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CIBL, Inc. Reports Preliminary (unaudited) Full Year Operating Results

CIBY | 12 days ago

CIBL, Inc. (“CIBL” or the “Company”; OTC Pink ®: CIBY) announces that at December 31, 2022, it held $22.7 million in liquid assets or $1,807 per share, based on the 12,561 shares outstanding at that date, 20 shares of LICT Corporation common stock 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”).

For the twelve months ended December 31, 2022, the New Hampshire operations generated $1,863,000 in revenues, a 1.9% decrease from the $1,899,000 reported for the year ended December 31, 2021. EBITDA from the New Hampshire operations was $452,000 in the 2022 period as compared to $549,000 in 2021.

During 2022, the Company acquired 2,188 of its shares at an average price of $1,802 per share. We now have 12,561 shares outstanding. Since its spin-off from LICT Corporation in 2007, CIBL has repurchased 13,555 of its shares for $18.7 million, or an average price of $1,380 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 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 Consolidated Statements of Operations (Unaudited) (In Thousands, Except Common Share and Earnings per Share Data)							Attachment A

	Three Months Ended December 31,						Year Ended December 31,
		2022			2021			2022			2021
Revenue
Total revenue	$	455		$	470		$	1,863		$	1,899

Costs and expenses
Costs of revenue, excluding depreciation		291			264			1,146			1,080
General and administrative costs of operations		51			64			265			270
Corporate office expenses		280			184			897			715
Management fee		31			31			125			125
Depreciation and amortization		32			73			179			267
Total operating expenses		685			616			2,612			2,457
Operating loss		(230	)		(146	)		(749	)		(558	)
Other income (expense):
Interest income		199			3			331			9
Equity in income (loss) of limited partnership investment		44			22			35			128
Other		(19	)		(35	)		(19	)		(17	)
Total other income		224			(10	)		347			120

Net loss before income taxes		(6	)		(156	)		(402	)		(438	)
Income tax benefit		2			25			97			211
Net income (loss)	$	(4	)	$	(131	)	$	(305	)	$	(227	)

Earnings Per Share
Net income (loss)	$	(0.31	)	$	(8.83	)	$	(23.07	)	$	(14.69	)

Basic and diluted weighted average shares outstanding		12,916			14,831			13,222			15,448
Actual shares outstanding		12,561			14,749			12,561			14,749

CIBL, Inc. and Subsidiaries Consolidated Balance Sheets (Unaudited) (In Thousands, Except Common Share and Earnings per Share Data)				Attachment B
	December 31, 2022			December 31, 2021
Assets
Current Assets
Cash and cash equivalents	$	10,647		$	3,179
Investments in United States Treasury Bills		9,940			21,998
Investment in equity securities		400			--
Investment in equity method limited partnership		1,743			1,708
Accounts receivable, net of allowance of $1		200			181
Prepaid expenses		155			155
Materials and supplies		59			59
Other current assets (includes deferred taxes of $14 in 2022)		265			188
Total Current Assets		23,409			27,468

Telecommunications, plant and equipment at cost		4,292			4,289
Accumulated depreciation		(3,616	)		(3,442	)
Net property, plant and equipment		676			847

Goodwill		337			337
Other intangibles, net		52			57
Other investments		100			100
Other assets		85			93
Total Assets	$	24,659		$	28,902

Liabilities and Stockholders’ Equity
Current Liabilities
Accounts payable and accrued expenses	$	227		$	219
Accrued liabilities		385			276
Total Current Liabilities		612			495

Deferred income taxes		-			101
Other liabilities		70			82
Total Liabilities		682			678

Stockholders’ Equity
Common stock, par value $.01, 30,000 shares authorized; 26,115 issued; and 12,561 and 14,749 outstanding		--			--
Contributed capital		5,612			5,612
Retained earnings		37,033			37,338
Treasury stock, 13,555 and 11,367 shares at cost		(18,668	)		(14,725	)
Total Stockholders' Equity		23,977			28,225
Total Liabilities and Stockholders’ Equity	$	24,659		$	28,902