Sign In  |  Register  |  About Santa Clara  |  Contact Us

Santa Clara, CA
September 01, 2020 1:39pm
7-Day Forecast | Traffic
  • Search Hotels in Santa Clara

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

CIBL, Inc. Reports (Unaudited) Second Quarter Operating Results

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

 

 

Contacts

Kenneth D. Masiello

Chief Financial Officer

(775) 664-3700

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 SantaClara.com & California Media Partners, LLC. All rights reserved.