Business
LICT Corporation Reports Third Quarter 2021 Results
LICT Corporation Reports Third Quarter 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 quarter ended September 30, 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\nRESULTS-\n\nDriven by broadband services, third quarter non-regulated revenues increased 9%, to a record $17.1 million from the prior year’s third quarter $15.6 million. Non-regulated EBITDA rose over 9% to $7.3 million, from $6.7 million.\n\nRegulated revenues on the other hand slipped to $15.2 million from last year’s third quarter revenues of $16.5. This shortfall is traceable to a reduction from DSL detariffing and a cost study revision associated with network changes.\n\nLast year’s third quarter included a non-recurring receivable of $0.6 million driven by changes in the computation of the cost recovery mechanism.\n\nRegulated EBITDA was $7.4 million compared to $8.8 million last year.\n\nOverall revenues in LICT’s third quarter were $32.3 million compared to $32.2 million for the corresponding quarter in 2020. EBITDA was $14.7 million in the third quarter of 2021 as compared to $15.5 million in 2020.\n\nOTHER EXPENSES – A decline in other expenses to $300,000 from $500,000 was mostly due to a decrease in interest expense reflecting payment of a large portion of the $50 million loan from CoBank in 2020.\n\nEARNINGS PER SHARE – Earnings per share from operations for the third quarter of 2021 were $342 per share for the third quarter as compared to $371 per share in the prior year’s third quarter. Full year we expect earnings per share to be $1,435 per share versus $1,353 in 2020. Shares outstanding at the end of the third quarter of 2021 were 17,960.\n\nLICT’s guidance, for 2021 revenue and EBITDA, remains unchanged with revenues of $127 - $131 million and EBITDA in the range of $58 to $60 million.\n\nEMERGENCY BROADBAND BENEFIT (“EBB”) PROGRAM – LICT is actively participating in the FCC’s $3.2 billion EBB Program to support our ongoing commitment to provide affordable broadband to ...