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CIBL, Inc. Reports (Unaudited) First Quarter Operating Results
[May 25, 2023]

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


CIBL, Inc. ("CIBL" or the "Company"; OTC Pink ®: CIBY) announces that at March 31, 2023, it's investment included $22.7 million in liquid assets or $1,813 per share, based on the 12,524 shares outstanding at that date, 28 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 three months ended March 31, 2023, the New Hampshire operations generated $469,000 in operating revenues, a 5.9% increase from the $443,000 reported for the quarter ended March 31, 2022. EBITDA from the New Hampshire operations was $135,000 in the 2023 period as compared to $115,000 in 2022.

During 2023, the Company acquired 49 of its shares at an average price of $1,783 per share. We now have 12,512 shares outstanding. Since its spin-off from LICT Corporation in 2007, CIBL has repurchased 13,604 of its shares for $18.8 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
March 31,

2023

 

2022

Revenue

 

 

Revenue

$469

$443

 

 

Costs and expenses

 

 

 

Operating costs, excluding depreciation

273

 

258

General and administrative costs of operations

61

 

70

Corporate office expenses

219

179

Management fee

31

31

Depreciation and amortization

31

 

60

Total operating expenses

615

598

Operating loss

(146)

(155)

Other income (expense):

 

 

Interest income

221

4

Equity in income/(loss) of limited partnership investment

(20)

42

Unrealized loss on available for sale equity securities

(30)

 

-

Total other income

171

46

Net income (loss) before income taxes

25

(109)

Income tax (expense) benefit

(6)

27

Net income (loss)

$19

 

$(82)

 

 

 

 

Basic and diluted weighted average shares outstanding

12,542

 

13,689

Actual shares outstanding

12,524

 

13,171

 

Per Share

Net income (loss) per share

$1.51

$(6.01)


CIBL, Inc. and Subsidiaries

Consolidated Balance Sheets (Unaudited)

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

 

Attachment B

March 31, 2023

December 31, 2022

 

March 31, 2022

Assets

 

 

 

Current Assets

 

 

 

Cash and cash equivalents

$1,821

 

$10,647

 

$2,356

Investments in United States Treasury Bills

18,634

 

9,940

 

19,996

Investment in available for sale equity securities

526

 

400

 

-

Investment in equity method limited partnership

1,723

 

1,743

 

1,750

Accounts receivable

197

 

200

 

172

Prepaid expenses

124

 

155

 

103

Materials and supplies

59

 

59

 

59

Income taxes receivable

66

 

68

 

211

Total Current Assets

23,150

 

23,212

 

24,647

 

 

 

 

 

Telecommunications, property, plant and equipment, net

686

 

676

 

799

 

 

 

 

 

 

Goodwill

337

 

337

 

337

Other intangibles, net

49

 

52

 

56

Other investments

100

 

100

 

100

Deferred income tax

14

 

18

 

 

Other assets

85

 

85

 

90

Total Assets

$24,421

 

$24,480

 

$26,029

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

Current Liabilities

 

 

 

 

 

Accounts payable and accrued expenses

$97

 

$95

 

$296

Accrued liabilities

371

 

385

 

296

Total Current Liabilities

468

 

480

 

592

 

 

 

 

 

 

Deferred income taxes

-

 

-

 

101

Other liabilities

70

 

70

 

82

Total Liabilities

538

 

550

 

775

 

 

 

 

 

Equity

 

 

 

 

 

Common stock, par value $.01, 30,000 shares authorized; 26,115 issued; and 12,524; 12,561; and 13,171 outstanding

--

 

--

 

--

Contributed capital

5,612

 

5,612

 

5,612

Retained earnings

37,005

 

36,986

 

37,256

Treasury stock, 13,592; 13,555; and 12,945 shares at cost

(18,734)

 

(18,668)

 

(17,614)

Total Equity

23,883

 

23,930

 

25,254

Total Liabilities and Equity

$24,421

 

$24,480

 

$26,029

 


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