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

By: CIBL, Inc. via Business Wire

August 10, 2023 at 14:55 PM EDT

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