Rye, NY – November 12, 2020 – LICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) has closed the sale of its 10 MHz AWS Federal Communications Commission (FCC) License in the Topeka, Kansas Basic Trading Area. LICT had announced the signing of a definitive agreement for this transaction on August 14, 2020.
This transaction monetized an FCC license which was a non-core asset of our business. The proceeds from this sale will further strengthen the financial condition and liquidity of LICT.
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 7, 2020 – LICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) announces today, that Mr. Matthew Favre, has been appointed to the newly created position of Senior Vice President- Broadband of LICT as of January 1, 2021.
Mr. Favre will be responsible for the growth and increased development of the Company’s broadband products.
Mr. Favre joined LICT in 2017, serving as President and General Manager of Western New Mexico Telephone Company.
Matt has had a distinguished career in the Cable and Telecommunications industries. Before joining LICT at the Company’s Western New Mexico operation, Matt spent 14 years with Charter Communications including as GM of Georgia/Alabama.
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, NY – September 3, 2020 – LICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) is privileged to announce today that Robert E. Dolan has agreed to re-join the Company in an active consulting role overseeing the operations and financial teams while we search for a Chief Operating Officer. Mr. Dolan has served the Company for 29 years in various capacities, including, Chief Executive Officer, Chief Financial Officer and Executive Vice President. Mr. Dolan will continue to serve on the Company’s Board of Directors.
The Company is also announcing that Daniel E. Hopkins has resigned and will be leaving the Company effective October 2020. Mr. Hopkins has been serving the Company as President and Chief Financial Officer since November of 2019.
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, NY – August 14, 2020 – LICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) is announcing the signing of a definitive agreement to sell its 10 MHz AWS Federal Communications Commission (FCC) License in the Topeka, Kansas Basic Trading Area.
The transaction is subject to FCC consent and is expected to close in the fourth quarter of 2020 or the first quarter of 2021.
Dan Hopkins, President and Chief Financial Officer of LICT said, “We are pleased to announce this transaction to monetize an FCC license which is a non-core asset of the business. The proceeds from this asset sale will further strengthen the financial condition and liquidity of LICT.”
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, NY – August 6, 2020 – LICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) reports financial results for the quarter ending June 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 with other teammates. 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 of our teammates for their focus on their communities.
At the beginning of the COVID-19 outbreak, LICT companies each responded by:
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;
Committing not to disconnect customers that are unable to pay their bills because of the economic effects of the pandemic; and
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.
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 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. 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.
SECOND QUARTER RESULTS – In 2020, LICT’s second quarter revenues were $30.5 million compared to $30.9 million for the corresponding quarter in 2019. EBITDA was $13.8 million in the second quarter of 2020 as compared to $15.2 million in the second quarter of 2019.
Non-regulated revenues gained 11.0%, to $15.0 million from the prior year’s $13.5 million resulting from increased sales of broadband and competitive local exchange carrier (“CLEC”) revenues. Non-regulated EBITDA rose 14.1% to $6.5 million, from $5.7 million. Regulated revenues were $15.5 million in the second quarter of 2020 from the prior year’s recorded $17.4 million, which included an incremental $1.1 million for A-CAM. Regulated EBITDA was $7.3 million compared to $9.6 million last year which included $1.1 million of incremental
Equity in earnings of affiliated companies (Modoc)
26
Charitable Contributions
10
Reductions in other Regulated Revenues
4
Total EPS change
$84
Shares outstanding at June 30, 2020 were 18,719 versus 19,188 at December 31, 2019.
ALTERNATIVE – CONNECT AMERICA COST MODEL (“A-CAM”) PROGRAM – Effective January 1, 2017, ten of LICT’s rural telephone companies elected to participate in the Federal Communications Commission’s (“FCC”) A-CAM program. The A-CAM program is designed to increase speed and expand the deployment of broadband capabilities throughout the nation’s rural areas and replaced two prior Universal Service Fund (“USF”) mechanisms for companies electing A-CAM. On February 25, 2019, the FCC further expanded the A-CAM program for those companies whose support was initially capped and offered LICT companies an additional $4.6 million in annual A-CAM funding, retroactive to January 1, 2019. With this latest increase, these capped companies have now been offered the fully funded support contemplated by the initial A-CAM program. In addition, the FCC extended the A-CAM annual support payments, for all A-CAM companies, capped and uncapped, for two additional years to December 31, 2028. Acceptance of these additional years requires the companies to provide a higher threshold of speed to a greater number of locations. The Company’s subsidiaries have accepted this A-CAM expansion program and are building out and upgrading their networks to meet the additional requirements.
