CIBL, Inc. Reports Quarter Ending Cash and Operating Results

RENO, Nev., November 30, 2022--(BUSINESS WIRE)--CIBL, Inc. ("CIBL" or the "Company"; OTC Pink ®: CIBY) announces that at September 30, 2022, CIBL held $23.7 million in liquid assets or $1,817 per share, based on the 13,042 shares outstanding at that date, and 10,000 shares of Solix Inc., a private outsourcing firm that provides, among other services, billing and collection for the telecommunications industry. In addition, CIBL’s operations consist of Bretton Woods Telephone Company and World Surfer, Inc. providers of broadband and communication services in Northern New Hampshire ("New Hampshire Operations").

During the quarter ended September 30, 2022, the New Hampshire operations generated $518,000 in revenues, an 8.4% increase from the $478,000 of revenues reported in the Third Quarter of 2021. EBITDA from the New Hampshire operations was $112,000 in the 2022 period as compared to $152,000 in the 2021 period. The New Hampshire operations currently have 465 broadband customers, all served by fiber optic cable.

Share Repurchases - During the nine months ended September 30, 2022, the Company acquired 1,707 of its shares at an average price of $1,830 per share. We acquired 198 shares since September 30, 2022, at $1,803 per share, and now have 12,844 shares outstanding. Since its spin-off from LICT Corporation in 2007, CIBL has repurchased 13,272 of its shares for a total of $18.2 million, or an average price of $1,369 per share.

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.

CIBL is a holding company with interests in telecommunications operations. CIBL is listed on OTC Pink® under the symbol CIBY and information can be obtained on our website: www.ciblinc.com.

CIBL, Inc. and Subsidiaries

Attachment A

Consolidated Statements of Operations (Unaudited)

(In Thousands, Except Common Share Data)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2022

2021

2022

2021

Revenue

Total Revenue

$518

$478

$1,408

$1,429

Costs and expenses

Costs of revenue, excluding depreciation

329

258

855

816

General and administrative costs of operations

77

68

214

206

Corporate office expenses

231

166

617

531

Management fee

31

31

94

94

Depreciation and amortization

37

64

147

194

Total Operating expenses

705

587

1,927

1,841

Operating loss

(187)

(109)

(519)

(412)

Other income (expense):

Interest income

100

2

132

6

Equity in income (loss) of limited partnership investment

27

30

(9)

106

Other

18

Total Other income

127

32

123

130

Net loss before income taxes

(60)

(77)

(396)

(282)

Income tax benefit

11

18

95

186

Net loss

$(49)

$(59)

$(301)

$(96)

Basic and diluted weighted average shares outstanding

13,121

15,265

13,325

15,656

Actual shares outstanding

13,042

15,169

13,042

15,169

Earnings Per Share

Net loss

$(3.73)

$(3.87)

$(22.59)

$(6.13)

CIBL, Inc. and Subsidiaries

Consolidated Balance Sheets (Unaudited)

(In Thousands, Except Common Share Data)

Attachment B

September 30,
2022

December 31,
2021

September 30,
2021

Assets

Current Assets

Cash and cash equivalents

$1,137

$3,179

$2,183

United States Treasury Bills

20,903

21,998

23,999

Investment in equity method limited partnership

1,699

1,708

1,686

Accounts receivable, net of allowance of $1

180

181

174

Prepaid expenses

13

155

1

Materials and supplies

59

59

59

Other current assets

253

188

125

Total Current Assets

24,244

27,468

28,227

Property, plant and equipment

4,305

4,289

4,633

Accumulated depreciation

(3,586)

(3,442)

(3,659)

Net property, plant and equipment

719

847

974

Goodwill

337

337

337

Other intangibles, net

54

57

58

Other investments

100

100

100

Other assets

93

93

119

Total Assets

$25,547

$28,902

$29,815

Liabilities and Stockholders’ Equity

Current Liabilities

Accounts payable and accrued expenses

$123

$219

$75

Accrued liabilities

400

276

377

Total Current Liabilities

523

495

452

Deferred income taxes

101

101

157

Other liabilities

82

82

104

Total Liabilities

706

678

713

Stockholders’ Equity

Common stock, par value $.01, 30,000 shares
authorized; 26,115 issued; and 13,042;
14,749; and 15,169 outstanding

--

--

--

Contributed capital

5,612

5,612

5,612

Retained earnings

37,037

37,338

37,469

Treasury stock, 13,074; 11,367; and 10,947 shares at cost

(17,808)

(14,725)

(13,979)

Total Stockholders' Equity

24,841

28,225

29,102

Total Liabilities and Stockholders’ Equity

$25,547

$28,902

$29,815

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Contacts

Kenneth D. Masiello
(775) 664-3700