CIBL, Inc. (“CIBL” or the “Company”; OTC Pink ®: CIBY) announces
unaudited results for the quarter ending March 31, 2024. 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 March 31, 2024, the New Hampshire
operations generated revenues of $468,000, essentially the same as
the prior year’s first quarter, while EBITDA, from the New
Hampshire operations, before corporate expenses, was $142,000 in
the 2024 period as compared to $135,000 in 2023.
During 2024, the Company acquired 21 of its shares at an average
price of $1,857 per share. We now have 12,647 shares outstanding.
Since its spin-off from LICT Corporation in 2007, CIBL has
repurchased 13,769 of its shares for $19.1 million, or an average
price of $1,387 per share.
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”), for an aggregate purchase
price of $1,500,000, 40% of this interest was made in the third
quarter of 2023, by issuing 300 CIBL shares to LICT, and the
remaining interest is expected to be acquired in the balance 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.
Attachment A
CIBL, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
(In Thousands, Except Common Share and
Earnings per Share Data)
Three Months Ended March 31,
2024
2023
Revenue
Revenue
$468
$469
Costs and expenses
Operating costs
271
273
General and administrative costs of
operations
55
61
Corporate office expenses
244
250
Depreciation and amortization
31
31
Total Operating expenses
601
615
Operating loss
(133
)
(146
)
Other income (expense):
Interest income
256
221
Equity in income/(loss) of limited
partnership investment
(156
)
(20
)
Unrealized loss on available for sale
equity securities
(42
)
(30
)
Total Other income
58
171
Net income (loss) before income taxes
(75
)
25
Income tax (expense) benefit
15
(6
)
Net income (loss)
($60
)
$19
Basic and diluted weighted average shares
outstanding
12,664
12,542
Actual shares outstanding
12,647
12,524
Per Share
Net income (loss) per share
($4.74
)
$1.51
Attachment B
CIBL, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
(In Thousands, Except Common Share and
Earnings per Share Data)
March 31, 2024
December 31, 2023
March 31, 2023
Assets
Current Assets
Cash and cash equivalents
$1,281
$ 1,252
$1,821
Investments in United States Treasury
Bills
19,126
19,046
18,634
Investment in available for sale equity
securities
509
551
526
Investment in equity method limited
partnership
1,722
1,878
1,723
Accounts receivable
226
228
197
Prepaid expenses
127
160
124
Materials and supplies
59
59
59
Income taxes receivable
35
45
66
Total Current Assets
23,085
23,219
23,150
Telecommunications, property, plant and
equipment, net
693
646
686
Goodwill
337
337
337
Other intangibles, net
38
41
49
Other investments
700
700
100
Deferred income tax
5
--
14
Other assets
71
71
85
Total Assets
$24,929
$25,014
$24,421
Liabilities and Equity
Current Liabilities
Accounts payable and accrued expenses
$152
$76
$97
Accrued liabilities
346
371
371
Total Current Liabilities
498
447
468
Deferred income taxes
--
37
--
Other liabilities
59
59
70
Total Liabilities
557
543
538
Equity
Common stock, par value $.01, 30,000
shares authorized; 26,415, 26,415 and 26,115 issued; and 12,647;
12,668; and 12,524 outstanding
--
--
--
Contributed capital
6,212
6,212
5,612
Retained earnings
37,213
37,273
37,005
Treasury stock, 13,769; 13,748; and 13,592
shares at cost
(19,053
)
(19,014
)
(18,734
)
Total Equity
24,372
24,471
23,883
Total Liabilities and Equity
$24,929
$25,014
$24,421
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Kenneth D. Masiello Chief Financial Officer (775) 664-3700