On May 2, 2019, the FCC further expanded the A-CAM program, referred to as A-CAM II, to companies still receiving legacy USF support, HCLS and ICLS, in their service territories. LICT’s two Wisconsin companies elected to participate and received $1.1 million in annual A-CAM II funding for the full year ending December 31, 2019. The Company’s subsidiaries received the 2019 year to date incremental funding in the 3rd quarter of 2019. As of 2019, all of LICT’s rural telephone companies have elected A-CAM or A-CAM II regulation and all will receive the support through 2028. A-CAM and A-CAM II revenues were $32.3 million in 2019.
2020 OUTLOOK – Economic conditions in our service areas demand for broadband services remain robust and, as a result, LICT is maintaining its guidance for 2020. The Company expects to continue its strong financial performance in 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. The effect of the COVID-19 pandemic may impact non-regulated revenue growth and potentially impact bad debt expense as the economic contraction may impair customers’ ability to purchase and pay for service.
GROWING THE COMPANY – The Board of Directors and management have implemented measures which have improved liquidity and reduced the Company’s debt position.
FCC SPECTRUM AUCTIONS – The Company has applied to participate in two FCC auctions in 2020: Auction 105 – CBRS band and Auction 904 also known as Rural Development Opportunity Fund or RDOF. Auction 105, for which our application has been accepted, began on July 23, 2020 and is ongoing. Auction 904 is a reverse auction to receive funding as part of the Federal Communications Commission’s Universal Service Fund. The objective of Auction 904 is to provide funding for the expansion of broadband internet services to underserved rural areas of the United States. Bidding in Auction 904 is anticipated to begin on October 29, 2020.
These auctions cover areas within LICT’s service areas providing LICT with opportunities to bring broadband to underserved rural communities within and outside of our subsidiaries’ operations.
CAPITAL EXPENDITURES – In the second quarter of 2020, capital expenditures were $7.8 million, of which $4.8 million was for non-regulated activities and $3.1 million for regulated activities. In order to expand the Company’s fiber initiatives and provide a high level of broadband to our customers, our current plan calls for capital expenditures of $25 million – $27 million in 2020. This capital investment enables us to offer enhanced broadband speeds and will increase the overall fiber route miles in our network.
As of June 30, 2020, LICT operations deployed 5,019 miles of fiber optic cable, 11,470 miles of copper cable, and 752 miles of coaxial cable.
SHARE REPURCHASES – During the six months ended June 30, 2020, the Company repurchased 469 shares for $7.7 million, with an average price of $16,470 per share. As of June 30, 2020, 18,719 shares were outstanding.
OPERATING STATISTICS – As of June 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 84.4%, as compared to 82.2% at December 31, 2019.
