LICT Corporation Reports Preliminary Fourth Quarter And Full Year 2020 Results

Fourth Quarter

  • Revenues increased 1.6% to $31.3 from $30.8 million
  • EPS from operations rose 8% to $325 from $300 per share

 Full Year 

  • Revenues rose $6.1 million or 5.2% to $124.1 from $118 million.
  • EBITDA from operations was $57.6 versus $54.5 million.
  • EPS from operations rose to $1,343 from $1,248 per share.

 (Y)our “S” in ESG- 

SHAREHOLDER DESIGNATED CHARITABLE CONTRIBUTION -The Board of Directors approved in November 2020, a $100. per share, registered shareholder designated charitable contribution. If all shares outstanding are registered in the shareholders’ names at the record date, the total contribution would be approximately $2.2 million. Since the inception of LICT’s program in 2016, and counting this current amount, LICT will have contributed charitable gifts of close to $6.5 million to more than 200 501(c)(3) institutions. 

Rye, NY – February 18, 2021 – LICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) reports preliminary, unaudited, financial results for the year ended December 31, 2020. 

COVID-19 LICT continues to closely monitor developments and is actively taking steps to mitigate the potential risks related to the COVID-19 pandemic to our teammates and our to customers. LICT provides essential voice and data services to the communities we serve. To protect our team while continuing to provide the essential communications services needed to support remote work and remote learning, we adapted installation and repair service processes to limit customer contact and minimize teammate contact. In addition, LICT changed technician dispatch procedures to further limit contact and provided personal protective equipment, including masks, gloves and sanitizing products. Technicians are encouraged to evaluate the safety risks of each in-person installation or repair and reschedule the appointment if he or she determines that circumstances at the location present risk. Office-based teammates continue to work remotely and, for 

teammates that work in the company’s offices, masks and social distancing are required. We thank all our teammates for their focus on their communities. 

Since the COVID-19 outbreak, LICT has: 

  • Initiated charitable contributions to support members of our community that have been impacted by the economic fallout from the pandemic. Each of LICT’s teammates have contributed to help schools and local charitable organizations support community members effected by COVID-19. 
  • Provided free or discounted services to families to support remote learning. 
  • Set up community Wi-Fi hotspots so community members can stay connected to family, work, and learning 

FOURTH QUARTER – In 2020, LICT’s fourth quarter revenues were $31.3 million compared to $30.8 million for the corresponding quarter in 2019. EBITDA was $14.5 million in the fourth quarter of 2020 and 2019. In addition, we received cash of $0.7 million in 2019 from our equity investment in Modoc which was sold at the beginning of 2020. 

Non-regulated revenues increased by $2.0 million or 14%, to $16.2 million from the prior year’s $14.2 million, of which about $1.2 million resulted from an increase in sales to our broadband offerings and our video cable modem service. The increased demand for broadband speeds from both new customers as well as existing customers increasing speeds, is partially driven by the continued need for both remote learning and remote work. Non-regulated EBITDA rose just over 25% to $7.3 million, from $5.8 million. 

Regulated revenues slipped to $15.1 million in the fourth quarter of 2020 from the prior year’s reported $16.6 million. Regulated EBITDA was $7.2 million compared to $8.8 million last year. The year-to-year decline in regulated revenues and EBITDA is traceable to a fourth quarter 2019 adjustment increasing revenues by $0.8 million related to the cost recovery mechanism reviews. 

In the fourth quarter of 2019, LICT completed the sale of its New Hampshire operation, and is treating the results of the New Hampshire operation as a discontinued operation. Also, in the fourth quarter of 2020, LICT completed the sale of its Topeka AWS spectrum license. 

FULL YEAR RESULTS – Revenues for 2020 were $124.1 million and EBITDA of $57.6 million compared to 2019 revenues of $118.0 million and EBITDA of $54.5. In addition, we received cash of $0.6 million in 2020 versus $2.5 million in 2019, which is included in Exhibit A. 

EARNINGS PER SHARE Diluted earnings per share from operations during the fourth quarter of 2020 were $325 per share as compared to $300 per share in 2019. The full year diluted earnings per share from operations for 2020 was $1,343, which excludes the $512 for the gain on the sale of Modoc Limited Partnership in January 2020, compared to $1,248 at December 31, 2020. Shares outstanding at December 31, 2020 were 18,533 and 19,188 at December 31, 2019. 

