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

Rhea-AI Summary

CIBL, Inc. (CIBY) announces Q3 2023 results, with $475,000 in operating revenues, an 8.3% decrease from 2022. The company has $22.7 million in investments and repurchased 157 shares at an average price of $1,784 per share. CIBL will acquire 20% of Brick Skirt Holdings, Inc. from LICT Corporation and is listed on OTC Pink® under the symbol CIBY.

Positive

• CIBL has significant liquid assets of $22.7 million and repurchased 157 shares at an average price of $1,784 per share, demonstrating financial stability and confidence in the company's future.
• The acquisition of 20% of Brick Skirt Holdings, Inc. from LICT Corporation presents an opportunity for strategic expansion and diversification of CIBL's portfolio.

Negative

• Operating revenues decreased by 8.3% from 2022, indicating a decline in the company's core business performance.
• The net income for the third quarter of 2023 was $162,000, down from $49,000 in 2022, reflecting a decrease in profitability.

RENO, Nev.--(BUSINESS WIRE)-- CIBL, Inc. (“CIBL” or the “Company”; OTC Pink ®: CIBY) announces results for the third quarter ending September 30, 2023. 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”).

In addition, on September 30, 2023, its investments are approximately $22.7 million in mostly liquid assets or $1,787 per share, based on the 12,704 shares outstanding at that date.

For the three months ended September 30, 2023, the New Hampshire operations generated $475,000 in operating revenues, an 8.3% decrease from the $518,000 reported for the quarter ended September 30, 2022. EBITDA from the New Hampshire operations was $109,000 in the 2023 period as compared to $112,000 in 2022.

During 2023, the Company repurchased 157 of its shares at an average price of $1,784 per share. We now have 12,704 shares outstanding. Since its spin-off from LICT Corporation in 2007, CIBL has repurchased 13,712 of its shares for $18.9 million, or an average price of $1,382 per share.

On September 27, 2023, the Company announced, subject to regulatory approval, it will acquire 20% of Brick Skirt Holdings, Inc. (“Brick Skirt”) from LICT Corporation (“LICT”). Brick Skirt was a former subsidiary of LICT known as DFT Communications.

CIBL’s Board of Directors continues to evaluate a broad range of strategic alternatives for the company to create shareholder value. As noted above, it has the liquidity to effectuate transactions if we find them attractive and appropriate for our Company.

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 September 30,								Nine Months Ended September 30,
		2023				2022				2023				2022
Revenue
Revenue		$	475			$	518			$	1,428			$	1,408
Costs and expenses
Costs of revenue, excluding depreciation			297				329				864				855
General and administrative costs of operations			69				77				196				214
Corporate office expenses			242				262				802				711
Depreciation and amortization			31				37				93				147
Total Operating expenses			639				705				1,955				1,927
Operating loss			(164	)			(187	)			(527	)			(519	)
Other income:
Investment income			255				100				721				132
Equity in earnings/(loss) of limited partnership investment			157				27				106				(9	)
Unrealized loss on available for sale equity securities			(36	)			-				(76	)			-
Total Other income			376				127				751				123
Net income (loss) before income taxes			212				(60	)			224				(396	)
Income tax (expense) benefit			(50	)			11				(53	)			95
Net income (loss)		$	162			$	(49	)		$	171			$	(301	)
Basic and diluted weighted average shares outstanding			12,424				13,121				12,484				13,325
Actual shares outstanding			12,704				13,042				12,704				13,042
Earnings Per Share
Net income (loss) per share		$	13.04			$	(3.73	)		$	13.70			$	(22.59	)

CIBL, Inc. and Subsidiaries						Attachment B
Consolidated Balance Sheets (Unaudited)
(In Thousands, Except Common Share and Earnings per Share Data)
		September 30, 2023				December 31, 2022				September 30, 2022
Assets
Current Assets
Cash and cash equivalents		$	1,798			$	10,647			$	1,137
Investments in United States Treasury Bills			18,378				9,940				20,903
Investment in available for sale equity securities			667				400				-
Investment in equity method limited partnership			1,849				1,743				1,699
Accounts receivable			189				200				180
Prepaid expenses			39				155				13
Materials and supplies			59				59				59
Income taxes receivable			88				68				253
Total Current Assets			23,067				23,212				24,244
Property, plant and equipment, net			661				676				719
Goodwill			337				337				337
Other intangibles, net			44				52				54
Other investments			700				100				100
Deferred income taxes			-				18				-
Other assets			85				85				93
Total Assets		$	24,894			$	24,480			$	25,547
Liabilities and Equity
Current Liabilities
Trade accounts payable and accrued expenses		$	78			$	95			$	123
Accrued liabilities			304				385				400
Total Current Liabilities			382				480				523
Deferred income taxes			22				-				101
Other liabilities			70				70				82
Total Liabilities			474				550				706
Equity
Common stock, par value $.01, 30,000 shares authorized; 26,415, 26115 and 26,115 issued; and 12,704; 12,561; and 13,042 outstanding			--				--				--
Contributed capital			5,612				5,612				5,612
Retained earnings			37,757				36,986				37,037
Treasury stock, 13,712; 13,555; and 13,074 shares at cost			(18,949	)			(18,668	)			(17,808	)
Total Equity			24,420				23,930				24,841
Total Liabilities and Equity		$	24,8294			$	24,480			$	25,547

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20231206128194/en/

Kenneth D. Masiello

Chief Financial Officer

(775) 664-3700

Source: CIBL, Inc.

FAQ

What are CIBL, Inc.'s (CIBY) Q3 2023 operating revenues?

CIBL reported operating revenues of $475,000 for Q3 2023, an 8.3% decrease from the previous year.

How many shares did CIBL repurchase and at what price?

CIBL repurchased 157 shares at an average price of $1,784 per share.

What is CIBL's stock symbol and where is it listed?

CIBL is listed on OTC Pink® under the symbol CIBY.

What acquisition did CIBL announce in September 2023?

CIBL announced the acquisition of 20% of Brick Skirt Holdings, Inc. from LICT Corporation.

What was CIBL's net income for Q3 2023?

CIBL reported a net income of $162,000 for Q3 2023, down from a net loss of $49,000 in 2022.