Reno, NV – June 2, 2013 – CIBL, Inc. (“CIBL” or “the Company”) announced results for the full year and fourth quarter of 2013. See Attachments A and B.
Summary
At December 31, 2013, CIBL held $29.3 million in liquid assets and net receivables from the sale of the broadcasting interests, and taxes payable which were estimated at $3.3 million. In addition, the company held 164,307 common shares, or 40.6%, of ICTC Group Inc. which, on a mark to market basis, was $3.4 million, 10,000 shares in Solix Inc. (an outsourcing firm that provides, among other services, billing and collection services to the telecommunications industry), and a $0.4 million Note Receivable from LICT Corporation.
Sale of Interest in Two Network Affiliated Television Broadcasters
On September 16, 2013, the managing partner of our ownership interests in television stations executed agreements for the sale of CIBL’s interests in two network affiliated television stations: Station WOI-TV, an ABC affiliate in the Des Moines/Ames, Iowa market and Station WHBF-TV, a CBS Network Affiliate serving the Quad Cities area in Iowa/Illinois. These transactions closed on March 13, 2014.
ICTC Group, Inc.
During November and December 2012, CIBL acquired a 39.95% interest in ICTC Group, Inc. (“ICTC”; Pink Sheets: ICTG). As such, CIBL began recording, ICTC’s results on an equity basis. Effective April 11, 2013, a Voting Rights Agreement brought the Company’s voting interest in ICTC to 51.3% and as a result, CIBL began reporting ICTC results on a consolidated basis. Accordingly, CIBL’s Income Statement and Balance Sheet will now reflect 100% of ICTC’s operating activities, from April 11, 2013, and the 60.05% not owned by CIBL will be shown as noncontrolling interests. To help clarify these accounting dynamics, we provide a table that provides CIBL on an ongoing basis, the results of ICTC, for the relevant period and the consolidated data reflecting the 51.3% voting control of ICTC by CIBL.
Dutch Auction
On January 8, 2014, we completed a modified Dutch Auction in which we acquired 2,286 of our common shares for $3.0 million, or $1,300 per share. This follows the open market purchases of 508 of our common shares in 2013, 51 of which occurred in the fourth quarter of 2013. We currently have 19,246 shares outstanding.
Earnings Per Share
During the Fourth Quarter in 2013, the net loss attributable to CIBL was $377,000, or $17.48 per share, as compared to net income $1,245,000, or $51.34 per share in the Fourth Quarter of 2012
For the Year Ended December 31, 2013, CIBL’s net income attributable to CIBL was $14.1 million, or $647.71 per share, as compared to $17.1 million, or $691.17 for the Year Ended December 31, 2012. The following provides an after-tax analysis of CIBL’s earnings per share over these periods:
| Full Quarter | ||
| 2013 | 2012 | |
| Earnings of ICTC Group, Inc. (a) | $8.41 | $0.43 |
| Corporate Activities – Net | (7.82) | (6.73) |
| On-Going Operations | 0.59 | (6.30) |
| Gain on Sale of TV Stations | 645.91 | — |
| Gain on Sale of New Mexico RSA’s | — | 616.08 |
| Earnings of Discontinued Operations: | ||
| TV Stations (b) | 1.21 | 36.88 |
| New Mexico RSA’s (c) | — | 44.51 |
| Reported Earnings (Losses) Per Share | $647.71 | $691.17 |
- CIBL began recording its share of ICTC Group earnings in November and December 2013.
- CIBL share in the financial results of the TV Stations ended on September 16, 2013. 2012 results were favorably impacted by significantly increased political
- CIBL share in the financial results of the New Mexico RSA’s ended on May 9, 2012. The Board of Directors of CIBL continues to evaluate alternatives for the
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, regulatory and other approvals, 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
Release: 14-3