Correction: Look posts far smaller Q3 loss
Toronto - Look Communications Inc. posted a much smaller loss in the third quarter than as reported earlier. The wireless TV and Internet firm lost subscribers and spent more on advertising as it recovers from its recent bankruptcy protection.
The loss was $952,000, which compares with a loss of $103 million a year earlier, before its major creditors, BCE and Telesystem accepted shares in lieu of cash during Look's restructuring and before certain assets were sold off.
Revenues for the quarter ended September 30, 2002 were $13.2 million, compared with $16.9 million for the same period in 2001.
For the first nine months of 2002, revenues were $43.9 million, down from $58.9 million. The net loss was $1.1 million, compared with a profit of $11.1 million in the first nine months of 2001, which included an after-tax gain of $146.4 million from the sale of assets.
"We believe, based on the many promotional and marketing initiatives launched at the end of the third quarter and currently underway, that we are making headway in increasing the pace of subscriber additions," said Look president and CEO Paul Lamontagne.
"That is the challenge for us this year, following the major restructuring we went through and almost 18 months of inactivity on the sales and marketing fronts."
The company said it is launching several services to lure back customers. New television channels and several new product offerings were introduced in both Ontario and Quebec during the third quarter, including a digital television and high-speed Internet bundle. Look operates its wireless network only in Southern Ontario and Quebec.
The company launched wireless high-speed business Internet services in the Ottawa Valley/Outaouais region in September, following a similar launch in June in the Greater Toronto and Montreal markets, and prior to that in Hamilton, Ont.
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