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 Balance Sheet Data
Page 1 of 2
(In Thousands, Except Per Share Data)
STATEMENTS OF OPERATIONS
Three Months Ended
Six Months Ended
June 30,
June 30,
2020
2019
2020
2019
Revenues
$30,507
$30,865
$60,553
$59,048
Cost and Expenses:
Cost of revenue, excluding depreciation
13,350
12,570
26,748
25,149
Selling, general and administration
3,176
3,072
6,275
5,889
Corporate Office Expenses
1,063
1,127
2,013
2,149
Charitable Contributions
247
—
247
—
Depreciation and amortization
4,074
4,500
8,414
9,379
Total Costs and Expenses
22,110
21,269
43,697
42,566
Operating profit
8,397
9,596
16,856
16,482
Other Income (Expense)
Investment income
154
68
267
242
Interest expense
(486)
(386)
(788)
(818)
Equity in earnings of affiliated companies
—
664
53
1,167
Other
25
3
13,067
2,496
(307)
349
12,599
3,087
Income Before Income Tax Provision
8,090
9.945
29,455
19,569
Provision for Income Taxes
(2,323)
(2,300)
(7,877)
(4,849)
Income from continuing operations
5,767
7,645
21,578
14,720
Income from discontinued operations before taxes
—
71
—
110
Provision for income taxes
—
(5)
—
(15)
Income from discontinued operations after taxes
—
66
—
95
Net Income
$ 5,767
$7,711
$21,578
$14,815
Capital Expenditures
$7,842
$6,654
$12,899
$11,501
Weighted Average Shares:
Basic
18,593
19,581
18,593
19,672
Diluted
18,593
19,616
18,593
19,707
Actual shares outstanding at end of period
18,719
19,544
18,719
19,544
Earnings Per Share: **
Basic Net Income
$307
$391
$1,139
$748
Dilutive Earnings Per Share
$307
$390
$1,139
$747
** 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 first half of 2019 is approximately $93 per share. The gain of $13.1 million stemming from the sale of MODOC added $504 of earnings per share in the first half of 2020.
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
June 30,
Dec. 31,
2020
2019
Cash and Cash Equivalents
$84,544
$8,415
Other short-term investments
2,000
20,000
Long-Term Debt (including current portion)
63,117
24,678
Liabilities, including taxes, other than debt
$42,463
$35,386
Shareholders’ Equity
$168,199
$154,345
Shares Outstanding at Date
18,719
19,188
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, 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.
Rye, NY – May 22, 2020 – LICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) reports financial results for the quarter ending March 31, 2020.
COVID-19 RESPONSE – During the first quarter, LICT companies each responded to the COVID-19 pandemic by:
Committing not to disconnect customers that are unable to pay their bills because of the economic effects of the pandemic;
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
Initiated charitable contributions to support members of our community that have been impacted by the economic fallout from the pandemic. In particular, each of LICT’s 338 teammates have initiated contributions to help schools and local charitable organizations support community members effected by COVID-19.
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 through 2019, the company made $100 per share contribution on behalf of its shareholders to their designated charities.
LICT is committed to giving back to our communities and, over the past four years, LICT has made over $5.5 million in charitable contributions.
FIRST QUARTER RESULTS – In 2020, LICT’s reported first quarter revenues increased $1.8 million to $30.0 million compared to $28.2 million for the corresponding quarter in 2019. Reported EBITDA was $13.7 million in the first quarter of 2020, as compared to $12.8 million in the first quarter of 2019.
Non-regulated revenues gained 10.4%, to $14.6 million from the prior year’s $13.2 million due to increased broadband and competitive local exchange carrier (“CLEC”) revenues. Regulated revenues increased by 3.3%, to $15.5 million in the first quarter of 2020, from the prior year’s $15.0 million. This was in large part due to the original A-CAM companies who were below the cap not receiving the incremental A-CAM funding until May of 2019 and by the conversion of LICT’s Wisconsin properties to A-CAM II for an annual increase of $.7 million, which was not received until the third quarter of 2019. Non-regulated EBITDA 15.1% to $6.2 million, from $5.4 million, while regulated EBITDA increase by $0.2 million to $7.6 million from $7.4 million in 2019.
EARNINGS PER SHARE – Diluted earnings per share during the first quarter were $324 per share, excluding the gain on the sale of Modoc in 2020, as compared to $265 per share, excluding gain on sale of equity interest in 2019. The gain stemming from the sale of Modoc added $504 of earnings per share after-tax in the first quarter. Shares outstanding at March 31, 2020 were 19,008 versus 19,188 at December 31, 2019.
ALTERNATIVE – CONNECT AMERICA COST MODEL (“A-CAM”) PROGRAM – Effective January 1, 2017, ten of LICT’s rural telephone companies elected to participate in the Federal Communications Commission’s (“FCC”) A-CAM program. The A-CAM program is designed to increase speed and expand the deployment of broadband capabilities throughout the nation’s rural areas and replaced two prior Universal Service Fund (“USF”) mechanisms for companies electing A-CAM. In May 2018, the FCC expanded the A-CAM program retroactive to January 1, 2017. Accordingly, in 2018, LICT recorded additional A-CAM revenues of $5.8 million, of which $2.9 million related to the year ended December 31, 2018 and the other half related to 2017.
