Rye, NY – November 27,2015 – LICT Corporation (“LICT”; OTC Pink®: LICT) is today announcing that Mr. James DaBramo is joining the company as Chief Operating Officer on November 30, 2015.

Continue reading James Dabramo Joins LICT Corporation As Chief Operating Officer

Rye, NY – November 16, 2015 – LICT Corporation (“LICT”; OTC Pink®: LICT) is announcing that Dixon Acquisition, LLC (“Dixon Acquisition”), a wholly-owned subsidiary of Central Scott Telephone Company (“Central Scott”), today closed its acquisition of the assets and operations of Dixon Telephone Company (“Dixon”) in eastern Iowa. Central Scott is a wholly-owned subsidiary of LICT.

Central Scott is currently celebrating its 113th year in business. It is headquartered in Eldridge, Iowa and provides broadband data, video and voice communications to the Scott County, Iowa communities of Eldridge, Long Grove, McCausland and Donahue. Central Scott also operates as a Competitive Local Exchange Carrier (“CLEC”) providing broadband and voice communications in the Quad Cities area of Iowa and Illinois, as well as in Dubuque, Iowa.

Dixon provides broadband data, video and voice communications to a total of 772 customers located in four communities that are geographically adjacent to Central Scott’s franchised service territory. The transaction has been approved by Dixon’s shareholders, by the Federal Communications Commission and by the Iowa Utilities Board. Financial terms of the transaction are not being disclosed at this time.

Donn Wilmott, CEO and General Manager of Central Scott, stated “We are very happy to conclude this transaction and are confident that it will be in the best interests of all concerned. We look forward to continuing the provision of first-rate service to Dixon’s customers, and to substantially increasing the broadband capacities available to them.”

Howard Hunt, General Manager of Dixon, stated that “The primary goal of Dixon’s Board of Directors has been to assure the continuation of excellent service to our customers. Central Scott is undoubtedly the company to do that, as well as to expand the broadband speeds available to them.”

Central Scott plans to begin the process of upgrading the Dixon broadband capacities during November 2015.

***********************************

This release contains certain 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, including without limitation anticipated capital expenditures and corporate transactions. It should be recognized that such information is based upon certain 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 LICT on its website, www.lictcorp.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.

LICT Corporation is a holding company with subsidiaries in broadband and other telecommunications services that actively seeks acquisitions, principally in its existing business areas.

LICT Corporation is listed on the OTC Pink® under the symbol LICT. For further information visit our website at http://www.lictcorp.com.

Contact: Robert E. Dolan
Executive Vice President and Chief Financial Officer
914/921-8821

Release: 15-6

Rye, NY – October 23, 2015 – LICT Corporation (“LICT”; OTC Pink®: LICT) THIRD QUARTER RESULTS – Revenues for the third quarter ended September 30, 2015 were $21.6 million compared to $21.9 million in the corresponding quarter in 2014. EBITDA before corporate costs was $8.6 million, as compared to $9.4 million in the previous year’s third quarter.

Non-regulated revenues grew by 18.0% to $9.7 million from the prior year’s $8.2 million due to increased broadband and competitive local exchange carrier (“CLEC”) revenues. Regulated revenues were $11.9 million in the third quarter of 2015, off $1.7 million from $13.6 million the prior year’s quarter reflecting lower intra-state revenues, primarily at our New Mexico operation, and lower interstate revenues across almost all of our operations and the absence of last year’s favorable out of period adjustment of $0.3 million.

Non-regulated EBITDA for the third quarter, including the cash received from our equity in affiliates, grew 23.1% to $4.4 million, from the prior year’s $3.6 million. Regulated EBITDA fell $1.7 million to $4.2 million reflecting the decline in non-regulated revenues.

Earnings per share from continuing operations during the third quarter were $73 per share in 2015 versus $101 per share in 2014. Shares outstanding at September 30, 2015, were 22,090 versus 22,272 at December 31, 2014 and 22,327 at September 30, 2014.

All 2014 amounts have been restated to reflect the sale of the Company’s New York operations, DFT Communications Corporation, which closed in December 2014.

FULL YEAR RESULTS – For the year ending December 31, 2015, LICT expects revenues to be approximately $86 million, as compared to $85.9 million in 2014. LICT is expecting EBITDA, prior to corporate costs but including cash received from our equity affiliates, of approximately $36 million, as compared to $37.8 million in 2014. These forecasts have been reduced by $2 million each, from previous expectations primarily due to lower regulated revenues.

