CIBL, Inc. Reports (Unaudited) First Quarter Operating Results
CIBL, operating Bretton Woods Telephone Company and World Surfer in Northern New Hampshire, reported unaudited first-quarter results ending March 31, 2024. The operations generated revenues of $468,000, consistent with the prior year. EBITDA before corporate expenses was $142,000 compared to $135,000 in 2023. In 2024, CIBL acquired 21 shares at an average price of $1,857 per share, with 12,647 shares outstanding. Since its 2007 spin-off from LICT, CIBL repurchased 13,769 shares for $19.1 million, averaging $1,387 per share. The company announced plans to acquire a 20% interest in Brick Skirt Holdings from LICT for $1.5 million, partially completed in Q3 2023 by issuing 300 CIBL shares, with the remainder expected in 2024. Brick Skirt provides broadband services in western New York. CIBL's Board continues to evaluate strategic alternatives to enhance shareholder value.
- CIBL's revenue remained stable at $468,000 for Q1 2024 compared to the previous year.
- EBITDA before corporate expenses increased to $142,000 in Q1 2024 from $135,000 in Q1 2023.
- CIBL repurchased 13,769 shares since 2007, showing commitment to shareholder value.
- CIBL announced plans to acquire a 20% interest in Brick Skirt Holdings for $1.5 million, expanding its broadband services to western New York.
- CIBL's Board is actively evaluating strategic alternatives to enhance shareholder value.
- Revenues remained flat at $468,000, showing no growth compared to the previous year.
- The average share repurchase price increased to $1,857 per share in 2024, higher than the historical average of $1,387 per share.
- The acquisition of Brick Skirt Holdings is subject to regulatory approval, posing a potential risk of delays.
For the three months ended March 31, 2024, the
During 2024, the Company acquired 21 of its shares at an average price of
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
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.
Attachment A |
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CIBL, Inc. and Subsidiaries Consolidated Statements of Operations (Unaudited) (In Thousands, Except Common Share and Earnings per Share Data) |
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Three Months Ended
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2024 |
2023 |
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Revenue |
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Revenue |
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Costs and expenses |
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Operating costs |
271 |
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273 |
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General and administrative costs of operations |
55 |
|
61 |
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Corporate office expenses |
244 |
|
250 |
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Depreciation and amortization |
31 |
|
31 |
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Total Operating expenses |
601 |
|
615 |
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Operating loss |
(133 |
) |
(146 |
) |
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Other income (expense): |
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Interest income |
256 |
|
221 |
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Equity in income/(loss) of limited partnership investment |
(156 |
) |
(20 |
) |
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Unrealized loss on available for sale equity securities |
(42 |
) |
(30 |
) |
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Total Other income |
58 |
|
171 |
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Net income (loss) before income taxes |
(75 |
) |
25 |
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Income tax (expense) benefit |
15 |
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(6 |
) |
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Net income (loss) |
( |
) |
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Basic and diluted weighted average shares outstanding |
12,664 |
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12,542 |
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Actual shares outstanding |
12,647 |
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12,524 |
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Per Share |
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Net income (loss) per share |
( |
) |
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Attachment B |
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CIBL, Inc. and Subsidiaries Consolidated Balance Sheets (Unaudited) (In Thousands, Except Common Share and Earnings per Share Data) |
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March 31,
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December 31,
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March 31,
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Assets |
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Current Assets |
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Cash and cash equivalents |
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Investments in |
19,126 |
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19,046 |
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18,634 |
|
Investment in available for sale equity securities |
509 |
|
|
551 |
|
|
526 |
|
Investment in equity method limited partnership |
1,722 |
|
|
1,878 |
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|
1,723 |
|
Accounts receivable |
226 |
|
|
228 |
|
|
197 |
|
Prepaid expenses |
127 |
|
|
160 |
|
|
124 |
|
Materials and supplies |
59 |
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|
59 |
|
|
59 |
|
Income taxes receivable |
35 |
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|
45 |
|
|
66 |
|
Total Current Assets |
23,085 |
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|
23,219 |
|
|
23,150 |
|
|
|
|
|
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Telecommunications, property, plant and equipment, net |
693 |
|
|
646 |
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|
686 |
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|
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Goodwill |
337 |
|
|
337 |
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|
337 |
|
Other intangibles, net |
38 |
|
|
41 |
|
|
49 |
|
Other investments |
700 |
|
|
700 |
|
|
100 |
|
Deferred income tax |
5 |
|
|
-- |
|
|
14 |
|
Other assets |
71 |
|
|
71 |
|
|
85 |
|
Total Assets |
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Liabilities and Equity |
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Current Liabilities |
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Accounts payable and accrued expenses |
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Accrued liabilities |
346 |
|
|
371 |
|
|
371 |
|
Total Current Liabilities |
498 |
|
|
447 |
|
|
468 |
|
|
|
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|
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Deferred income taxes |
-- |
|
|
37 |
|
|
-- |
|
Other liabilities |
59 |
|
|
59 |
|
|
70 |
|
Total Liabilities |
557 |
|
|
543 |
|
|
538 |
|
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Equity |
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Common stock, par value |
-- |
|
|
-- |
|
|
-- |
|
Contributed capital |
6,212 |
|
|
6,212 |
|
|
5,612 |
|
Retained earnings |
37,213 |
|
|
37,273 |
|
|
37,005 |
|
Treasury stock, 13,769; 13,748; and 13,592 shares at cost |
(19,053 |
) |
|
(19,014 |
) |
|
(18,734 |
) |
Total Equity |
24,372 |
|
|
24,471 |
|
|
23,883 |
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Total Liabilities and Equity |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240513345865/en/
Kenneth D. Masiello
Chief Financial Officer
(775) 664-3700
Source: CIBL, Inc.
FAQ
What were CIBL's Q1 2024 revenues?
How did CIBL's Q1 2024 EBITDA compare to Q1 2023?
How many shares did CIBL repurchase in 2024?
What is CIBL's outstanding share count after the Q1 2024 repurchase?
What is the total amount spent by CIBL on share repurchases since its spin-off?
What is the progress of CIBL's acquisition of Brick Skirt Holdings?