CIBL, Inc. (“CIBL” or the “Company”; OTC Pink ®: CIBY) announces results for the third quarter ending September 30, 2023. 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”).
In addition, on September 30, 2023, its investments are approximately $22.7 million in mostly liquid assets or $1,787 per share, based on the 12,704 shares outstanding at that date.
For the three months ended September 30, 2023, the New Hampshire operations generated $475,000 in operating revenues, an 8.3% decrease from the $518,000 reported for the quarter ended September 30, 2022. EBITDA from the New Hampshire operations was $109,000 in the 2023 period as compared to $112,000 in 2022.
During 2023, the Company repurchased 157 of its shares at an average price of $1,784 per share. We now have 12,704 shares outstanding. Since its spin-off from LICT Corporation in 2007, CIBL has repurchased 13,712 of its shares for $18.9 million, or an average price of $1,382 per share.
On September 27, 2023, the Company announced, subject to regulatory approval, it will acquire 20% of Brick Skirt Holdings, Inc. (“Brick Skirt”) from LICT Corporation (“LICT”). Brick Skirt was a former subsidiary of LICT known as DFT Communications.
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 |
Attachment A |
|||||||||||||||
Consolidated Statements of Operations (Unaudited) |
||||||||||||||||
(In Thousands, Except Common Share and Earnings per Share Data) |
||||||||||||||||
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||||
Revenue |
|
|
|
|
||||||||||||
Revenue |
$ |
475 |
|
$ |
518 |
|
$ |
1,428 |
|
$ |
1,408 |
|
||||
|
|
|
|
|||||||||||||
Costs and expenses |
|
|
|
|
||||||||||||
Costs of revenue, excluding depreciation |
|
297 |
|
|
329 |
|
|
864 |
|
|
855 |
|
||||
General and administrative costs of operations |
|
69 |
|
|
77 |
|
|
196 |
214 |
|||||||
Corporate office expenses |
|
242 |
|
|
262 |
|
|
802 |
|
|
711 |
|
||||
Depreciation and amortization |
|
31 |
|
|
37 |
|
|
93 |
|
|
147 |
|
||||
Total Operating expenses |
|
639 |
|
|
705 |
|
|
1,955 |
|
|
1,927 |
|
||||
Operating loss |
|
(164 |
) |
|
(187 |
) |
|
(527 |
) |
|
(519 |
) |
||||
Other income: |
|
|
|
|
||||||||||||
Investment income |
|
255 |
|
|
100 |
|
|
721 |
|
|
132 |
|
||||
Equity in earnings/(loss) of limited partnership investment |
|
157 |
|
|
27 |
|
106 |
|
(9 |
) |
||||||
Unrealized loss on available for sale equity securities |
(36 |
) |
- |
(76 |
) |
- |
||||||||||
Total Other income |
|
376 |
|
|
127 |
|
|
751 |
|
|
123 |
|
||||
Net income (loss) before income taxes |
|
212 |
|
|
(60 |
) |
|
224 |
|
|
(396 |
) |
||||
Income tax (expense) benefit |
|
(50 |
) |
|
11 |
|
|
(53 |
) |
|
95 |
|
||||
Net income (loss) |
$ |
162 |
|
$ |
(49 |
) |
$ |
171 |
|
$ |
(301 |
) |
||||
|
|
|
|
|
||||||||||||
Basic and diluted weighted average shares outstanding |
|
12,424 |
|
|
13,121 |
|
