Oorspronkelijke tekst
Deze vertaling beoordelen
Je feedback wordt gebruikt om Google Translate te verbeteren
Home
Cibl, Inc.
CIBL, Inc. Reports Third Quarter 2015 Financial Results
Published Oct 27 2015
5 min read

CIBL, Inc. Reports Third Quarter 2015 Financial Results

CIBL, Inc. Reports Third Quarter 2015 Financial Results

CIBL, Inc. Reports Third Quarter 2015 Financial Results

PR Newswire

RENO, Nev., Oct. 27, 2015

RENO, Nev., Oct. 27, 2015 /PRNewswire/ -- CIBL, Inc. ("CIBL" or the "Company"; OTC Pink ®: CIBY) announces results for the third quarter of 2015. See Attachments A and B.

Summary

At September 30, 2015, CIBL held $24.1 million in liquid assets or $1,347 per share, based on the 17,856 shares outstanding at that date. In addition, the company owns 164,307 common shares of ICTC Group, Inc. ("ICTC"; OTC Pink ®: ICTG), or 42.9% of the economics, and has voting control; and 10,000 shares of Solix Inc., a private outsourcing firm that provides, among other services, billing and collection for the telecommunications industry.

Share Repurchases

During the nine months ended September 30, 2015, the Company acquired 249 of its shares at an average price of $1,354 per share.  Since its spin-off from LICT Corporation in 2007, CIBL has repurchased 7,259 of its shares for a total of $8.1 million, or $1,114 per share.

Earnings (Loss) Per Share

During the third quarter of 2015, the net income attributable to CIBL was $117,000, or $6.58 per share as compared to $56,000, or $3.10 per share in the third quarter of 2014.

  • The net after-tax cost of CIBL's corporate activities was $61,000, or $3.43 per share, in 2015 and $67,000, or $3.58 per share, in 2014.
  • In 2015, net income from CIBL's ownership in ICTC was $107,000, or $5.97 per share, in 2015 and $35,000, or $2.86 per share, in 2014. Of note, ICTC earnings in 2015 included special distributions from ICTC's ownerships in two wireless operations in North Dakota.  These distributions contributed $90,000 to net income, or $5.00 per share to CIBL's third quarter of 2015 results.
  • In addition, the third quarters of 2015 and 2014 included gains that resulted from the receipt of additional proceeds from the sale of CIBL's interests in broadcast television stations and lower income tax payments associated with these gains than the amounts previously accrued.   These amounts were $72,000, or $4.04 per share in 2015, and $71,000 or $3.83 per share in 2014.   

Information on ICTC can be obtained on its website, www.ictcgroup.net, and information on CIBL can be obtained on our website: www.ciblinc.com.

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.  As a result, there can be no assurance that any possible transactions will be accomplished or be successful or that financial targets will be met, and such information is subject to uncertainties, risks and inaccuracies, which could be material.

CIBL is a holding company with interests in telecommunications operations.  CIBL is listed on OTC Pink® under the symbol CIBY. 

 

CIBL, Inc. and Subsidiaries




Attachment A

Condensed Consolidated Statements of Operations





Unaudited







In Thousands, except share and per share data







 Three Months Ended September 30,



2015

2014

CIBL, Inc.- excluding ICTC

ICTC Group Inc.

Consolidated – Net of Eliminations

CIBL, Inc. – excluding

ICTC

ICTC Group Inc.

Consolidated  – Net of Eliminations









Revenues

$--

$905

$905

$25

$953

$953









Costs and expenses:







Cost of revenue, excluding depreciation

--

427

427

--

457

457

General and administrative costs of operations

--

155

155

--

132

132

Corporate office expenses

100

120

220

142

62

179

Depreciation

--

228

228

--

151

151

Total Expenses

100

930

1,030

142

802

919

Operating Income(Loss)

(100)

(25)

(125)

(117)

151

34









Other income (expense):







Investment income

--

451

451

2

75

77

Interest expense

--

(23)

(23)

--

(35)

(35)

Equity in earnings of affiliated companies

170

90

90

83

106

106

Gain on sale of broadcast television stations

35

--

35




Total Other Income

205

518

553

85

146

148

Net income(loss) before income taxes

105

493

428

(32)

297

182

Income tax benefit (expense)

12

(97)

(85)

88

(92)

(4)

Net Income

117

396

342

56

205

178

Non-controlling interest

--

--

(226)

--

--

(122)

Net income(loss) attributable to CIBL, Inc.

$117

$396

$117

$56

$205

$56









Shares Outstanding:







  Weighted average

17,909


18,620

  At end of period

17,856


18,105









Earnings Per Share:








    Net income

$19.21


$9.64

    Net loss per share attributable to CIBL Inc.

$6.58


$3.10








Analysis of Earnings Per Share






Net Contribution of ICTC Group Inc.

$5.97


$2.85

CIBL Corporate Activities – Net

(3.43)


(3.58)

Gain on Sale of Broadcast Television Stations

4.04


3.83

Net loss per share attributable to CIBL Inc.


$6.58


$3.10








Note: the above presentation includes the results of CIBL, Inc. and ICTC Group, Inc. on a standalone basis. Not included in the above presentation is a column that would contain the Elimination Entries necessary to result in the "Consolidated – Net of Eliminations" column presented above.

