• Revenue increased quarter over quarter to $34.6 million from $33.5 million
• Closed the acquisition of Manti Telephone Company on January 1, 2025
• Completed the $15M Iowa broadband project and received $7.2M in state grant funding
• Commenced construction on the $25M ReConnect III grant project in Deming, New Mexico

2025-Unaudited First Quarter Results

Rye, NY – May 23, 2025 – LICT Corporation (“LICT” or the “Company”; OTC Pink^®: LICT) reports financial results for the quarter ended March 31, 2025.

Total revenues for the first quarter of 2025 increased by $1.1 million, or 3.3%, to $34.6 million, compared to $33.5 million in the same quarter of 2024.

Non-regulated revenues for the first quarter of 2025 increased by $900,000, or 4.9%, to $19.4 million, compared to $18.5 million in the prior year’s first quarter, driven by higher sales of broadband services and high-speed data circuits.

Regulated revenues were $15.2 million in the first quarter of 2025, representing an increase of $200,000, or 1.3%, compared to $15.0 million. Regulated revenues were bolstered by initial inclusion of $800,000 from Manti Telephone Company (MTC). This acquisition, which closed on January 1, 2025, underscores our continued strategic expansion in rural markets. The quarter was crimped by a decline in voice and interstate access revenues due to a drop in special access circuits which have been replaced with lower-cost broadband services.

Total EBITDA for the first quarter of 2025 was $13.8 million, compared to $14.7 million in the first quarter of 2024, reflecting a decrease of $900,000, or 6.1%. This decline was primarily driven by increased operating costs, including higher expenses for expanded staffing and professional services related to our operational expansion, as well as elevated repair and maintenance activity in the Company’s New Mexico and Utah operations.  

Effective February 1, 2025, under Dan Morrison, former President of our California-Oregon operations assumed responsibility for our New Mexico operations. The leadership team is actively collaborating with existing staff to advance the build-out initiatives under both the Enhanced Alternative Connect America Model (E-ACAM) program and the ReConnect grant program. In parallel, the team remains focused on executing operational enhancements and disciplined cost management strategies aimed at improving efficiency and supporting sustainable revenue and margin growth.

Non-regulated EBITDA for the first quarter of 2025 was $7.3 million, unchanged from the same period in 2024.

Regulated EBITDA for the first quarter of 2025 was $6.5 million, compared to $7.4 million in the same period of 2024, reflecting a decrease of $900,000, or 12.2%. The decline was primarily driven by losses of wireline customers who are choosing to drop their voice service but are subscribing to high-speed data service, reduced revenues due to a mandatory 5% reduction in switched regulatory revenues and higher operating expenses as detailed above.

OTHER INCOME/(EXPENSES) – Total other income increased by $700,000 in the first quarter of 2025, compared to a loss of $700,000 in the first quarter of 2024. This improvement was primarily driven by a $1.0 million favorable change in unrealized gains on our 19% investment in MachTen, Inc.

EARNINGS PER SHARE – Earnings per share from continuing operations for the first quarter of 2025 were $256 per share compared to $294 per share in last year’s first quarter.

Share Repurchase – Program – During the first quarter of 2025, the Company repurchased 166 shares for a total of $2.6 million, at an average price of $14,391 per share. This reflects the Company’s continued commitment to disciplined capital allocation and enhancing long-term shareholder value. As of March 31, 2025, LICT had 16,007 shares outstanding.

FCC Programs and Other Capital Expenditures

1. ENHANCED ALTERNATIVE CONNECT AMERICA COST MODEL (E-ACAM) PROGRAM
   1. LICT’s voluntary election of the FCC’s Enhanced Alternative Connect America Cost Model (“E-ACAM”) became effective January 1, 2024. LICT’s mandatory build- out requirements of 100/20 Mbps by December 31, 2028 to 19,609 E-ACAM locations is required for receipt of increased E-ACAM support through 2038. The E-ACAM program is designed to further increase speed and expand the deployment of broadband capabilities throughout the nation’s rural areas.
   1. Under E-ACAM, in the new program LICT entities receive a total of $37.2 million annually through 2038 (subject to a one-time true-up to be determined by the FCC by 12/31/2025).
   1. The gross Capital Expenditures to meet the build-out requirements for E-ACAM total $170 million which is required and expected to be completed by December 31, 2028.

