Business
LICT Corporation Reports Preliminary Unaudited Fourth Quarter and Full Year 2023 Results
LICT Corporation Reports Preliminary Unaudited Fourth Quarter and Full Year 2023 Results.
About this update from Lict Corp.
[{"type":"text","content":"\nLICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) reports unaudited, preliminary financial results for the quarter ended December 31, 2023. Data for all periods is adjusted for the spin-off of MachTen and presented as discontinued operations.\n\n\nUnaudited Results - Fourth Quarter\n\n\nTotal revenues in the fourth quarter of 2023 increased by $0.3 million to $29.6 million versus $29.3 million in the same quarter a year ago.\n\n\nNon-regulated revenues for the fourth quarter of 2023 increased 5.2% to $18.1 million from the prior year’s fourth quarter $17.2 million driven by sales of broadband services and high-speed data circuits. Further, our results include December revenues from the Manti Non-Regulated entities which were acquired on November 30th.\n\n\nRegulated revenues were $11.5 million in the fourth quarter of 2023, a decline of $0.6 million versus the prior year’s fourth quarter of $12.1 million.\n\n\nTotal EBITDA was $11.6 million in the fourth quarter of 2023 as compared to $12.6 million in 2022. The $1.0 million decline in EBITDA is the result of higher operating expenses in the fourth quarter of 2023, including higher labor and increased material costs, professional and engineering fee expenses, as well as a decline in regulated revenue and also crimped by a non-cash goodwill impairment charge of $3.5 million in our Iowa/Wisconsin operation. In 2022 the impairment charge was $5.7 million to our Iowa/Wisconsin subsidiaries.\n\n\nNon-regulated EBITDA in the fourth quarter was $7.7 million compared to $7.5 million last year. The increase was driven by the above-mentioned increases in broadband services and high-speed data circuits, offset by increased expenses.\n\n\nRegulated EBITDA in the fourth quarter of 2023 was $3.9 million compared to $5.1 million during the same period last year.\n\n\nOTHER INCOME/(EXPENSES) – Other income/expenses decreased to $0.2 million in the fourth quarter of 2023, versus $0.3 million in the prior year’s fourth quarter, reflecting higher earnings from affiliated companies partially offset by higher interest expense.\n\n\nEARNINGS PER SHARE – Earnings per share excluding one-time events for the fourth quarter of 2023 were $163 per share compared to $293 per share last year.\n\n\nUnaudited Results - Full Year\n\n\nRevenue...