LICT Corporation Reports Second Quarter 2022 Results

Rye, NY – August 16, 2022 – LICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) reports unaudited, financial results for the quarter ended June 30, 2022.

Driven by broadband sales, non-regulated revenues for the second quarter of 2022 increased 5.4%, to $17.7 million from the prior year’s second quarter $16.8 million. Non-regulated EBITDA was $7.5 million, versus the $7.3 million earned in the same period last year.

Regulated revenues were $15.0 million in the second quarter of 2022 versus the prior year’s second quarter of $15.5 million. Regulated EBITDA was $7.2 million compared to $7.5 million last year.

Total revenues in the second quarter of 2022 were $32.7 million compared to $32.3 million for the corresponding quarter in 2021. EBITDA was $14.7 million in the second quarter of 2022 as compared to $14.8 million in 2021.

Continue reading LICT Corporation Reports Second Quarter 2022 Results

LICT Corporation Reports First Quarter 2022 Results

Rye, NY – June 2, 2022 – LICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) reports unaudited, financial results for the quarter ended March 31, 2022.

Non-regulated revenues for the first quarter of 2022 increased by 6.7%, or $1.1 million, to $17.5 million from the prior year’s first quarter $16.4 million, driven by broadband and cable modem sales. Non-regulated EBITDA was $7.1 million, unchanged from 2021.

Regulated revenues were $15.0 million in the first quarter of 2022 versus the prior year’s first quarter of $15.6 million. Regulated EBITDA was $6.9 million compared to $7.3 million last year.

Total revenues in the first quarter of 2022 were $32.5 million compared to $32.0 million for the corresponding quarter in 2021. EBITDA was $14.0 million in the first quarter of 2022 as compared to $14.4 million in 2021.

OTHER INCOME (EXPENSE) – Other income increased approximately $0.1 million to $0.7 million versus $0.6 million in the prior year’s first quarter. This reflects a dividend of $0.5 million from a minority investment in Aureon vs. $0.2 million in the prior year. (We carry this investment at the historical cost of $3.0 million, however, LICT’s share of the book value of the investment is probably closer to $9.0 million.) This was offset by a decrease of Patronage Capital and affiliated income of $0.2 million.

EARNINGS PER SHARE Diluted earnings per share from operations for the first quarter of 2022 were $347 per share as compared to $378 per sharein 2021.

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2022 Notice Of Annual Meeting Of Stockholders To Be Held June 8, 2022

NOTICE IS HEREBY GIVEN to the holders of common stock, par value $0.01 per share (the “Common Stock”), of LICT Corporation (the “Corporation”), a Delaware corporation, that due to the development of events regarding the coronavirus pandemic, the Corporation will hold this year’s annual meeting of stockholders (the “Annual Meeting”) virtually, by electronic means. The virtual Annual Meeting will be held on June 8, 2022 beginning at 8:45 am Eastern Time. You may access the virtual Annual Meeting by using your 16-digit control number, which is printed on the Proxy Card accompanying this Notice and Proxy Statement and visiting www.virtualshareholdermeeting.com/LICT2022. You will be able to listen to the meeting live, submit questions and vote online if you wish.

The Annual Meeting will be held for the following purposes:

  1. To elect six (6) members to our Board of Directors to serve until the next Annual Meeting or until their successors are duly elected and qualify;
  2. To ratify the appointment of BDO USA, LLP as the Corporation’s independent auditor for the year ending December 31, 2022; and
  3. To transact such other business as may properly come before the Annual Meeting or any adjournments thereof.

Information relating to the above matters is set forth in the enclosed Proxy Statement. The Board of Directors and management of the Corporation are not aware of any other matters that will come before the Annual Meeting. As determined by the Board of Directors, only stockholders of record at the close of business on April 22, 2022, are entitled to receive notice of, and to vote at, the Annual Meeting and any adjournments thereof.

The Board of Directors encourages all stockholders to attend the virtual Annual Meeting. Your vote is very important regardless of the number of shares you own. Whether or not you expect to attend the Annual Meeting, you are requested to promptly date, complete, sign and return the enclosed Proxy Card in the enclosed postage-paid envelope in order that your shares of our Common Stock may be represented. Your cooperation is greatly appreciated.

By Order of the Board of Directors,

Stephen J. Moore
Vice President – Finance

LICT Corporation Reports Preliminary Fourth Quarter And Full Year 2021 Results

Full Year     

  • Revenues climbed by 4% to a record $129.1 from $124.2 million.
  • EBITDA from operations was $58.0 versus $57.6 million.
  • EPS from operations were $1,374 per share versus $1,336 per share in 2020

Fourth Quarter 

  • Non-Regulated revenues continue to report record results
  • Revenues rose 3.5% to $32.5 from $31.4 million.

Rye, NY – March 7, 2022 – LICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) reports unaudited, financial results for the year end and fourth quarter ended December 31, 2021. 

COVID-19 – LICT continues to closely monitor developments of the new variants of COVID -19. We continue to take steps to mitigate the potential risks related to the COVID-19 pandemic to the communities we serve and our teammates who work efficiently and diligently to serve their respective communities.

CHARITABLE CONTRIBUTIONS – LICT has completed the recent Shareholder Designated Contribution Program. The current program resulted in $0.9 million of designated contributions.  Since the inception of the program in 2016, LICT has contributed $7.3 million to hundreds of 501 (c) 3 organizations.

