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

CIBL, Inc. (“CIBL” or the “Company”; OTC Pink ®: CIBY) announces results for the second quarter ending June 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 June 30, 2023 its investments are approximately $22.5 million in mostly liquid assets or $1,809 per share, based on the 12,436 shares outstanding at that date.

For the three months ended June 30, 2023, the New Hampshire operations generated $484,000 in operating revenues, an 8.3% increase from the $447,000 reported for the quarter ended June 30, 2022. EBITDA from the New Hampshire operations was $123,000 in the 2023 period as compared to $112,000 in 2022.

During 2023, the Company repurchased 125 of its shares at an average price of $1,783 per share. We now have 12,436 shares outstanding. Since its spin-off from LICT Corporation in 2007, CIBL has repurchased 13,680 of its shares for $18.9 million, or an average price of $1,382 per share.

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

Consolidated Statements of Operations (Unaudited)

(In Thousands, Except Common Share and Earnings per Share Data)

Attachment A

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Revenue

 

 

 

 

 

 

Revenue

$

484

 

$

447

 

 

$

953

 

 

$

890

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

 

 

Costs of revenue, excluding depreciation

 

295

 

 

 

268

 

 

 

567

 

 

 

526

 

General and administrative costs of operations

 

66

 

 

 

67

 

 

 

127

 

 

 

137

 

Corporate office expenses

 

278

 

 

207

 

 

 

497

 

 

 

386

 

Management fee

 

31

 

 

32

 

 

 

63

 

 

 

63

 

Depreciation and amortization

 

31

 

 

 

50

 

 

 

62

 

 

 

110

 

Total Operating expenses

 

701

 

 

624

 

 

 

1,316

 

 

 

1,222

 

Operating loss

 

(217

)

 

(177

)

 

 

(363

)

 

 

(332

)

Other income:

 

 

 

 

 

 

Interest income

 

244

 

 

28

 

 

 

466

 

 

 

32

 

Equity in loss of limited partnership investment

 

(30

)

 

(78

)

 

 

(51

)

 

 

(36

)

Unrealized loss on available for sale equity securities

 

(10

)

 

 

-

 

 

 

(40

)

 

 

-

 

Total Other income

 

204

 

 

(50

)

 

 

375

 

 

 

(4

)

 

Net income (loss) before income taxes

 

(13

)

 

(227

)

 

 

12

 

 

 

(336

)

Income tax (expense) benefit

 

3

 

 

57

 

 

 

(3

)

 

 

84

 

Net income (loss)

$

(10

)

 

$

(170

)

 

$

9

 

 

$

(252

)

 

 

 

 

 

 

 

 

Basic and diluted weighted average shares outstanding

 

12,487

 

 

13,171

 

 

 

12,515

 

 

 

13,429

 

Actual shares outstanding

 

12,436

 

 

13,171

 

 

 

12,436

 

 

 

13,171

 

 

 

 

 

 

 

 

 

Earnings Per Share

 

 

 

 

 

 

 

Net income (loss) per share

$

(0.77

)

$

(12.91

)

 

$

0.72

 

 

$

(18.79

)

 

CIBL, Inc. and Subsidiaries

Consolidated Balance Sheets (Unaudited)

(In Thousands, Except Common Share and Earnings per Share Data)

Attachment B

 

June 30, 2023

December 31, 2022

June 30, 2022

Assets

 

 

Current Assets

 

 

Cash and cash equivalents

$

1,727

 

$

10,647

 

$

1,302

 

Investments in United States Treasury Bills

 

18,371

 

 

9,940

 

 

20,958

 

Investment in available for sale equity securities

 

703

 

 

400

 

 

-

 

Investment in equity method limited partnership

 

1,693

 

 

1,743

 

 

1,672

 

Accounts receivable

 

172

 

 

200

 

 

161

 

Prepaid expenses

 

70

 

 

155

 

 

52

 

Materials and supplies

 

59

 

 

59

 

 

59

 

Income taxes receivable

 

69

 

 

68

 

 

236

 

Total Current Assets

 

22,864

 

 

23,212

 

 

24,440

 

 

 

 

Telecommunications, property, plant and equipment, net

 

684

 

 

676

 

 

752

 

 

 

 

 

Goodwill

 

337

 

 

337

 

 

337

 

Other intangibles, net

 

46

 

 

52

 

 

54

 

Other investments

 

100

 

 

100

 

 

100

 

Deferred income taxes

 

26

 

 

18

 

 

-

 

Other assets

 

85

 

 

85

 

 

92

 

Total Assets

$

24,142

 

$

24,480

 

$

25,775

 

 

 

 

 

Liabilities and Equity

 

 

 

Current Liabilities

 

 

 

Trade accounts payable and accrued expenses

$

53

 

$

95

 

$

118

 

Accrued liabilities

 

303

 

 

385

 

 

351

 

Total Current Liabilities

 

356

 

 

480

 

 

469

 

 

 

 

 

Deferred income taxes

 

-

 

 

-

 

 

99

 

Other liabilities

 

70

 

 

70

 

 

82

 

Total Liabilities

 

426

 

 

550

 

 

650

 

 

 

 

Equity

 

 

 

Common stock, par value $.01, 30,000 shares authorized; 26,115 issued; and 12,436; 12,561; and 13,171 outstanding

 

--

 

 

--

 

 

--

 

Contributed capital

 

5,612

 

 

5,612

 

 

5,612

 

Retained earnings

 

36,995

 

 

36,986

 

 

37,086

 

Treasury stock, 13,680; 13,555; and 12,945 shares at cost

 

(18,891

)

 

(18,668

)

 

(17,573

)

Total Equity

 

23,716

 

 

23,930

 

 

25,125

 

Total Liabilities and Equity

$

24,142

 

$

24,480

 

$

25,775

 

 

Contacts

Kenneth D. Masiello

Chief Financial Officer

(775) 664-3700

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