Reno, NV – August 13, 2014 – CIBL, Inc. (“CIBL” or “the Company”; OTC Pink ®: CIBY) announced results for the second quarter of 2014. See Attachments A and B.
Summary
At June 30, 2014, CIBL held $26.0 million in liquid assets less income taxes payable (estimated at $1.6 million) or $1,360 per share. In addition, the company owns 40.6% (164,307 common shares) of ICTC Group, Inc. (“ICTG”; OTC Pink ®: ICTG); 10,000 shares of Solix Inc. (a private outsourcing firm that provides, among other services, billing and collection for the telecommunications industry); and a $0.3 million note receivable from LICT Corporation.
Dutch Auction
On January 8, 2014, CIBL 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, since the Auction ended, we acquired 185 shares in the open market. We currently have 19,109 shares outstanding.
ICTC Group, Inc.
As noted above, CIBL owns 40.6% 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 51.3%. 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 shows CIBL’s results 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 Second Quarter in 2014, the net loss attributable to CIBL was $28,000, or $1.50 per share, as compared to net income $40,000 or $1.82 per share in the Second Quarter of 2013. The following provides an after-tax analysis of CIBL’s earnings per share over these periods:
| 2014 | 2013 | |
| Earnings of ICTC Group, Inc. | $2.56 | $1.82 |
| Corporate Activities – Net | (4.06) | (1.28) |
| On-Going Operations | (1.50) | 0.54 |
| Earnings of Discontinued Operations: | ||
| TV Stations (a) | — | 1.28 |
| Reported Earnings (Losses) Per Share | ($1.50) | $1.82 |
(a) On September 17, 2013, CIBL sold its interests in two broadcast TV Stations.
The net loss from Corporate Activities increased from $1.28 per share in 2013 to $4.06 per share in 2014 due to the absence, in 2014, of certain managements fee income from the broadcast TV Stations of $43,000 (pre-tax) and certain shareholder related expenses of approximately $37,000 (pre-tax) in 2014.
The Board of Directors of CIBL continues to evaluate alternatives for the company.
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 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: 14-5