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.
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 sharefor 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%:
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.
Rye, New York- November 23, 2021 – LICT Corporation (OTC Pink: LICT) announced today 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 donate $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
Over the past 5 years, LICT has made more than $6.0 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 December 17, 2021, 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 January 14, 2022, 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 $2 million.
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 Designated Contribution Program -$100. per share
Rye, NY – November 12, 2021 – LICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) reports unaudited, financial results for the quarter ended September 30, 2021.
Driven by broadband services, third quarter non-regulated revenues increased 9%, to a record $17.1 million from the prior year’s third quarter $15.6 million. Non-regulated EBITDA rose over 9% to $7.3 million, from $6.7 million.
Regulated revenues on the other hand slipped to $15.2 million from last year’s third quarter revenues of $16.5. This shortfall is traceable to a reduction from DSL detariffing and a cost study revision associated with network changes. Last year’s third quarter included a non-recurring receivable of $0.6 million driven by changes in the computation of the cost recovery mechanism. Regulated EBITDA was $7.4 million compared to $8.8 million last year.
Overall revenues in LICT’s third quarter were $32.3 million compared to $32.2 million for the corresponding quarter in 2020. EBITDA was $14.7 million in the third quarter of 2021 as compared to $15.5 million in 2020.
OTHER EXPENSES – A decline in other expenses to $300,000 from $500,000 was mostly due to a decrease in interest expense reflecting payment of a large portion of the $50 million loan from CoBank in 2020.
EARNINGS PER SHARE –Earnings per share from operations for the third quarter of 2021 were $342 per share for the third quarter as compared to $371 per sharein the prior year’s third quarter. LICT’s guidance, for 2021 revenue and EBITDA, remains unchanged with revenues of $127 – $131 million and EBITDA in the range of $58 to $60 million.
Full year we expect earnings per share to be $1,435 per share versus $1,353 in 2020. Shares outstanding at the end of the third quarter of 2021 were 17,960.
FCC AUCTIONS – LICT is currently participating in Auction 110. During the third quarter of 2021, we continued our efforts to deploy the spectrum licenses we were awarded in various auctions which will enable us to provide increases speeds to some of our more remote customers. In addition, we are engaged in the filing process required by the FCC for the markets we were awarded in Auction 904, the Rural Digital Opportunities Fund auction.
STRATEGIC REVIEW – As previously stated, the Company continues to systematically seek, analyze and evaluate a full range of means to expand the scope and scale of its businesses to accelerate growth across all of them, and thereby enhance our shareholders’ value.
CAPITAL EXPENDITURES – In the third quarter of 2021, capital expenditures increased by $1.7 million to $8.1 million, of which $3.5 million was for non-regulated activities and $4.6 million for regulated activities. LICT’s guidance on capital expenditures is increasing to a range of $31 and $33 million this year from $28 million invested in 2020 as we have increased deployment of fiber in the communities we serve. Our capital spending enables us to meet and exceed our A-CAM requirements, by accelerating our broadband deployment, offering enhanced broadband speeds, and increase the overall fiber route miles in our network.
As of September, 30, 2021, LICT owns and operates 5,411 miles of fiber optic cable, 11,499 miles of copper cable, 775 miles of cable and 83 towers.
SHARE REPURCHASES – During the nine months ended September 30, 2021, the Company repurchased 573 shares for $12.9 million, with an average price of $22,600 per share. On September 30, 2021, 17,960 shares were outstanding, with 914 shares still available for authorized repurchase mostly on an opportunistic basis.
SHAREHOLDER CONTRIBUTION PROGRAM – LICT’s Board of Directors has approved $100 per share for this year’s Shareholder Designated Charitable Contribution Program. For the past 6 years LICT has extended to registered shareholders, the opportunity to designate a 501(c) 3 charity to which LICT will contribute $100. per share. Details regarding the program will be issued under separate cover.