1. RECONNECT III and RECONNECT IV–
   1. As previously announced, LICT has been awarded $157.5 million for seven United States Department of Agriculture (USDA) ReConnect III and ReConnect IV grants awarded in Kansas, California and New Mexico with a total project cost of $171.2 million, of which, our share of cost will be approximately $13.7 million. These grants require us to provide 1 Gig of fiber broadband speed. The Kansas grant and Deming New Mexico ReConnect grant projects have fiber construction underway with two additional grants in New Mexico ready to commence construction after having received environmental clearance. LICT has been actively working to receive environmental clearance for the remaining ReConnect grant awards before construction can commence.

1.  AFFORDABLE CONNECTIVITY PROGRAM (ACP)
2. Under the FCC ACP program (which was terminated in May of 2024) eligible customers received broadband credit of up to $30 per month (up to $75 for households on Tribal Lands) towards their qualifying internet plan. During 2024, our approximately 1,550 eligible customers received just over $350,000 in credits. LICT has informed its ACP customers that the company will continue an equivalent Extended Broadband Discount (EBD) through June 30, 2025, at LICT’s cost. The Company is currently evaluating options to further extend the EBD beyond this date.

Strategic Initiatives

Acquisitions: On January 1, 2025, following receipt of all required regulatory approvals, the Company completedthe acquisition of Manti Telephone Company (MTC), the regulated business segment of the broader Manti transaction. This acquisition was financed with $8.3 million of seller debt and $12,000 cash and aligns with the Company’s strategic focus on expanding its presence in rural markets and enhancing its broadband service capabilities.

We are pleased to welcome the MTC team to the Company and look forward to working together to deliver high-quality service to customers and drive long-term value for our stakeholders.

Projects: In March 2025, our wholly owned subsidiary, Central Scott telephone, completed its $15 million broadband infrastructure expansion project in Scott County, Iowa, as part of the Iowa Notice of Funding Availability (NOFA) 6 grant program. Following the successful deployment of Fiber to approximately 1,900 locations in our Central Scott exchange, the Company received the expected $7.2 million in grant funding from the State of Iowa on March 31, 2025.

Fixed Wireless/5G — Sound Broadband LLC, the wireless subsidiary of LICT Corporation, completed 5G deployments in its existing markets and expanded into new regions, including New Mexico, California, Kansas, and Utah. The company is currently identifying sites in California, Iowa and Kansas for new expansion markets, while also working to reduce costs across its current deployments to deliver the highest speeds at the best possiblecost to customers. Sound Broadband remains committed to bridging the digital divide and delivering next-generation connectivity across diverse sectors and underserved regions.

Fourth Quarter and Full Year Highlights:

• Revenue: Fourth-quarter revenues increased 12.8% to $33.4 million, up from $29.6 million in the prior year. Revenues for the full year were $134.2 million, a year-over-year increase of $17.7 million, or 15.2%.  
• EBITDA: Rose 11.2% to $12.9 million in the fourth quarter, compared to $11.6 million in the same period last year. EBITDA for the full year was $55.4 million, an increase of $9.8 million, or 21.5% from the prior year.
• Earnings Per Share: Fourth-quarter earnings from continuing operations, excluding one-time items, were $193 per share, up 14.2% from $169 per share in the same period last year. 2024 earnings were $1,007, an increase of $205 per share, or 25.6% from the prior year.  
• Shareholder Charitable Contribution Program: Successfully completed at $100 per share for registered shareholders. LICT has contributed more than $10.2 million to charitable organizations through this program over the past nine years.

Rye, NY – February  20, 2025 – LICT Corporation (“LICT” or the “Company”; OTC Pink^®: LICT) reports unaudited, preliminary financial results for the quarter ended December 31, 2024. Financial results for 2023 included MachTen ( OTC Pink^®: MACT ) results which was spun off on August 31, 2023 and is presented as discontinued operations.

