CIBL, Inc. (“CIBL” or the “Company”; OTC Pink ®: CIBY) announces
unaudited results for the quarter ending June 30, 2024. 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 June 30, 2024, the New Hampshire
operations generated revenues of $508,000, representing an increase
of $24,000 from the $484,000 for the previous year’s second
quarter, while EBITDA from New Hampshire operations, before
corporate expenses, was $150,000 in the 2024 period as compared to
$123,000 in 2023.
During 2024, the Company acquired 269 of its shares at an
average price of $1,816 per share. We now have 12,399 shares
outstanding. Since its spin-off from LICT Corporation in 2007, CIBL
has repurchased 14,017 of its shares for $19.5 million, or an
average price of $1,391 per share.
On March 1, 2024, Bretton Woods Telephone Company’s contract
with the Omni Mount Washington Resort LLC was renewed for another
five-year term.
On September 27, 2023, the Company announced, subject to
regulatory approval, it will acquire 450 shares of Brick Skirt
Holdings, Inc. (“Brick Skirt”), representing a 20% interest
thereof, from LICT Corporation (“LICT”), for an aggregate purchase
price of $1,500,000, 40% of this interest was acquired in the third
quarter of 2023, by issuing 300 CIBL shares to LICT, and the
remaining 60% interest is expected to be acquired in the second
half of 2024. Brick Skirt, through subsidiaries, provides broadband
and communication services to sections in western New York
state.
Capital expenditures were $89,000 and $26,000 for the three
months ending June 30, 2024 and 2023, respectively.
CIBL’s Board of Directors continues to evaluate a broad range of
strategic alternatives for the Company in order to create
shareholder value.
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
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Revenue
Revenue
$
508
$
484
$
976
$
953
Costs and expenses
Costs of revenue
296
295
568
567
General and administrative costs of
operations
62
66
117
127
Corporate office expenses
280
309
523
560
Depreciation and amortization
34
31
65
62
Total Operating expenses
672
701
1,273
1,316
Operating loss
(164
)
(217
)
(297
)
(363
)
Other income (expense):
Investment income
266
244
521
466
Equity in loss of limited partnership
investment
(127
)
(30
)
(283
)
(51
)
Unrealized and realized losses on
available for sale equity securities
(71
)
(10
)
(113
)
(40
)
Total Other income
68
204
125
375
Net income (loss) before income taxes
(96
)
(13
)
(172
)
12
Income tax (expense) benefit
31
3
46
(3
)
Net income (loss)
$
(65
)
$
(10
)
$
(126
)
$
9
Basic and diluted weighted average shares
outstanding
12,445
12,487
12,554
12,515
Actual shares outstanding
12,399
12,436
12,399
12,436
Earnings Per Share
Net income (loss) per share
$
(5.22
)
$
(0.77
)
$
(10.03
)
$
0.72
CIBL, Inc. and
Subsidiaries
Attachment B
Consolidated Balance Sheets
(Unaudited)
(In Thousands, Except Common
Share Data)
June 30, 2024
December 31, 2023 (Audited)
June 30, 2023
Assets
Current Assets
Cash and cash equivalents
$
1,348
$
1,252
$
1,727
Investments in United States Treasury
Bills
18,841
19,046
18,371
Investment in available for sale equity
securities
279
551
703
Investment in equity method limited
partnership
1,595
1,878
1,693
Accounts receivable
221
228
172
Prepaid expenses
71
160
70
Materials and supplies
59
59
59
Income taxes receivable
43
45
69
Total Current Assets
22,457
23,219
22,864
Telecommunications, property, plant and
equipment, net
771
646
684
Goodwill
337
337
337
Other intangibles, net
35
41
46
Other investments
700
700
100
Deferred income taxes
41
-
26
Other assets
71
71
85
Total Assets
$
24,421
$
25,014
$
24,142
Liabilities and Equity
Current Liabilities
Trade accounts payable and accrued
expenses
$
124
$
76
$
53
Accrued liabilities
381
371
303
Total Current Liabilities
505
447
356
Deferred income taxes
-
37
-
Other liabilities
59
59
70
Total Liabilities
564
543
426
Equity
Common stock, par value $.01, 30,000
shares authorized; 26,415, 26,415 and 26,115 issued; and 12,399;
12,668; and 12,436 outstanding
--
--
--
Contributed capital
6,212
6,212
5,612
Retained earnings
37,147
37,273
36,995
Treasury stock, 14,017; 13,748; and 13,680
shares at cost
(19,502
)
(19,014
)
(18,891
)
Total Equity
23,857
24,471
23,716
Total Liabilities and Equity
$
24,421
$
25,014
$
24,142
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version on businesswire.com: https://www.businesswire.com/news/home/20240802857605/en/
Kenneth D. Masiello Chief Financial Officer (775) 664-3700