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

Rhea-AI Summary

CIBL reports strong Q3 2024 performance with its New Hampshire Operations showing significant growth. Revenues increased 10.3% to $524,000 from $475,000 in Q3 2023, while EBITDA before corporate expenses rose 37.6% to $150,000 from $109,000. The company maintains a strong liquid position with $21,986,000 in total cash and liquid investments. CIBL acquired a 20% stake in Brick Skirt Holdings through the issuance of 750 common shares. Capital expenditures increased to $247,000 in Q3 2024 compared to $5,000 in Q3 2023.

Positive

• Revenue growth of 10.3% YoY to $524,000 in Q3 2024
• EBITDA increase of 37.6% YoY to $150,000
• Strategic acquisition of 20% stake in Brick Skirt Holdings
• Strong liquidity position with $21.9M in cash and investments

Negative

• Decline in total cash and liquid investments from $22.7M in December 2023 to $21.9M
• Significant increase in capital expenditures from $5,000 to $247,000 YoY

RENO, Nev.--(BUSINESS WIRE)-- CIBL, Inc. (“CIBL” or the “Company”; OTC Pink ®: CIBY) announces unaudited results for the quarter ended September 30, 2024, of its operations which 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 September 30, 2024, the New Hampshire operations increased revenues 10.3% to $524,000 from the $475,000 for the previous year’s third quarter, while EBITDA, before corporate expenses, was up 37.6% to $150,000 as compared to $109,000 in 2023.

Balance Sheet Highlights

Cash and Liquid Investments	September 30, 2024	December 31, 2023	September 30, 2023
Cash and cash equivalents	$1,298	$1,252	$1,798
Investments in US Treasury Bills	18,691	19,046	18,378
Investment in available for sale equity securities	276	551	667
Investment in equity method limited partnership	1,721	1,878	1,849
Total cash and liquid investments	$21,986	$22,727	$22,692
Shares Outstanding	12,753	12,668	12,704
Per share value	$1,724	$1,794	$1,786

Other Highlights

On September 25, 2024, the Company announced, that it closed on its acquisition of 20% of Brick Skirt Holdings, Inc. (“Brick Skirt”), from LICT Corporation (“LICT”). CIBL acquired this interest through the issuance of 750 of its common shares. Brick Skirt, through subsidiaries, provides broadband and communication services to sections in western New York state.

Capital expenditures were $247,000 and $5,000 for the three months ending September 30, 2024, and 2023, respectively. Year to date capital expenditures were $411,000 and $69,000 for the periods ending in 2024 and 2023, respectively.

During 2024, the Company acquired 365 of its shares at an average price of $1,815 per share. Allowing for the shares issued to LICT, CIBL has 12,753 shares outstanding. Since its spin-off from LICT Corporation in 2007, CIBL has repurchased 14,113 of its shares for $19.7 million, or an average price of $1,396 per share.

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 Consolidated Statements of Operations (Unaudited) (In Thousands, Except Common Share and Earnings per Share Data)									Attachment A
	Three Months Ended September 30,								Nine Months Ended September 30,
		2024				2023				2024				2023
Revenue
Revenue	$	524			$	475			$	1,500			$	1,428
Costs and Expenses
Operating costs, excluding depreciation		316				297				883				864
General and administrative costs of operations		58				69				175				196
Corporate office expenses		223				242				747				802
Depreciation and amortization		35				31				100				93
Total Operating expenses		632				639				1,905				1,955
Operating loss		(108	)			(164	)			(405	)			(527	)
Other income (expense):
Investment income		271				255				792				721
Equity in income (loss) of limited partnership investment		135				157				(147	)			106
Unrealized and realized losses on available for sale equity securities		(2	)			(36	)			(115	)			(76	)
Total Other income		404				376				530				751
Income before income taxes		296				212				125				224
Income tax (expense)		(79	)			(50	)			(33	)			(53	)
Net income	$	217			$	162			$	92			$	171
Basic and diluted weighted average shares outstanding		12,506				12,424				12,538				12,484
Actual shares outstanding		12,753				12,704				12,753				12,704
Earnings Per Share Net income from continuing operations per share
Net income per share	$	17.35			$	13.04			$	7.34			$	13.70

CIBL, Inc. and Subsidiaries Consolidated Balance Sheets (Unaudited) (In Thousands, Except Common Share Data)					Attachment B
	September 30, 2024				December 31, 2023 (Audited)					September 30, 2023
Assets
Current Assets
Cash and cash equivalents	$	1,298			$		1,252			$	1,798
Investments in United States Treasury Bills		18,691					19,046				18,378
Investment in available for sale equity securities		276					551				667
Investment in equity method limited partnership		1,721					1,878				1,849
Accounts receivable		228					228				189
Prepaid expenses		34					160				39
Materials and supplies		59					59				59
Income taxes receivable		21					45				88
Total Current Assets		22,328					23,219				23,067
Telecommunications, property, plant and equipment, net		986					646				661
Goodwill		337					337				337
Other intangibles, net		33					41				44
Other affiliated investments		1,609					700				700
Deferred income taxes		15					-				--
Other assets		71					71				85
Total Assets	$	25,379			$		25,014			$	24,894
Liabilities and Equity
Current Liabilities
Trade accounts payable and accrued expenses	$	152			$		76			$	78
Accrued liabilities		367					371				304
Total Current Liabilities		519					447				382
Deferred income taxes		-					37				22
Other liabilities		59					59				70
Total Liabilities		578					543				474
Equity
Common stock, par value $.01, 30,000 shares authorized; 26,865, 26,415 and 26,415 issued; and 12,753; 12,668; and 12,704 outstanding		--					--				--
Contributed capital		7,112					6,212				6,212
Retained earnings		37,365					37,273				37,157
Treasury stock, 14,113; 13,748; and 13,712 shares at cost		(19,676	)				(19,014	)			(18,949	)
Total Equity		24,801					24,471				24,420
Total Liabilities and Equity	$	25,379			$		25,014			$	24,894

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241023133042/en/

Kenneth D. Masiello

Chief Financial Officer

(775) 664-3700

Source: CIBL, Inc.

FAQ

What was CIBL's (CIBY) revenue growth in Q3 2024?

CIBL's revenue grew 10.3% to $524,000 in Q3 2024 compared to $475,000 in Q3 2023.

How much did CIBL's (CIBY) EBITDA increase in Q3 2024?

CIBL's EBITDA before corporate expenses increased 37.6% to $150,000 in Q3 2024 compared to $109,000 in Q3 2023.

What major acquisition did CIBL (CIBY) complete in September 2024?

CIBL acquired a 20% stake in Brick Skirt Holdings through the issuance of 750 common shares on September 25, 2024.

What is CIBL's (CIBY) current cash and liquid investments position?

As of September 30, 2024, CIBL's total cash and liquid investments stood at $21,986,000.