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RENO, Nev., May 04, 2026--(BUSINESS WIRE)--CIBL, Inc. ("CIBL" or the "Company"; OTC Pink ®: CIBY), announced first quarter 2026 financial and operating results.
First Quarter 2026 Highlights
Revenues increased 20.4% to $632,000 in the first quarter of 2026 from $525,000 in the first quarter of 2025
EBITDA from operations increased 54.4% to $193,000 from $125,000
Net income was $43,000 in the first quarter of 2026 compared to $65,000 in the first quarter of 2025
Earnings per share were $3.90 per share in the first quarter of 2026 compared to $5.50 in the first quarter 2025
Cash and investments were $19.0 million or $1,745 per share as of March 31, 2026
CIBL repurchased 357 of its common shares at an average price of $1,714 per share in the first quarter of 2026
Results from Operations
Three Months Ended March 31, 2026
Revenues increased 20.4% to $632,000 in the first quarter 2026 from $525,000 in the first quarter 2025 due to increased service revenues primarily due to a one-time project.
EBITDA from operations increased 54.4% to $193,000 for the first quarter ended March 31, 2026 from $125,000 for the first quarter ended March 31, 2025 due to the increase in revenues discussed above partially offset by less capitalized labor for plant under construction and switch replacements.
Other income decreased $72,000 to $166,000 for the first quarter ending March 31, 2026 from $238,000 for the first quarter ending March 31, 2025. The decrease increase was primarily due to realized and unrealized losses in the Company’s available for sale securities and lower yields on U.S. Treasuries.
Other Highlights
Capital expenditures were $41,000 and $24,000 for the three months ended March 31, 2026, and 2025, respectively.
On September 24, 2025, CIBL acquired 100,000 shares of The Gabelli Global Small and Mid Cap Value Trust Series E Cumulative Preferred Shares ("Preferred Shares") at a cost of $10 per share. These Preferred Shares included a dividend of 5.2% per annum payable semiannually (March and September) with mandatory and optional redemptions by the issuer on September 26, 2027, and September 27, 2026, respectively. These Preferred Shares include an optional put by the Company on March 26, 2026, September 26, 2026, and March 26, 2027. As of March 31, 2026, these Preferred Shares are included in other investments with an aggregate fair value of $1,000,000.
The optional put on these Preferred Shares was exercised on March 26, 2026, and the Company received proceeds of $1,000,000 on April 2, 2026. The Company received dividends from these Preferred Shares of $26,000 for the period held.
On March 19, 2026, CIBL’s Board of Directors authorized the Company to repurchase up to an additional 500 of its common shares.
During the quarter ending March 31, 2026, the Company acquired 357 of its shares at an average price of $1,714 per share. As of March 31, 2026, CIBL has 10,887 shares outstanding. Since its spin-off from LICT Corporation in 2007, CIBL has repurchased 15,979 of its shares for $22.9 million, or an average price of $1,432 per share. As of March 31, 2026, there were 617 shares remaining to be purchased under the Company’s share repurchase program.
CIBL’s Board of Directors continues to evaluate a broad range of strategic alternatives for the company to create shareholder value.
About CIBL, Inc.
CIBL is a holding company with interests in broadband operations. CIBL’s operations consist of Bretton Woods Telephone Company and World Surfer, Inc. and Brick Skirt, providers of broadband and communication services in Northern New Hampshire and Western New York State, respectively. CIBL is listed on OTC Pink® under the symbol CIBY and information can be obtained on our website: www.ciblinc.com.
