CIBL, Inc. Reports (Unaudited) Second Quarter Operating Results

RENO, Nev.--(BUSINESS WIRE)--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.

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.

CIBL, Inc. and Subsidiaries										Attachment A
Consolidated Statements of Operations (Unaudited)
(In Thousands, Except Common Share and Earnings per Share Data)
	Three Months Ended June 30,						Six Months Ended June 30,
		2024			2023			2024			2023
Revenue
Revenue	$	508		$	484		$	976		$	953
Costs and expenses
Costs of revenue		296			295			568			567
General and administrative costs of operations		62			66			117			127
Corporate office expenses		280			309			523			560
Depreciation and amortization		34			31			65			62
Total Operating expenses		672			701			1,273			1,316
Operating loss		(164	)		(217	)		(297	)		(363	)
Other income (expense):
Investment income		266			244			521			466
Equity in loss of limited partnership investment		(127	)		(30	)		(283	)		(51	)
Unrealized and realized losses on available for sale equity securities		(71	)		(10	)		(113	)		(40	)
Total Other income		68			204			125			375
Net income (loss) before income taxes		(96	)		(13	)		(172	)		12
Income tax (expense) benefit		31			3			46			(3	)
Net income (loss)	$	(65	)	$	(10	)	$	(126	)	$	9
Basic and diluted weighted average shares outstanding		12,445			12,487			12,554			12,515
Actual shares outstanding		12,399			12,436			12,399			12,436
Earnings Per Share
Net income (loss) per share	$	(5.22	)	$	(0.77	)	$	(10.03	)	$	0.72

CIBL, Inc. and Subsidiaries							Attachment B
Consolidated Balance Sheets (Unaudited)
(In Thousands, Except Common Share Data)
	June 30, 2024			December 31, 2023 (Audited)			June 30, 2023
Assets
Current Assets
Cash and cash equivalents	$	1,348		$	1,252		$	1,727
Investments in United States Treasury Bills		18,841			19,046			18,371
Investment in available for sale equity securities		279			551			703
Investment in equity method limited partnership		1,595			1,878			1,693
Accounts receivable		221			228			172
Prepaid expenses		71			160			70
Materials and supplies		59			59			59
Income taxes receivable		43			45			69
Total Current Assets		22,457			23,219			22,864
Telecommunications, property, plant and equipment, net		771			646			684
Goodwill		337			337			337
Other intangibles, net		35			41			46
Other investments		700			700			100
Deferred income taxes		41			-			26
Other assets		71			71			85
Total Assets	$	24,421		$	25,014		$	24,142
Liabilities and Equity
Current Liabilities
Trade accounts payable and accrued expenses	$	124		$	76		$	53
Accrued liabilities		381			371			303
Total Current Liabilities		505			447			356
Deferred income taxes		-			37			-
Other liabilities		59			59			70
Total Liabilities		564			543			426
Equity
Common stock, par value $.01, 30,000 shares authorized; 26,415, 26,415 and 26,115 issued; and 12,399; 12,668; and 12,436 outstanding		--			--			--
Contributed capital		6,212			6,212			5,612
Retained earnings		37,147			37,273			36,995
Treasury stock, 14,017; 13,748; and 13,680 shares at cost		(19,502	)		(19,014	)		(18,891	)
Total Equity		23,857			24,471			23,716
Total Liabilities and Equity	$	24,421		$	25,014		$	24,142