Business
LICT Corporation Reports Preliminary Fourth Quarter and Full Year 2019 Results
LICT Corporation Reports Preliminary Fourth Quarter and Full Year 2019 Results.
About this update from Lict Corp.
[{"type":"text","content":"\nLICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) reports preliminary, unaudited, financial results for the year ended December 31, 2019.\n\n\nFOURTH QUARTER RESULTS – In 2019, LICT’s fourth quarter revenues increased $2.8 million to $31.2 million compared to $28.4 million for the corresponding quarter in 2018. Reported EBITDA was $14.7 million in the fourth quarter of 2019 as compared to $13.4 million in the fourth quarter of 2018.\n\n\nNon-regulated revenues gained 10.3%, to $14.2 million from the prior year’s $12.8 million due to increased broadband and competitive local exchange carrier (“CLEC”) revenues. Regulated revenues increased by 9.8%, to $17.1 million in the fourth quarter of 2019 from the prior year’s $15.5 million. Non-regulated EBITDA rose by 3.6% to $5.7 million, from $5.5 million, while regulated EBITDA increased to $9.1 million, from $8.1 million.\n\n\nIn the fourth quarter, LICT completed the sale of its New Hampshire operation to CIBL. LICT is treating the results of the New Hampshire operation as a discontinued operation and its contributions to LICT’s consolidated operating results have been excluded from amounts previously reported.\n\n\nFULL YEAR RESULTS – The Company recorded revenues of $118.4 million for 2019 and EBITDA of $53.4 million compared to 2018 revenues of $114.1 million and EBITDA of $53.3. The 2018 full year revenue and EBITDA includes the recording of additional A-CAM revenues of $2.9 million which were retroactive to 2017. Adjusting for this, on-going full year revenues were $111.2 million, and EBITDA was $50.4 million for the full year of 2018.\n\n\nEARNINGS PER SHARE – Diluted earnings per share from ongoing operations, during the fourth quarter were $344 per share in 2019 as compared to $275 per share in 2018. The full year diluted earnings per share were $1,353 in 2019 and $1,256 in 2018. Shares outstanding at December 31, 2019 were 19,188 versus 19,931 at December 31, 2018.\n\n\nALTERNATIVE – CONNECT AMERICA COST MODEL (“A-CAM”) PROGRAM – Effective January 1, 2017, ten of LICT’s rural telephone companies elected to participate in the Federal Communications Commission’s (FCC) A-CAM program. The A-CAM program is designed to increase speed and expand the depl...