101 0 Kommentare CIBL, Inc. Reports (Unaudited) First Quarter Operating Results

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