The unaudited results in this press release are preliminary and subject to the completion of final accounting procedures, including the evaluation of goodwill impairment, and annual audit completion and are therefore subject to adjustment.

Rye, New York – October 24, 2024 – LICT Corporation (“LICT” or the “Company”; OTC Pink ®: LICT) has closed on a 5 year, $100 million, Revolving Credit Facility with CoBank, ACB (“CoBank”). In addition to extending the term of the Revolving Credit Facility through 2029 and enlarging the facility from $50 million to $100 million, the new loan facility provides an improved covenant structure and greater flexibility to meet capital expenditures to better serve our communities and for greater inorganic growth.

Stephen J. Moore, Vice President – Finance of LICT, said “CoBank has been a terrific partner to LICT for many years. Their industry knowledge and strong understanding of our business operations allowed them to structure a transaction that provides LICT with an attractive financing alternative”. 

Hunter Hook, Managing Director at CoBank said “CoBank is pleased that LICT selected CoBank for this transaction, which provides important financial benefits for the company and supports the management team’s continued focus on achieving strategic objectives and delivering solid operating results.”

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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 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, financial markets 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 successful or that financial or other targets will be met.  Such forward-looking information is subject to uncertainties, risks and inaccuracies, which could be material.

LICT is a holding company with subsidiaries in broadband and other telecommunications services that actively seeks acquisitions, principally in its existing business areas.  LICT is listed on the OTC Pink ® under the symbol LICT.  For further information, please visit our website listed above.

Rye, New York- October 15, 2024 – The Board of Directors of LICT Corporation (OTC Pink: LICT) is privileged to announce its Shareholder Charitable Contribution Program for all registered shareholders. 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. If all shares are registered in the shareholders’ names at the record date, the total contribution would be approximately $1.7 million. 

Since the program’s inception in 2016, LICT has made more than $10 million in contributions to 501(c)3 charities designated by registered shareholders.

Warren Buffett had a similar program at Berkshire Hathaway from 1981 to 2003. In addition, GAMCO Investors, Inc., and Associated Capital Group, Inc. have had similar programs. 

At LICT, we continue to believe charitable giving is a cornerstone of society and an obligation for those with means to make a difference in the world. As an organization, LICT will have no control over the donations, but we are happy to make them on behalf of our shareholders.

As in the cases of Buffett’s Berkshire, GAMCO, and Associated Capital, only registered shareholders will be eligible to participate.

Shareholders’ shares need to be registered to be eligible to participate in this charitable program. Therefore, any shareholder who has shares that are currently held in street name and wish to participate in this program should contact the institution holding the shares to arrange for their registration in the shareholder’s own name. 

Shareholders will have until November 15, 2024, to register shares in their own name to participate in the program. LICT will then distribute a charitable contribution form to all registered shareholders. Completed forms must be returned to LICT no later than December 31, 2024, for the charitable contribution to be made. Only charities that are recognized 501(c)3 organizations will be qualified to receive the donation from LICT on the shareholder’s behalf. A list of eligible charities is available at: Guidestar.org

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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 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, financial markets 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 successful or that financial or other targets will be met. Such forward-looking information is subject to uncertainties, risks and inaccuracies, which could be material.

LICT is a holding company with subsidiaries in broadband and other telecommunications services that actively seeks acquisitions, principally in its existing business areas. LICT is listed on the OTC Pink ® under the symbol LICT. For further information, please visit our website listed above.

• EBITDA Up 21% to $14.2 million from $11.7 million in prior year 
• Share Buyback Authorization Increased 
• Designated Charitable Contribution of $100 per Share for Registered Shareholders Approved 

2024-Unaudited Second Quarter Results 

Rye, NY – August 12, 2024 – LICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) reports financial results for the quarter ended June 30, 2024. Data for all periods has been adjusted for the spin-off of MachTen on August 31, 2023, and 2023 results are presented as discontinued operations. 

