CCR Short Takes
News | 05/23/2003 4:00 am EDT
Look Communications continues to lose subscribers
Wireless cable and Internet provider Look Communications Inc. continued to lose subscribers in its fiscal 2003 first quarter ended March 31. The company lost 1,300 net digital TV subscribers and 5,300 net total subscribers (TV and Internet) in the quarter to end the period with 45,200 TV subscribers and 137,900 total subscribers. The loss of 1,300 TV subscribers in the quarter compared to 1,000 subscribers lost in the previous quarter and 4,000 in the first quarter of 2002. Look chair and interim CEO Michael Cytrynbaum said in a news release that the company was "encouraged by improvements in customer retention, as our overall rate of churn decreases." On the financial side, Look boasted about achieving its seventh consecutive quarter of positive EBITDA, which was $25,000 in the quarter, compared to $420,000 in the same period last year. Revenues for the first quarter were $12.6 million, down from $15.6 million recorded in the first quarter of 2002. The company posted a net loss of $1.4 million in the quarter.