LICT Corporation Reports on the Expiration of the Affordable Connectivity Program and Shares Estimated First Quarter 2024 Results

Rhea-AI Summary

LICT focuses on government-sponsored programs to bridge the digital divide, particularly the Affordable Connectivity Program. The company aims to continue supporting individuals at risk of losing ACP funding. Early estimates for Q1 2024 show revenue up 10% to $34.0 million and EBITDA at $15.3 million. Earnings per share are expected to increase to $350 from $295 in Q1 2023.

RYE, N.Y.--(BUSINESS WIRE)-- LICT Corporation (OTC Pink: LICT) LICT is focusing on government sponsored programs being offered to assist in closing the digital divide. We have adopted several of these programs, however one in particular, the Affordable Connectivity Program (“ACP”) is set to expire in May unless it is renewed. LICT is looking for ways to continue to support those individuals who risk losing ACP funding. The amount of such payments, while significant to the recipients, is not significant to the financial results of the company. If ACP is extended, we will pursue helping more individuals receive this funding.

LICT is providing early estimated results for the first quarter of 2024, including revenues up 10% to $34.0 million compared to $29.0 million in 2023 and EBITDA estimated at $15.3 million verse $11.5 million in 2023. This should result in earnings for the first quarter of 2024 around $350 per share versus $295 per share during the first quarter of 2023.

We plan on publishing first quarter results in May.

This release contains certain forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, including without limitation anticipated financial results, financing, capital expenditures and corporate transactions. It should be recognized that such information is based upon certain assumptions, projections and forecasts, including without limitation business conditions, financial markets and the cautionary statements set forth in documents filed by LICT on its website, www.lictcorp.com. As a result, there can be no assurance that any possible transactions will be successful or that financial or other targets will be met. Such forward-looking information is subject to uncertainties, risks and inaccuracies, which could be material.

LICT is a holding company with subsidiaries in broadband and other telecommunications services that actively seeks acquisitions, principally in its existing business areas. LICT is listed on the OTC Pink ® under the symbol LICT. For further information, please visit our website listed above.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240325075465/en/

Stephen J.Moore

Vice President-Finance

914-305-3312

Source: LICT Corporation

FAQ

What program is LICT focusing on to bridge the digital divide?

LICT is focusing on the Affordable Connectivity Program (ACP) to assist in closing the digital divide.

When is the ACP set to expire?

The Affordable Connectivity Program (ACP) is set to expire in May unless it is renewed.

What are the early estimated results for LICT in Q1 2024?

Early estimates for Q1 2024 show LICT 's revenue up 10% to $34.0 million and EBITDA at $15.3 million.

What is LICT 's expected earnings per share for Q1 2024?

LICT expects earnings per share of around $350 in Q1 2024, compared to $295 per share in Q1 2023.

Where is LICT listed?

LICT is listed on the OTC Pink ® under the symbol LICT.