Total revenues in the second quarter of 2024 increased by $4.6 million to $33.7 million versus $29.1 million in the same quarter a year ago. 

Regulated revenues were $14.9 million in the second quarter of 2024, an increase of $3.2 million versus the prior year’s second quarter of $11.7 million. The acceptance of Enhanced ACAM (E-ACAM) accounted for a $3.5 million increase in regulated revenues for the quarter. 

Non-regulated revenues for the second quarter of 2024 increased 8% to $18.8 million from the prior year’s second quarter $17.4 million driven by sales of broadband services and high-speed data circuits. Further, our results for the second quarter of 2024 include $750K in revenues from the Manti Non-Regulated entities which were acquired on December 1, 2023. 

Total EBITDA was $14.2 million in the second quarter of 2024 as compared to $11.7 million in the second quarter of 2023. The $2.5 million increase in EBITDA was driven by the election of E-ACAM as well as an increase in our non-regulated business, which was offset by higher operating expenses, including labor costs, professional and engineering expenses. 

Regulated EBITDA in the second quarter of 2024 was $7.2 million compared to $4.5 million during the same period last year, driven by E-ACAM and offset by increases in operating expenses. 

Non-regulated EBITDA in the second quarter was $7.0 million compared to $7.2 million last year. The decrease was driven by an increase in operating expenses, offset by an increase in internet revenues.  

OTHER INCOME/(EXPENSES) – Other income/expenses remained flat at $0.5 million in the second quarter of 2024 versus 2023. 

EARNINGS PER SHARE – Earnings per share from continuing operations for the second quarter of 2024 were $293 per share compared to $220 per share in the same period last year. 

Continue reading LICT Corporation Reports Results for the 2nd Quarter 2024 

• Revenue increased 15.5% quarter over quarter to $33.5 million.
• EBITDA increased 30% to $14.7 vs. $11.5 million in Q1 2023.
• Earnings were $295 Per Share compared to $228 last year.
• Capex increased to $16.4 million from $9.7 million to fund buildout requirements for E-ACAM and Federal and State grants, as well as our non-regulated markets.

2024-Unaudited First Quarter Results

Rye, NY – June 12, 2024 – LICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) reports financial results for the quarter ended March 31, 2024. Data for all periods has been adjusted for the spin-off of MachTen on August 31, 2023, and 2023 results are presented as discontinued operations.

Total revenues in the first quarter of 2024 increased by $4.5 million to $33.5 million versus $29.0 million in the same quarter a year ago.

Regulated revenues were $15.0 million in the first quarter of 2024, an increase of $3.4 million versus the prior year’s first quarter of $11.6 million. The acceptance of Enhanced ACAM (E-ACAM) accounted for a $3.5 million increase in regulated revenues for the quarter.

Continue reading LICT Corporation Reports 2024 First Quarter Results

Rye, New York- March 25, 2024 – LICT Corporation (OTC Pink: LICT) LICT is focusing on government sponsored programs being offered to assist in closing the digital divide.  We have adopted several of these programs, however one in particular, the Affordable Connectivity Program (“ACP”) is set to expire in May unless it is renewed.  LICT is looking for ways to continue to support those individuals who risk losing ACP funding. The amount of such payments, while significant to the recipients, is not significant to the financial results of the company. If ACP is extended, we will pursue helping more individuals receive this funding.

LICT is providing early estimated results for the first quarter of 2024, including revenues up 10% to $34.0 million compared to $29.0 million in 2023 and EBITDA estimated at $15.3 million verse $11.5 million in 2023.  This should result in earnings  for the first quarter of 2024 around $350 per share versus $295 per share during the first quarter of 2023.

We plan on publishing first quarter results in May.

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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 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, financial markets 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 successful or that financial or other targets will be met.  Such forward-looking information is subject to uncertainties, risks and inaccuracies, which could be material.

LICT is a holding company with subsidiaries in broadband and other telecommunications services that actively seeks acquisitions, principally in its existing business areas.  LICT is listed on the OTC Pink ® under the symbol LICT.  For further information, please visit our website listed above.

