RENO, Nev.--(BUSINESS WIRE)-- CIBL, Inc. (“CIBL” or the “Company”; OTC Pink ®: CIBY), a holding company with interests in broadband operations in New Hampshire, reported its financial results for the quarter ended June 30, 2025.
- Revenues increased 4.1% to $529,000 in the second quarter of 2025 from $508,000 in the second quarter 2024
- Earnings per share were $5.60 per share in the second quarter of 2025 compared to a loss per share of $5.22 in the second quarter 2024
- Cash and investments, net of zero debt, were $20,452 as of June 30, 2025
- Christopher Nossokoff joined CIBL as a mergers and acquisitions advisor to provide and accelerate our interest in non-organic growth
Results from Operations
Three Months Ended June 30, 2025
Revenues increased 4.1% to $529,000 in the second quarter 2025 from $508,000 in the second quarter 2024 due to increased service revenues from broadband, end-user terminals and voice over internet protocol.
EBITDA from operations1 decreased 21.3% to $118,000 in the second quarter 2025 compared to $150,000 in the second quarter 2024 due to less capitalized labor for plant under construction and switch replacements.
Six Months Ended June 30, 2025
Revenues increased 7.9% to $1,053,000 for the six months ended June 30, 2025 from $976,000 for the six months ended June 30, 2024 due to new services, one-time equipment revenues and system upgrades.
EBITDA from operations1 decreased 16.8% to $242,000 for the six months ended June 30, 2025 from $291,000 for the six months ended June 30, 2024 due to the increase in revenues discussed above partially offset by less capitalized labor for plant under construction and switch replacements.
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1 A reconciliation of non-GAAP financial measures to the most comparable GAAP measure is provided at the end of this press release. |
Other Highlights
Capital expenditures were $45,000 and $164,000 for the six months ended June 30, 2025, and 2024, respectively.
During the six months ended June 30, 2025, the Company acquired 725 of its shares at an average price of $1,690 per share. As of June 30, 2025, CIBL has 11,541 shares outstanding. Since its spin-off from LICT Corporation in 2007, CIBL has repurchased 15,325 of its shares for $21.8 million, or an average price of $1,420 per share.
CIBL’s Board of Directors continues to evaluate a broad range of strategic alternatives for the company to create shareholder value.
About CIBL, Inc.
CIBL is a holding company with interests in broadband operations. CIBL’s operations consist of Bretton Woods Telephone Company and World Surfer, Inc. providers of broadband and communication services in Northern New Hampshire. CIBL is listed on OTC Pink® under the symbol CIBY and information can be obtained on our website: www.ciblinc.com.
Cautionary Note Concerning Forward-Looking Statements
To the extent this release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, it should be recognized that such information is based upon assumptions, projections and forecasts, including without limitation business conditions and financial markets, and the cautionary statements set forth in documents filed by CIBL on its website, www.ciblinc.com. Thus, such information is subject to uncertainties, risks and inaccuracies, which could be material, and there can be no assurance that such information will prove to be accurate.
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CIBL Inc. and Subsidiaries |
Attachment A |
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Consolidated Statements of Operations (Unaudited) |
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(USD in thousands, except share data) |
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Three Months Ended June 30, |
Six Months Ended June 30, |
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|
2025 |
2024 |
2025 |
2024 |
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Revenue |
|||||||||||||||
|
Revenue |
$ |
529 |
$ |
508 |
$ |
1,053 |
$ |
976 |
|||||||
|
Costs and expenses: |
|||||||||||||||
|
Costs of revenue, excluding depreciation |
341 |
296 |
682 |
568 |
|||||||||||
|
General and administrative costs of operations |
70 |
62 |
129 |
117 |
|||||||||||
|
Corporate office expenses |
273 |
280 |
509 |
523 |
|||||||||||
|
Depreciation and amortization |
52 |
34 |
100 |
65 |
|||||||||||
|
Total operating expenses |
736 |
672 |
1,420 |
1,273 |
|||||||||||
|
Operating loss |
(207 |
) |
(164 |
) |
(367 |
) |
(297 |
) |
|||||||
|
Other income (expense): |
|||||||||||||||
|
Interest income |
185 |
266 |
377 |
521 |
|||||||||||
|
Equity in earnings of affiliated companies |
107 |
(127 |
) |
133 |
(283 |
) |
|||||||||
|
Unrealized and realized losses on available for sale equity securities |
- |
(71 |
) |
20 |
(113 |
) |
|||||||||
|
Total other income |
292 |
68 |
530 |
125 |
|||||||||||
|
Income (loss) before income taxes |
85 |
(96 |
) |
163 |
(172 |
) |
|||||||||
|
Income tax (expense) benefit |
(20 |
) |
31 |
