First Quarter Highlights
- Revenue: First-quarter revenues increased 12.2% to $525,000, up from $468,000 in the prior year
- Earnings Per Share: First-quarter earnings per share were $5.50 per share, up 216% from ($4.74) per share in the same period last year
- Liquid value per share rose to $1,774
RENO, Nev.–(BUSINESS WIRE)–CIBL, Inc. (“CIBL” or the “Company”; OTC Pink ®: CIBY) reports unaudited financial results for the quarter ended March 31, 2025, of its operations which consist of Bretton Woods Telephone Company and World Surfer, Inc. providers of broadband and communication services in Northern New Hampshire (“New Hampshire Operations”).
First-quarter revenues from our New Hampshire Operations increased 12.2% to $525,000, up from $468,000 in the prior year due to increased service revenues from broadband, end-user terminals and voice over internet protocol. Operational EBITDA declined 12% to $125,000 in the first-quarter, compared to $142,000 in the same period last year due to less capitalized labor for plant under construction and switch replacements in the current year period.
|
Balance Sheet Highlights – (In Thousands of USD) |
||||
|
Cash and Liquid Assets – (b) |
March 31, |
December 31, |
||
|
|
|
|
||
|
Cash and cash equivalents |
$514 |
$1,453 |
||
|
Investments in US Treasury Bills |
16,860 |
16,598 |
||
|
Investments in available for sale equity securities |
44 |
294 |
||
|
Investments in equity method limited partnership |
1,630 |
1,645 |
||
|
Other Investments – (a) |
1,678 |
1,636 |
||
|
Total cash and liquid assets |
$20,726 |
$21,626 |
||
|
Shares Outstanding |
11,680 |
12,266 |
||
|
Liquid value per share (a) (b) |
$1,774 |
$1,763 |
||
|
(a) Consists of Brick Skirt 20% equity method – $1,578 and Solix, Inc. 1.43% cost method – $100 |
|
(b) Excludes the assets of the New Hampshire operations of Bretton Woods Telephone Company and World Surfer, Inc. |
Other Highlights
Capital expenditures were $24,000 and $75,000 for the quarters ending March 31, 2025, and 2024, respectively.
During the quarter ended March 31, 2025, the Company acquired 586 of its shares at an average price of $1,699 per share. At March 31, 2025, CIBL has 11,680 shares outstanding. Since its spin-off from LICT Corporation in 2007, CIBL has repurchased 15,186 of its shares for $21.5 million, or an average price of $1,418 per share.
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.
| CIBL, Inc. and Subsidiaries
Consolidated Statements of Operations (Unaudited) (In Thousands, Except Common Share and Earnings per Share Data) |
Attachment A |
|||
|
Three Months Ended |
||||
|
2025 |
2024 |
|||
|
Revenue |
|
|
||
|
Revenue |
$525 |
$468 |
||
|
|
|
|||
|
Costs and expenses |
|
|
||
|
Operating costs, excluding depreciation |
341 |
271 |
||
|
General and administrative costs of operations |
59 |
55 |
||
|
Corporate office expenses |
236 |
244 |
||
|
Depreciation and amortization |
48 |
31 |
||
|
Total Operating expenses |
684 |
601 |
||
|
Operating loss |
(159) |
(133) |
||
|
Other income (expense): |
|
|
||
|
Interest income |
192 |
256 |
||
|
Equity in earnings of affiliated companies |
26 |
(156) |
||
|
Unrealized and realized gain (loss) on available for sale equity securities |
20 |
(42) |
||
|
Total Other income |
238 |
58 |
||
|
Income (loss) before income taxes |
79 |
(75) |
||
|
Income tax (expense) benefit |
(14) |
15 |
||
|
Net income (loss) |
$65 |
($60) |
||
|
|
|
|
||
|
|
|
|||
|
Basic and diluted weighted average shares outstanding |
11,824 |
12,664 |
||
|
Actual shares outstanding |
11,680 |
12,647 |
||
|
|
|
|||
|
Per Share |
|
|
||
|
Net income (loss) per share |
$5.50 |
($4.74) |
||
|
|
|
|||
|
CIBL, Inc. and Subsidiaries Consolidated Balance Sheets (Unaudited) (In Thousands, Except Common Share) |
Attachment B |
|||||
|
March 31, |
December 31, |
|
March 31, |
|||
|
Assets |
|
|
|
|||
|
Current Assets |
|
|
|
|||
|
Cash and cash equivalents |
$1,583 |
|
$2,341 |
|
$1,281 |
|
|
Investments in United States Treasury Bills |
16,860 |
|
16,598 |
|
19,126 |
|
|
Investment in available for sale equity securities |
44 |
|
294 |
|
509 |
|
|
Investment in equity method limited partnership |
1,630 |
|
1,645 |
|
1,722 |
|
|
Accounts receivable |
223 |
|
284 |
|
226 |
|
|
Prepaid expenses |
138 |
|
192 |
|
127 |
|
|
Materials and supplies |
59 |
|
59 |
|
59 |
|
|
Income taxes receivable |
– |
|
– |
|
35 |
|
|
Total Current Assets |
20,537 |
|
21,413 |
|
23,085 |
|
|
|
|
|
|
|
||
|
Telecommunications, property, plant and equipment, net |
937 |
|
958 |
|
693 |
|
|
|
|
|
|
|
|
|
|
Goodwill |
337 |
|
337 |
|
337 |
|
|
Other intangibles, net |
27 |
|
30 |
|
38 |
|
|
Other investments |
1,678 |
|
1,636 |
|
700 |
|
|
Deferred income tax |
45 |
|
39 |
|
5 |
|
|
Other assets |
59 |
|
59 |
|
71 |
|
|
Total Assets |
$23,620 |
|
$24,472 |
|
$24,929 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
Income taxes payable |
$58 |
|
$14 |
|
– |
|
|
Accounts payable and accrued expenses |
$138 |
|
138 |
|
$152 |
|
|
Accrued liabilities |
344 |
|
284 |
|
346 |
|
|
Total Current Liabilities |
540 |
|
436 |
|
498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other liabilities |
46 |
|
46 |
|
59 |
|
|
Total Liabilities |
586 |
|
482 |
|
557 |
|
|
|
|
|
|
|
||
|
Equity |
|
|
|
|
|
|
|
Common stock, par value $.01, 30,000 shares authorized; 26,865, 26,865 and 26,415 issued; and 11,680; 12,266; and 12,647 outstanding |
— |
|
— |
|
— |
|
|
Contributed capital |
7,112 |
|
7,112 |
|
6,212 |
|
|
Retained earnings |
37,481 |
|
37,416 |
|
37,213 |
|
|
Treasury stock, 15,186; 14,600; and 13,769 shares at cost |
(21,559) |
|
(20,538) |
|
(19,053) |
|
|
Total Equity |
23,034 |
|
23,990 |
|
24,372 |
|
|
Total Liabilities and Equity |
$23,620 |
|
$24,472 |
|
$24,929 |
|
Contacts
Kenneth D. Masiello
Chief Financial Officer
(775) 664-3700
