From the Wires
Craig Wireless announces first quarter financial results
By: PR Newswire
Jan. 14, 2013 06:46 PM
RANCHO MIRAGE, CA, Jan. 14, 2013 /CNW/ - Craig Wireless Systems Ltd. ("Craig Wireless" or the "Company") (TSX: CWG), today released its financial results for first quarter ended November 30, 2012. All dollar figures are reported in Canadian currency.
During the quarter, on September 24, 2012, the Company acquired from treasury additional common shares of Woosh Wireless Holdings Limited increasing the Company's equity ownership of Woosh Wireless Holdings Limited from 51% to 75%.
Including the recently acquired Woosh Wireless Holdings Limited, revenues were $3,485,965 during the quarter ended November 30, 2012. Total assets amounted to $30,807,200 and total shareholders' equity was $25,941,414 at the quarter end. The Company reported a net loss attributable to shareholders of $2,344,633 ($0.05 per share) for the quarter ended November 30, 2012. As at November 30, 2012 the Company had cash reserves of approximately $5.8 million.
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 spectrum interest and operations in 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
SOURCE Craig Wireless Systems Ltd.
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