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

CIBL, Inc. (“CIBL” or the “Company”; OTC Pink ®: CIBY) announces unaudited results for the quarter ending March 31, 2024. 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, 2024, the New Hampshire operations generated revenues of $468,000, essentially the same as the prior year’s first quarter, while EBITDA, from the New Hampshire operations, before corporate expenses, was $142,000 in the 2024 period as compared to $135,000 in 2023.

During 2024, the Company acquired 21 of its shares at an average price of $1,857 per share. We now have 12,647 shares outstanding. Since its spin-off from LICT Corporation in 2007, CIBL has repurchased 13,769 of its shares for $19.1 million, or an average price of $1,387 per share.

On September 27, 2023, the Company announced, subject to regulatory approval, it will acquire 450 shares of Brick Skirt Holdings, Inc. (“Brick Skirt”), representing a 20% interest thereof, from LICT Corporation (“LICT”), for an aggregate purchase price of $1,500,000, 40% of this interest was made in the third quarter of 2023, by issuing 300 CIBL shares to LICT, and the remaining interest is expected to be acquired in the balance of 2024. Brick Skirt, through subsidiaries, provides broadband and communication services to sections in western New York state.

CIBL’s Board of Directors continues to evaluate a broad range of strategic alternatives for the company to create shareholder value.

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.

Attachment A

CIBL, Inc. and Subsidiaries

Consolidated Statements of Operations (Unaudited)

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

 

Three Months Ended

March 31,

2024

2023

Revenue

 

 

Revenue

$468

 

$469

 

 

 

Costs and expenses

 

 

Operating costs

271

 

273

 

General and administrative costs of operations

55

 

61

 

Corporate office expenses

244

 

250

 

Depreciation and amortization

31

 

31

 

Total Operating expenses

601

 

615

 

Operating loss

(133

)

(146

)

Other income (expense):

 

 

Interest income

256

 

221

 

Equity in income/(loss) of limited partnership investment

(156

)

(20

)

Unrealized loss on available for sale equity securities

(42

)

(30

)

Total Other income

58

 

171

 

Net income (loss) before income taxes

(75

)

25

 

Income tax (expense) benefit

15

 

(6

)

Net income (loss)

($60

)

$19

 

 

 

 

 

 

Basic and diluted weighted average shares outstanding

12,664

 

12,542

 

Actual shares outstanding

12,647

 

12,524

 

 

Per Share

 

Net income (loss) per share

($4.74

)

$1.51

 

 

Attachment B

CIBL, Inc. and Subsidiaries

Consolidated Balance Sheets (Unaudited)

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

 

 

 

March 31,

2024

December 31,

2023

 

March 31,

2023

Assets

 

 

Current Assets

 

 

Cash and cash equivalents

$1,281

 

 

$ 1,252

 

 

$1,821

 

Investments in United States Treasury Bills

19,126

 

 

19,046

 

 

18,634

 

Investment in available for sale equity securities

509

 

 

551

 

 

526

 

Investment in equity method limited partnership

1,722

 

 

1,878

 

 

1,723

 

Accounts receivable

226

 

 

228

 

 

197

 

Prepaid expenses

127

 

 

160

 

 

124

 

Materials and supplies

59

 

 

59

 

 

59

 

Income taxes receivable

35

 

 

45

 

 

66

 

Total Current Assets

23,085

 

 

23,219

 

 

23,150

 

 

 

 

 

 

Telecommunications, property, plant and equipment, net

693

 

 

646

 

 

686

 

 

 

 

 

 

 

Goodwill

337

 

 

337

 

 

337

 

Other intangibles, net

38

 

 

41

 

 

49

 

Other investments

700

 

 

700

 

 

100

 

Deferred income tax

5

 

 

--

 

 

14

 

Other assets

71

 

 

71

 

 

85

 

Total Assets

$24,929

 

 

$25,014

 

 

$24,421

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

Current Liabilities

 

 

 

 

 

Accounts payable and accrued expenses

$152

 

 

$76

 

 

$97

 

Accrued liabilities

346

 

 

371

 

 

371

 

Total Current Liabilities

498

 

 

447

 

 

468

 

 

 

 

 

 

 

Deferred income taxes

--

 

 

37

 

 

--

 

Other liabilities

59

 

 

59

 

 

70

 

Total Liabilities

557

 

 

543

 

 

538

 

 

 

 

 

 

Equity

 

 

 

 

 

Common stock, par value $.01, 30,000 shares authorized; 26,415, 26,415 and 26,115 issued; and 12,647; 12,668; and 12,524 outstanding

--

 

 

--

 

 

--

 

Contributed capital

6,212

 

 

6,212

 

 

5,612

 

Retained earnings

37,213

 

 

37,273

 

 

37,005

 

Treasury stock, 13,769; 13,748; and 13,592 shares at cost

(19,053

)

 

(19,014

)

 

(18,734

)

Total Equity

24,372

 

 

24,471

 

 

23,883

 

Total Liabilities and Equity

$24,929

 

 

$25,014

 

 

$24,421

 

 

Contacts

Kenneth D. Masiello

Chief Financial Officer

(775) 664-3700

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