• Shareholder Charitable Contribution Program Continues at $100 per share for registered shareholders

• Acquisition of Manti Telephone in Utah:
• Completed the acquisition of Manti’s Non-Regulated entities
• Awaiting regulatory approval for the purchase of Manti’s regulated entity
• LICT has accepted Enhanced ACAM (E-ACAM) and been awarded Federal and State grants.  The estimated total capital expenditures over the next five years to meet the buildout requirements and other projects is $508 million gross and $346 million net after grant funding.

2023-Fourth Quarter and Full Year Preliminary Results 

Rye, NY – March 4, 2024 – LICT Corporation (“LICT” or the “Company”; OTC Pink^®: LICT) reports unaudited, preliminary financial results for the quarter ended December 31, 2023. Data for all periods is adjusted for the spin-off of MachTen and presented as discontinued operations.

Unaudited Results – Fourth Quarter  

Total revenues in the fourth quarter of 2023 increased by $0.3 million to $29.6 million versus $29.3 million in the same quarter a year ago. 

Non-regulated revenues for the fourth quarter of 2023 increased 5.2% to $18.1 million from the prior year’s fourth quarter $17.2 million driven by sales of broadband services and high-speed data circuits. Further, our results include December revenues from the Manti Non-Regulated entities which were acquired on November 30^th.

Regulated revenues were $11.5 million in the fourth quarter of 2023, a decline of $0.6 million versus the prior year’s fourth quarter of $12.1 million. 

Total EBITDA was $11.6 million in the fourth quarter of 2023 as compared to $12.6 million in 2022. The $1.0 million decline in EBITDA is the result of higher operating expenses in the fourth quarter of 2023, including higher labor and increased material costs, professional and engineering fee expenses, as well as a decline in regulated revenue and also crimped by a non-cash goodwill impairment charge of $3.5 million in our Iowa/Wisconsin operation. In 2022 the impairment charge was $5.7 million to our Iowa/Wisconsin subsidiaries. 

Non-regulated EBITDA in the fourth quarter was $7.7 million compared to $7.5 million last year. The increase was driven by the above-mentioned increases in broadband services and high-speed data circuits, offset by increased expenses. 

Regulated EBITDA in the fourth quarter of 2023 was $3.9 million compared to $5.1 million during the same period last year.

OTHER INCOME/(EXPENSES) – Other income/expenses decreased to $0.2 million in the fourth quarter of 2023, versus $0.3 million in the prior year’s fourth quarter, reflecting higher earnings from affiliated companies partially offset by higher interest expense.

EARNINGS PER SHARE – Earnings per share excluding one-time events for the fourth quarter of 2023 were $163 per share compared to $293 per share last year.  

Unaudited Results – Full Year

Revenues from continuing operations in 2023 were $116.5 million, an increase of $1.0 million, compared to $115.5 million in 2022. 

Non-regulated revenues for the full-year 2023 increased by $2.5 million to $70.4 million from the prior year’s $67.9 million driven by sales of broadband services and high-speed data circuits. 

Regulated revenues were $46.1 million in 2023, a decline of $1.5 million versus the prior year total of $47.6 million due to a loss in voice access lines as well as the annual 5% decline in frozen switch access.

EBITDA in 2023 totaled $45.6 million versus $48.8 million in 2022. The $3.1 million decline was due in part to a $0.8 million reduction as a result of a previously announced abandonment of Rural Digital Opportunity Fund programs.  Additionally, throughout the year we faced inflationary pressures, resulting in increased salary expenses.  Increase in  our bandwidth capacity and resold circuits, accounted for $0.9 million of the increase in expenses. The planned surge in capital projects over the next five years required us to allocate additional resources and expenses such as consulting and engineering during 2023. 

Non-regulated EBITDA remained flat at $28.8 million for the year, while regulated EBITDA declined by $3.1 million to $16.8 million compared to $19.9 million in 2022.

As previously mentioned, in the full year there was a non-cash $3.5 million goodwill impairment charge versus $5.7 million, in 2022.

