CIBL, Inc. Reports (Unaudited) Third Quarter Operating Results

December 07, 2023 at 07:03 AM EST

CIBL, Inc. (“CIBL” or the “Company”; OTC Pink ®: CIBY) announces results for the third quarter ending September 30, 2023. 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”).

In addition, on September 30, 2023, its investments are approximately $22.7 million in mostly liquid assets or $1,787 per share, based on the 12,704 shares outstanding at that date.

For the three months ended September 30, 2023, the New Hampshire operations generated $475,000 in operating revenues, an 8.3% decrease from the $518,000 reported for the quarter ended September 30, 2022. EBITDA from the New Hampshire operations was $109,000 in the 2023 period as compared to $112,000 in 2022.

During 2023, the Company repurchased 157 of its shares at an average price of $1,784 per share. We now have 12,704 shares outstanding. Since its spin-off from LICT Corporation in 2007, CIBL has repurchased 13,712 of its shares for $18.9 million, or an average price of $1,382 per share.

On September 27, 2023, the Company announced, subject to regulatory approval, it will acquire 20% of Brick Skirt Holdings, Inc. (“Brick Skirt”) from LICT Corporation (“LICT”). Brick Skirt was a former subsidiary of LICT known as DFT Communications.

CIBL’s Board of Directors continues to evaluate a broad range of strategic alternatives for the company to create shareholder value. As noted above, it has the liquidity to effectuate transactions if we find them attractive and appropriate for our Company.

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.


CIBL, Inc. and Subsidiaries							Attachment A
Consolidated Statements of Operations (Unaudited)
(In Thousands, Except Common Share and Earnings per Share Data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Revenue
Revenue	$	475		$	518		$	1,428		$	1,408

Costs and expenses
Costs of revenue, excluding depreciation		297			329			864			855
General and administrative costs of operations		69			77			196			214
Corporate office expenses		242			262			802			711
Depreciation and amortization		31			37			93			147
Total Operating expenses		639			705			1,955			1,927
Operating loss		(164	)		(187	)		(527	)		(519	)
Other income:
Investment income		255			100			721			132
Equity in earnings/(loss) of limited partnership investment		157			27			106			(9	)
Unrealized loss on available for sale equity securities		(36	)		-			(76	)		-
Total Other income		376			127			751			123
Net income (loss) before income taxes		212			(60	)		224			(396	)
Income tax (expense) benefit		(50	)		11			(53	)		95
Net income (loss)	$	162		$	(49	)	$	171		$	(301	)

Basic and diluted weighted average shares outstanding		12,424			13,121			12,484			13,325
Actual shares outstanding		12,704			13,042			12,704			13,042

Earnings Per Share
Net income (loss) per share	$	13.04		$	(3.73	)	$	13.70		$	(22.59	)

CIBL, Inc. and Subsidiaries				Attachment B
Consolidated Balance Sheets (Unaudited)
(In Thousands, Except Common Share and Earnings per Share Data)

	September 30, 2023			December 31, 2022			September 30, 2022
Assets
Current Assets
Cash and cash equivalents	$	1,798		$	10,647		$	1,137
Investments in United States Treasury Bills		18,378			9,940			20,903
Investment in available for sale equity securities		667			400			-
Investment in equity method limited partnership		1,849			1,743			1,699
Accounts receivable		189			200			180
Prepaid expenses		39			155			13
Materials and supplies		59			59			59
Income taxes receivable		88			68			253
Total Current Assets		23,067			23,212			24,244

Property, plant and equipment, net		661			676			719

Goodwill		337			337			337
Other intangibles, net		44			52			54
Other investments		700			100			100
Deferred income taxes		-			18			-
Other assets		85			85			93
Total Assets	$	24,894		$	24,480		$	25,547

Liabilities and Equity
Current Liabilities
Trade accounts payable and accrued expenses	$	78		$	95		$	123
Accrued liabilities		304			385			400
Total Current Liabilities		382			480			523

Deferred income taxes		22			-			101
Other liabilities		70			70			82
Total Liabilities		474			550			706

Equity
Common stock, par value $.01, 30,000 shares authorized; 26,415, 26115 and 26,115 issued; and 12,704; 12,561; and 13,042 outstanding		--			--			--
Contributed capital		5,612			5,612			5,612
Retained earnings		37,757			36,986			37,037
Treasury stock, 13,712; 13,555; and 13,074 shares at cost		(18,949	)		(18,668	)		(17,808	)
Total Equity		24,420			23,930			24,841
Total Liabilities and Equity	$	24,8294		$	24,480		$	25,547

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Contacts

Kenneth D. Masiello

Chief Financial Officer

(775) 664-3700

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CIBL, Inc. Reports (Unaudited) Third Quarter Operating Results

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