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 |
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Attachment A |
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Consolidated Statements of Operations (Unaudited) |
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(In Thousands, Except Common Share and Earnings per Share Data) |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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Revenue |
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Revenue |
$ |
508 |
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$ |
484 |
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$ |
976 |
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$ |
953 |
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Costs and expenses |
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Costs of revenue |
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296 |
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295 |
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568 |
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567 |
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General and administrative costs of operations |
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62 |
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66 |
117 |
127 |
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Corporate office expenses |
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280 |
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309 |
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523 |
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560 |
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Depreciation and amortization |
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34 |
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31 |
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65 |
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62 |
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Total Operating expenses |
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672 |
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701 |
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1,273 |
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1,316 |
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Operating loss |
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(164 |
) |
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(217 |
) |
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(297 |
) |
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(363 |
) |
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Other income (expense): |
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Investment income |
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266 |
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244 |
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521 |
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466 |
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Equity in loss of limited partnership investment |
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(127 |
) |
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(30 |
) |
(283 |
) |
(51 |
) |
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Unrealized and realized losses on available for sale equity securities |
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(71 |
) |
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(10 |
) |
(113 |
) |
(40 |
) |
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Total Other income |
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68 |
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204 |
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125 |
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375 |
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Net income (loss) before income taxes |
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(96 |
) |
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(13 |
) |
(172 |
) |
12 |
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Income tax (expense) benefit |
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31 |
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3 |
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46 |
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|
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(3 |
) |
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Net income (loss) |
$ |
(65 |
) |
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$ |
(10 |
) |
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$ |
(126 |
) |
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$ |
9 |
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Basic and diluted weighted average shares outstanding |
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12,445 |
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12,487 |
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12,554 |
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12,515 |
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Actual shares outstanding |
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12,399 |
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12,436 |
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12,399 |
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12,436 |
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Earnings Per Share |
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Net income (loss) per share |
$ |
(5.22 |
) |
$ |
(0.77 |
) |
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$ |
(10.03 |
) |
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$ |
0.72 |
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CIBL, Inc. and Subsidiaries |
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Attachment B |
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Consolidated Balance Sheets (Unaudited) |
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(In Thousands, Except Common Share Data) |
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June 30, 2024 |
December 31,
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June 30, 2023 |
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Assets |
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Current Assets |
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Cash and cash equivalents |
$ |
1,348 |
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$ |
1,252 |
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$ |
1,727 |
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Investments in United States Treasury Bills |
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18,841 |
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19,046 |
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18,371 |
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Investment in available for sale equity securities |
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279 |
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551 |
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703 |
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Investment in equity method limited partnership |
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1,595 |
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1,878 |
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1,693 |
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Accounts receivable |
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221 |
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228 |
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172 |
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Prepaid expenses |
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71 |
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160 |
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70 |
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Materials and supplies |
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59 |
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59 |
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59 |
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Income taxes receivable |
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43 |
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45 |
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69 |
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Total Current Assets |
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22,457 |
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23,219 |
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22,864 |
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Telecommunications, property, plant and equipment, net |
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771 |
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646 |
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684 |
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Goodwill |
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337 |
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337 |
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337 |
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Other intangibles, net |
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35 |
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41 |
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46 |
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Other investments |
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700 |
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|
700 |
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|
100 |
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Deferred income taxes |
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41 |
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- |
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26 |
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Other assets |
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71 |
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71 |
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|
|
85 |
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Total Assets |
$ |
24,421 |
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$ |
25,014 |
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$ |
24,142 |
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Liabilities and Equity |
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Current Liabilities |
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Trade accounts payable and accrued expenses |
$ |
124 |
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$ |
76 |
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$ |
53 |
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Accrued liabilities |
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381 |
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|
371 |
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|
303 |
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Total Current Liabilities |
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505 |
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447 |
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356 |
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Deferred income taxes |
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- |
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37 |
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- |
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Other liabilities |
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59 |
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59 |
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|
70 |
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Total Liabilities |
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564 |
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|
543 |
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|
426 |
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Equity |
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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 |
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-- |
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-- |
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-- |
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Contributed capital |
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6,212 |
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6,212 |
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5,612 |
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Retained earnings |
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37,147 |
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37,273 |
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36,995 |
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Treasury stock, 14,017; 13,748; and 13,680 shares at cost |
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(19,502 |
) |
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(19,014 |
) |
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(18,891 |
) |
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Total Equity |
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23,857 |
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24,471 |
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|
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23,716 |
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Total Liabilities and Equity |
$ |
24,421 |
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$ |
25,014 |
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$ |
24,142 |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240802857605/en/
Contacts
Kenneth D. Masiello
Chief Financial Officer
(775) 664-3700
