CIBL, Inc. Reports Quarter-End Cash and Operating Results

RENO, Nev., November 30, 2022–(BUSINESS WIRE)–CIBL, Inc. (“CIBL” or the “Company”; OTC Pink®: CIBY) announces that CIBL has $23.7 million in cash and cash equivalents as of September 30, 2022, or $1,817 US$ per share based on the then outstanding 13,042 shares and 10,000 shares of Solix Inc., a private outsourcing company that provides billing and collections, among other services, to the telecommunications industry. Additionally, CIBL’s operations consist of Bretton Woods Telephone Company and World Surfer, Inc. providers of broadband and communications services in northern New Hampshire (“New Hampshire Operations”).

For the quarter ended September 30, 2022, operations in New Hampshire had revenue of $518,000, an increase of 8.4% from revenue of $478,000 reported for the third quarter of 2021. The EBITDA of the New Hampshire operations was $112,000 for the 2022 period compared to $152,000 for the 2021 period. The New Hampshire operations currently have 465 broadband customers, all served by fiber optic cable.

share buybacks – During the nine months ended September 30, 2022, the Company purchased 1,707 of its shares at an average price of $1,830 per share. We have purchased 198 shares at a price of $1,803 per share since September 30, 2022 and now have 12,844 shares outstanding. Since its spin-off from LICT Corporation in 2007, CIBL has repurchased 13,272 of its shares for a total of $18.2 million, or an average price of $1,369 per share.

To the extent that this press 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 on assumptions, projections and projections, including , but not limited to terms and conditions and financial markets, and the cautionary statements contained in documents filed by CIBL on its website www.ciblinc.com. As such, such information is subject to uncertainties, risks and inaccuracies that may be material and no assurance can be given that such information will prove to be accurate.

CIBL is a holding company with interests in the telecommunications business. CIBL is listed on OTC Pink® under the symbol CIBY and information is available on our website: www.ciblinc.com.

CIBL, Inc. and its affiliates

Appendix A

Consolidated Income Statement (unaudited)

(in thousands, except common stock data)

Three months ended
30. September

Nine months over
30. September

2022

2021

2022

2021

revenue

total revenue

$518

$478

$1,408

$1,429

costs and expenses

Cost of sales, excluding depreciation

329

258

855

816

General and administrative expenses of operation

77

68

214

206

Company office expenses

231

166

617

531

administration fee

31

31

94

94

depreciation and amortization

37

64

147

194

business expenses

705

587

1,927

1,841

operating loss

(187)

(109)

(519)

(412)

Other income (expenses):

interest income

100

2

132

6

Participation in the income (loss) of investment in a limited partnership

27

30

(9)

106

Miscellaneous

18

Total other income

127

32

123

130

Net Loss Before Income Taxes

(60)

(77)

(396)

(282)

income tax benefit

11

18

95

186

net loss

$(49)

$(59)

$(301)

$(96)

Basic and diluted weighted average shares outstanding

13.121

15,265

13,325

15,656

Actual shares outstanding

13,042

15,169

13,042

15,169

earnings per share

net loss

$(3.73)

$(3.87)

$(22.59)

$(6.13)

CIBL, Inc. and its affiliates

Consolidated Balance Sheets (unaudited)

(in thousands, except common stock data)

Appendix B

30. September
2022

December 31,
2021

30. September
2021

financial assets

current assets

Cash and cash equivalents

$1,137

$3,179

$2,183

United States Treasury bills

20,903

21,998

23,999

Investment in a limited partnership using the equity method

1,699

1,708

1,686

Receivables, less a $1 allowance

180

181

174

Prepaid Expenses

13

155

1

materials and accessories

59

59

59

Other Current Assets

253

188

125

total current assets

24,244

27,468

28,227

Property, plant and equipment

4.305

4,289

4,633

Accumulated depreciation

(3,586)

(3,442)

(3,659)

net tangible assets

719

847

974

benevolence

337

337

337

Other intangible assets, net

54

57

58

other investments

100

100

100

Other assets

93

93

119

total assets

$25,547

$28,902

$29,815

Liabilities and Shareholders Equity

Current Liabilities

Liabilities and Accrued Expenses

$123

$219

$75

Accrued Liabilities

400

276

377

Total current liabilities

523

495

452

Deferred Income Taxes

101

101

157

Other liabilities

82

82

104

Total Liabilities

706

678

713

Equity capital

Common Stock, $0.01 par value, 30,000 shares
authorized; 26,115 issued; and 13,042;
14,749; and 15,169 outstanding

Paid Capital

5,612

5,612

5,612

retained earnings

37,037

37,338

37,469

Treasury shares, 13,074; 11,367; and 10,947 shares at cost

(17,808)

(14,725)

(13,979)

Total Equity

24,841

28,225

29.102

Total Liabilities and Equity

$25,547

$28,902

$29,815

View source version on businesswire.com: https://www.businesswire.com/news/home/20221128005677/en/

contacts

Kenneth D Masiello
(775) 664-3700

Source