Le Lézard
Classified in: Business
Subject: EARNINGS

CIBL, Inc. Reports Quarter Ending Cash and Operating Results


CIBL, Inc. ("CIBL" or the "Company"; OTC Pink ®: CIBY) announces that at September 30, 2022, CIBL held $23.7 million in liquid assets or $1,817 per share, based on the 13,042 shares outstanding at that date, and 10,000 shares of Solix Inc., a private outsourcing firm that provides, among other services, billing and collection for the telecommunications industry. In addition, 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").

During the quarter ended September 30, 2022, the New Hampshire operations generated $518,000 in revenues, an 8.4% increase from the $478,000 of revenues reported in the Third Quarter of 2021. EBITDA from the New Hampshire operations was $112,000 in the 2022 period as compared to $152,000 in the 2021 period. The New Hampshire operations currently have 465 broadband customers, all served by fiber optic cable.

Share Repurchases - During the nine months ended September 30, 2022, the Company acquired 1,707 of its shares at an average price of $1,830 per share. We acquired 198 shares since September 30, 2022, at $1,803 per share, and now have 12,844 shares outstanding. Since its spin-off from LICT Corporation in 2007, CIBL has repurchased 13,272 of its shares for a total of $18.2 million, or an average price of $1,369 per share.

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 telecommunications 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

Attachment A

Consolidated Statements of Operations (Unaudited)

(In Thousands, Except Common Share Data)

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

2022

 

2021

 

2022

 

2021

Revenue

 

 

 

 

 

 

Total Revenue

$518

$478

 

$1,408

 

$1,429

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

 

 

Costs of revenue, excluding depreciation

329

 

258

 

855

 

816

General and administrative costs of operations

77

 

68

214

206

Corporate office expenses

231

166

 

617

 

531

Management fee

31

31

 

94

 

94

Depreciation and amortization

37

 

64

 

147

 

194

Total Operating expenses

705

587

 

1,927

 

1,841

Operating loss

(187)

(109)

 

(519)

 

(412)

Other income (expense):

 

 

 

 

 

 

Interest income

100

2

 

132

 

6

Equity in income (loss) of limited partnership investment

27

30

(9)

106

Other

 

 

 

 

 

 

18

Total Other income

127

32

 

123

 

130

 

Net loss before income taxes

(60)

(77)

(396)

(282)

Income tax benefit

11

18

 

95

 

186

Net loss

$(49)

 

$(59)

 

$(301)

 

$(96)

 

 

 

 

 

 

 

 

Basic and diluted weighted average shares outstanding

13,121

15,265

 

13,325

 

15,656

Actual shares outstanding

13,042

15,169

 

13,042

 

15,169

 

 

 

 

 

 

 

 

Earnings Per Share

 

 

 

 

 

 

 

Net loss

$(3.73)

$(3.87)

 

$(22.59)

 

$(6.13)

 

CIBL, Inc. and Subsidiaries

Consolidated Balance Sheets (Unaudited)

(In Thousands, Except Common Share Data)

Attachment B

 

September 30,
2022

December 31,
2021

 

September 30,
2021

Assets

 

 

 

 

Current Assets

 

 

 

 

Cash and cash equivalents

$1,137

 

$3,179

 

$2,183

United States Treasury Bills

20,903

 

21,998

 

23,999

Investment in equity method limited partnership

1,699

 

1,708

 

1,686

Accounts receivable, net of allowance of $1

180

 

181

 

174

Prepaid expenses

13

 

155

 

1

Materials and supplies

59

 

59

 

59

Other current assets

253

 

188

 

125

Total Current Assets

24,244

 

27,468

 

28,227

 

 

 

 

 

Property, plant and equipment

4,305

 

4,289

 

4,633

Accumulated depreciation

(3,586)

 

(3,442)

 

(3,659)

Net property, plant and equipment

719

 

847

 

974

 

 

 

 

 

 

Goodwill

337

 

337

 

337

Other intangibles, net

54

 

57

 

58

Other investments

100

 

100

 

100

Other assets

93

 

93

 

119

Total Assets

$25,547

 

$28,902

 

$29,815

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

Current Liabilities

 

 

 

 

 

Accounts payable and accrued expenses

$123

 

$219

 

$75

Accrued liabilities

400

 

276

 

377

Total Current Liabilities

523

 

495

 

452

 

 

 

 

 

 

Deferred income taxes

101

 

101

 

157

Other liabilities

82

 

82

 

104

Total Liabilities

706

 

678

 

713

 

 

 

 

 

Stockholders' Equity

 

 

 

 

 

Common stock, par value $.01, 30,000 shares
authorized; 26,115 issued; and 13,042;
14,749; and 15,169 outstanding

--

 

--

 

--

Contributed capital

5,612

 

5,612

 

5,612

Retained earnings

37,037

 

37,338

 

37,469

Treasury stock, 13,074; 11,367; and 10,947 shares at cost

(17,808)

 

(14,725)

 

(13,979)

Total Stockholders' Equity

24,841

 

28,225

 

29,102

Total Liabilities and Stockholders' Equity

$25,547

 

$28,902

 

$29,815

 


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