Business
LICT Corporation Reports Preliminary Fourth Quarter and Full Year 2020 Results
LICT Corporation Reports Preliminary Fourth Quarter and Full Year 2020 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, 2020.\n\nCOVID-19 LICT continues to closely monitor developments and is actively taking steps to mitigate the potential risks related to the COVID-19 pandemic to our teammates and our to customers. LICT provides essential voice and data services to the communities we serve. To protect our team while continuing to provide the essential communications services needed to support remote work and remote learning, we adapted installation and repair service processes to limit customer contact and minimize teammate contact. In addition, LICT changed technician dispatch procedures to further limit contact and provided personal protective equipment, including masks, gloves and sanitizing products. Technicians are encouraged to evaluate the safety risks of each in-person installation or repair and reschedule the appointment if he or she determines that circumstances at the location present risk. Office-based teammates continue to work remotely and, for teammates that work in the company’s offices, masks and social distancing are required. We thank all our teammates for their focus on their communities.\n\nSince the COVID-19 outbreak, LICT has:\n\n\nInitiated charitable contributions to support members of our community that have been impacted by the economic fallout from the pandemic. Each of LICT’s teammates have contributed to help schools and local charitable organizations support community members effected by COVID-19.\n\n\nProvided free or discounted services to families to support remote learning.\n\n\nSet up community Wi-Fi hotspots so community members can stay connected to family, work, and learning\n\n\nFOURTH QUARTER – In 2020, LICT’s fourth quarter revenues were $31.3 million compared to $30.8 million for the corresponding quarter in 2019. EBITDA was $14.5 million in the fourth quarter of 2020 and 2019. In addition, we received cash of $0.7 million in 2019 from our equity investment in Modoc which was sold at the beginning of 2020.\n\nNon-regulated revenues increased by $2.0 million or 14%, to $16.2 million from the prior year’s $14.2 million, of which about $1.2 million resulted from an increase in sales to our broadband offerin...