Reno, NV – October 27, 2015 – CIBL, Inc. (“CIBL” or the “Company”; OTC Pink ®: CIBY) announces results for the third quarter of 2015. See Attachments A and B.
At September 30, 2015, CIBL held $24.1 million in liquid assets or $1,347 per share, based on the 17,856 shares outstanding at that date. In addition, the company owns 164,307 common shares of ICTC Group, Inc. (“ICTC”; OTC Pink ®: ICTG), or 42.9% of the economics, and has voting control; and 10,000 shares of Solix Inc., a private outsourcing firm that provides, among other services, billing and collection for the telecommunications industry.
Share RepurchasesDuring the nine months ended September 30, 2015, the Company acquired 249 of its shares at an average price of $1,354 per share. Since its spin-off from LICT Corporation in 2007, CIBL has repurchased 7,259 of its shares for a total of $8.1 million, or $1,114 per share.
Earnings (Loss) Per Share
During the third quarter of 2015, the net income attributable to CIBL was $117,000, or $6.58 per share as compared to $56,000, or $3.10 per share in the third quarter of 2014.
- The net after-tax cost of CIBL’s corporate activities was $61,000, or $3.43 per share, in 2015 and $67,000, or $3.58 per share, in 2014.
- In 2015, net income from CIBL’s ownership in ICTC was $107,000, or $5.97 per share, in 2015 and $35,000, or $2.86 per share, in 2014. Of note, ICTC earnings in 2015 included special distributions from ICTC’s ownerships in two wireless operations in North Dakota. These distributions contributed $90,000 to net income, or $5.00 per share to CIBL’s third quarter of 2015 results.
- In addition, the third quarters of 2015 and 2014 included gains that resulted from the receipt of additional proceeds from the sale of CIBL’s interests in broadcast television stations and lower income tax payments associated with these gains than the amounts previously accrued. These amounts were $72,000, or $4.04 per share in 2015, and $71,000 or $3.83 per share in 2014.
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 interests in telecommunications operations. CIBL is listed on OTC Pink® under the symbol CIBY.
Contact: Robert E. Dolan