OPERATING STATISTICS / BROADBAND DEPLOYMENT – As of September 30, 2021, the Company’s broadband penetration in its franchised telephone service territories, based on its total Incumbent Local Exchange Carrier (“ILEC”) voice lines, was 93.3%, as compared to 90.8% at December 31, 2020.
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
Exhibit A
Statements of Operations and Selected 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,
2021
2020
2021
2020
Revenues
$32,314
$32,183
$96,616
$92,736
Cost and Expenses:
Cost of revenue, excluding depreciation
14,624
13,739
43,622
40,487
Selling, general and administration
2,960
2,911
9,149
9,186
Corporate Office Expenses
880
1,207
2,743
3,220
Charitable Contributions
—
—
183
247
Depreciation and amortization
4,919
4,453
14,210
12,867
Total Costs and Expenses
23,383
22,310
69,907
66,007
Operating profit
8,931
9,873
26,709
26,729
Other Income (Expense)
Investment income
7
16
791
283
Interest expense
(277)
(481)
(981)
(1,269)
Equity in earnings of affiliated companies
29
—
235
53
Gain from the sale of investment (a)
—
—
—
13,071
Other
(31)
16
5
12
(272)
(449)
50
12,150
Income Before Income Tax Provision
8,659
9,424
26,759
38,879
Provision for income taxes
(2,497)
(2,481)
(7,337)
(10,358)
Net Income
$6,162
$6,943
$19,422
$28,521
Capital Expenditures
$8,132
$6,460
$22,763
$19,348
Weighted Average Shares- Basic and Diluted
18,026
18,701
18,214
18,866
Actual shares outstanding at end of period
17,960
18,673
17,960
18,673
Earnings Per Share:
$342
$371
$1,066
$1,512
Earnings Per Share excluding the gain from the sale of an investment(a)
$342
$371
$1,066
$1,002
(a) Please note for the nine months ended September 30, 2020, includes the gain of $13.1 million stemming from the sale of MODOC which added $510 to earnings per share.
See EBITDA on page 2
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 DATA
September 30,
December 31,
2021
2020
Cash and Cash Equivalents
$42,738
$67,324
Other short-term investments
$20,000
$20,000
Long-Term Debt (including current portion)
$(47,325)
$(63,176)
Net Cash
$15,413
$24,148
Shareholders’ Equity
$187,047
$180,595
Shares Outstanding
17,960
18,533
EBITDA
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. We believe that EBITDA trends are a valuable indicator of whether our operations can produce sufficient operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures.
EBITDA is calculated as Operating Profit from Continuing Operations plus depreciation and amortization expense and charitable contributions.
Rye, New York- October 20, 2021 – LICT Corporation (OTC Pink: LICT) announced today that its Board is in final discussions regarding continuing its Shareholder Charitable Contribution program for all registered shareholders. Each registered shareholder will be eligible to designate a 501(c)3 charity to which the company will make a donation of $100 per share on behalf of the shareholder. It is currently anticipated that more details will be announced before year end regarding the mechanics and timing of the contributions.
In addition to our Shareholder Giving Program, as we have done in the past, LICT will extend the opportunity for each of our Teammates to allocate a 501(c)3 charity to whom the Company will make a donation. Our Teammates welcome the opportunity to continue to support the 501(c)3 recipients in in the communities they serve.
Over the past 5 years, LICT has made more than $6.0 million in charitable contributions.
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 and Teammates.
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 13, 2021 – LICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) is announcing that we received an offer to purchase all of LICT’s outstanding stock. Although the price which has been offered represents a price above market, our Board believes it is below the intrinsic value of our enterprise.
In addition, we continue to move on with our previously announced financial engineering.
This announcement is being made to inform our shareholders that the offer described above has been received. We plan to issue no further communication on this offer until Auction 110 concludes.
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.
Due to Provisions in Upcoming Auction 110,Gary L. Sugarman,
Who Joined the LICT Corporation Board of Directors in 2006 Has Resigned
Rye, NY – August 27, 2021 – LICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) is today announcing the resignation of Gary L. Sugarman from its Board of Directors. His resignation is effective immediately.
