Business
LICT Corporation Reports First Quarter Results
LICT Corporation Reports First Quarter Results.
About this update from Lict Corp.
[{"type":"text","content":"\nLICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) reports financial results for the quarter ending March 31, 2020.\n\n\nCOVID-19 RESPONSE – During the first quarter, LICT companies each responded to the COVID-19 pandemic by:\n\n\n\nCommitting not to disconnect customers that are unable to pay their bills because of the economic effects of the pandemic;\n\n\nProviding free or discounted services to families to support remote learning;\n\n\nSetting up community Wi-Fi hotspots so community members can stay connected to family, work, and learning; and\n\n\nInitiated charitable contributions to support members of our community that have been impacted by the economic fallout from the pandemic. In particular, each of LICT’s 338 teammates have initiated contributions to help schools and local charitable organizations support community members effected by COVID-19.\n\n\n\nSHAREHOLDER DESIGNATED CHARITABLE CONTRIBUTION PROGRAM — In 2016, the Company adopted a Shareholder Designated Charitable Contribution Program. Under the Program, all registered shareholders are eligible to designate charities and the company will make a contribution to that charity. In 2016 through 2019, the company made $100 per share contribution on behalf of its shareholders to their designated charities.\n\n\nLICT is committed to giving back to our communities and, over the past four years, LICT has made over $5.5 million in charitable contributions.\n\n\nFIRST QUARTER RESULTS – In 2020, LICT’s reported first quarter revenues increased $1.8 million to $30.0 million compared to $28.2 million for the corresponding quarter in 2019. Reported EBITDA was $13.7 million in the first quarter of 2020, as compared to $12.8 million in the first quarter of 2019.\n\n\nNon-regulated revenues gained 10.4%, to $14.6 million from the prior year’s $13.2 million due to increased broadband and competitive local exchange carrier (“CLEC”) revenues. Regulated revenues increased by 3.3%, to $15.5 million in the first quarter of 2020, from the prior year’s $15.0 million. This was in large part due to the original A-CAM companies who were below the cap not receiving the incremental A-CAM funding until May of 2019 and by the conversion of LICT’s Wisconsin properties to A-CAM II for an annual i...