CORRECTING and REPLACING CIBL, Inc. Reports Preliminary (Unaudited) Fourth Quarter and Full Year 2023 Operating Results

Rhea-AI Summary

CIBL, Inc. reports preliminary unaudited fourth quarter and full year 2023 operating results, showing revenue growth and strategic acquisitions. The company's EBITDA from New Hampshire Operations increased, with liquid investments at $22.7 million. CIBL repurchased shares and acquired a 20% interest in Brick Skirt Holdings, Inc. The Board of Directors is exploring strategic alternatives for shareholder value creation.

Positive

• None.

Negative

• The company experienced an operating loss in the reported period, and the net income showed fluctuations. There are uncertainties and risks associated with forward-looking information disclosed in the press release.

RENO, Nev.--(BUSINESS WIRE)-- In the release dated March 6, 2024, second sentence of second paragraph should read: EBITDA from the New Hampshire Operations before corporate expenses are $381,000 in the 2023 period as compared to $299,000 in 2022 (instead of:  EBITDA from the New Hampshire Operations was $138,000 in the 2023 period as compared to $113,000 in 2022). Second sentence of third paragraph should read: EBITDA from the New Hampshire Operations before corporate expenses totaled $1.446 million for the year ending December 31, 2023 as compared to $1.349 million in the prior year (instead of: EBITDA from the New Hampshire Operations totaled $506 million for the year ending December 31, 2023 as compared to $452 million in the prior year). Second sentence of eighth paragraph has been removed.

The updated release reads:

CIBL, INC. REPORTS PRELIMINARY (UNAUDITED) FOURTH QUARTER AND FULL YEAR 2023 OPERATING RESULTS

CIBL, Inc. (“CIBL” or the “Company”; OTC Pink ®: CIBY) announces preliminary unaudited results for the quarter and year ending December 31, 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”).

For the three months ended December 31, 2023, the New Hampshire Operations generated $481,000 in operating revenues, an 5.9% increase from the $455,000 reported for the quarter ended December 31, 2022. EBITDA from the New Hampshire Operations before corporate expenses are $381,000 in the 2023 period as compared to $299,000 in 2022.

Operating revenues for the New Hampshire Operations generated $1.909 million for the year ending December 31, 2023, a 2.4% increase from the $1.863 million reported for the year ending December 31, 2022. EBITDA from the New Hampshire Operations before corporate expenses totaled $1.446 million for the year ending December 31, 2023 as compared to $1.349 million in the prior year.

On December 31, 2023, liquid investments were approximately $22.7 million or $1,794 per share, based on the 12,668 shares outstanding at year end December 31, 2023.

During 2023, the Company repurchased 193 of its shares at an average price of $1,789 per share. Since its spin-off from LICT Corporation in 2007, CIBL has repurchased 13,748 of its shares for $19.0 million, or an average price of $1,383 per share. Outstanding shares increased from 12,561 to 12,668 due to 300 shares issued for Brick Skirt (see below) less 193 shares repurchased during 2023.

On August 31, 2023, CIBL received 5,700 shares of MachTen, Inc. (OTC Pink: MACT) as a spin-off distribution from our holdings of LICT Corporation shares.

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”), at an aggregate purchase price of $1,500,000. 40% of this interest was made in the third quarter of 2023, by issuing 300 of our shares to LICT, and the remaining interest is expected to be acquired in the first half of 2024. Brick Skirt, through subsidiaries, provides broadband and communication services to sections in western New York state.

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.

CIBL, Inc. and Subsidiaries Consolidated Statements of Operations (Unaudited) (In Thousands, Except Common Share and Earnings per Share Data)					Attachment A
	Three Months Ended December 31,				Year Ended December 31,
	2023		2022		2023		2022
Revenue
Revenue	$481		$455		$1,909		$1,863
Costs and expenses
Costs of revenue, excluding depreciation	283		291		1,148		1,146
General and administrative costs of operations	59		51		255		265
Corporate office expenses	281		311		1,082		1,022
Depreciation and amortization	31		32		124		179
Total Operating expenses	654		685		2,609		2,612
Operating loss	(173)		(230)		(700)		(749)
Other Income (Expense)
Investment income	266		199		989		331
Equity in earnings of limited partnership investment	29		44		134		35
Realized and unrealized gains (losses)	65		(19)		(12)		(19)
Total Other income - net	360		224		1,111		347
Net income (loss) before income taxes	187		(6)		411		(402)
Income tax (expense) benefit	(71)		2		(124)		50
Net income (loss)	$ 116		$(4)		$ 287		$(352)
Basic and diluted weighted average shares outstanding	12,693		12,916		12,537		13,222
Actual shares outstanding	12,668		12,561		12,668		12,561
Earnings Per Share
Net income (loss) per share	$ 9.14		$(0.31)		$ 22.90		$(26.62)

CIBL, Inc. and Subsidiaries Consolidated Balance Sheets (Unaudited) (In Thousands, Except Common Share Data)			Attachment B
	December 31, 2023		December 31, 2022
Assets
Current Assets
Cash and cash equivalents	$1,252		$10,647
Investments in United States Treasury Bills	19,046		9,940
Investment in available for sale equity securities	551		400
Investment in equity method limited partnership	1,878		1,743
Accounts receivable	228		200
Prepaid expenses	160		155
Materials and supplies	59		59
Income taxes receivable	45		68
Total Current Assets	23,219		23,212
Property, plant and equipment, net	646		676
Goodwill	337		337
Other intangibles, net	41		52
Other investments	700		100
Deferred income taxes	-		18
Other assets	71		85
Total Assets	$25,014		$24,480
Liabilities and Equity
Current Liabilities
Trade accounts payable and accrued expenses	$76		$95
Accrued liabilities	371		385
Total Current Liabilities	447		480
Deferred income taxes	37		-
Other liabilities	59		70
Total Liabilities	543		550
Equity
Common stock, par value $.01, 30,000 shares authorized; 26,415 and 26,115 issued; and 12,668 and 12,561 outstanding	--		--
Contributed capital	6,212		5,612
Retained earnings	37,273		36,986
Treasury stock, 13,748 and 13,555 shares at cost	(19,014)		(18,668)
Total Equity	24,471		23,930
Total Liabilities and Equity	$25,014		$24,480

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240306471997/en/

Kenneth D. Masiello

Chief Financial Officer

(775) 664-3700

Source: CIBL, Inc.

FAQ

What were the operating revenues for the New Hampshire Operations in the fourth quarter of 2023?

The operating revenues for the New Hampshire Operations in the fourth quarter of 2023 were $481,000.

What was the EBITDA from the New Hampshire Operations before corporate expenses in 2023 compared to 2022?

The EBITDA from the New Hampshire Operations before corporate expenses was $381,000 in 2023, compared to $299,000 in 2022.

How much did CIBL repurchase its shares for in 2023?

CIBL repurchased 193 of its shares in 2023 at an average price of $1,789 per share.

What was the total outstanding shares count at the end of 2023?

The total outstanding shares count at the end of 2023 was 12,668.

What strategic acquisition did CIBL make in September 2023?

In September 2023, CIBL announced the acquisition of a 20% interest in Brick Skirt Holdings, Inc. from LICT Corporation for $1,500,000.