Reno, NV – July 27, 2016 – CIBL, Inc. (“CIBL” or the “Company”; OTC Pink ®: CIBY) announces financial results for the second quarter of 2016. See Attachments A and B.
Summary – At June 30, 2016, CIBL held $22.6 million in liquid assets or $1,336 per share, based on the 16,952 shares outstanding at that date. In addition, the company owns 166,556 common shares of ICTC Group, Inc. (“ICTC”; OTC Pink ®: ICTG), or 43.5% of the shares outstanding, and has voting control through a voting rights agreement with our Chairman; and 10,000 shares of Solix Inc., a private outsourcing firm that provides, among other services, billing and collection for the telecommunications industry.
Share Repurchases – During the six months ended June 30, 2016, the Company acquired 773 of its shares at an average price of $1,263 per share. Since its spin-off from LICT Corporation in 2007, CIBL has repurchased 8,162 of its shares for a total of $9.2 million, or an average price of $1,131 per share.
Net Loss Per Share – During the second quarter of 2016, the net loss attributable to CIBL was $25,000, or $1.27 per share, as compared to a loss attributable to CIBL of $20,000, or $1.14 per share, in the second quarter of 2015. Significant items affecting the second quarter results are:
- The net after-tax cost of CIBL’s corporate activities was $67,000, or $3.92 per share, in 2016 and $65,000, or $3.62 per share, in 2015.
- In 2016, net income from CIBL’s ownership in ICTC was $44,000, or $2.59 per share, and in 2015 net income from ICTC was $44,000, or $2.48 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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To the extent this release may contain 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, such information is subject to uncertainties, risks and inaccuracies, which could be material, and there can be no assurance that such information is accurate.
CIBL is a holding company with interests in telecommunications operations. CIBL is listed on OTC Pink® under the symbol CIBY.
Contact: Robert E. Dolan