Reno, NV – June 3, 2013 – CIBL, Inc. (“CIBL” or “the Company”; OTC Pink ®: CIBY) announced results for the first quarter of 2014. See Attachments A and B.
At March 31, 2014, CIBL held $26.2 million in liquid assets and net receivables from the recent sale of its television broadcasting interests, less income taxes payable which were estimated at $3.2 million, or $1,360 per share. In addition, the company held 164,307 common shares, or 40.6%, of ICTC Group Inc. which, on a mark to market basis, was $3.3 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.
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. In addition, we acquired 48 shares in the open market in the first quarter of 2014. We currently have 19,246 shares outstanding.
ICTC Group, Inc.
CIBL owns 40.6% of ICTC outstanding shares, but a Voting Rights Agreement, which was effective April 11, 2013 brought the Company’s voting interest in ICTC to 51.3% and as a result, as of that date CIBL began reporting ICTC results on a consolidated basis. 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 acquisition of voting control of ICTC by CIBL.
Earnings Per Share
During the First Quarter in 2014, the net loss attributable to CIBL was $13,000, or $0.66 per share, as compared to net income $9,000 or $0.43 per share in the First Quarter of 2013. The following provides an after-tax analysis of CIBL’s earnings per share over these periods:
|Earnings of ICTC Group, Inc.||$2.54||$1.97|
|Corporate Activities – Net||(3.20)||(1.87)|
|Earnings of Discontinued Operations:|
|TV Stations (a)||—||0.33|
|Reported Earnings (Losses) Per Share||($0.66)||$0.43|
(a) On September 17, 2013, CIBL sold its interest in its TV Stations.
The Board of Directors of CIBL continues to evaluate alternatives for the company.
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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