Cautionary Note Concerning Forward-Looking Statements
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 Inc. and Subsidiaries Consolidated Statements of Income (Unaudited) (USD in thousands, except share data) | Attachment A | |||||||||
Three Months Ended | ||||||||||
2026 | 2025 | |||||||||
Revenue | ||||||||||
Revenue | $ | 632 | $ | 525 | ||||||
Costs and expenses: | ||||||||||
Costs of revenue, excluding depreciation | 375 | 341 | ||||||||
General and administrative costs of operations | 64 | 59 | ||||||||
Corporate office expenses | 244 | 236 | ||||||||
Depreciation and amortization | 57 | 48 | ||||||||
Total operating expenses | 740 | 684 | ||||||||
Operating loss | (108 | ) | (159 | ) | ||||||
Other income (expense): | ||||||||||
Interest income | 148 | 192 | ||||||||
Equity in earnings (loss) of affiliated companies | 51 | 26 | ||||||||
Unrealized and realized gains (losses) on available for sale securities | (33 | ) | 20 | |||||||
Total other income | 166 | 238 | ||||||||
Income before income taxes | 58 | 79 | ||||||||
Income tax expense | (15 | ) | (14 | ) | ||||||
Net income | $ | 43 | $ | 65 | ||||||
Basic and diluted weighted average shares outstanding | 11,029 | 11,824 | ||||||||
Actual shares outstanding | 10,887 | 11,680 | ||||||||
Earnings per share Net income from continuing operations per share | ||||||||||
Basic and Diluted | $ | 3.90 | $ | 5.50 | ||||||
CIBL Inc. and Subsidiaries Consolidated Balance Sheets (Unaudited) (USD in thousands, except share data) | Attachment B | |||||||||||
March 31, | December 31, 2025 | March 31, | ||||||||||
Assets | ||||||||||||
Current assets | ||||||||||||
Cash and cash equivalents | $ | 2,123 | $ | 2,123 | $ | 1,583 | ||||||
Investments in United States Treasury Bills | 13,860 | 14,312 | 16,860 | |||||||||
Investment in available for sale securities | 129 | 204 | 44 | |||||||||
Investment in equity method limited partnership | 1,840 | 1,810 | 1,630 | |||||||||
Accounts receivable | 285 | 294 | 223 | |||||||||
Prepaid expenses | 187 | 181 | 138 | |||||||||
Materials and supplies | - | - | 59 | |||||||||
Income taxes receivable | 78 | 105 | - | |||||||||
Total current assets | 18,502 | 19,029 | 20,537 | |||||||||
Telecommunications, property, plant and equipment, net | 898 | 929 | 937 | |||||||||
Goodwill | 337 | 337 | 337 | |||||||||
Other intangibles, net | 17 | 19 | 27 | |||||||||
Other investments | 2,770 | 2,758 | 1,678 | |||||||||
Deferred income taxes | - | - | 45 | |||||||||
Other assets | 46 | 46 | 59 | |||||||||
Total assets | $ | 22,570 | $ | 23,118 | $ | 23,620 | ||||||
Liabilities | ||||||||||||
Current liabilities | ||||||||||||
Income taxes payable | $ | -- | $ | - | $ | 58 | ||||||
Trade accounts payable and accrued expenses | 192 | 186 | 138 | |||||||||
Accrued liabilities | 352 | 324 | 344 | |||||||||
Total current liabilities | 544 | 510 | 540 | |||||||||
Deferred income taxes | 79 | 87 | - | |||||||||
Other liabilities | 32 | 32 | 46 | |||||||||
Total liabilities | 655 | 629 | 586 | |||||||||
Equity | ||||||||||||
Common stock, par value $.01, 30,000 shares authorized; 26,865 issued; and 10,887, 11,244 and 11,680 outstanding | -- | -- | -- | |||||||||
Contributed capital | 7,112 | 7,112 | 7,112 | |||||||||
Retained earnings | 37,723 | 37,680 | 37,481 | |||||||||
Treasury stock, 15,979; 15,622; and 15,186 shares at cost | (22,920 | ) | (22,303 | ) | (21,559 | ) | ||||||
Total equity | 21,915 | 22,489 | 23,034 | |||||||||
Total liabilities and equity | $ | 22,570 | $ | 23,118 | $ | 23,620 | ||||||
CIBL Inc. and Subsidiaries EBITDA Reconciliation (Unaudited) (USD in thousands) | Attachment C | ||||||||||
The following table is a reconciliation of Net income to EBITDA from operations: | |||||||||||
Three Months Ended | |||||||||||
2026 | 2025 | ||||||||||
Net income | $ | 43 | $ | 65 | |||||||
Adjustments: | |||||||||||
Interest income | (148 | ) | (192 | ) | |||||||
Income tax expense | 15 | 14 | |||||||||
Depreciation and amortization | 57 | 48 | |||||||||
Total adjustments | (76 | ) | (130 | ) | |||||||
EBITDA | (33 | ) | (65 | ) | |||||||
Corporate office expenses | 244 | 236 | |||||||||
Equity in (earnings) loss of affiliated companies | (51 | ) | (26 | ) | |||||||
Unrealized and realized (gains) losses on available for sale securities | 33 | (20 | ) | ||||||||
EBITDA from operations | $ | 193 | $ | 125 | |||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20260430383655/en/
Contacts
Kenneth D. Masiello
Chief Financial Officer
April 29, 2026
(775) 664-3700
