CIBL, Inc. Reports (Unaudited) First Quarter Operating Results
05/25/2023 - 12:10 PM
RENO, Nev. --(BUSINESS WIRE)--
CIBL, Inc. (“CIBL” or the “Company”; OTC Pink ®: CIBY) announces that at March 31, 2023, it’s investment included $22.7 million in liquid assets or $1,813 per share, based on the 12,524 shares outstanding at that date, 28 shares of LICT Corporation common stock and 10,000 shares of Solix Inc., a private outsourcing firm that provides, among other services, billing and collection for the telecommunications industry. In addition, CIBL’s operations consist of Bretton Woods Telephone Company and World Surfer, Inc. providers of broadband and communication services in Northern New Hampshire (“New Hampshire Operations”).
For the three months ended March 31, 2023, the New Hampshire operations generated $469,000 in operating revenues, a 5.9% increase from the $443,000 reported for the quarter ended March 31, 2022. EBITDA from the New Hampshire operations was $135,000 in the 2023 period as compared to $115,000 in 2022.
During 2023, the Company acquired 49 of its shares at an average price of $1,783 per share. We now have 12,512 shares outstanding. Since its spin-off from LICT Corporation in 2007, CIBL has repurchased 13,604 of its shares for $18.8 million , or an average price of $1,382 per share.
CIBL’s Board of Directors continues to evaluate a broad range of strategic alternatives for the company to create shareholder value. As noted above, it has the liquidity to effectuate transactions if we find them attractive and appropriate for our Company.
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 .
CIBL, Inc. and Subsidiaries
Consolidated Statements of Operations (Unaudited)
(In Thousands, Except Common Share and Earnings per Share Data
Attachment A
Three Months Ended
March 31,
2023
2022
Revenue
Revenue
$469
$443
Costs and expenses
Operating costs, excluding depreciation
273
258
General and administrative costs of operations
61
70
Corporate office expenses
219
179
Management fee
31
31
Depreciation and amortization
31
60
Total operating expenses
615
598
Operating loss
(146)
(155)
Other income (expense):
Interest income
221
4
Equity in income/(loss) of limited partnership investment
(20)
42
Unrealized loss on available for sale equity securities
(30)
-
Total other income
171
46
Net income (loss) before income taxes
25
(109)
Income tax (expense) benefit
(6)
27
Net income (loss)
$19
$(82)
Basic and diluted weighted average shares outstanding
12,542
13,689
Actual shares outstanding
12,524
13,171
Per Share
Net income (loss) per share
$1.51
$(6.01)
CIBL, Inc. and Subsidiaries
Consolidated Balance Sheets (Unaudited)
(In Thousands, Except Common Share and Earnings per Share Data)
Attachment B
March 31, 2023
December 31, 2022
March 31, 2022
Assets
Current Assets
Cash and cash equivalents
$1,821
$10,647
$2,356
Investments in United States Treasury Bills
18,634
9,940
19,996
Investment in available for sale equity securities
526
400
-
Investment in equity method limited partnership
1,723
1,743
1,750
Accounts receivable
197
200
172
Prepaid expenses
124
155
103
Materials and supplies
59
59
59
Income taxes receivable
66
68
211
Total Current Assets
23,150
23,212
24,647
Telecommunications, property, plant and equipment, net
686
676
799
Goodwill
337
337
337
Other intangibles, net
49
52
56
Other investments
100
100
100
Deferred income tax
14
18
Other assets
85
85
90
Total Assets
$24,421
$24,480
$26,029
Liabilities and Equity
Current Liabilities
Accounts payable and accrued expenses
$97
$95
$296
Accrued liabilities
371
385
296
Total Current Liabilities
468
480
592
Deferred income taxes
-
-
101
Other liabilities
70
70
82
Total Liabilities
538
550
775
Equity
Common stock, par value $.01 , 30,000 shares authorized; 26,115 issued; and 12,524; 12,561; and 13,171 outstanding
--
--
--
Contributed capital
5,612
5,612
5,612
Retained earnings
37,005
36,986
37,256
Treasury stock, 13,592; 13,555; and 12,945 shares at cost
(18,734)
(18,668)
(17,614)
Total Equity
23,883
23,930
25,254
Total Liabilities and Equity
$24,421
$24,480
$26,029
View source version on businesswire.com: https://www.businesswire.com/news/home/20230523006057/en/
Kenneth D. Masiello
Chief Financial Officer
(775) 664-3700
Source: CIBL, Inc.