Business
LICT Corporation Reports Results for the 2nd Quarter 2024
LICT Corporation Reports Results for the 2nd Quarter 2024.
About this update from Lict Corp.
[{"type":"text","content":"\nLICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) reports financial results for the quarter ended June 30, 2024. Data for all periods has been adjusted for the spin-off of MachTen on August 31, 2023, and 2023 results are presented as discontinued operations.\n\n\nTotal revenues in the second quarter of 2024 increased by $4.6 million to $33.7 million versus $29.1 million in the same quarter a year ago.\n\n\nRegulated revenues were $14.9 million in the second quarter of 2024, an increase of $3.2 million versus the prior year’s second quarter of $11.7 million. The acceptance of Enhanced ACAM (E-ACAM) accounted for a $3.5 million increase in regulated revenues for the quarter.\n\n\nNon-regulated revenues for the second quarter of 2024 increased 8% to $18.8 million from the prior year’s second quarter $17.4 million driven by sales of broadband services and high-speed data circuits. Further, our results for the second quarter of 2024 include $750K in revenues from the Manti Non-Regulated entities which were acquired on December 1, 2023.\n\n\nTotal EBITDA was $14.2 million in the second quarter of 2024 as compared to $11.7 million in the second quarter of 2023. The $2.5 million increase in EBITDA was driven by the election of E-ACAM as well as an increase in our non-regulated business, which was offset by higher operating expenses, including labor costs, professional and engineering expenses.\n\n\nRegulated EBITDA in the second quarter of 2024 was $7.2 million compared to $4.5 million during the same period last year, driven by E-ACAM and offset by increases in operating expenses.\n\n\nNon-regulated EBITDA in the second quarter was $7.0 million compared to $7.2 million last year. The decrease was driven by an increase in operating expenses, offset by an increase in internet revenues.\n\n\nOTHER INCOME/(EXPENSES) – Other income/expenses remained flat at $0.5 million in the second quarter of 2024 versus 2023.\n\n\nEARNINGS PER SHARE – Earnings per share from continuing operations for the second quarter of 2024 were $293 per share compared to $220 per share in the same period last year.\n\n\nShareholder Designated Charitable Contribution Program\n\n\nLICT Corporation (OTC Pink: LICT) will continue its Shareholder Charitable Contribution program for all registered shareholder...