Mr. Sugarman’s resignation is in response to a Rule of the Federal Communications Commission (“FCC”), Section 20.22(b)(4)i, which was first adopted in 2014, amended in 2015 into its current form) providing that an “attributable interest” in wireless spectrum is created by a person’s service as an officer or director in a licensee or its controlling entity. That attributable interest is then counted toward the cap on the amount of spectrum which an entity may hold and since Gary serves on the Board of another telecommunications provider, this FCC Rule “greatly limits either company’s options in” spectrum auctions and other spectrum-related matters.
Mr. Sugarman has a lengthy and distinguished record of service with LICT. He first served as President of Brighton Communications, Inc., a subsidiary of Lynch Corporation from 1991 through 1993. Then after his departure from Brighton, he continued to serve as a closely involved advisor to LICT for the next thirteen years, from 1993 through 2006, at which time he joined LICT’s Board. He served as a Director of LICT from September 2006 through April 2008 and returned as a Director in February 2019. At the time of his resignation, he was serving as the Chairman of the Board’s Regulatory Committee and as a member of the Audit Committee.
Speaking for the Company, Mario J. Gabelli, Chairman and Chief Executive Officer, said that “We will greatly miss Gary and his insightful knowledge of rural telecommunications. We are profoundly appreciative of his contribution to the Company’s development over his long service as a manager, an advisor and a Director. His efforts played a major role in LICT’s progress in bringing broadband services and capacities to rural Americans.”
Any action which the Board decides to take regarding the vacancy created by Mr. Sugarman’s resignation will be announced at the appropriate time.
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.
Revenues increased 5.8% to $32.3 from $30.5 million.
EBITDA from operations was $14.8 versus $13.8 million.
EPS from operations rose 13% to $346 from $307 per share.
Capital Expenditure increases accelerate our broadband deployment
Rye, NY – August 4, 2021 – LICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) reports unaudited, financial results for the quarter ended June 30, 2021.
SECOND QUARTER – In 2021, LICT’s second quarter revenues were $32.3 million compared to $30.5 million for the corresponding quarter in 2020. EBITDA was $14.8 million in the second quarter of 2021 as compared to $13.8 million in 2020.
Non-regulated revenues increased 12%, or $1.8 million, to $16.8 million from the prior year’s second quarter $15.0 million, driven by broadband and cable modem sales. Non-regulated EBITDA rose just over 12% to $7.3 million, from $6.5 million.
Regulated revenues totaled $15.5 million in the second quarter of both 2021 and 2020. Regulated EBITDA was $7.5 million compared to $7.3 million last year.
OTHER INCOME – Other income/(expense) for the second quarter of 2021 and 2020 totaled $0.3 million, mostly due to the $50 million drawdown from CoBank in the prior year, which we have reduced to $10 million.
EARNINGS PER SHARE –Earnings per share from operations for the second quarter of 2021 were $346 per share as compared to $307 per sharein the prior year’s second quarter.
All LICT telephone companies have elected to participate in the Federal Communications Commission’s (“FCC”) A-CAM and A-CAM II programs. The A-CAM program commenced January 1, 2017, with revisions in 2018 and 2019. A-CAM II was implemented by the FCC in 2019, which LICT adopted in Wisconsin. The A-CAM program is designed to accelerate and expand the deployment of broadband capabilities throughout the nation’s rural areas with mandatory build-out requirements for receipt of support. LICT is actively building and expanding broadband facilities. A-CAM and A-CAM II replaced two prior USF mechanisms for companies electing A-CAM.
EMERGENCY BROADBAND BENEFIT (“EBB”) PROGRAM – LICT is actively participating in the FCC’s $3.2 billion EBB Program to support our ongoing commitment to provide affordable broadband to the rural communities we serve and help close the digital divide. This program provides consumers who are eligible with a broadband credit of up to $50 per month (up to $75 for households on Tribal Lands) towards their qualifying internet plan for the duration of the program.