On February 25, 2019, the FCC further expanded the A-CAM program for those companies whose support was initially capped and offered LICT companies an additional $4.6 million in annual A-CAM funding, retroactive to January 1, 2019. With this latest increase, these capped companies have now been offered the fully funded support contemplated by the initial A-CAM program. In addition, the FCC extended the A-CAM annual support payments, for all A-CAM companies, capped and uncapped, for two additional years to December 31, 2028. Acceptance of these additional years requires the companies to provide a higher threshold of speed to a greater number of locations. The Company’s subsidiaries have accepted this A-CAM expansion program and are building out and upgrading their networks to meet the additional requirements.
On May 2, 2019, the FCC further expanded the A-CAM program, referred to as A-CAM II, to companies still receiving legacy USF support, HCLS and ICLS, in their service territories. LICT’s two Wisconsin companies elected to participate and received $1.1 million in annual A-CAM II funding for the full year ending December 31, 2019. The Company’s subsidiaries received the 2019 year to date incremental funding in the 3rd quarter of 2019. As of 2019, all of LICT’s rural telephone companies have elected A-CAM or A-CAM II regulation and all will receive the support through 2028. A-CAM and A-CAM II revenues were $32.3 million in 2019.
Key Events during the first quarter:
$50 MILLION UNSECURED REVOLVING CREDIT FACILITY – LICT closed on a new 5-year, $50 million unsecured Revolving Credit Facility with CoBank. In addition to extending the Revolving Credit Facility through 2025, the new loan facility is unsecured, provides for lower borrowing rates, and has more flexible terms. In March, LICT borrowed the entire $50 million to enhance financial flexibility.
FCC SPECTRUM AUCTIONS – LICT Wireless Broadband Company, LLC (“LICT Wireless”), a wholly owned subsidiary of the Company, was a qualified bidder in the FCC auction for spectrum, Auction 103 – 37 GHz, 39 GHz, 47.2 GHz. These spectrum bands are designated to be used for provision of 5G wireless services. This auction began on December 10, 2019 and concluded on March 5, 2020. There are three FCC auctions scheduled for 2020.
SALE OF NEW HAMPSHIRE OPERATION TO CIBL – LICT completed the sale of its New Hampshire operation to CIBL, a publicly traded company that was spun- off by LICT in 2007. The transaction was announced in August of 2019 and closed at year end 2019. The New Hampshire operation consists of the Bretton Woods Telephone Company, a Rural Local Exchange Carrier serving the Mt. Washington/Carroll, NH area, and World Surfer, Inc., a Competitive Local Exchange Carrier serving the same area. These companies are leading providers of broadband and communications services to an approximately 35 square-mile area in northern New Hampshire, including the Omni Mount Washington Hotel and Resort, and The Mount Washington Cog Railway. LICT now owns approximately 6% of CIBL’s outstanding common stock.
LICT is treating the New Hampshire operations as discontinued operations for comparison purposes so the 2019 and 2020 operating results exclude New Hampshire.
SALE OF MODOC PARTNERSHIP – The Company completed the sale of its minority interest in the MODOC RSA Limited Partnership. The sale closed on January 2, 2020. In the first quarter, the company received its final dividend from the partnership in the amount of $563,000.
2020 OUTLOOK – In spite of the COVID-19 pandemic impact on economic conditions in our service areas, LICT is maintaining its guidance for 2020. The company expects to continue its strong financial performance in 2020 with total revenues of $120 to $124 million, EBITDA in the range of $54 to $56 million, and total capital expenditures between $25 and $27 million. The balance sheet is expected to continue to improve throughout 2020 as a result of solid cash generation from operations and cash proceeds from the MODOC Partnership sale. The effect of the COVID-19 pandemic may impact non-regulated revenue growth and potentially impact bad debt expense as the economic contraction may impair customers’ ability to purchase and pay for service.
