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

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

 

 

Contacts

Kenneth D. Masiello

Chief Financial Officer

(775) 664-3700

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