Business
LICT Corporation Reports Preliminary Fourth Quarter and Full Year 2018 Results and Gary L. Sugarman Rejoins Board of Directors
LICT Corporation Reports Preliminary Fourth Quarter and Full Year 2018 Results and Gary L. Sugarman Rejoins Board of Directors.
About this update from Lict Corp.
[{"type":"text","content":"\n \n LICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) \n reports preliminary, unaudited, financial results for the year ended \n December 31, 2018.\n \n \n FOURTH QUARTER RESULTS – In 2018, LICT’s reported fourth quarter \n revenues increased $1.4 million to $28.8 million compared to $27.5 \n million for the corresponding quarter in 2017. Reported EBITDA was $14.5 \n million in the fourth quarter of 2018 as compared to $13.0 million in \n the fourth quarter of 2017.\n \n \n Non-regulated revenues gained 9.9%, to $13.1 million from the prior \n year’s $11.9 million due to increased broadband and competitive local \n exchange carrier (“CLEC”) revenues. Regulated revenues increased by \n 1.2%, to $15.7 million in the fourth quarter of 2018 from the prior \n year’s $15.5 million. Non-regulated EBITDA, including affiliate \n distributions, rose 27.4% to $6.4 million, from $5.0 million, while \n regulated EBITDA increased to $8.1 million, from $8.0 million.\n \n \n EARNINGS PER SHARE – Diluted earnings per share, excluding charitable \n contributions, during the fourth quarter were $269 per share in 2018 as \n compared to $210 per share in 2017. 2017’s diluted earnings per share \n excluded a $388 deferred tax benefit related to the change in the \n federal income tax rates. Shares outstanding at December 31, 2018 were \n 19,931 versus 20,509 at December 31, 2017.\n \n \n GARY L. SUGARMAN – We are extremely pleased to report that on February \n 7, 2019, Mr. Sugarman rejoined our Board. He previously served from \n September 2006 to 2018.\n \n \n ALTERNATIVE – CONNECT AMERICA COST MODEL (“A-CAM”) PROGRAM – Effective \n January 1, 2017, ten of LICT’s rural telephone companies elected to \n participate in the Federal Communications Commission’s (FCC) A-CAM \n program. The A-CAM program is designed to increase speed and expand the \n deployment of broadband capabilities throughout the nation’s rural areas \n and replaced two prior Universal Service Fund mechanisms for companies \n electing A-CAM. During 2018, the FCC expanded the A-CAM program \n retroactive to January 1, 2017. Accordingly, in 2018, LICT recorded \n additional A-CAM revenues of $5.8 million, of which $2.9 million related \n to the year e...