|
12,484 |
|
|
13,325 |
|
||||
Actual shares outstanding |
|
12,704 |
|
|
13,042 |
|
|
12,704 |
|
|
13,042 |
|
||||
|
|
|
|
|
||||||||||||
Earnings Per Share |
|
|
|
|
||||||||||||
Net income (loss) per share |
$ |
13.04 |
|
$ |
(3.73 |
) |
$ |
13.70 |
|
$ |
(22.59 |
) |
||||
CIBL, Inc. and Subsidiaries |
Attachment B |
|||||||||||
Consolidated Balance Sheets (Unaudited) |
||||||||||||
(In Thousands, Except Common Share and Earnings per Share Data) |
||||||||||||
September 30,
|
|
December 31,
|
|
September 30,
|
||||||||
Assets |
|
|
||||||||||
Current Assets |
|
|
||||||||||
Cash and cash equivalents |
$ |
1,798 |
|
$ |
10,647 |
|
$ |
1,137 |
|
|||
Investments in United States Treasury Bills |
|
18,378 |
|
|
9,940 |
|
|
20,903 |
|
|||
Investment in available for sale equity securities |
|
667 |
|
|
400 |
|
|
- |
|
|||
Investment in equity method limited partnership |
|
1,849 |
|
|
1,743 |
|
|
1,699 |
|
|||
Accounts receivable |
|
189 |
|
|
200 |
|
|
180 |
|
|||
Prepaid expenses |
|
39 |
|
|
155 |
|
|
13 |
|
|||
Materials and supplies |
|
59 |
|
|
59 |
|
|
59 |
|
|||
Income taxes receivable |
|
88 |
|
|
68 |
|
|
253 |
|
|||
Total Current Assets |
|
23,067 |
|
|
23,212 |
|
|
24,244 |
|
|||
|
|
|
||||||||||
Property, plant and equipment, net |
|
661 |
|
|
676 |
|
|
719 |
|
|||
|
|
|
|
|||||||||
Goodwill |
|
337 |
|
|
337 |
|
|
337 |
|
|||
Other intangibles, net |
|
44 |
|
|
52 |
|
|
54 |
|
|||
Other investments |
|
700 |
|
|
100 |
|
|
100 |
|
|||
Deferred income taxes |
|
- |
|
|
18 |
|
|
- |
|
|||
Other assets |
|
85 |
|
|
85 |
|
|
93 |
|
|||
Total Assets |
$ |
24,894 |
|
$ |
24,480 |
|
$ |
25,547 |
|
|||
|
|
|
|
|||||||||
Liabilities and Equity |
|
|
|
|||||||||
Current Liabilities |
|
|
|
|||||||||
Trade accounts payable and accrued expenses |
$ |
78 |
|
$ |
95 |
|
$ |
123 |
|
|||
Accrued liabilities |
|
304 |
|
|
385 |
|
|
400 |
|
|||
Total Current Liabilities |
|
382 |
|
|
480 |
|
|
523 |
|
|||
|
|
|
|
|||||||||
Deferred income taxes |
|
22 |
|
|
- |
|
|
101 |
|
|||
Other liabilities |
|
70 |
|
|
70 |
|
|
82 |
|
|||
Total Liabilities |
|
474 |
|
|
550 |
|
|
706 |
|
|||
|
|
|
||||||||||
Equity |
|
|
|
|||||||||
Common stock, par value $.01, 30,000 shares authorized; 26,415, 26115 and 26,115 issued; and 12,704; 12,561; and 13,042 outstanding |
|
-- |
|
|
-- |
|
|
-- |
|
|||
Contributed capital |
|
5,612 |
|
|
5,612 |
|
|
5,612 |
|
|||
Retained earnings |
|
37,757 |
|
|
36,986 |
|
|
37,037 |
|
|||
Treasury stock, 13,712; 13,555; and 13,074 shares at cost |
|
(18,949 |
) |
|
(18,668 |
) |
|
(17,808 |
) |
|||
Total Equity |
|
24,420 |
|
|
23,930 |
|
|
24,841 |
|
|||
Total Liabilities and Equity |
$ |
24,8294 |
|
$ |
24,480 |
|
$ |
25,547 |
|
|||
View source version on businesswire.com: https://www.businesswire.com/news/home/20231206128194/en/
Contacts
Kenneth D. Masiello
Chief Financial Officer
(775) 664-3700
