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CORRECTING and REPLACING CIBL, Inc. Reports Preliminary (Unaudited) Fourth Quarter and Full Year 2023 Operating Results

In the release dated March 6, 2024, second sentence of second paragraph should read: EBITDA from the New Hampshire Operations before corporate expenses are $381,000 in the 2023 period as compared to $299,000 in 2022 (instead of:  EBITDA from the New Hampshire Operations was $138,000 in the 2023 period as compared to $113,000 in 2022). Second sentence of third paragraph should read: EBITDA from the New Hampshire Operations before corporate expenses totaled $1.446 million for the year ending December 31, 2023 as compared to $1.349 million in the prior year (instead of: EBITDA from the New Hampshire Operations totaled $506 million for the year ending December 31, 2023 as compared to $452 million in the prior year). Second sentence of eighth paragraph has been removed.

The updated release reads:

CIBL, INC. REPORTS PRELIMINARY (UNAUDITED) FOURTH QUARTER AND FULL YEAR 2023 OPERATING RESULTS

CIBL, Inc. (“CIBL” or the “Company”; OTC Pink ®: CIBY) announces preliminary unaudited results for the quarter and year ending December 31, 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”).

For the three months ended December 31, 2023, the New Hampshire Operations generated $481,000 in operating revenues, an 5.9% increase from the $455,000 reported for the quarter ended December 31, 2022. EBITDA from the New Hampshire Operations before corporate expenses are $381,000 in the 2023 period as compared to $299,000 in 2022.

Operating revenues for the New Hampshire Operations generated $1.909 million for the year ending December 31, 2023, a 2.4% increase from the $1.863 million reported for the year ending December 31, 2022. EBITDA from the New Hampshire Operations before corporate expenses totaled $1.446 million for the year ending December 31, 2023 as compared to $1.349 million in the prior year.

On December 31, 2023, liquid investments were approximately $22.7 million or $1,794 per share, based on the 12,668 shares outstanding at year end December 31, 2023.

During 2023, the Company repurchased 193 of its shares at an average price of $1,789 per share. Since its spin-off from LICT Corporation in 2007, CIBL has repurchased 13,748 of its shares for $19.0 million, or an average price of $1,383 per share. Outstanding shares increased from 12,561 to 12,668 due to 300 shares issued for Brick Skirt (see below) less 193 shares repurchased during 2023.

On August 31, 2023, CIBL received 5,700 shares of MachTen, Inc. (OTC Pink: MACT) as a spin-off distribution from our holdings of LICT Corporation shares.

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”), at an aggregate purchase price of $1,500,000. 40% of this interest was made in the third quarter of 2023, by issuing 300 of our shares to LICT, and the remaining interest is expected to be acquired in the first half of 2024. Brick Skirt, through subsidiaries, provides broadband and communication services to sections in western New York state.

CIBL’s Board of Directors continues to evaluate a broad range of strategic alternatives for the company 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

Consolidated Statements of Operations (Unaudited)

(In Thousands, Except Common Share and Earnings per Share Data)

Attachment A

 

Three Months Ended

December 31,

 

Year Ended

December 31,

2023

 

2022

 

2023

 

2022

Revenue

 

 

 

 

 

 

Revenue

$481

$455

 

$1,909

 

$1,863

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

 

 

Costs of revenue, excluding depreciation

283

 

291

 

1,148

 

1,146

General and administrative costs of operations

59

 

51

 

 

255

 

 

265

Corporate office expenses

281

311

 

1,082

 

1,022

Depreciation and amortization

31

 

32

 

124

 

179

Total Operating expenses

654

685

 

2,609

 

2,612

Operating loss

(173)

(230)

 

(700)

 

(749)

 

 

 

 

 

 

Other Income (Expense)

 

 

 

 

 

 

 

Investment income

266

199

 

989

 

331

Equity in earnings of limited partnership investment

29

44

 

 

134

 

 

35

Realized and unrealized gains (losses)

65

 

(19)

 

(12)

 

(19)

Total Other income - net

360

224

 

1,111

 

347

Net income (loss) before income taxes

187

(6)

 

 

411

 

 

(402)

Income tax (expense) benefit

(71)

2

 

(124)

 

50

Net income (loss)

$ 116

 

$(4)

 

$ 287

 

$(352)

 

 

 

 

 

 

 

 

Basic and diluted weighted average shares outstanding

12,693

12,916

 

12,537

 

13,222

Actual shares outstanding

12,668

12,561

 

12,668

 

12,561

 

 

 

 

 

 

 

 

Earnings Per Share

 

 

 

 

 

 

 

Net income (loss) per share

$ 9.14

$(0.31)

 

$ 22.90

 

$(26.62)

 

CIBL, Inc. and Subsidiaries

Consolidated Balance Sheets (Unaudited)

(In Thousands, Except Common Share Data)

 

Attachment B

 

December 31,

2023

December 31,

2022

Assets

 

Current Assets

 

Cash and cash equivalents

$1,252

 

$10,647

Investments in United States Treasury Bills

19,046

 

9,940

Investment in available for sale equity securities

551

 

400

Investment in equity method limited partnership

1,878

 

1,743

Accounts receivable

228

 

200

Prepaid expenses

160

 

155

Materials and supplies

59

 

59

Income taxes receivable

45

 

68

Total Current Assets

23,219

 

23,212

 

 

 

Property, plant and equipment, net

646

 

676

 

 

 

 

Goodwill

337

 

337

Other intangibles, net

41

 

52

Other investments

700

 

100

Deferred income taxes

-

 

18

Other assets

71

 

85

Total Assets

$25,014

 

$24,480

 

 

 

 

Liabilities and Equity

 

 

 

Current Liabilities

 

 

 

Trade accounts payable and accrued expenses

$76

 

$95

Accrued liabilities

371

 

385

Total Current Liabilities

447

 

480

 

 

 

 

Deferred income taxes

37

 

-

Other liabilities

59

 

70

Total Liabilities

543

 

550

 

 

 

Equity

 

 

 

Common stock, par value $.01, 30,000 shares authorized; 26,415 and 26,115 issued; and 12,668 and 12,561 outstanding

--

 

--

Contributed capital

6,212

 

5,612

Retained earnings

37,273

 

36,986

Treasury stock, 13,748 and 13,555 shares at cost

(19,014)

 

(18,668)

Total Equity

24,471

 

23,930

Total Liabilities and Equity

$25,014

 

$24,480

 

Contacts

Kenneth D. Masiello

Chief Financial Officer

(775) 664-3700

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