CAPITAL EXPENDITURES AND DEPRECIATION EXPENSE – In 2015, capital expenditures were $4.4 million for the third quarter as compared to $4.8 million in the third quarter of 2014. LICT is expecting capital expenditures for the full year 2015 of $17 million as compared to $16.5 million for the full year 2014. This reflects our commitment to provide the communities we serve with enhanced communication capabilities. Those capabilities are being developed through our continued investment in the improvement of our products and in our network infrastructure, particularly our broadband networks. Through upgraded electronics and fiber extensions deeper into our networks, we have improved the speed, the capacity and the reliability of our broadband service offerings.

ACQUISITION–Dixon Telephone Company (“Dixon”) in eastern Iowa. Dixon provides broadband data, video and voice communications to four communities that are geographically adjacent to Central Scott’s franchised service territory. The transaction has been approved by its shareholders and closing is awaiting approval by regulatory authorities. Financial terms of the transaction are not provided at this time.

BROADBAND REGULATION – In April 2014, continuing a lengthy and ongoing process, the FCC ordered further modifications to Intercarrier Compensation (‘ICC’) and the Universal Service Fund (“USF”), and issued a Further Notice of Proposed Rulemaking (“FNPRM”). Due to the many unresolved items in the FNPRM, which may impact “rate-of-return carriers” including many of our companies, it is not

	Sept. 30, 2015	Sept. 30, 2014	Dec. 31, 2014	YTD Increase (Decrease)	% Increase (Decrease)
ILEC voice lines	27,761	28,495	28,110	(349)	(1.2)%
CLEC voice lines	5,254	4,852	5,019	235	4.7%
Total voice lines	33,015	33,347	33,129	114	(0.3)%
Broadband lines	27,872	26,085	26,072	1,800	6.9%
LD Resale lines	16,942	15,596	15,531	1,411	9.1%
Video Subscribers	6,075	6,307	6,117	(42)	(0.7)%

BALANCE SHEET – As of September 30, 2015, the company had $17.1 million in cash and $45.9 million in debt, or $28.8 million in net debt, as compared to $36.3 million at December 31, 2014. The net debt at September 30, 2014 totaled $35.0 million. As part of the DFT transaction, LICT retains a note receivable of $3.25 million and has a 20% on-going equity interest in those operations.

REFINANCING THE COMPANY – In December 2014, the Company secured a $30 million line of credit agreement to replace its existing $25 million line of credit. This replacement line expires in December 2017. The line provides the company with increased financial flexibility for expanded business initiatives, higher borrowing capacity, shareholder compensation, and a lower interest rate. Interest expense was $643,000 in

the third quarter of 2015 as compared to $921,000 in the third quarter of 2014, reflecting lower borrowings and reduced rates.

SHARE REPURCHASES – During the nine months ended September 30, 2015, the Company repurchased 271 shares for $1.4 million at an average price of $5,201 per share. At that date, we had 784 shares left in our 1,300 share buyback authorization, including the additional 300 shares authorized by the Board of Directors in July 2015. As of September 30, 2015, 22,090 shares were outstanding. Of note, since September 30, 2015, the Company purchased an additional 60 shares or roughly $0.3 million in total.

BUSINESS INITIATIVES –The Board of Directors and management have implemented measures which have improved liquidity and reduced the Company’s debt position. At this time, the Board is considering whether the Company should acquire additional leverage which would enable us to explore broader opportunities both within and outside our current operations in broadband and telecommunications.

**************

This release contains certain 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, including without limitation anticipated financial results, financing, capital expenditures and corporate transactions. It should be recognized that such information is based upon certain 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 LICT on its website, www.lictcorp.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.

LICT Corporation is a holding company with subsidiaries in broadband and other telecommunications services that actively seeks acquisitions, principally in its existing business areas.

LICT Corporation is listed on the OTC Pink® under the symbol LICT. For further information visit our website at www.lictcorp.com.

Contact:         Robert E. Dolan
Executive Vice President and Chief Financial Officer 914/921-8821

Release:       15-5

Download PDF version for exhibit A (amended)

Rye, NY – September 1, 2015 – LICT Corporation (“LICT”; OTC Pink®: LICT) is reporting that the shareholders of Dixon Telephone Company (“Dixon”) of Dixon, Iowa yesterday approved the acquisition of Dixon by Central Scott Telephone Company (“Central Scott”), a wholly-owned subsidiary of LICT.

