Reno, NV – April 1, 2015, – CIBL, Inc. (“CIBL” or “the Company”; OTC Pink ®: CIBY) announces results for the fourth quarter of 2014. See Attachments A and B. CIBL’s financial statements for the year ended December 31, 2014 are in the process of being finalized and audited by the company’s firm of independent certified public accountants. This process could result in adjustments to our preliminary fourth quarter 2014 results.
Summary
At December 31, 2014, CIBL held $24.6 million in liquid assets or $1,361 per share. In addition, the company owns 164,307 common shares of ICTC Group, Inc. (“ICTC”; OTC Pink ®: ICTG) which represents 42.7% of the total outstanding; 10,000 shares of Solix Inc. (a private outsourcing firm that provides, among other services, billing and collection for the telecommunications industry); and a note receivable from LICT Corporation with a remaining principal balance of $0.15 million.
Shareholder Initiatives
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 have 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. CIBL has paid, based on the sale of our broadcasting properties and the New Mexico cellular interests, $20 million in cash taxes over the last several years. We are seeking opportunities to invest our resources, including acquiring businesses either in broadcasting or communications or other industries in which we perceive value. We are also considering the use of creative financing vehicles to support such efforts.
ICTC Group, Inc.
As noted above, CIBL owns 42.7% 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 over 50.0%. 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 a standalone basis, the results of ICTC for the relevant period, and the consolidated data reflecting the acquisition of voting control of ICTC by CIBL.
Net Loss Per Share
During the fourth quarter of 2014, the net loss attributable to CIBL was $63,000, or $3.47 per share. The net loss primarily consists of net after-tax cost of CIBL’s corporate activities of $85,000, $4.67 per share offset by net income of $18,000, or $1.02 per share from CIBL”s ownership in ICTC and a small tax benefit adjustment of $3,000, or $0.18 per share. The consolidated net loss included a deprecation adjustment at ICTC which reduced ICTC’s contribution to CIBL’s results by approximately $1.10 per share.
During the fourth quarter in 2013, the net loss attributable to CIBL was $377,000, or $17.48 per share. This amount included a reduction to the net gains on the sale of CIBL’ s TV Stations of $421,000, or $19.52 per share; and CIBL’s share of the operations of the TV Stations until the date of sale, a net income of $18,000, or $0.86 per share.
Information on ICTC can be obtained on its website www.ictcgroup.net, and information on CIBL can be obtained on our website: www.ciblinc.com.
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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. CIBL is listed on OTC Pink® under the symbol CIBY.
Contact: Robert E. Dolan
CIBL has retained LICT Corporation to provide it with administrative and management services
(775) 664-3700
Release: 15-1