FCC AUCTIONS – During the second quarter of 2021 we continued our efforts to deploy the spectrum licenses we were awarded in Auction 105 of last year which will enable us to reach some of our more remote customers with increased speeds. In addition, we are engaged in the filing process required by the FCC for the markets we were awarded in Auction 904, the Rural Digital Opportunities Fund auction, as well as planning to participate in the upcoming Auction 110.
2021 OUTLOOK – LICT’s guidance for 2021 revenue and EBITDA remains unchanged with revenues of $127 – $131 million and EBITDA in the range of $58 to $60 million. LICT’s guidance on capital expenditures is increasing to a range of $31 and $33 million as we have increased deployment of fiber in the communities we serve. The effect of the COVID-19 pandemic may impact revenue growth, in the second half of 2021.
STRATEGIC REVIEW – As previously stated, the Company continues to systematically seek, analyze and evaluate a full range of means to expand the scope and scale of its businesses to accelerate growth across all of them, and thereby enhance our shareholders’ value.
CAPITAL EXPENDITURES – In the second quarter of 2021, capital expenditures were $7.5 million, of which $4.1 million was for non-regulated activities and $3.4 million for regulated activities. Our capital spending will enable us to meet and exceed our A-CAM requirements, offer enhanced broadband speeds, and increase the overall fiber route miles in our network.
As of June 30, 2021, LICT owns and operates 5,325 miles of fiber optic cable, 11,494 miles of copper cable, 770 miles of coaxial cable and 83 towers. During the quarter, we added 26 towers as a result of our acquisition of NeboNet in Utah.
SHARE REPURCHASES – During the six months ended June 30, 2021, the Company repurchased 453 shares for $10.1 million, with an average price of $22,200 per share. On June 30, 2021, 18,080 shares were outstanding.
OPERATING STATISTICS / BROADBAND DEPLOYMENT – As of June 30, 2021, the Company’s broadband penetration in its franchised telephone service territories, based on its total Incumbent Local Exchange Carrier (“ILEC”) voice lines, was 93.3%, as compared to 90.8% at December 31, 2020.
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.
Rye, New York – July 13, 2021 – LICT Corporation (“LICT” or the “Company”, OTC Pink ®: LICT) is today announcing that its Board of Directors (the “Board”) has increased the Company’s authorization to repurchase its stock to a total of 1,000 shares. Prior to this increase, there had been 335 shares remaining for repurchase under the Board’s prior authorizations. LICT continues its buyback program because it believes that the current market under values the long-term prospects of the company.
As previously stated, the Company continues to systematically seek, analyze and evaluate a full range of means to expand the scope and scale of its businesses, to accelerate growth across all of them, and thereby enhance our shareholders’ value.
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.
Rye, NY – May 26, 2021 – LICT Corporation (the “Corporation”; OTC Pink®: LICT) is privileged to announce that Kevin Errity has joined LICT as Chief Operating Officer.
Mr. Errity has been engaged in the telecommunications industry throughout his entire business career of nearly 30 years. Since beginning with AT&T in 1993, he has held executive positions in sales, sales engineering and operations. He has also had substantial experience with mergers and acquisitions of telecommunications firms.
Most recently Mr. Errity served as a Senior Vice President of ExteNet Systems, a provider of custom fiber optic infrastructure for financial, carrier and enterprise clients. Prior to that, he played a leading executive role in the development of PAETEC Communications from a start-up operation into a $2 billion enterprise at its 2012 merger with Windstream Communications.
Mario J. Gabelli, Chairman of the Corporation’s Board, said “We are delighted that Kevin is joining LICT. His deep experience in many areas of telecommunications will greatly strengthen our executive team as we prepare to accelerate the development of our businesses.” Mr. Errity echoed those thoughts, saying “I look forward with great enthusiasm to being a member of this dynamic enterprise. I believe LICT has a bright future and will dedicate all my efforts to its rapid achievement.”
Mr. Errity’s office will be located at the Corporation’s headquarters location in Rye, NY.
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.
