CIBL, Inc. Reports Preliminary (unaudited) Full Year Operating Results
For the twelve months ended
During 2022, the Company acquired 2,188 of its shares at an average price of
To the extent this release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, it should be recognized that such information is based upon assumptions, projections and forecasts, including without limitation business conditions and financial markets, and the cautionary statements set forth in documents filed by CIBL on its website, www.ciblinc.com. Thus, such information is subject to uncertainties, risks and inaccuracies, which could be material, and there can be no assurance that such information will prove to be accurate.
CIBL is a holding company with interests in broadband operations. CIBL is listed on OTC Pink® under the symbol CIBY and information can be obtained on our website: www.ciblinc.com.
Consolidated Statements of Operations (Unaudited) (In Thousands, Except Common Share and Earnings per Share Data) |
Attachment A |
|||||||||||||||
Three Months Ended
|
|
Year Ended
|
|
|||||||||||||
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
Revenue |
|
|
|
|
|
|
|
|||||||||
Total revenue |
$ |
455 |
|
$ |
470 |
|
|
$ |
1,863 |
|
|
$ |
1,899 |
|
|
|
|
|
|
|
|
|
|
||||||||||
Costs and expenses |
|
|
|
|
|
|
|
|
||||||||
Costs of revenue, excluding depreciation |
|
291 |
|
|
|
264 |
|
|
|
1,146 |
|
|
|
1,080 |
|
|
General and administrative costs of operations |
51 |
|
|
64 |
|
|
265 |
270 |
|
|||||||
Corporate office expenses |
|
280 |
|
|
184 |
|
|
|
897 |
|
|
|
715 |
|
|
|
Management fee |
|
31 |
|
|
31 |
|
|
|
125 |
|
|
|
125 |
|
|
|
Depreciation and amortization |
|
32 |
|
|
|
73 |
|
|
|
179 |
|
|
|
267 |
|
|
Total operating expenses |
|
685 |
|
|
616 |
|
|
|
2,612 |
|
|
|
2,457 |
|
|
|
Operating loss |
|
(230 |
) |
|
(146 |
) |
|
|
(749 |
) |
|
|
(558 |
) |
|
|
Other income (expense): |
|
|
|
|
|
|
|
|||||||||
Interest income |
|
199 |
|
|
3 |
|
|
|
331 |
|
|
|
9 |
|
|
|
Equity in income (loss) of limited partnership investment |
44 |
|
22 |
35 |
128 |
|
||||||||||
Other |
|
(19 |
) |
|
|
(35 |
) |
|
|
(19 |
) |
|
|
(17 |
) |
|
Total other income |
|
224 |
|
|
(10 |
) |
|
|
347 |
|
|
|
120 |
|
|
|
Net loss before income taxes |
(6 |
) |
(156 |
) |
|
(402 |
) |
|
(438 |
) |
|
|||||
Income tax benefit |
|
2 |
|
|
25 |
|
|
|
97 |
|
|
|
211 |
|
|
|
Net income (loss) |
$ |
(4 |
) |
|
$ |
(131 |
) |
|
$ |
(305 |
) |
|
$ |
(227 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings Per Share |
|
|
|
|
|
|
|
|
||||||||
Net income (loss) |
$ |
(0.31 |
) |
$ |
(8.83 |
) |
|
$ |
(23.07 |
) |
|
$ |
(14.69 |
) |
|
|
Basic and diluted weighted average shares outstanding |
|
12,916 |
|
|
14,831 |
|
|
13,222 |
|
|
15,448 |
|
||||
Actual shares outstanding |
|
12,561 |
|
|
14,749 |
|
|
12,561 |
|
|
14,749 |
|
||||
Consolidated Balance Sheets (Unaudited) (In Thousands, Except Common Share and Earnings per Share Data) |
Attachment B |
||||||||
|
|
2021 |
|||||||
Assets |
|
|
|
||||||
Current Assets |
|
|
|
||||||
Cash and cash equivalents |
|
$ |
10,647 |
|
|
$ |
3,179 |
|
|
Investments in |
|
|
9,940 |
|
|
|
21,998 |
|
|
Investment in equity securities |
|
|
400 |
|
|
|
-- |
|
|
Investment in equity method limited partnership |
|
|
1,743 |
|
|
|
1,708 |
|
|
Accounts receivable, net of allowance of |
|
|
200 |
|
|
|
181 |
|
|
Prepaid expenses |
|
|
155 |
|
|
|
155 |
|
|
Materials and supplies |
|
|
59 |
|
|
|
59 |
|
|
Other current assets (includes deferred taxes of |
|
|
265 |
|
|
|
188 |
|
|
Total Current Assets |
|
|
23,409 |
|
|
|
27,468 |
|
|
|
|
|
|
||||||
Telecommunications, plant and equipment at cost |
|
|
4,292 |
|
|
|
4,289 |
|
|
Accumulated depreciation |
|
|
(3,616 |
) |
|
|
(3,442 |
) |
|
Net property, plant and equipment |
|
|
676 |
|
|
|
847 |
|
|
|
|
|
|
|
|||||
|
|
|
337 |
|
|
|
337 |
|
|
Other intangibles, net |
|
|
52 |
|
|
|
57 |
|
|
Other investments |
|
|
100 |
|
|
|
100 |
|
|
Other assets |
|
|
85 |
|
|
|
93 |
|
|
Total Assets |
|
$ |
24,659 |
|
|
$ |
28,902 |
|
|
|
|
|
|
|
|||||
Liabilities and Stockholders’ Equity |
|
|
|
|
|||||
Current Liabilities |
|
|
|
|
|||||
Accounts payable and accrued expenses |
|
$ |
227 |
|
|
$ |
219 |
|
|
Accrued liabilities |
|
|
385 |
|
|
|
276 |
|
|
Total Current Liabilities |
|
|
612 |
|
|
|
495 |
|
|
|
|
|
|
|
|||||
Deferred income taxes |
|
|
- |
|
|
|
101 |
|
|
Other liabilities |
|
|
70 |
|
|
|
82 |
|
|
Total Liabilities |
|
|
682 |
|
|
|
678 |
|
|
|
|
|
|
||||||
Stockholders’ Equity |
|
|
|
|
|||||
Common stock, par value |
|
|
-- |
|
|
|
-- |
|
|
Contributed capital |
|
|
5,612 |
|
|
|
5,612 |
|
|
Retained earnings |
|
|
37,033 |
|
|
|
37,338 |
|
|
|
|
|
(18,668 |
) |
|
|
(14,725 |
) |
|
Total Stockholders' Equity |
|
|
23,977 |
|
|
|
28,225 |
|
|
Total Liabilities and Stockholders’ Equity |
|
$ |
24,659 |
|
|
$ |
28,902 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230313005764/en/
Chief Financial Officer
(775) 664-3700
Source: