Business
LICT Corporation Reports Preliminary Fourth Quarter 2017 Results
LICT Corporation Reports Preliminary Fourth Quarter 2017 Results.
About this update from Lict Corp.
[{"type":"text","content":"\n \n LICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) \n reports preliminary unaudited results for the fourth quarter ended \n December 31, 2017.\n \n \n FOURTH QUARTER RESULTS – In 2017, LICT’s fourth quarter revenues \n increased by $3.5 million, or 14.6%, to $27.3 million compared to $23.8 \n million for the corresponding quarter in 2016. Non-regulated revenues \n gained 9.5%, to $12.0 million from the prior year’s $11.0 million due to \n increased broadband and competitive local exchange carrier (“CLEC”) \n revenues. Regulated revenues, bolstered by the federal Alternative \n Connect America Cost Model (“A-CAM”) revenues, jumped 18.9%, to $15.2 \n million in the fourth quarter of 2017 from the prior year’s $12.8 \n million.\n \n \n EBITDA before corporate costs was approximately $12.9 million as \n compared to roughly $10.0 million in the previous year’s fourth quarter, \n a 28.1% increase. Non-regulated EBITDA, including affiliate \n distributions, decreased slightly to $5.1 million, from $5.2 million, \n while regulated EBITDA increased to $7.7 million, from $4.9 million.\n \n \n FULL YEAR RESULTS – For the year ended December 31, 2017, the Company \n recorded revenues of $106.5 million, as compared to $90.7 million in \n 2016, and EBITDA before corporate costs of $49.1 million, as compared to \n $36.7 million in 2016. The Company is currently expecting that revenues \n for 2018 will approximate $109 million and EBITDA before corporate costs \n will match the $49 million of 2017. Of note, the Company is expecting \n that the lower Federal income tax rate, which was part of the Tax Cuts \n and Jobs Act that was passed by Congress in December 2017, will reduce \n 2018 income tax expense by approximately $3 million, or about $150 per \n share. Also of note, for LICT operations that earn a rate of return on \n investment, regulated revenues are affected by the lower federal tax \n rates as their rate of return is adjusted by federal and state income \n taxes. Therefore, a lower tax rate results in a lower rate of return. \n This effect will impact the Company’s 2018 revenues by approximately \n $0.4 million and has been incorporated in the above 2018 revenue \n projection.\n \n \n EARNINGS PER SHARE – Diluted earnin...