Montreal, - Look Communications, which provides digital TV and high-speed Internet using wireless technologies, narrowed its loss in the fourth quarter and fiscal year on improved operations.
Look, which operates in Ontario and Quebec, posted a quarterly loss of $1.7 million, or seven cents a share. That compared to a year-earlier loss of $43.7 million, or 37 cents a share, as the company was in bankruptcy protection. It emerged from that restructuring in February 2002.
Revenues fell to $12.6 million from $14.8 million. Earnings before interest, financing charges, bankruptcy protection costs and gains from the sales of assets were $233,000 for the fourth quarter, up from $23,000 for the same period last year.
For the year, that figure was $1.48 million up from $78,000 in 2001.
"We are very pleased with our performance and the turnaround we were able to achieve in 2002," said Paul Lamontagne, Look's president and chief executive.
Lamontagne said the company continued to improve its operations over the year by boosting margins, reducing costs, and keeping customers as it re-launched its sales and marketing activities.
For the fiscal year ended Dec. 31, Look (TSXV:LOK) recorded a loss of $2.7 million, or 13 cents a share. That compared with a year-ago loss of $32.2 million, or 27 cents a share.
Revenues fell 23 per cent to $56.5 million, down from $73.7 million. The year-ago results included a $146.4 million gain from assets sales that was mainly offset by a $150 million writedown.
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