Financial News
CIBL, Inc. Reports Quarter Ending Cash and Operating Results
CIBL, Inc. (“CIBL” or the “Company”; OTC Pink ®: CIBY) announces that at September 30, 2022, CIBL held $23.7 million in liquid assets or $1,817 per share, based on the 13,042 shares outstanding at that date, 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”).
During the quarter ended September 30, 2022, the New Hampshire operations generated $518,000 in revenues, an 8.4% increase from the $478,000 of revenues reported in the Third Quarter of 2021. EBITDA from the New Hampshire operations was $112,000 in the 2022 period as compared to $152,000 in the 2021 period. The New Hampshire operations currently have 465 broadband customers, all served by fiber optic cable.
Share Repurchases - During the nine months ended September 30, 2022, the Company acquired 1,707 of its shares at an average price of $1,830 per share. We acquired 198 shares since September 30, 2022, at $1,803 per share, and now have 12,844 shares outstanding. Since its spin-off from LICT Corporation in 2007, CIBL has repurchased 13,272 of its shares for a total of $18.2 million, or an average price of $1,369 per share.
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 telecommunications 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 |
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Consolidated Statements of Operations (Unaudited) |
|||||||
(In Thousands, Except Common Share Data) |
|||||||
Three Months Ended
|
|
Nine Months Ended
|
|||||
2022 |
|
2021 |
|
2022 |
|
2021 |
|
Revenue |
|
|
|
|
|
|
|
Total Revenue |
$518 |
$478 |
|
$1,408 |
|
$1,429 |
|
|
|
|
|
|
|
||
Costs and expenses |
|
|
|
|
|
|
|
Costs of revenue, excluding depreciation |
329 |
|
258 |
|
855 |
|
816 |
General and administrative costs of operations |
77 |
|
68 |
214 |
206 |
||
Corporate office expenses |
231 |
166 |
|
617 |
|
531 |
|
Management fee |
31 |
31 |
|
94 |
|
94 |
|
Depreciation and amortization |
37 |
|
64 |
|
147 |
|
194 |
Total Operating expenses |
705 |
587 |
|
1,927 |
|
1,841 |
|
Operating loss |
(187) |
(109) |
|
(519) |
|
(412) |
|
Other income (expense): |
|
|
|
|
|
|
|
Interest income |
100 |
2 |
|
132 |
|
6 |
|
Equity in income (loss) of limited partnership investment |
27 |
30 |
(9) |
106 |
|||
Other |
|
|
|
|
|
|
18 |
Total Other income |
127 |
32 |
|
123 |
|
130 |
|
Net loss before income taxes |
(60) |
(77) |
(396) |
(282) |
|||
Income tax benefit |
11 |
18 |
|
95 |
|
186 |
|
Net loss |
$(49) |
|
$(59) |
|
$(301) |
|
$(96) |
|
|
|
|
|
|
|
|
Basic and diluted weighted average shares outstanding |
13,121 |
15,265 |
|
13,325 |
|
15,656 |
|
Actual shares outstanding |
13,042 |
15,169 |
|
13,042 |
|
15,169 |
|
|
|
|
|
|
|
|
|
Earnings Per Share |
|
|
|
|
|
|
|
Net loss |
$(3.73) |
$(3.87) |
|
$(22.59) |
|
$(6.13) |
|
CIBL, Inc. and Subsidiaries Consolidated Balance Sheets (Unaudited) (In Thousands, Except Common Share Data) |
Attachment B |
||||
September 30,
|
December 31,
|
|
September 30,
|
||
Assets |
|
|
|
|
|
Current Assets |
|
|
|
|
|
Cash and cash equivalents |
$1,137 |
|
$3,179 |
|
$2,183 |
United States Treasury Bills |
20,903 |
|
21,998 |
|
23,999 |
Investment in equity method limited partnership |
1,699 |
|
1,708 |
|
1,686 |
Accounts receivable, net of allowance of $1 |
180 |
|
181 |
|
174 |
Prepaid expenses |
13 |
|
155 |
|
1 |
Materials and supplies |
59 |
|
59 |
|
59 |
Other current assets |
253 |
|
188 |
|
125 |
Total Current Assets |
24,244 |
|
27,468 |
|
28,227 |
|
|
|
|
|
|
Property, plant and equipment |
4,305 |
|
4,289 |
|
4,633 |
Accumulated depreciation |
(3,586) |
|
(3,442) |
|
(3,659) |
Net property, plant and equipment |
719 |
|
847 |
|
974 |
|
|
|
|
|
|
Goodwill |
337 |
|
337 |
|
337 |
Other intangibles, net |
54 |
|
57 |
|
58 |
Other investments |
100 |
|
100 |
|
100 |
Other assets |
93 |
|
93 |
|
119 |
Total Assets |
$25,547 |
|
$28,902 |
|
$29,815 |
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
Accounts payable and accrued expenses |
$123 |
|
$219 |
|
$75 |
Accrued liabilities |
400 |
|
276 |
|
377 |
Total Current Liabilities |
523 |
|
495 |
|
452 |
|
|
|
|
|
|
Deferred income taxes |
101 |
|
101 |
|
157 |
Other liabilities |
82 |
|
82 |
|
104 |
Total Liabilities |
706 |
|
678 |
|
713 |
|
|
|
|
|
|
Stockholders’ Equity |
|
|
|
|
|
Common stock, par value $.01, 30,000 shares
|
-- |
|
-- |
|
-- |
Contributed capital |
5,612 |
|
5,612 |
|
5,612 |
Retained earnings |
37,037 |
|
37,338 |
|
37,469 |
Treasury stock, 13,074; 11,367; and 10,947 shares at cost |
(17,808) |
|
(14,725) |
|
(13,979) |
Total Stockholders' Equity |
24,841 |
|
28,225 |
|
29,102 |
Total Liabilities and Stockholders’ Equity |
$25,547 |
|
$28,902 |
|
$29,815 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20221128005677/en/
Contacts
Kenneth D. Masiello
(775) 664-3700
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