Business
LICT Corporation Reports Preliminary Fourth Quarter and Full Year 2021 Results
LICT Corporation Reports Preliminary Fourth Quarter and Full Year 2021 Results.
About this update from Lict Corp.
[{"type":"text","content":"\nLICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) reports unaudited, financial results for the year end and fourth quarter ended December 31, 2021.\n\nCOVID-19 – LICT continues to closely monitor developments of the new variants of COVID-19. We continue to take steps to mitigate the potential risks related to the COVID-19 pandemic to the communities we serve and our teammates who work efficiently and diligently to serve their respective communities.\n\nCHARITABLE CONTRIBUTIONS – LICT has completed the recent Shareholder Designated Contribution Program. The current program resulted in $0.9 million of designated contributions. Since the inception of the program in 2016, LICT has contributed $7.3 million to hundreds of 501 (c) 3 organizations.\n\nRESULTS-\n\nRevenues in 2021 totaled $129.1 million compared to $124.2 million for the corresponding quarter in 2020. EBITDA in 2021 was $53.1 million versus $52.8 million in 2020.\n\nFourth quarter 2021 revenues rose 4.0% to $32.5 million compared to $31.4 million for the corresponding quarter in 2020. Fourth quarter EBITDA of $14.2 million in 2021 compared to $14.5 million in 2020.\n\nBroadband revenues increased by 6.8%, to a record $17.3 million from the prior year’s fourth quarter $16.2 million. Non-regulated EBITDA decreased by 2.8% to $7.0 million, from $7.2 million in the prior year’s fourth quarter. This is reflective of increases in operating costs for the quarter over last year due to increased staffing, customer install expenses and non-recurring year-end adjustments.\n\nRegulated revenues and EBITDA for the fourth quarter 2021 remained consistent with 2020 at $15.2 million and $7.1 million respectively.\n\nCORPORATE EXPENSES – Corporate costs increased to $1.1 million in the fourth quarter 2021 compared to $0.4 million in 2020, which benefited from positive year-end adjustments.\n\nOTHER INCOME/(EXPENSE) – Other income and expenses declined by $3.7 million in the quarter, to an expense of $0.3 in 2021, versus income of $3.4 in 2020. This reduction was due to the gain on the sale of AWS Topeka Spectrum, in November 2020. In addition, interest income was lower in 2021 due to lower interest rates and lower cash balances.\n\nEARNINGS PER SHARE – Earnings per share from operations for the fourth quar...