(34 |
) |
46 |
|||||||||
|
Net income (loss) |
$ |
65 |
$ |
(65 |
) |
$ |
129 |
$ |
(126 |
) |
|||||
|
Basic and diluted weighted average shares outstanding |
11,606 |
12,445 |
11,715 |
12,554 |
|||||||||||
|
Actual shares outstanding |
11,541 |
12,399 |
11,541 |
12,399 |
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Earnings (loss) per share |
|||||||||||||||
|
Basic and Diluted |
$ |
5.60 |
$ |
(5.22 |
) |
$ |
11.01 |
$ |
(10.03 |
) |
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CIBL Inc. and Subsidiaries |
Attachment B |
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Consolidated Balance Sheets (Unaudited) |
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(USD in thousands, except share data) |
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|
June 30, 2025 |
December 31, 2024 (Audited) |
June 30, 2024 |
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Assets |
|||||||||||
|
Current assets |
|||||||||||
|
Cash and cash equivalents |
$ |
1,594 |
$ |
2,341 |
$ |
1,348 |
|||||
|
Investments in United States Treasury Bills |
16,550 |
16,598 |
18,841 |
||||||||
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Investment in available for sale equity securities |
44 |
294 |
279 |
||||||||
|
Investment in equity method limited partnership |
1,706 |
1,645 |
1,595 |
||||||||
|
Accounts receivable |
253 |
284 |
221 |
||||||||
|
Prepaid expenses |
94 |
192 |
71 |
||||||||
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Materials and supplies |
59 |
59 |
59 |
||||||||
|
Income taxes receivable |
37 |
- |
43 |
||||||||
|
Total current assets |
20,337 |
21,413 |
22,457 |
||||||||
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Telecommunications, property, plant and equipment, net |
907 |
958 |
771 |
||||||||
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Goodwill |
337 |
337 |
337 |
||||||||
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Other intangibles, net |
25 |
30 |
35 |
||||||||
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Other investments |
1,708 |
1,636 |
700 |
||||||||
|
Deferred income taxes |
34 |
39 |
50 |
||||||||
|
Other assets |
59 |
59 |
71 |
||||||||
|
Total assets |
$ |
23,407 |
$ |
24,472 |
$ |
24,421 |
|||||
|
Liabilities |
|||||||||||
|
Current liabilities |
|||||||||||
|
Income taxes payable |
$ |
-- |
$ |
14 |
$ |
-- |
|||||
|
Trade accounts payable and accrued expenses |
142 |
138 |
124 |
||||||||
|
Accrued liabilities |
353 |
284 |
381 |
||||||||
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Total current liabilities |
495 |
436 |
505 |
||||||||
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Other liabilities |
46 |
46 |
59 |
||||||||
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Total liabilities |
541 |
482 |
564 |
||||||||
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Equity |
|||||||||||
|
Common stock, par value $.01, 30,000 shares authorized; 26,865, 26,865 and 26,415 issued; and 11,541, 12,266 and 12,399 outstanding |
-- |
-- |
-- |
||||||||
|
Contributed capital |
7,112 |
7,112 |
6,212 |
||||||||
|
Retained earnings |
37,545 |
37,416 |
37,147 |
||||||||
|
Treasury stock, 15,325; 14,600; and 14,017 shares at cost |
(21,791 |
) |
(20,538 |
) |
(19,502 |
) |
|||||
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Total equity |
22,866 |
23,990 |
23,857 |
||||||||
|
Total liabilities and equity |
$ |
23,407 |
$ |
24,472 |
$ |
24,421 |
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CIBL Inc. and Subsidiaries |
Attachment C |
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EBTIDA Reconciliation (Unaudited) |
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(USD in thousands, except share data) |
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The following table is a reconciliation of EBITDA from operations to Net income (loss): |
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Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||||||
|
2025 |
2024 |
2025 |
2024 |
||||||||||||
|
Net income (loss) |
$ |
65 |
$ |
(65 |
) |
$ |
129 |
$ |
(126 |
) |
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Adjustments: |
|||||||||||||||
|
Interest income |
(185 |
) |
(266 |
) |
(377 |
) |
(521 |
) |
|||||||
|
Income tax expense (benefit) |
20 |
(31 |
) |
34 |
(46 |
) |
|||||||||
|
Depreciation and amortization |
52 |
34 |
100 |
65 |
|||||||||||
|
Total adjustments |
(113 |
) |
(263 |
) |
(243 |
) |
(502 |
) |
|||||||
|
EBITDA |
(48 |
) |
(328 |
) |
(114 |
) |
(628 |
) |
|||||||
|
Corporate office expenses |
273 |
280 |
509 |
523 |
|||||||||||
|
Equity in earnings of affiliated companies |
(107 |
) |
127 |
(133 |
) |
283 |
|||||||||
|
Unrealized and realized losses on available for sale equity securities |
- |
71 |
(20 |
) |
113 |
||||||||||
|
EBITDA from operations |
$ |
118 |
$ |
150 |
$ |
242 |
$ |
291 |
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Kenneth D. Masiello
Chief Financial Officer
(775) 664-3700
Source: CIBL, Inc.
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