OTHER INCOME/(EXPENSES)

Other expenses in 2023 rose to $1.1 million versus $0.4 million in the prior year.  This change was driven by higher interest expenses offset by an increase in earnings in affiliated companies.

EARNINGS PER SHARE – Earnings per share excluding one-time events for the full year of 2023 were $949 per share as compared to $1,333 per share for the prior year.

CHARITABLE CONTRIBUTIONS – LICT is in the process of completing its most recent Shareholder Designated Contribution Program. Registered shareholders on February 15, 2023, were eligible to designate $100 per LICT share owned to a 501(c)3 charity. The current program could result in $1.2 million of designated contributions for 2023.  As we have noted, LICT’s program tracks the shareholder contribution program established by Berkshire Hathaway in 1981. At the inception of Berkshire’s program, Warren Buffett explained in his letter to shareholders that charitable giving in this manner provides significant benefits to shareholders. In addition, GAMCO Investors initiated a similar program in 2013, followed by Associated Capital Group in 2016.Since the inception of the program in 2016, LICT has contributed approximately $9.6 million to designated 501(c)(3) organizations chosen by shareholders. 

FCC Programs and Other Capital Expenditures

Total gross Capital Expenditures to meet the buildout requirements for E-ACAM, Federal (ReConnect III & IV) and State grants are estimated at $508 million and net of $346 million after grant funding.

1. ENHANCED ALTERNATIVE CONNECT AMERICA COST MODEL (E-ACAM) PROGRAM

• The Federal Communications Commission proposed an increase in ACAM funding through a program known as E-ACAM, which began January 1, 2024. 

• In the new program, though there is some lingering concern and debate over funding, LICT entities will receive $37 million annually through 2038 with minimum speed requirements of 100/20 Mbps, and the required Capex is $364 million gross and $253 million after grant funding.

1. RECONNECT III and RECONNECT IV– 

• LICT was also awarded contracts for 7 entities, of which, our share of cost would be approximately $14 million. These grants require us to provide 1 Gig of fiber broadband speed.   

1. AFFORDABLE CONNECTIVITY PROGRAM (ACP)  

• Under the ACP program, which has been terminated, eligible customers received a broadband credit of up to $30 per month (up to $75 for households on Tribal Lands) towards their qualifying internet plan. During 2023, our approximately 1900 eligible customers received just over a half  million dollars in credits.

Strategic Initiatives

The spin-off of our Michigan entity, MachTen (OTC Pink: MACT), occurred on August 31, 2023. At the time of the spin-off each shareholder of LICT received 150 shares of MachTen per one share of LICT. 

LICT acquisition of Manti Telephone Company (MTC) and its partner companies, Manti Tele Communications Company (MTCC), and AFConnect (AFI) is nearly complete. The Manti transaction closed on November 30, 2023, and the MTC transaction will close pending regulatory approval.

During the fourth quarter of 2023, LICT completed the sale of 40% of its 20% ownership of Brick Skirt Holding Company (formerly DFT Communications) to CIBL, Inc. LICT’s sale of its remaining 12% ownership of Brick Skirt, is pending regulatory approval. Bretton Woods continues to utilize Brick Skirt for certain administrative functions as it has since 2014, when LICT sold DFT back to its founding family, but retained a 20% equity interest. 

FIXED WIRELESS – Sound Broadband LLC, LICT’s newly formed, wireless company, has initiated the installation of 5G wireless broadband services in areas we serve in New Mexico. Additional analysis continues in order to expand the implementation of 5G wireless broadband services in our other locations to efficiently provide increased broadband speeds to many of the communities we serve.  

CAPITAL EXPENDITURES – For the fourth quarter of 2023, capital expenditures were $7.5 million versus $12.0 million in the fourth quarter of 2022. Capital Expenditures for the year  2023 were $37 million versus $42 million in 2022, excluding our Michigan entity. 

SHARE REPURCHASES – During the twelve months ended December 31, 2023, the Company repurchased 370 shares for $6.7 million, with an average price of $18,235 per share. On December 31, 2023, 16,971 shares were outstanding, with 425 shares remaining authorized for purchase.

