News
JAN 29, 2008 -- Newlook Announces Profit for fiscal 2007
Toronto - Newlook Industries Corp. (TSX Venture Exchange: NLI) ("Newlook" or the "Company") is pleased to announce its audited operating results for the year ended September 30, 2007.
During fiscal 2007, the Company acquired a controlling ownership interest in Wireless Age Communications, Inc. ("Wireless Age") and made the decision to dispose of the historic operations of Newlook's wholly owned subsidiary Onlinetel Corp. ("Onlinetel"). Accordingly the Company began to consolidate the operating results of Wireless Age effective June 29, 2007 and has classified the results of Onlinetel as discontinued operations for both years ending September 30, 2007 and 2006. Effective fiscal 2007, the Company began to aggregate its operations into two distinctive operating segments; 1) retail, which consists of nine cellular retails outlets in Western Canada, and 2) commercial, which consists of distribution businesses selling pre-paid cellular cards, professional grade land mobile radio products, accessories and other ancillary electronic goods.
Consolidated net income for the year ended September 30, 2007 was $286,955 compared to a loss of $839,222 for the comparative period ended September 30, 2006. Earnings from continuing operations were $69,496 during the year ended September 30, 2007 substantially improved over a continuing operations loss of $588,312 in the prior year. Earnings from discontinued operations during fiscal 2007 were $217,459 up from a loss from discontinued operations of $250,910 during fiscal 2006.
Audited revenues for the year ended September 2007 were $8,648,785 compared to zero in the prior year. Retail segment revenues during fiscal 2007 were $4,538,172 and zero in the fiscal 2006. Commercial segment revenues for fiscal 2007 were $4,110,613 and zero in the prior year.
The Company's board of directors has decided to change the Company's fiscal year end from September to December and will be reporting the operating results for the three month period December 31, 2007 within the timeframe required under securities regulations.
Gary N. Hokkanen, Newlook CFO stated; "Shareholders should be made aware that Wireless Age's operating results have effectively only been consolidated for one quarter. Wireless Age's revenues are currently at a run rate of approximately $34,600,000, with approximately $18,800,000 from retail operations and $15,800,000 from the commercial segment."
Newlook CEO, John G. Simmonds commented; "I'm pleased that the Company posted a profit during 2007. Fiscal 2007 can be regarded as a turning point for Newlook. We intend to build upon the Wireless Age acquisition with other similar transactions in order to drive shareholder value."
Newlook Industries Corp., headquartered in Toronto, Ontario, is a publicly traded company listed on the TSX Venture Exchange. For more information please call (416) 477-5656 or refer to www.sedar.com.
The management of the company, who take full responsibility for its content, prepared this press release. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This press release contains forward-looking statements relating to future events and results that are based on Newlook's current expectations. These statements involve risks and uncertainties including, without limitation, Newlook's ability to successfully develop and market its products, consumer acceptance of such products, competitive pressures relating to price reductions, new product introductions by third parties, technological innovations, and overall market conditions. Consequently, actual events and results in future periods may differ materially from those currently expected.
For more information contact:
John Simmonds
Chief Executive Officer
Newlook Industries Corp.
Telephone: (416) 477-5656, Ext. 301
or
Gary N. Hokkanen
Chief Financial Officer
Telephone: (416) 477-5656 x303
JAN 29, 2008 -- Newlook Announces Profit for fiscal 2007
Toronto - Newlook Industries Corp. (TSX Venture Exchange: NLI) ("Newlook" or the "Company") is pleased to announce its audited operating results for the year ended September 30, 2007.
During fiscal 2007, the Company acquired a controlling ownership interest in Wireless Age Communications, Inc. ("Wireless Age") and made the decision to dispose of the historic operations of Newlook's wholly owned subsidiary Onlinetel Corp. ("Onlinetel"). Accordingly the Company began to consolidate the operating results of Wireless Age effective June 29, 2007 and has classified the results of Onlinetel as discontinued operations for both years ending September 30, 2007 and 2006. Effective fiscal 2007, the Company began to aggregate its operations into two distinctive operating segments; 1) retail, which consists of nine cellular retails outlets in Western Canada, and 2) commercial, which consists of distribution businesses selling pre-paid cellular cards, professional grade land mobile radio products, accessories and other ancillary electronic goods.
Consolidated net income for the year ended September 30, 2007 was $286,955 compared to a loss of $839,222 for the comparative period ended September 30, 2006. Earnings from continuing operations were $69,496 during the year ended September 30, 2007 substantially improved over a continuing operations loss of $588,312 in the prior year. Earnings from discontinued operations during fiscal 2007 were $217,459 up from a loss from discontinued operations of $250,910 during fiscal 2006.
Audited revenues for the year ended September 2007 were $8,648,785 compared to zero in the prior year. Retail segment revenues during fiscal 2007 were $4,538,172 and zero in the fiscal 2006. Commercial segment revenues for fiscal 2007 were $4,110,613 and zero in the prior year.
The Company's board of directors has decided to change the Company's fiscal year end from September to December and will be reporting the operating results for the three month period December 31, 2007 within the timeframe required under securities regulations.
Gary N. Hokkanen, Newlook CFO stated; "Shareholders should be made aware that Wireless Age's operating results have effectively only been consolidated for one quarter. Wireless Age's revenues are currently at a run rate of approximately $34,600,000, with approximately $18,800,000 from retail operations and $15,800,000 from the commercial segment."
Newlook CEO, John G. Simmonds commented; "I'm pleased that the Company posted a profit during 2007. Fiscal 2007 can be regarded as a turning point for Newlook. We intend to build upon the Wireless Age acquisition with other similar transactions in order to drive shareholder value."
Newlook Industries Corp., headquartered in Toronto, Ontario, is a publicly traded company listed on the TSX Venture Exchange. For more information please call (416) 477-5656 or refer to www.sedar.com.
The management of the company, who take full responsibility for its content, prepared this press release. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This press release contains forward-looking statements relating to future events and results that are based on Newlook's current expectations. These statements involve risks and uncertainties including, without limitation, Newlook's ability to successfully develop and market its products, consumer acceptance of such products, competitive pressures relating to price reductions, new product introductions by third parties, technological innovations, and overall market conditions. Consequently, actual events and results in future periods may differ materially from those currently expected.
For more information contact:
John Simmonds
Chief Executive Officer
Newlook Industries Corp.
Telephone: (416) 477-5656, Ext. 301
or
Gary N. Hokkanen
Chief Financial Officer
Telephone: (416) 477-5656 x303