Continue reading LICT CORPORATION ANNOUNCES PURCHASE OF DIXON TELEPHONE COMPANY

Rye, NY – September 1, 2015 – LICT Corporation (“LICT”; OTC Pink®: LICT) is reporting that the shareholders of Dixon Telephone Company (“Dixon”) yesterday approved the acquisition of Dixon by Central Scott Telephone Company (“Central Scott”), a wholly-owned subsidiary of LICT. The acquiring company is a single-member limited liability company, Dixon Acquisition, LLC, owned by Central Scott.

The definitive agreement for this acquisition was signed on July 21, 2015. The transaction is subject to regulatory approvals by the Iowa Utilities Board and the Federal Communications Commission. All of the required regulatory filings have been made. It is currently anticipated that the approvals will be received during September and that the transaction will close by September 30, 2015 or shortly thereafter.

Howard Hunt, CEO of Dixon, said “We believe that Dixon’s customers will be very well served by this sale. Central Scott is our neighboring phone company and is well-acquainted with our system, territory and customers. And as part of the transaction, Central Scott has committed to upgrade the Dixon facilities to provide much faster internet access speeds for our customers.”

Donn Wilmott, General Manager and CEO of Central Scott, said “We are delighted to begin serving Dixon’s customers and expanding our traditional service territory. We look forward to continuing the excellent service these customers have received from Dixon, and to offering enhanced internet capabilities as well.”

The Dixon shareholder vote was almost unanimously in favor of the sale. Financial terms of the transaction are not being made public at this time. The parties expect to close the transaction as soon as the necessary regulatory approvals are obtained, which are expected by the end of September or early October of this year.

**************************

This release contains certain 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, including without limitation anticipated corporate transactions and capital expenditures. It should be recognized that such information is based upon certain 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 LICT on its website, www.lictcorp.com. As a result, there can be no assurance that any possible transactions will be accomplished or be successful, and such information is subject to uncertainties, risks and inaccuracies, which could be material.

LICT Corporation is a holding company with subsidiaries in broadband and other telecommunications services that actively seeks acquisitions, principally in its existing business areas.

LICT Corporation is listed on the OTC Pink® under the symbol LICT. For further information visit our website at http://www.lictcorp.com.

Contact: Robert E. Dolan
Executive Vice President and Chief Financial Officer
914/921-8821
Release: 15-4

Rye, NY – July 30, 2015 – LICT Corporation (“LICT”; OTC Pink®: LICT) is reporting results for the second quarter ended June 30, 2015.

SECOND QUARTER RESULTS – Revenues increased by $0.6 million, or 2.9%, to $21.7 million compared to the corresponding quarter in 2014. EBITDA before corporate costs was $9.4 million, as compared to $9.3 million in theprevious year’s second quarter. All 2014 amounts have been restated to reflect the sale of the Company’s New York operations, DFT Communications Corporation, which closed in December 2014. As part of that transaction, LICT retains a note receivable of $3.25 million and has a 20% on-going equity interest in those operations.

Continue reading LICT Corporation Reports Second Quarter 2015 Results

Rye, NY – May 14, 2015 – LICT Corporation (“LICT”; OTC Pink®: LICT) is reporting results for the first quarter ended March 31, 2015.

FIRST QUARTER RESULTS – Revenues decreased by $0.2 million, or 0.8%, to $21.1 million compared to the corresponding quarter in 2014. EBITDA before corporate costs was $9.2 million, as compared to $9.8 million in the previous year’s first quarter.

Regulated revenues were $12.5 million in the 2015 first quarter, off $1.3 million from the prior year quarter, reflecting lower intra-state revenues, primarily at our New Mexico operation, and lower inter-state revenues across all of our operations. Offsetting this decline was a 15.6% increase in our non-regulated revenues to $8.6 million from the prior year’s $7.4 million, principally due to increased broadband and competitive local exchange carrier (“CLEC”) revenues. The $1.3 million regulated revenue decline resulted in the same amount of regulated EBITDA decline while non- regulated EBITDA grew $0.4 million to $3.4 million during the quarter.   Corporate expenses were $0.7 million, lower than the first quarter of 2014 of $0.8 million.

Earnings per share from continuing operations during the first quarter were $87 in 2015 versus $117 in 2014.   Shares outstanding at March 31, 2015, were 22,242 versus 22,272 at December 31, 2014 and 22,423 at March 31, 2014.

FULL YEAR RESULTS – For the year ending December 31, 2015, LICT is expecting revenues to be approximately $87 million, as compared to $85.9 million in 2014. LICT is expecting EBITDA, prior to corporate costs but including cash received from our equity affiliates, of approximately $38 million, as compared to $37.8 million in 2014.