GROWING THE COMPANY – The Board of Directors and management have implemented measures which have improved liquidity and reduced the Company’s debt position. At this time, the Board continues to re-evaluate its acquisition activity and related refinancing alternatives.
CAPITAL EXPENDITURES – In the first quarter of 2020, capital expenditures were $5.0 million, of which $2.2 million was for non-regulated activities and $2.8 million for regulated activities. In order to expand the Company’s non-regulated fiber initiatives and provide a high level of broadband to our customers in the rural areas of the United States, our current plan calls for capital expenditures of between $25 and $27 million in 2020. This capital investment enables us to offer enhanced broadband speeds and increase the overall fiber route miles in our network. As of March 31, 2020, LICT operations deployed 4,697 miles of fiber optic cable, 11,837 miles of copper cable, and 704 miles of coaxial cable.
SHARE REPURCHASES – During the three months ended March 31, 2020, the Company repurchased 180 shares for $3.1 million, with an average price of $17,241 per share. As of March 31, 2020, 19,008 shares were outstanding.
OPERATING STATISTICS – As of March 31, 2020, the Company’s DSL penetration in its franchised telephone service territories, based on its total Incumbent Local Exchange Carrier (“ILEC”) voice lines, was 86.0%, as compared to 80.3% at December 31, 2019. Our summary operating statistics are as follows:
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, New York – April 27, 2020 –Salvatore M. Salibello has been appointed to the LICT Corporation Board of Directors and will serve as the Chairman of the Audit Committee. Mr. Salibello is a Certified Public Accountant and a Senior Member of Bright Side Group, LLC. He is the Founder, and served as the Managing Partner, of the certified public accounting firm, Salibello & Broder LLP until its sale to BDO USA, LLP. Mr. Salibello has over forty years of experience in public accounting. He serves on several boards and board committees for investment funds in the Gabelli/GAMCO Fund Complex. He was a director of Nine West, Inc., a group of companies in the ladies’ footwear and accessories business and served as Chairman of its Audit Committee. Mr. Salibello also serves on numerous non-profit boards and is the Chairman of the Board of Directors of John Cabot University, an American university in Rome, Italy.
Mario J. Gabelli, Chairman and Chief Executive Officer of LICT, stated, “We are delighted that Mr. Salibello will be joining the LICT Board of Directors. Sal brings a vast amount of experience to the LICT Board and will fill a key role as Chairman of the Audit Committee. “
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.
LICT CORPORATION BOARD OF DIRECTORS HAS APPROVED CHARITABLE GIVING TO HELP OUR COMMUNITIES COPE WITH HEALTH AND ECONOMIC ISSUES RELATED TO COVID-19
Rye, New York – April 14, 2020 – The Board of Directors of LICT Corporation (“LICT” OTC Pink ®: LICT) approved a charitable contribution program in order to help our communities cope with the effects of the Covid-19 pandemic. In particular, each of our 338 teammates, together with their companies are ready, at their option, to work with school districts in our service areas to identify families in need and is donating the needed equipment to get children who are “sheltered at home” back to learning.
LICT is committed to giving back to our communities and over the past four years, LICT has made over $5.5 million in charitable contributions.
In addition to the charitable contributions, LICT is committed to providing high speed connectivity to the businesses and families in need in the communities we serve. During this pandemic, LICT is committed to:
not disconnect service to customers that are temporarily unable to pay because of circumstances related to COVID-19;
offer free or discounted internet connectivity to families in need due to the pandemic with school aged children that need connectivity for distance learning; and
set up community WI-FI hot-spot locations to make sure that community members can safely stay connected to information and loved ones.
Dan Hopkins, President and Chief Financial Officer of LICT, said “Our mission is to improve the communities that we serve. Our commitment to that mission is even greater in times of crisis when our communities need us more than ever. We understand the critical importance of staying connected to learning and we want to make sure that children have the equipment and connectivity they need so that they don’t fall behind. Our teammates live in the communities we serve, and we believe it is our responsibility to step up and help out when our communities are in need”.
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.
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.
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.
