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 COMPANYCategory: Press
Dixon Telephone Company Shareholders Approve Acquisition By LICT Subsidiary Central Scott 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.
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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 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
LICT Corporation Reports Second Quarter 2015 Results
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 ResultsLICT Corporation Reports Operating Profit In First Quarter 2015 Declined By 25% From The Previous Year But Reaffirms Full Year Expectations For Revenue And Ebitda
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.
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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 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
LICT Corporation Reports Preliminary Fourth Quarter 2014 Results
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 ResultsLICT Announces Placement of a $30 Million Revolving Credit Facility
Rye, New York – December 30, 2014 – LICT Corporation (Pink Sheets®:“LICT”) is announcing that its wholly-owned subsidiary, Brighton Communications Corporation, has obtained a $30 million revolving credit facility from CoBank, ACB. The facility matures on December 30, 2017 and replaces LICT’s current $25 million facility. The new credit facility will allow for an expanded share repurchase program and other potential shareholder and operational initiatives.
Robert E. Dolan, LICT’s Executive Vice President and Chief Financial Officer said, “We are pleased to have reached agreement with CoBank for this new facility and to continue our long association with them. The facility provides us with increased financial flexibility and adequate liquidity for our current corporate purposes. As always, we continue to reevaluate our overall financial structure with an eye toward optimal fit within our strategic direction.”
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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 future financial results, anticipated 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 Pink Sheets® under the symbol LICT. Its World Wide Web address is: http://www.lictcorp.com.
Contact: Robert E. Dolan
Executive Vice President and Chief Financial Officer
914/921-8821
Release: 14-15
LICT Corporation Closes Sale of DFT Communications Corporation to Maytum Family
Rye, NY – December 24, 2014 – LICT Corporation (“LICT”; OTC Pink ®: LICT) announces the sale of its DFT Communications Corporation (“DFT”) subsidiary to DFT’s founding family, The Maytums, of Fredonia, NY.
Continue reading LICT Corporation Closes Sale of DFT Communications Corporation to Maytum FamilyLICT Corporation Reports Third Quarter 2014 Results
Rye, NY – October 28, 2014 – LICT Corporation (“LICT”; Pink Sheets®: LICT) reports solid results for the third quarter ended September 30, 2014.
THIRD QUARTER RESULTS –Revenues increased by $1.7 million, or 6.8% to $25.8 million compared to the corresponding quarter in 2013. EBITDA before corporate costs was $10.2 million versus $9.1 million, an increase of $1.1 million, or 11.6%, compared to 2013.
Continue reading LICT Corporation Reports Third Quarter 2014 ResultsLICT Corporation Announces Upfront Payment For FCC Auction 97
Rye, NY – October 16, 2014 – LICT Corporation (“LICT”; Pink Sheets®: LICT) is announcing that its wholly-owned subsidiary Lynch 3G Communications Corporation (“Lynch 3G”) has deposited an Upfront Payment with the Federal Communications Commission (“FCC”) for the FCC’s Auction 97 of Advanced Wireless Services-3 (“AWS-3”) licenses. The Upfront Payment was required in order for Lynch 3G to participate as a bidder in Auction 97.
Continue reading LICT Corporation Announces Upfront Payment For FCC Auction 97LICT Announces Closing of Transactions With Syringa Networks, LLC
Rye, New York – August 29, 2014 – LICT Corporation (OTC Pink®: LICT) (“LICT” or the “Company”) announced today the closing of two transactions between one of its Utah subsidiaries, Cache Valley Wireless, LLC (“CVW”), and Syringa Networks, LLC (“Syringa Networks”). CVW is a unit of LICT’s Utah operating subsidiary, CentraCom, with headquarters in Fairview, Utah. Syringa Networks is a provider of wireline and wireless telecommunications services and facilities, with headquarters in Boise, Idaho and operations in Idaho and Utah as well as several other western states.
In one of the transactions, CVW acquired from Syringa Networks certain fiber optic facilities located in the business district of Salt Lake City, and in the other transaction Syringa Networks acquired from CVW a Federal Communications Commission license for communications spectrum in the Logan, Utah area. In describing the effects of the deals, Eddie Cox, President of CentraCom, said “These transactions will provide great benefits for both of the companies involved and for the customers we serve. CVW’s new fiber optic facilities will substantially increase the area we serve and the bandwidth we are able to offer in Salt Lake City. We are contacting businesses located near these facilities to let them know of their availability beginning immediately.”
CentraCom serves the community of Fairview, Utah and its surrounding area as a Rural Local Exchange Carrier (“RLEC”). CentraCom and its affiliates also provide voice, high-speed data and video services to business, residential and institutional customer at a number of locations throughout Utah.
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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 future financial results, anticipated 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 Pink Sheets® under the symbol LICT. Its World Wide Web address is: http://www.lictcorp.com.
Contact: Robert E. Dolan
Executive Vice President and Chief Financial Officer
914/921-8821
Release: 14-11