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LICT Corporation (symbol: LICT) is a prominent telecommunications company headquartered at 401 Theodore Fremd Ave, Rye, New York, United States. LICT stands for Local Internet and Communications Technologies, and the company specializes in providing high-quality broadband and voice services. They are committed to enhancing connectivity and communication in rural and suburban areas.
Core Business: LICT Corporation focuses on delivering reliable and efficient telecommunications services. Their offerings include high-speed internet, voice, and data services which are crucial for residential, business, and governmental customers in less densely populated regions.
Recent Achievements: LICT has recently expanded its broadband services, enhancing internet speeds and reliability for thousands of customers. This expansion is part of their ongoing project to bridge the digital divide in underserved communities. The company has also invested in the latest fiber-optic technology to ensure faster and more reliable connections.
Current Projects: At present, LICT is working on several infrastructure projects aimed at expanding its fiber-optic network. These projects are designed to bring state-of-the-art telecommunications services to more rural areas. Additionally, they are exploring partnerships with local governments to support community development through better connectivity.
Financial Condition: LICT Corporation has demonstrated a stable financial performance, showing consistent revenue growth over recent quarters. This financial stability allows them to invest in cutting-edge technologies and expand their service footprint.
Partnerships and Products: LICT collaborates with various technology partners to offer cutting-edge products and services. Their portfolio includes broadband internet, dedicated voice lines, managed IT services, and more. These partnerships ensure that LICT can provide comprehensive communication solutions tailored to the needs of their diverse customer base.
In summary, LICT Corporation is a key player in the telecommunications sector, with a strong focus on improving connectivity in rural and suburban areas. Their continuous investments in technology and infrastructure underscore their commitment to delivering superior communication services.
LICT (OTC Pink: LICT) has announced the continuation of its Shareholder Designated Charitable Contribution Program. Registered shareholders will be eligible to designate charities to receive a $100 per share donation from the company on their behalf. The program is expected to run between mid-November 2024 and January 2025, with more details to follow.
If all shares are registered, the total contribution could reach approximately $1.7 million. Since the program's inception in 2016, LICT has contributed over $10 million to shareholder-designated charities. This initiative follows similar programs by Warren Buffett's Berkshire Hathaway, GAMCO Investors, and Associated Capital Group.
LICT reported strong Q2 2024 results, with revenues increasing 15.8% to $33.7 million and EBITDA up 21% to $14.2 million. The growth was driven by regulated revenues, which rose $3.2 million to $14.9 million, largely due to the acceptance of Enhanced ACAM (E-ACAM). Non-regulated revenues increased 8% to $18.8 million.
The company announced a $100 per share charitable contribution program for registered shareholders and increased its share buyback authorization. LICT also highlighted its participation in various FCC programs, including E-ACAM, which will provide $37.2 million annually through 2038, and ReConnect grants totaling $157.5 million.
LICT continues to expand its broadband infrastructure, owning 6,713 miles of fiber optic cable and 95 towers. The company reported a 2.2% increase in broadband lines and a 1% growth in total revenue generating units.
LICT reported a robust Q1 2024 with a 15.5% rise in revenue, hitting $33.5 million. EBITDA increased 30% to $14.7 million, compared to $11.5 million in Q1 2023. Earnings per share rose to $295 from $228. Capex surged to $16.4 million, driven by the E-ACAM program and grants. The E-ACAM program adds $14 million annually through 2038, totaling $37.2 million per year. The company was awarded $157.5 million in USDA ReConnect III and IV grants. LICT continues to expand its broadband services and 5G wireless installations. However, higher operating expenses and a $0.8 million decrease in other income due to interest expenses and unrealized losses on MachTen were noted.
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