ALTERNATIVE – CONNECT AMERICA COST MODEL (“A-CAM”) PROGRAM –All LICT telephone companies have elected to participate in the Federal Communications Commission (“FCC’s”) A-CAM and A-CAM II programs and received $32.1 million in 2020 for A-CAM and A-CAM II revenues. 

The FCC’s A-CAM program, which commenced January 1, 2017, with revisions in 2018 and 2019, and the addition of A-CAM II in Wisconsin in 2019, is designed to increase broadband speed and expand broadband deployment in rural portions of the country with mandatory build-out requirements for receipt of support. A-CAM and A-CAM II replaced two prior legacy FCC Universal Service Fund (“USF”) mechanisms which LICT had been receiving. LICT is actively building and expanding broadband facilities. 

BALANCE SHEET – LICT benefited from strong cash from operations in addition to the proceeds from the MODOC Partnership sale. At 2020 year-end we had a net cash position 0f $24.1 million up from $3.7 million on December 31, 2019. 

2021 OUTLOOK – LICT’s initial guidance for 2021 estimates total revenues of $127 – $131 million, EBITDA in the range of $58 to $60 million, and total capital expenditures between $27 and $29 million. We are aware that the effect of the COVID-19 pandemic may impact non-regulated revenue growth and potentially impact bad debt expense as an economic contraction may impair customers’ ability to purchase and pay for service. 

FCC SPECTRUM AUCTIONS LICT Wireless Broadband Company, LLC (“LICT Wireless”), a wholly owned subsidiary , participated in FCC Auction 105 – CBRS band which ended on August 25, 2020. In this auction, LICT acquired 162 licenses in 78 counties for $4.6 million of spectrum CBRS band licenses. 

In Auction 904, also known as Rural Development Opportunity Fund or “RDOF”, which was held October 29, 2020 to November 23, 2020, LICT was awarded 8 census block groups in 3 states. Auction 904 is a part of the Federal Communications Commission’s Universal Service Fund supporting the expansion of broadband internet services to underserved rural areas of the United States. 

In addition, LICT Wireless is a qualified bidder in Auction 107- C-Band, which is ongoing. 

CAPITAL EXPENDITURES – We continue to focus our capital investments to increase speeds which enables us to better serve our communities for remote work and remote learning, with enhanced broadband speeds through the increase of overall fiber route miles in our network. In the fourth quarter of 2020, capital expenditures were $8.8 million, of which $4.2 million was for non-regulated activities and $4.6 million for regulated activities, bringing our full year capital expenditures to $28.2 million dollars for 2020 compared to $24.9 million in 2019. 

As of December 31, 2020, LICT operations deployed 5,211 miles of fiber optic cable, 11,490 miles of copper cable, 762 miles of coaxial cable and 56 towers. 

SHARE REPURCHASES – During the twelve months ended December 31, 2020, the Company repurchased 655 shares for $11.0 million, with an average price of $16,821 per share. As of December 31, 2020, 18,533 shares were outstanding. 

OPERATING STATISTICS / BROADBAND DEPLOYMENT – As of December 31, 2020, the Company’s broadband penetration in its franchised telephone service territories, based on its total Incumbent Local Exchange Carrier (“ILEC”) voice lines, was 90.8%, as compared to 84.8% at December 31, 2019. The Company’s broadband RGUs grew by 12.5% to just under 40,000 units, outpacing our voice and video line loss resulting in a overall growth of 5.0%. Our capital spending will enable us to meet A-CAM requirements, offer enhanced broadband speeds, and increase the overall fiber route miles in our network. Our summary operating statistics excludes New Hampshire operations, which was sold in 2019, are as follows: 

December 31, 2020December 31, 2019Increase (Decrease)Percent Increase (Decrease)
Broadband lines39,82535,3934,43212.5%
Voice Lines
— ILEC
— Out of franchise

24,005
7,456

24,520
7,525

(515)
(69)

(2.1%)
(0.9%)
Total31,46132,045(584)(1.8%)
Video Subscribers4,4064,628(222)(4.8%)
Revenue Generating Units75,69272,0663,6265.0%

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. 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

LICT CORPORATION REPORTS THIRD QUARTER 2020 RESULTS

  • Revenues increased by 15% to $32.2 million from $28 million.
  • EBITDA grew 22% to $15.5 million from $12.7 million.
  • Earnings per share rose to $371 per share versus $263 per share in 2019.
  • Broadband connections increased by 10% to 39,157 since December 2019 connections of  35,393.

