Reno, NV – November 7, 2014 – CIBL, Inc. (“CIBL” or “the Company”; OTC Pink ®: CIBY) announced results for the third quarter of 2014. See Attachments A and B.
At September 30, 2014, CIBL held $24.7 million in liquid assets less income taxes payable ($25.4 million in cash and equivalents less an estimated tax liability of $0.7 million) or $1,366 per share. In addition, the company owns 40.6% (164,307 common shares) of ICTC Group, Inc. (“ICTG”; OTC Pink ®: ICTG); 10,000 shares of Solix Inc. (a private outsourcing firm that provides, among other services, billing and collection for the telecommunications industry); and a $0.2 million note receivable from LICT Corporation.
On January 8, 2014, CIBL completed a modified Dutch Auction in which it acquired 2,286 of our common shares for $3.0 million, or $1,300 per share. In addition, since the Auction ended, we acquired 1,189 shares in the open market at an average price of $1,343 per share or $1.6 million in total. We currently have 18,105 shares outstanding.
The Board of Directors of CIBL continues to evaluate strategic alternatives for the company.
ICTC Group, Inc.
As noted above, CIBL owns 40.6% of ICTC’s outstanding shares, and a Voting Rights Agreement which was effective April 11, 2013 brought the Company’s voting interest in ICTC to 51.3%. As a result, as of that date CIBL began reporting ICTC results on a consolidated basis. To help clarify these accounting dynamics, in the Attachments, we provide a table that shows CIBL’s results on an ongoing basis, the results of ICTC for the relevant period, and the consolidated data reflecting the acquisition of voting control of ICTC by CIBL.
Earnings Per Share
During the third quarter in 2014, the net income attributable to CIBL was $56,000, or $3.10 per share. This amount included $71,000 reduction in the company’s income tax provision relating to gains on the sales of CIBL’s broadcast television stations. The sales were recognized in September 2013.
During the third quarter in 2013, the net income attributable to CIBL was $14,470,000, or $668.94 per share. This amount included net gains on the sale of CIBL’ s TV Stations of $14,524,000, or $671.44 per share, and CIBL’s share of the operations of the TV Stations until the date of sale of a net loss of $27,000, or $1.27 per share.
Accordingly, excluding activity associated the company’s investment in the previously owned broadcast television stations, CIBL recorded a net loss of $14,000 or $0.73 per share, in the third quarter of 2014 as compared to a net loss of $27,000, or $1.23 per share in the third quarter of 2013
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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. As a result, there can be no assurance that any possible transactions will be accomplished or be successful or that financial targets will be met, and such information is subject to uncertainties, risks and inaccuracies, which could be material.
CIBL is a holding company with subsidiaries in telecommunications services and television broadcasting. CIBL is listed on the Pink Sheets® under the symbol CIBY.
Contact: Robert E. Dolan
CIBL has retained LICT Corporation to provide it with administrative and management services (775) 664-3700