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