Business
LICT Corporation Reports Second Quarter 2018 Results
LICT Corporation Reports Second Quarter 2018 Results.
About this update from Lict Corp.
[{"type":"text","content":"\n \n LICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) \n reports financial results for the second quarter ended June 30, 2018.\n \n \n SECOND QUARTER RESULTS – In 2018, LICT’s second quarter revenues \n increased by $0.9 million, or 3.5%, to $27.5 million compared to $26.6 \n million for the corresponding quarter in 2017. Non-regulated revenues \n gained 9.8%, to $12.6 million from the prior year’s $11.5 million due to \n increased broadband and competitive local exchange carrier (“CLEC”) \n revenues. Regulated revenues decreased slightly by 1.3%, to $14.9 \n million in the second quarter of 2018 from the prior year’s $15.1 \n million.\n \n \n EBITDA before corporate costs was $12.8 million as compared to $12.2 \n million in the previous year’s second quarter, a 5.2% increase. \n Non-regulated EBITDA, including affiliate distributions, rose 14.6% to \n $5.6 million, from $4.9 million, while regulated EBITDA decreased \n slightly to $7.2 million, from $7.3 million.\n \n \n ALTERNATIVE – CONNECT AMERICA COST MODEL” (“A-CAM”) PROGRAM – Effective \n January 1, 2017, ten of LICT’s rural telephone companies elected to \n participate in the FCC’s A-CAM program. The A-CAM program is designed to \n speed and expand the deployment of broadband capacities throughout the \n nation’s rural areas and replaced two prior USF mechanisms for companies \n electing A-CAM. During 2018, the FCC expanded the A-CAM program for \n companies whose support was initially capped and offered the LICT \n companies an additional $2.9 million in annual A-CAM funding, which is \n retroactive to January 1, 2017. LICT expects to receive an additional \n $5.8 million from the expanded A-CAM program in 2018, $2.9 million of \n which relates to the twelve months of 2017. Through June 30, 2018, no \n A-CAM revenues from the expanded program have been recorded. Funding is \n expected to begin in the third quarter of 2018.\n \n \n FULL YEAR RESULTS – Bolstered by the additional A-CAM revenues, the \n Company forecasts that revenues for 2018 will approximate $116 million \n and EBITDA before corporate costs, charitable contributions and \n non-operating income will approximate $57 million, of which $54 million \n is recurring. The previ...