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

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CIBL, Inc. (OTC Pink: CIBY) has reported unaudited results for Q2 2024. The company's New Hampshire operations, consisting of Bretton Woods Telephone Company and World Surfer, Inc., saw revenues increase to $508,000, up $24,000 from Q2 2023. EBITDA from these operations rose to $150,000, compared to $123,000 in the previous year. CIBL repurchased 269 shares at an average price of $1,816 per share, reducing outstanding shares to 12,399. The company renewed its contract with Omni Mount Washington Resort for another five years. CIBL is also in the process of acquiring a 20% interest in Brick Skirt Holdings, Inc. from LICT for $1,500,000, with 40% already acquired and the remaining 60% expected to be completed in H2 2024.

CIBL, Inc. (OTC Pink: CIBY) ha riportato risultati non verificati per il secondo trimestre del 2024. Le operazioni nel New Hampshire dell'azienda, che comprendono Bretton Woods Telephone Company e World Surfer, Inc., hanno visto un aumento dei ricavi a 508.000 dollari, con un incremento di 24.000 dollari rispetto al secondo trimestre del 2023. L'EBITDA da queste operazioni è salito a 150.000 dollari, rispetto ai 123.000 dollari dell'anno precedente. CIBL ha riacquistato 269 azioni a un prezzo medio di 1.816 dollari per azione, riducendo il numero delle azioni in circolazione a 12.399. L'azienda ha rinnovato il contratto con l'Omni Mount Washington Resort per altri cinque anni. CIBL è anche in procinto di acquisire una partecipazione del 20% in Brick Skirt Holdings, Inc. da LICT per 1.500.000 dollari, avendo già acquisito il 40%, e il restante 60% è previsto per la seconda metà del 2024.

CIBL, Inc. (OTC Pink: CIBY) ha reportado resultados no auditados para el segundo trimestre de 2024. Las operaciones de la compañía en New Hampshire, que consisten en Bretton Woods Telephone Company y World Surfer, Inc., vieron incrementar los ingresos a 508,000 dólares, un aumento de 24,000 dólares en comparación con el segundo trimestre de 2023. El EBITDA de estas operaciones aumentó a 150,000 dólares, en comparación con 123,000 dólares el año anterior. CIBL recompró 269 acciones a un precio promedio de 1,816 dólares por acción, reduciendo las acciones en circulación a 12,399. La compañía renovó su contrato con Omni Mount Washington Resort por otros cinco años. CIBL también está en proceso de adquirir un interés del 20% en Brick Skirt Holdings, Inc. de LICT por 1,500,000 dólares, con el 40% ya adquirido y el 60% restante que se espera completar en la segunda mitad de 2024.

CIBL, Inc. (OTC Pink: CIBY)는 2024년 2분기 비감사 결과를 보고했습니다. 회사의 뉴햄프셔 운영은 Bretton Woods Telephone Company와 World Surfer, Inc.로 구성되며, 수익이 508,000달러로 증가했습니다, 이는 2023년 2분기 대비 24,000달러 증가한 수치입니다. 이 운영의 EBITDA는 150,000달러로 증가했습니다, 지난해 123,000달러와 비교됩니다. CIBL은 주당 평균 1,816달러에 269주를 재매입하여 유통 주식을 12,399주로 줄였습니다. 이 회사는 Omni Mount Washington Resort와의 계약을 추가로 5년 연장했습니다. CIBL은 또한 LICT로부터 Brick Skirt Holdings, Inc.의 20% 지분을 1,500,000달러에 인수하는 과정에 있으며, 이미 40%를 확보했으며 나머지 60%는 2024년 하반기 중 완료될 예정입니다.

CIBL, Inc. (OTC Pink: CIBY) a rapporté des résultats non vérifiés pour le deuxième trimestre de 2024. Les opérations de l'entreprise dans le New Hampshire, qui comprennent Bretton Woods Telephone Company et World Surfer, Inc., ont vu les revenus augmenter à 508.000 dollars, soit une augmentation de 24.000 dollars par rapport au deuxième trimestre de 2023. EBITDA de ces opérations a augmenté à 150.000 dollars, par rapport à 123.000 dollars l'année précédente. CIBL a racheté 269 actions à un prix moyen de 1.816 dollars par action, réduisant les actions en circulation à 12.399. L'entreprise a renouvelé son contrat avec Omni Mount Washington Resort pour cinq années supplémentaires. CIBL est également en train d'acquérir un intérêt de 20 % dans Brick Skirt Holdings, Inc. de LICT pour 1.500.000 dollars, 40 % ayant déjà été acquis et les 60 % restants devant être complétés au second semestre 2024.

CIBL, Inc. (OTC Pink: CIBY) hat nicht geprüfte Ergebnisse für das zweite Quartal 2024 gemeldet. Die Betriebsstätten des Unternehmens in New Hampshire, bestehend aus der Bretton Woods Telephone Company und der World Surfer, Inc., verzeichneten Umsatzsteigerungen auf 508.000 Dollar, was einen Anstieg von 24.000 Dollar im Vergleich zum zweiten Quartal 2023 bedeutet. Das EBITDA aus diesen Betrieben stieg auf 150.000 Dollar, verglichen mit 123.000 Dollar im Vorjahr. CIBL hat 269 Aktien zu einem Durchschnittspreis von 1.816 Dollar pro Aktie zurückgekauft, wodurch die ausstehenden Aktien auf 12.399 reduziert wurden. Das Unternehmen hat seinen Vertrag mit dem Omni Mount Washington Resort um weitere fünf Jahre verlängert. CIBL ist außerdem dabei, ein 20%iges Interesse an Brick Skirt Holdings, Inc. von LICT für 1.500.000 Dollar zu erwerben, wobei bereits 40% erworben wurden und die restlichen 60% im zweiten Halbjahr 2024 abgeschlossen werden sollen.

Positive
  • Revenue increased by $24,000 to $508,000 in Q2 2024 compared to Q2 2023
  • EBITDA from New Hampshire operations improved to $150,000 from $123,000 year-over-year
  • Renewed five-year contract with Omni Mount Washington Resort
  • Acquiring 20% interest in Brick Skirt Holdings, expanding broadband services to western New York
Negative
  • Increased capital expenditures from $26,000 in Q2 2023 to $89,000 in Q2 2024

RENO, Nev.--(BUSINESS WIRE)-- 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

 

 

Kenneth D. Masiello

Chief Financial Officer

(775) 664-3700

Source: CIBL, Inc.

FAQ

What was CIBL's revenue for Q2 2024?

CIBL's revenue for Q2 2024 was $508,000, an increase of $24,000 from $484,000 in Q2 2023.

How many shares did CIBL (CIBY) repurchase in 2024?

CIBL repurchased 269 of its shares in 2024 at an average price of $1,816 per share.

What is CIBL's (CIBY) acquisition plan for Brick Skirt Holdings?

CIBL plans to acquire a 20% interest in Brick Skirt Holdings for $1,500,000, with 40% already acquired and the remaining 60% expected to be completed in the second half of 2024.

How did CIBL's (CIBY) EBITDA perform in Q2 2024 compared to Q2 2023?

CIBL's EBITDA from New Hampshire operations improved to $150,000 in Q2 2024, up from $123,000 in Q2 2023.

CIBL INC

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