 

CIBL, Inc. and Subsidiaries



Attachment A

Condensed Consolidated Statements of Operations




Unaudited






In Thousands, except share and per share data






Nine Months Ended September 30,

2015

2014

CIBL, Inc. – excluding ICTC

ICTC Group Inc.

Consolidated – Net of Eliminations

CIBL, Inc. – excluding ICTC

ICTC Group Inc.

Consolidated – Net of Eliminations






Revenues

$--

$2,979

$2,979

$75

$2,903

$2,903






Costs and expenses:






Cost of revenue, excluding depreciation

--

1,373

1,373

--

1,363

1,363

General and administrative costs of operations

--

521

521

--

452

452

Corporate office expenses

314

288

602

448

189

562

Depreciation

--

659

659

--

463

463

Total Expenses

314

2,841

3,155

448

2,467

2,840

Operating Income(Loss)

(314)

138

(176)

(373)

436

63






Other income (expense):






Investment income

13

594

607

20

197

217

Interest expense

--

(90)

(90)

--

(105)

(105)

Equity in earnings of affiliated companies

299

278

278

239

333

333

Gain on sale of broadcast television stations

35

--

35



Total Other Income

347

782

829

259

425

445

Net income(loss) before income taxes

33

920

654

(114)

861

508

Income tax benefit (expense)

33

(222)

(189)

129

(272)

(143)

Net Income

66

698

465

15

589

365

Non-controlling interest

--

--

(399)

--

--

(350)

Net income(loss) attributable to CIBL, Inc.

$66

$698

$66

$15

$589

$15






Shares Outstanding:






Weighted average

17,966


19,174

At end of period

17,856


18,105






Earnings Per Share:







Net income

$25.91


$19.06

Net loss per share attributable to CIBL Inc.

$3.70


$0.82





Analysis of Earnings Per Share





Net Contribution of ICTC Group Inc.

$10.50


$7.93

CIBL Corporate Activities – Net

(10.82)


(10.83)

Gain on Sale of Broadcast Television Stations

4.02


3.72

Net loss per share attributable to CIBL Inc.


$3.70


$0.82

Note: the above presentation includes the results of CIBL, Inc. and ICTC Group, Inc. on a standalone basis. Not included in the above presentation is a column that would contain the Elimination Entries necessary to result in the "Consolidated – Net of Eliminations" column presented above.

 

CIBL, Inc. and Subsidiaries


Attachment B

Condensed Consolidated Balance Sheets



Unaudited




In Thousands, except share and per share data



September 30, 2015




CIBL,

Inc. – excluding

ICTC

ICTC Group Inc.

Consolidated – Net of Eliminations

December 31,

2014

Sept.
30,
2014




ASSETS




Current Assets




Cash and cash equivalents

$24,051

$3,113

$27,164

$26,783

$28,191

Accounts receivable

--

387

387

470

360

Funds due for stimulus broadband project

--

--

--

481

435

Amounts due from sale of broadcasting interests

17

--

17

13

13

Prepaid income taxes

291

97

388

225

--

Deferred income taxes

--

92

92

83

--

Other current assets

--

649

649

218

291

Total Current Assets

24,359

4,338

28,697

28,273

29,280

Telecommunications Plant & Equipment




Cost

3

23,959

23,963

22,319

23,650

Accumulated depreciation

--

(17,210)

(17,210)

(15,730)

(17,020)

Net

3

6,749

6,752

6,589

6,630

Investments in affiliated entities accounted for under the equity method of accounting

4,589

1,915

1,915

1,798

1,646

Other assets

200

267

467

491

779

Goodwill

--

1,772

1,772

1,772

1,772

Total Assets

$29,151

$15,041

$39,603

$38,923

$39,948




LIABILITIES AND STOCKHOLDER'S






EQUITY




Current Liabilities




Accounts payable and accrued expenses

$77

$250

$327

$197

$314

Income tax payable

--

293

293

87

819

Other current liabilities

--

344

344

340

295

Current portion of long-term debt

--

24

24

18

18

Total Current Liabilities

77

911

988

642

1,446

Long-term debt

--

2,727

2,727

2,537

2,541

Deferred income taxes

324

2,417

2,741

2,690

2,464

Construction deposits

--

32

32

32

63

Total Liabilities

401

6,087

6,488

5,901

6,514

Stockholders' Equity






Common stock, at par value $.01, 30,000 shares authorized, 25,115 shares issued; 17,856, 18,105, and 18,105 outstanding

--

--

--

--

--

Capital contribution

3,862

1,760

3,116

3,116

3,099

Retained earnings

32,976

7,619

32,976

32,910

32,973

Treasury stock 7,259 7,010, and 7,010 shares, at cost

(8,088)

(424)

(8,088)

(7,750)

(7,750)

Total CIBL, Inc. Stockholders' Equity

28,350

8,958

28,003

28,276

28,322

Non-controlling interest

--

--

5,112

4,746

5,112

Total Stockholders' Equity

28,350

8,958

33,115

33,022

33,434

Total Liabilities and Stockholders' Equity

$29,151

$15,041

$39,603

$38,923

$39,948

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cibl-inc-reports-third-quarter-2015-financial-results-300167174.html

SOURCE CIBL, Inc.