RESULTS-

Revenues in 2021 totaled $129.1 million compared to $124.2 million for the corresponding quarter in 2020.  EBITDA in 2021 was $53.1 million versus $52.8 million in 2020.

Fourth quarter 2021 revenues rose 4.0% to $32.5 million compared to $31.4 million for the corresponding quarter in 2020.  Fourth quarter EBITDA of $14.2 million in 2021 compared to $14.5 million in 2020.

Broadband revenues increased by 6.8%, to a record $17.3 million from the prior year’s fourth quarter $16.2 million.  Non-regulated EBITDA decreased by 2.8% to $7.0 million, from $7.2 million in the prior year’s fourth quarter. This is reflective of increases in operating costs for the quarter over last year due to increased staffing, customer install expenses and non-recurring year-end adjustments.  

Regulated revenues and EBITDA for the fourth quarter 2021 remained consistent with 2020 at $15.2 million and $7.1 million respectively. 

CORPORATE EXPENSES – Corporate costs increased to $1.1 million in the fourth quarter 2021 compared to $0.4 million in 2020, which benefited from positive year-end adjustments.  

OTHER INCOME/(EXPENSE) – Other income and expenses declined by $3.7 million in the quarter, to an expense of $0.3 in 2021, versus income of $3.4 in 2020.  This reduction was due to the gain on the sale of AWS Topeka Spectrum, in November 2020.  In addition, interest income was lower in 2021 due to lower interest rates and lower cash balances.

EARNINGS PER SHARE  Earnings per share from operations for the fourth quarter of 2021 excluding one-time events were $296 per share as compared to $335 per share for the prior year. Shares outstanding at the end of the fourth quarter of 2021 were 17,871.

LICT’s guidance for 2022 revenues and EBITDA are estimated at approximately $131 million and $58 million respectively.  In addition, capital expenditures are expected to substantially exceed the $32 million of 2021.  Full year earnings per share are expected to be about $1,350 per share in 2022. 

EMERGENCY BROADBAND BENEFIT (“EBB”) AND AFFORDABLE CONNECTIVITY PROGRAM (“ACP”) – LICT actively participated in the FCC’s EBB Program and continues to participate in the new ACP, which replaced EBB, to support our ongoing commitment to provide affordable broadband to the rural communities we serve and help close the digital divide.  ACP provides eligible consumers with a monthly broadband credit of up to $30 (previously up to $50 monthly EBB discount) and up to $75 monthly discount for households on Tribal Lands (under both EBB and ACP) towards their qualifying broadband plan for the duration of the program. 

FCC AUCTIONS – The conclusion of Auction 110 on November 16, 2021, established LICT as the winning bidder of 24 markets in 5 states for 3.45- 3.55 GHz band licenses.  These newly acquired licenses, along with the various other licenses we have won in past auctions, will further the Company’s efforts to expand our network reach.

STRATEGIC REVIEW – The Company continues to systematically seek, analyze and evaluate a full range of means to expand the scope and scale of its businesses and to accelerate growth across all of them, thereby enhancing our shareholders’ value. To support this strategic initiative, in February 2022, Matt Goldfarb joined LICT as a special advisor. Mr. Goldfarb is a seasoned investment professional with substantial operating and transactional expertise across various industries. 

CAPITAL EXPENDITURES – In the fourth quarter of 2021, capital expenditures increased by $0.4 million to $9.2 million, of which $4.2 million was for non-regulated activities and $5.0 million for regulated activities.  The full year capital expenditures increased by $3.8 million or 13.5% to $32.0 million.  We expect to increase our capital expenditures in 2022 to facilitate fiber deployment enabling us to increase broadband speed offerings and extend our networks in the communities we serve.

As of December 31, 2021, LICT owns and operates 5,832 miles of fiber optic cable, 11,522 miles of copper cable, 816 miles of coax cable and 83 towers. 

SHARE REPURCHASES – During the twelve months ended December 31, 2021, the Company repurchased 662 shares (3.6% of shares outstanding) for $15.2 million, with an average price of $22,986 per share. On December 31, 2021, 17,871 shares were outstanding, with 825 shares still available for authorized repurchase with a target of 40% of our Net Income.

OPERATING STATISTICS / BROADBAND DEPLOYMENT – As of December 31, 2021, the Company’s broadband penetration in its Incumbent Local Exchange Carrier (“ILEC”) telephone service territories, based on its total ILEC voice lines, was 93.3%, as compared to 90.8% at December 31, 2020.  As a result of our increased capital expenditures, the Company’s broadband lines grew by 10.3% for the year, to just under 44,000 units.  This increase offsets our voice and video line losses resulting in an overall growth of 4.0%:

 December 31, 2021December 31, 2020Increase
(Decrease) 
Percent
Increase
(Decrease)
 
Broadband lines      43,93939,8254,11410.3%
Voice Lines    
ILEC23,64424,005(361)(1.5%)
CLEC7,0437,456(413)(5.5%)
  Total30,68731,461(774)(2.5%)
Video Subscribers4,1174,406(289)(6.6%)
Revenue Generating Units78,74375,6923,0514.0%

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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 transactio11ns.  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.  Such forward-looking 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.