Business
LICT Corporation Reports Preliminary Fourth Quarter and Full Year 2022 Results
LICT Corporation Reports Preliminary Fourth Quarter and Full Year 2022 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 quarter ended December 31, 2022.\n\nThe Company wishes Kevin Errity well upon his departure and success in his future endeavors.\n\nCHARITABLE CONTRIBUTIONS - LICT has completed the recent Shareholder Designated Contribution Program. The current program resulted in $1.1 million of designated contributions for 2022. Equally important, is that since the inception of the program in 2016, LICT has contributed $8.4 million to designated 501 (c) 3 organizations chosen by shareholders.\n\nRESULTS - FULL YEAR\n\nRevenues in 2022 were $131.3 million, an increase of $2.2 million, compared to $129.1 million in 2021. EBITDA in 2022 was $57.6 million versus $57.8 million in 2021.\n\nEarnings per share for the full year of 2022 were $1,311 per share as compared to $1,368 per share for the prior year.\n\nRESULTS - 4TH QUARTER\n\nFourth quarter 2022 revenues totaled $33.1 million compared to $32.5 million for the corresponding quarter in 2021. EBITDA was $14.4 million in the fourth quarter of 2022 as compared to $14.0 million in 2021.\n\nNon-regulated revenues for the fourth quarter of 2022 increased 4.6%, to $18.1 million from the prior year’s fourth quarter $17.2 million. Non-regulated EBITDA was $7.5 million, versus the $6.9 million earned in the same period last year. The increase in revenues was driven by the sale of broadband services throughout our network.\n\nRegulated revenues were $15.0 million in the fourth quarter of 2022 versus the prior year’s fourth quarter of $15.3 million. Regulated EBITDA was $6.9 million compared to $7.1 million last year.\n\nCorporate costs were unchanged at $1.1 million in the fourth quarter of 2022 versus 2021.\n\nEarnings per share for the fourth quarter of 2022 were $272 per share as compared to $291 per share for the prior year. Shares outstanding as of December 31, 2022 were 17,341.\n\nBROADBAND INITIATIVES -\n\n-ReConnect Loan and Grant Program - The ReConnect Loan and Grant Program of the US Department of Agriculture, furnishes loans and grants to provide funds for the costs of construction, improvement, or acquisition of facilities and equipment needed to provide broadband service in eligible rural areas. To date, the Company has accepted a $6.3 million ...