Rye, NY – November  23, 2020 – LICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) reports financial results for the quarter ending September 30, 2020. 

LICT continues to closely monitor developments and is actively taking steps to mitigate the potential risks related to the COVID-19 pandemic to the Company, its teammates and its customers. LICT provides essential voice and data services to its customers. To protect its employees while continuing to provide the essential communications services needed to support remote work and remote learning, the Company adapted installation and repair service processes to limit customer contact and minimize teammate contact. In addition, LICT changed technician dispatch procedures to further limit contact and provided personal protective equipment, including masks, gloves and sanitizing products. Technicians are encouraged to evaluate the safety risks of each in-person installation or repair and reschedule the appointment if he or she determines that circumstances at the location present risk. Office-based teammates have been working remotely since the middle of March and, for teammates that work in the company’s offices, masks and social distancing are required. We thank all our teammates for their focus on their communities.

Since the COVID-19 outbreak, LICT companies have:

  • Providing free or discounted services to families to support remote learning.
  • Setting up community Wi-Fi hotspots so community members can stay connected to family, work, and learning; and
  • Committing not to disconnect customers that are unable to pay their bills because of the economic effects of the pandemic.
  • Initiated charitable contributions to support members of our community that have been impacted by the economic fallout from the pandemic. Each of LICT’s 338 teammates have contributed to help schools and local charitable organizations support community members effected by COVID-19.  In addition, during the Second Quarter of 2020 (y)our teammates designated $247,000 to local schools and various charitable organizations within our local communities to support them in dealing with the challenges presented by the Covid-19 pandemic.

SHAREHOLDER DESIGNATED CHARITABLE CONTRIBUTION PROGRAM — As previously mentioned, in 2016, the Company adopted a Shareholder Designated Charitable Contribution Program. Under the Program, all registered shareholders are eligible to designate charities and the company will a make a contribution to that charity. In 2016 through 2019, the company made $100 per share contributions on behalf of its shareholders to their designated charities

THIRD QUARTER RESULTS – In 2020, LICT’s third quarter revenues were $32.2 million compared to $28.0 million for the corresponding quarter in 2019. EBITDA was $15.5 million in the third quarter of 2020 as compared to $12.7 million in the third quarter of 2019. Non-regulated revenues gained 11%, to $15.6 million from the prior year’s $14.0 million resulting from an increase of 7% related to sales of broadband, out of franchise and 3% related to video cable modem revenues. Non-regulated EBITDA rose 15% to $6.8 million, from $5.9 million. 

Regulated revenues increased by 18.6% to $16.6 million in the third quarter of 2020 from the prior year’s recorded $14.0 million. Regulated EBITDA was $8.8 million compared to $6.2 million last year.  The significant increase in regulated revenues and EBITDA was largely related to the accrual to the net revenue reduction in the amount of $1.8 million in the third quarter of 2019 related to the review of the computation under the cost recovery mechanisms,  offset by an incremental $0.6 million for A-CAM 

EARNINGS PER SHARE – Diluted earnings per share during the third quarter were $371 per share in 2020 as compared to $263 per share in 2019, which was crimped by $71 per share  to the net of regulated revenues reduction. Shares outstanding at September 30, 2020 were 18,673, and 19,320 at September 30, 2019 and 19,188 at December 31, 2019. 

ALTERNATIVE – CONNECT AMERICA COST MODEL (“A-CAM”) PROGRAM – All of LICT’s  telephone companies have elected to participate in the Federal Communications Commission (“FCC’s”) A-CAM and A-CAM II programs and will receive $32.1 million in 2020 for A-CAM and A-CAM II revenues. 

