Reno, NV – October 23, 2024 – CIBL, Inc. (“CIBL” or the “Company”; OTC Pink ®: CIBY) announces unaudited results for the quarter ended September 30, 2024, of its operations which consist of Bretton Woods Telephone Company and World Surfer, Inc. providers of broadband and communication services in Northern New Hampshire (“New Hampshire Operations”).
For the three months ended September 30, 2024, the New Hampshire operations increased revenues 10.3% to $524,000 from the $475,000 for the previous year’s third quarter, while EBITDA, before corporate expenses, was up 37.6% to $150,000 as compared to $109,000 in 2023.
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On September 25, 2024, the Company announced, that it closed on its acquisition of 20% of Brick Skirt Holdings, Inc. (“Brick Skirt”), from LICT Corporation (“LICT”). CIBL acquired this interest through the issuance of 750 of its common shares. Brick Skirt, through subsidiaries, provides broadband and communication services to sections in western New York state.
Capital expenditures were $247,000 and $5,000 for the three months ending September 30, 2024, and 2023, respectively. Year to date capital expenditures were $411,000 and $69,000 for the periods ending in 2024 and 2023, respectively.
During 2024, the Company acquired 365 of its shares at an average price of $1,815 per share. Allowing for the shares issued to LICT, CIBL has 12,753 shares outstanding. Since its spin-off from LICT Corporation in 2007, CIBL has repurchased 14,113 of its shares for $19.7 million, or an average price of $1,396 per share.
CIBL’s Board of Directors continues to evaluate a broad range of strategic alternatives for the Company in order to create shareholder value.
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To the extent 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. Thus, such information is subject to uncertainties, risks and inaccuracies, which could be material, and there can be no assurance that such information will prove to be accurate.
CIBL is a holding company with interests in broadband operations. CIBL is listed on OTC Pink® under the symbol CIBY and information can be obtained on our website: www.ciblinc.com.