OPERATING STATISTICS/BROADBAND DEPLOYMENT – LICT owns and operates 6,329 miles of fiber optic cable, 9,040 miles of copper cable, 839 miles of coaxial cable and 82 towers. As of December 31, 2023, the Company’s broadband penetration in its franchised telephone service territories, based on its total Incumbent Local Exchange Carrier (ILEC) voice lines, was 98.3%, as compared to 99.1% at December 31, 2022. In 2023, the Company’s broadband lines increased by 4.3% to 44,367 from 42,518 units in 2022. These numbers do not include the Michigan entity that was spun-off. 

Rye, New York- January 16, 2024 – LICT Corporation (OTC Pink: LICT) announces today that it will continue its Shareholder Charitable Contribution program for all registered shareholders. Each registered shareholder will be eligible to designate a  charity to which the company will make a donation of $100 per share on behalf of the shareholder.

At LICT, we believe charitable giving is a cornerstone of society and an obligation for those with means to make a difference in the world. As an organization, LICT will have no control over the donations, but we are happy to make them on behalf of our shareholders.

Since the program’s inception in 2016,  LICT has made more than $8.4 million in charitable contributions.

If a shareholder’s shares are registered in “street name” (i.e. a bank, broker or other institution holding the shares for the shareholder), those shares will not be eligible to participate in this charitable program.  Therefore, any shareholder who has shares that are currently held in street name but wishes to participate in this program should contact the institution holding the shares to arrange for their registration in the shareholder’s own name.

Shareholders will have until February 15, 2024, to register shares in their own name to participate in the program. LICT will distribute a charitable contribution form that must be returned to LICT no later than March 11, 2024, for the charitable contribution to be made. Only charities that are recognized 501 (c) (3) organizations will be qualified to receive the donation from LICT on the shareholder’s behalf. A list of eligible charities is available at: Guidestar.org

If all shares outstanding are registered in the shareholders’ names at the record date, the total contribution would be approximately $1.7 million.

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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 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, financial markets 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 successful or that financial or other targets will be met.  Such forward-looking information is subject to uncertainties, risks and inaccuracies, which could be material.

LICT is a holding company with subsidiaries in broadband and other telecommunications services that actively seeks acquisitions, principally in its existing business areas.  LICT is listed on the OTC Pink ® under the symbol LICT.  For further information, please visit our website listed above.

• ACAM extended and increased through 2038 with Extended A-CAM Program
• Spinoff of MachTen complete-LICT holders receive 150 shares of MachTen per LICT share
• Net Debt to EBITDA ratio of 1.4 for the 3^rd quarter
• Acquisition of  Manti Telephone in Utah 
• Sale of 20% ownership in Brick Skirt Holdings Company pending regulatory approval
• Shareholder Charitable Contribution Program Continues at $100 per share

Rye, NY – December 8, 2023 – LICT Corporation (“LICT” or the “Company”; OTC Pink^®: LICT) reports unaudited, financial results for the quarter ended September 30, 2023.  

Data for all periods are adjusted for the spin-off of MachTen and presented as discontinued operations.

Non-regulated revenues for the third quarter of 2023 increased 2.1% to $17.5 million from the prior year’s third quarter $17.2 million. Regulated revenues were $11.3 million in the third quarter of 2023 versus the prior year’s third quarter of $11.7 million, with overall revenues unchanged at $28.8 million versus a year ago.

Non-regulated EBITDA was $6.7 million compared to $7.5 million last year and was crimped by a $600,000 revenue reduction as a result of abandonment of RDOF programs, which is described further in this release. 

Total EBITDA was $9.4 million in the third quarter of 2023 as compared to $11.1 million in 2022. The decline in EBITDA is the result of the reduction mentioned above and is also driven from higher operating expenses in the third quarter of 2023, including higher labor, material costs, professional and engineering fee expenses.

Continue reading LICT Corporation Reports Third Quarter 2023 Results