The FCC’s A-CAM program, which commenced January 1, 2017, with revisions in 2018 and 2019, and the addition of A-CAM II in Wisconsin in 2019, is designed to increase broadband speed and expand broadband deployment in rural portions of the country with mandatory build-out requirements for receipt of support. A-CAM and A-CAM II replaced two prior legacy FCC Universal Service Fund (“USF”) mechanisms which LICT had been receiving.  LICT is actively building and expanding broadband facilities.  

2020 OUTLOOK – LICT is maintaining its guidance for 2020 with total revenues of $120 – $124 million, EBITDA in the range of $54 to $56 million, and total capital expenditures between $25 and $27 million. We are aware that the effect of the COVID-19 pandemic may impact non-regulated revenue growth and potentially impact bad debt expense as an economic contraction may impair customers’ ability to purchase and pay for service. At the same time, we have seen an  increase in the demand for broadband, as we support our communities’  remote work and distance learning needs.

FCC SPECTRUM AUCTIONS – LICT Wireless Broadband Company, LLC (“LICT Wireless”), a wholly owned subsidiary of the Company, participated in FCC Auction 105 – CBRS band which ended on August 25, 2020.  In this auction the Company acquired $4.6 million of spectrum CBRS band licenses.  

LICT is a qualified bidder in Auction 904 also known as Rural Development Opportunity Fund or RDOF which began on October 29, 2020.  Auction 904 is a reverse auction to receive funding as part of the Federal Communications Commission’s Universal Service Fund supporting the expansion of broadband internet services to underserved rural areas of the United States. In addition, LICT Wireless is a qualified bidder for Auction 107 C-Band which is scheduled to begin on December 8, 2020.

CAPITAL EXPENDITURES – In the third quarter of 2020, capital expenditures were $6.4 million, of which $3.3 million was for non-regulated activities and $3.1 million for regulated activities. To expand the Company’s fiber initiatives and provide a high level of broadband to our customers, our plan calls for capital expendituresof $25 – $27 million in 2020. This capital investment enables us to better serve our communities, for remote work and virtual learning with  enhanced broadband speeds through the  increase of overall fiber route miles in our network. 

As of September 30, 2020, LICT operations deployed 5,061 miles of fiber optic cable, 11,478 miles of copper cable, and 757 miles of coaxial cable. 

SHARE REPURCHASES – During the nine months ended September 30, 2020, the Company repurchased 515 shares for $8.5 million, with an average price of $16,588 per share.  As of September 30, 2020, 18,673 shares were outstanding.  On August 5, 2020, LICT Board of Director’s approved a 374 increase to the Company’s share repurchase program. That increase brought the number of approved but not yet repurchased shares to 1,000 as of that date.

OPERATING STATISTICS – As of September 30, 2020, the Company’s broadband penetration in its franchised telephone service territories, based on its total Incumbent Local Exchange Carrier (“ILEC”) voice lines, was 89.6%, as compared to 82.4% at December 31, 2019.   During the first nine months of 2020 we have added 3,764 broadband connections bringing our total broadband connections to 39,157.

Our summary operating statistics are as follows:

 September 30,December 31, Percent
 IncreaseIncrease
 20202019(Decrease)(Decrease)
Broadband lines      39,15735,3933,76410.6%
Voice Lines    
ILEC24,49624,520(24)(0.1%)
Out of franchise7,6537,5251281.7%  
  Total32,14932,045104 0.3%
Video Subscribers4,4434,628(185)(4.0%)
Revenue Generating Units75,74972,0663,6835.1%
     

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

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.  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.

                                                                                                               LICT CORPORATIONExhibit A
Statements of Operations and Balance Sheet Data Page 1 of 2
(In Thousands, Except Per Share Data)
STATEMENTS OF OPERATIONS
 Three Months Ended         Nine Months Ended
September 30,September 30,
20202019 20202019
  
Revenues$32,183$28,037$92,736$87,145
    
Cost and Expenses:    
Cost of revenue, excluding depreciation13,73913,01640,48738,225
Selling, general and administration2,9112,9439,1868,832
Corporate office expenses1,2071,086 3,2203,235
Charitable contributions 247
Depreciation and amortization4,4534,66912,86714,048
Total Costs and Expenses22,31021,71466,00764,340
      
