UBS Announces Fourth Quarter Results.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing -- Improved Performance Reflects Focus on Look Communications LOOK TV is a digital cable, internet service and web hosting provider. Based in Montreal, Look was once linked to former crown corporation Teleglobe and Chinese ISP Inter Pacific Online. Founded in 1997, it has offices in Milton, Ontario and Montreal. Unique Broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). Systems, Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension Venture: UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System ) today reported its results for the fourth quarter of fiscal 2004, which ended May 31, 2004. UBS experienced a significant improvement in its financial results in the quarter, as compared with the same period a year ago. The net loss for the 2004 period was $0.5 million, or $0.005 per common share, compared with a net loss of $4.7 million, or $0.046 per common share in the fourth quarter of 2003. The cash flow used in operating activities declined from $3.9 million in 2003 to $0.7 million in 2004. This improvement was the result of various restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). actions, primarily including the divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of the engineering and manufacturing business. This had the effect of improving the Company's financial position and thereby allowing UBS to focus on its primary investment in Look Communications Inc. (TSX Venture: LOK). Effective November November: see month. 30, 2003, the Company received the necessary regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. approvals to permit the exercise of its fully funded option to purchase a further 21.16% of Look and, accordingly, it commenced consolidating the operations of Look on that date. In late December December: see month. the Company exercised this option and increased its ownership in Look to 51%. UBS views its investment in Look as its core asset, and the Company's objective is to maximize In a graphical environment, to enlarge a window to the full size of the screen. See Win Maximize windows. Look's potential for the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. benefit of both UBS' and Look's shareholders. "We are pleased with the improvement in our financial results," said Gerald Gerald - ["Gerald: An Exceptional Lazy Functional Programming Language", A.C. Reeves et al, in Functional Programming, Glasgow 1989, K. Davis et al eds, Springer 1990]. McGoey, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of UBS. "The improvement validates our decision to focus our wireless activities on Look." As previously announced UBS and Look will be changing their respective year-ends to August 31, in order to standardize stan·dard·ize v. 1. To cause to conform to a standard. 2. To evaluate by comparing with a standard. their financial reporting periods. This change will result in an additional quarterly filing for fiscal 2004 and, accordingly, the Annual Report for the year will cover a period representing five quarters, being the 15 months to August 31, 2004. Look delivers a range of broadband communications services, including high-speed high-speed adj. 1. Operated or designed for operation at high speed: a high-speed food processor. 2. Taking place at high speed: a high-speed chase. 3. and dial-up Internet access See dial-up. , web applications, digital television distribution and customer service to both the business and residential markets across Canada Across Canada was an afternoon program that formerly aired on The Weather Network. The segment ran from early 1999 until mid 2002. The show ran from 3:00PM ET until 7:00 PM ET. . Look provides Internet access See how to access the Internet. services to more than 65,000 customers, has more than 38,000 digital television subscribers and leads the Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. web hosting Making a Web site available on the Internet. Many ISPs host a few personal Web pages for an individual at no additional cost above the monthly service fee, but the address is subordinate to the ISP; for example, www.friendlyisp.com/pat_smith. market with the product Look EasyHosting(TM) (www.easyhosting.com) servicing more than 12,000 businesses. Look is also one of Canada's top domain name providers having registered more than 200,000 domain names since 2000. The Company offers all high-speed business customers the option to purchase their value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. services such as email, Web Hosting, file transfer protocol A communications protocol used to transmit files without loss of data. A file transfer protocol can handle all types of files including binary files and ASCII text files. See Kermit, Zmodem and FTP. , E-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. , virus scanning scanning /scan·ning/ (skan´ing) 1. the act of examining by passing over an area or organ with a sensing device. 2. scanning speech. and more at a 15% discount off their unbundled rates, thereby providing a complete Business Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the Solution to Canadian small and medium sized enterprises (SME (1) (Small and Medium-sized Enterprise) See SMB. (2) (Subject Matter Expert) An individual who is well-versed in the policies and procedures of a particular department or division. ). About Unique Broadband Systems, Inc. UBS is a publicly listed Canadian company that has investments in broadband assets and a 51% equity investment in Look Communications Inc. With its licensed spectrum through Look, UBS is a Canadian digital television broadcaster and broadband wireless See wireless broadband. service provider. The Company's web sites may be found at www.uniquebroadband.com and www.look.ca.
UNIQUE BROADBAND SYSTEMS, INC.
