be incorrect. The actual results achieved
may vary from the information provided herein and the variations
may be material. Consequently, there is no representation by UBS
that actual results achieved will be the same in whole or in part
as those forecast. Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. Unique Broadband Systems,
Inc. CONTACT: Grant McCutcheon, Chief Executive Officer &
Director(905) 660-8100
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(TSXV:UBS)
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