Operating profit         9,8736,323 26,72922,805
      
Other Income (Expense)    
Investment income1667283309
Interest expense(481)(289)(1,269)(1,107)
Equity in earnings of affiliated companies807531,974
Other16713,0832,503
(449)59212,1503,679
    
Income Before Income Tax Provision9,4246,91538,87926,484
Provision for Income Taxes(2,481)(1,885)(10,358)(6,734)
     Income from continuing operations6,9435,030 28,52119,750
      
Income from discontinued operations before taxes92 202
Provision for income taxes(18) (33)
Income from discontinued operations after taxes74 169
     Net Income$ 6,943$5,104$28,521$19,919
    
 Capital Expenditures$6,433$7,048$19,348$18,587
    
Weighted Average Shares:     
Basic18,70119,388 18,86619,576
Diluted18,70119,42318,86619,611
Actual shares outstanding at end of period18,67319,32018,67319,320
      
Earnings Per Share: **     
Basic  $371$263 $1,512$1,018
Dilutive $371$263 $1,512$1,016
      
** Please note that operating results include cash received from the partial proceeds from the sale of assets by a minority position owned by the Company, $2.5 million in the first quarter of 2019. These proceeds are included in other income-other, on the Income Statement above. The after-tax impact of this item on earnings per share for the nine months ended September 30, 2019 is approximately $94 per share. The gain of $13.1 million stemming from the sale of MODOC added $510 of earnings per share for the nine months ended September 30, 2020.


LICT Corporation                                                                                                                                            Exhibit A                                                                                                     Statements of Operations and Selected Balance Sheet Data-Continued                                  Page 2 of 2 (In Thousands, Except Per Share Data)

  SELECTED BALANCE SHEET DATASept 30,Dec. 31, 
20202019 
Cash and cash equivalents and short-term investments$84,313$28,415 
      
Long-Term Debt (including current portion)$63,177$24,678 
 Liabilities, including taxes, other than debt$40,475$35,386 
 
Shareholders’ Equity$174,323$154,345 
 
Shares Outstanding at Date18,67319,188 
 
EBITDA
 Three Months EndedNine Months Ended
September 30,September 30,
2020201920202019
EBITDA   
Operating subsidiaries$15,533$12,078$43,063$40,088
Cash received from equity affiliates662 5421,787
    On-going operating subsidiaries  15,53312,740 43,60541,875
    Charitable Contributions (247)
Corporate Office Expense(1,207)(1,086)  (3,220)(3,235)
EBITDA14,32611,65440,13838,640
Depreciation and amortization(4,453)(4,669)(12,867)(14,048)
Deduct cash received from equity affiliates(662)(542)(1,787)
Operating profit$9,873$6,323$26,729$22,805
EBITDA is an established measure of operating performance and liquidity that is commonly reported and widely used by analysts, investors, and other interested parties in the telecommunications industry because it eliminates many differences in financial, capitalization, and tax structures, as well as non-cash and non-operating charges to earnings. We believe that EBITDA trends are a valuable indicator of whether our operations are able to produce sufficient operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. 

EBITDA equals net income (loss), before interest expense, income tax expense (benefit), depreciation and amortization expense, investment income, equity in earnings of affiliated companies, gain (loss) on sale of investment, impairment charges, and net income from discontinued operations. EBITDA also now includes the cash distributions we receive from the equity in earnings of affiliated companies.  Although we do not have majority voting control of such companies, we have the ability to significantly influence financial and accounting policies. The inclusion of cash received from equity companies is a change from past practice.

LICT CORPORATION REPORTS PRELIMINARY FOURTH QUARTER AND FULL YEAR 2019 RESULTS

LICT achieves another quarter of solid revenue growth, stable EBITDA, and strong cash from operations; balance sheet strengthens as net cash grows

Fourth Quarter

  • Revenues increased 10% to $31.2 million from $28.4 million.
  • EBITDA grew to $14.7 million from $13.4 million.
  • EPS rose 25% to $344 per share from $275 per share. 

Full Year

  • Revenues climbed 3.8% to a record $118.4 million from $114.1 million.
  • EBITDA was $53.4 million versus $53.3 million.
  • EPS rose to $1,353 per share from $1,256 per share.

Rye, NY – February 24, 2020 – LICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) reports preliminary, unaudited, financial results for the year ended December 31, 2019.