Consolidated Balance Sheet
(unaudited) (in thousands of dollars)
--------------------------------------------------------------------
May 31, May 31,
2004 2003
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ASSETS
Current assets:
Cash and cash equivalents 11,337 11,505
Restricted cash 886 1,989
Accounts receivable 3,313 269
Inventory 53 1,848
Prepaid expenses and other amounts
receivable 1,354 638
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16,943 16,249
Investment in Look - 7,874
Capital assets 27,820 2,463
Deferred charges 447 -
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45,210 26,586
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LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities:
Accounts payable and accrued
liabilities 13,073 3,192
Income taxes payable 168 185
Unearned revenue 2,142 -
Current portion of long term debt 150 -
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15,533 3,377
Long term debt 1,096 -
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16,629 3,377
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Minority interest 17,177 -
Shareholders equity
Share capital 58,288 58,222
Contributed surplus 150 150
Deficit (47,034) (35,163)
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Total shareholders equity 11,404 23,209
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45,210 26,586
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The interim consolidated financial statements should be read in
conjunction with the annual consolidated financial statements.
UNIQUE BROADBAND SYSTEMS, INC.
Consolidated Statements of Operations and Deficit
(unaudited) (in thousands of dollars, except per share amounts)
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3 months ended 12 months ended
May 31 May 31
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2004 2003 2004 2003
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Service and sales revenue 11,397 - 23,386 -
Carrier charges and cost of sales (4,567) - (9,035) -
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Gross margin 6,830 - 14,351 -
Expenses:
Marketing and sales (1,075) - (1,980) -
Customer care (1,227) - (2,286) -
Engineering and operations (2,223) - (4,338) -
General and administration (2,866) (836) (7,295) (1,813)
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(7,391) (836) (15,899) (1,813)
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Equity interest in Look - (299) (447) (299)
Amortization of capital assets (1,343) - (2,822) -
Amortization of deferred charges (61) - (77) -
Loss on disposal of capital assets - - (3) -
Interest (34) - 39 -
Taxes (18) - (45) -
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Loss from continuing operations (2,017) (1,135) (4,903) (2,112)
Discontinued operations:
Loss on sale of E&M business - - (4,331) -
Provision for secured loan - - (2,000) -
Loss from E&M Business - (3,550) (2,953)(13,831)
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Loss from discontinued operations - (3,550) (9,284)(13,831)
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Loss before minority interest (2,017) (4,685) (14,187)(15,943)
Loss allocated to minority interest 1,482 - 2,316 -
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Net loss for the period (535) (4,685) (11,871)(15,943)
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Deficit, beginning of period (46,499)(30,478) (35,163)(19,220)
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Deficit at end of period (47,034)(35,163) (47,034)(35,163)
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Net loss per common share: Basic
and diluted (0.005) (0.046) (0.12) (0.16)
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Weighted average number of
outstanding shares in thousands:
Basic and diluted 102,748 102,748 102,748 102,748
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These interim consolidated financial statements should be read in
conjunction with the annual consolidated financial statements.
UNIQUE BROADBAND SYSTEMS, INC.
Consolidated Statements of Cash Flows
(unaudited) (in thousands of dollars)
---------------------------------------------------------------------
3 months ended 12 months ended
May 31 May 31
---------------------------------------------------------------------
2004 2003 2004 2003
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Cash flows used in operating
activities:
Loss from continuing operations (2,017) (1,135) (4,903) (2,112)
Equity interest in Look - 299 447 299
Amortization of capital assets 1,343 - 2,822 -
Amortization of deferred charges 61 - 77 -
Loss on disposal of capital assets - - 3 -
Changes in non cash working capital (577) - 484 -
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Cash flows from continued
operations (1,190) (836) (1,070) (1,813)
Cash flows from discontinued
operations 499 (3,072) (5,744)(14,997)
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Net cash flows used in operating
activities (691) (3,908) (6,814)(16,810)
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Cash flows (used in)/from investing
activities:
Restricted cash (15) 4 1,971 11
Cash acquired on consolidation of Look - - 1,896 -
Investment in Look - (5,178) - (8,173)
Purchase of capital assets (457) (95) (1,960) (1,794)
Deferred charges (116) - (303) -
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Net cash flows (used in)/from
investing activities (588) (5,269) 1,604 (9,956)
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Cash flows from financing activities
Repayment of term loans (37) - (173) -
Proceeds from rights offering - 5,218 -
Deferred financing charges - (200) -
Proceeds from re-financing term debt - 200 -
Proceeds from obligations under capital
leases - (3) -
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Net cash flows from financing
activities (37) - 5,042 -
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Decrease in cash (1,316) (9,177) (168)(26,766)
Cash and equivalents at beginning of
period 12,653 20,682 11,505 38,271
---------------------------------------------------------------------
Cash and equivalents at end of period 11,337 11,505 11,337 11,505
---------------------------------------------------------------------
These interim consolidated financial statements should be read in
conjunction with the annual consolidated financial statements.
No stock exchange or regulatory authority Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities has reviewed or accepts responsibility for the adequacy or accuracy of this release. |
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