CAPITAL EXPENDITURES AND DEPRECIATION EXPENSE – In 2015, capital expenditures were $3.9 million for the first quarter of 2015 as compared to $3.2 million in the first quarter of 2014. This reflects our commitment to provide the communities we serve with enhanced communication capabilities and our continued investment in the improvement of our products and in our network infrastructure, particularly our broadband networks. Through upgraded electronics and fiber extensions deeper into our networks, we have improved the speed, the capacity and the reliability of our broadband service offerings.

FCC SPECTRUM AUCTION 97-Advanced Wireless Service (AWS-3) – A subsidiary of the Company, Lynch 3G Communications Corporation, participated in the Federal Communications Commission (“FCC”) Auction 97, Advanced Wireless Services (AWS-3) Spectrum. We were outbid by behemoths, some of which received small business discounts. The Auction concluded in February 2015 and the subsidiary received back from the FCC its Auction deposit of $19.0 million.

BROADBAND REGULATION – In April 2014, the FCC ordered further modifications to Intercarrier Compensation (‘ICC’) and the Universal Service Fund (“USF”), and issued a Further Notice of Proposed Rulemaking (“FNPRM”). Due to the many unresolved items in the FNPRM, which may impact “rate-of-return carriers” including many of our companies, it is not possible to predict the impact that the FCC’s ICC and USF reforms will have on LICT’s future revenues at this time. ICC and USF programs generate, on a combined basis, approximately 40% of our revenues. We believe that government policy will continue to encourage and support communication services in rural areas, but there is no certainty that such support will be continued at historical levels. As a result of this, as well as opportunities created from new technologies, including the internet, we have focused on developing non-regulated, high speed businesses, such as broadband service by fiber optic and advanced DSL technologies, to supplement our traditional rural telephone services.

OPERATING STATISTICS – As of March 31, 2015, the Company’s DSL penetration in its franchised telephone service territories, based on total RLEC voice lines, was 72.4%, compared to 71.6% as of December 31, 2014.   Our summary operating statistics are as follows:

	March 31, 2015	Dec. 31, 2014	Increase (Decrease)	Percent Increase (Decrease)
ILEC voice lines	27,998	28,001	(3)	(0.0%)
CLEC voice lines	5,156	5,019	137	2.7%
Total voice lines	33,154	33,020	134	0.4%
Broadband lines	26,995	26,072	875	3.4%
LD Resale lines	15,617	15,531	86	0.6%
Video Subscribers	6,132	6,117	15	0.2%

BALANCE SHEET – As of March 31, 2015, the company had approximately $23.9 million in cash and $56.6 million in total debt, or $32.7 million in net debt, as compared to $36.3 million at December 31, 2014. The net debt at December 31, 2014 includes the Auction 97 deposit that was returned in February 2015. The net debt at March 31, 2014 totaled $36.3 million.

REFINANCING THE COMPANY – In December 2014, the Company secured a $30 million line of credit agreement to replace its existing $25 million line of credit. This replacement line expires in December 2017. The line provides the company with increased financial flexibility for expanded business initiatives, higher borrowing capacity, shareholder compensation, and at a lower interest rate. Interest expense was $791,000 in the first quarter of 2015 as compared to $1,045,000 in the first quarter of 2014.

SHARE REPURCHASES – During the quarter ended March 31, 2015, the Company repurchased 119 shares for $0.6 million at an average price of $4,978 per share. We have 636 shares left in our 1,000 share buyback authorization. As of March 31, 2015, 22,242 shares were outstanding. We note that 89 shares were issued in March 2015 under the Company’s Restricted Stock Plan.

**************

This release contains certain 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, including without limitation anticipated financial results, financing, capital expenditures and corporate transactions. It should be recognized that such information is based upon certain 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 LICT on its website, www.lictcorp.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.

LICT Corporation is a holding company with subsidiaries in broadband and other telecommunications services that actively seeks acquisitions, principally in its existing business areas.

LICT Corporation is listed on the OTC Pink® under the symbol LICT. For further information visit our website at www.lictcorp.com.

Contact:         Robert E. Dolan
Executive Vice President and Chief Financial Officer 914/921-8821

Release:       15-2

Download PDF version for exhibit A

Rye, NY – March 30, 2015 – LICT Corporation (“LICT”; OTC Pink®: LICT) reports preliminary, unaudited results for the fourth quarter ended December 31, 2014. LICT’s financial statements for the year ended December 31, 2014 are in the process of being finalized, including final review of impairment of goodwill, and audited by the company’s firm of independent certified public accountants. This process could result in adjustments to our preliminary fourth quarter 2014 results.

Continue reading LICT Corporation Reports Preliminary Fourth Quarter 2014 Results