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LICT CORPORATION CLOSES ON A NEW $50 MILLION DOLLAR REVOLVING CREDIT FACILITY PROVIDED BY COBANK

Rye, New York – January 28, 2020 – LICT Corporation (“LICT” or the “Company”; OTC Pink ®: LICT) has closed on a 5 year, $50 million, unsecured Revolving Credit Facility with CoBank. In addition to extending the term of the Revolving Credit Facility through 2025, the new loan facility provides lower pricing, an improved covenant structure, and greater flexibility to make charitable contributions, acquisitions as well as Shareholder Compensation.

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LICT COMPLETES SALE OF PARTNERSHIP INTEREST TO VERIZON

Rye, New York – January 3, 2020 – LICT Corporation (“LICT” or the “Company”; OTC Pink ®: LICT) has closed the sale of its minority interest in the Modoc RSA Limited Partnership (“Modoc”) to Verizon Wireless.  LICT had announced the signing of a definitive agreement for this transaction on November 26, 2019.

Modoc is a partnership controlled by Verizon Wireless which provides service in a rural area of northern California.  A subsidiary of LICT had acquired this interest in Modoc in 1988.  The transaction was not subject to any regulatory approvals.

Dan Hopkins, President and Chief Financial Officer of LICT, said “The sale of LICT’s interest will further strengthen LICT’S financial condition and flexibility. This transaction concludes a very successful partnership with Verizon Wireless.  Verizon has been a good partner and has provided excellent management of this property and we wish it continued success.”

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CIBL AND LICT TRANSACTION RECEIVES FINAL APPROVAL AND A YEAR END CLOSING IS SCHEDULED

Reno, Nevada/Rye, New York, December 16, 2019 – LICT Corporation (“LICT”; OTC Pink ®: LICT) and CIBL, Inc. (“CIBL”; OTC Pink ®: CIBY) are announcing that the New Hampshire Public Utilities Commission (“NHPUC”) today approved the merger of LICT’s subsidiary which owns the Bretton Woods Telephone Company (“BWTC”) with a subsidiary of CIBL.  The NHPUC’s approval of the merger is effective as of December 31, 2019.

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LICT CORPORATION ANNOUNCES SALE OF ITS INTEREST IN MODOC RSA LIMITED PARTNERSHIP TO VERIZON

Rye, NY – November 26, 2019 – LICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) is announcing the signing of a definitive agreement to sell its minority interest in the MODOC RSA Limited Partnership (“Modoc”), to Verizon Wireless.  Modoc is a partnership which is controlled by Verizon and provides wireless service in a rural area of northern California.

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LICT CORPORATION REPORTS THIRD QUARTER RESULTS

  • Revenues were $28.4 million, a reduction of 12% from $32.3 million.
  • EBITDA was $13.0 million, a $4.7 million decline from $17.7 million.
  • Earnings per share were $263 per share compared to $391 per share in 2018.
  • Charitable Contribution Program continues in the Fourth Quarter of 2019.

Rye, NY – November 20, 2019 – LICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) reports financial results for the quarter ending September 30, 2019.

SHAREHOLDER DESIGNATED CHARITABLE CONTRIBUTION PROGRAM — In 2016, the Company adopted a Shareholder Designated Charitable Contribution Program. Under the Program, all registered shareholders are eligible to designate charities and the company will make a contribution to that charity. In 2016, 2017 and 2018, the company made $100 per share contributions on behalf of its shareholders to their designated charities. The LICT Board of Directors approved the 1st quarter 2019 contribution, also at $100 per share, in December 2018, and the contributions were distributed to the charities in the 1st quarter of 2019.  In addition, the board approved an additional contribution in the 3rdquarter of 2019 and the distribution will be made in the 4th quarter of 2019.

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LICT SHAREHOLDER DESIGNATED CHARITABLE CONTRIBUTION PROGRAM

Rye, New York- October 1, 2019 – LICT Corporation (OTC Pink: LICT) As previously announced, LICT  is continuing its Shareholder Charitable Contribution Program, adopted in 2016, for all registered shareholders during the fourth quarter of 2019. All registered shareholders will be eligible to designate 501(c)3 charities to which the company will make a donation of $100 per share on behalf of the shareholder.

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