Reno, NV – August 7, 2024 – CIBL, Inc. (“CIBL” or the “Company”; OTC Pink ®: CIBY) announces unaudited results for the quarter ending June 30, 2024. CIBL’s operations 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 June 30, 2024, the New Hampshire operations generated revenues of $508,000, representing an increase of $24,000 from the $484,000 for the previous year’s second quarter, while EBITDA from New Hampshire operations, before corporate expenses, was $150,000 in the 2024 period as compared to $123,000 in 2023.
During 2024, the Company acquired 269 of its shares at an average price of $1,816 per share. We now have 12,399 shares outstanding. Since its spin-off from LICT Corporation in 2007, CIBL has repurchased 14,017 of its shares for $19.5 million, or an average price of $1,391 per share.
On March 1, 2024, Bretton Woods Telephone Company’s contract with the Omni Mount Washington Resort LLC was renewed for another five-year term.
On September 27, 2023, the Company announced, subject to regulatory approval, it will acquire 450 shares of Brick Skirt Holdings, Inc. (“Brick Skirt”), representing a 20% interest thereof, from LICT Corporation (“LICT”), for an aggregate purchase price of $1,500,000, 40% of this interest was acquired in the third quarter of 2023, by issuing 300 CIBL shares to LICT, and the remaining 60% interest is expected to be acquired in the second half of 2024. Brick Skirt, through subsidiaries, provides broadband and communication services to sections in western New York state.
Capital expenditures were $89,000 and $26,000 for the three months ending June 30, 2024 and 2023, respectively.
CIBL’s Board of Directors continues to evaluate a broad range of strategic alternatives for the Company in order to create shareholder value.