LICT Corporation Reports Results for the 2nd Quarter 2024

Business Wire08-13

Increase In Revenues of 15.8% for the Second Quarter EBITDA Up 21% to $14.2 million from $11.7 million in prior year Share Buyback Authorization Increased Designated Charitable Contribution of $...

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EBITDA Up 21% to $14.2 million from $11.7 million in prior year. Designated Charitable Contribution of $100 per Share for Registered Shareholders Approved. RYE, N.Y., August 12, 2024----LICT Corporation  reports financial results for the quarter ended June 30, 2024. Data for all periods has been adjusted for the spin-off of MachTen on August 31, 2023, and 2023 results are presented as discontinued operations.Total EBITDA was $14.2 million in the second quarter of 2024 as compared to $11.7 million in the second quarter of 2023. The $2.5 million increase in EBITDA was driven by the election of E-ACAM as well as an increase in our non-regulated business, which was offset by higher operating expenses, including labor costs, professional and engineering expenses.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 o","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"MTC":"海川证券","LICT":"LICT Corp.","BK4023":"应用软件","BK4115":"综合电信业务","AFI":"Armstrong Flooring, Inc.","ACP":"Aberdeen Income Credit Strategies Fund","BK4086":"建筑产品"},"translate_title":"LICT Corporation报告2024年第二季度业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ACP":1,"AFI":1,"LICT":1,"MTC":1},"content_text":"Increase In Revenues of 15.8% for the Second Quarter\n\n\nEBITDA Up 21% to $14.2 million from $11.7 million in prior year\n\n\nShare Buyback Authorization Increased\nDesignated Charitable Contribution of $100 per Share for Registered Shareholders Approved\n\n2024-Unaudited Second Quarter Results\nRYE, N.Y., August 12, 2024--(BUSINESS WIRE)--LICT Corporation (\"LICT\" or the \"Company\"; OTC Pink®: LICT) reports financial results for the quarter ended June 30, 2024. Data for all periods has been adjusted for the spin-off of MachTen on August 31, 2023, and 2023 results are presented as discontinued operations.\nTotal revenues in the second quarter of 2024 increased by $4.6 million to $33.7 million versus $29.1 million in the same quarter a year ago.\nRegulated revenues were $14.9 million in the second quarter of 2024, an increase of $3.2 million versus the prior year’s second quarter of $11.7 million. The acceptance of Enhanced ACAM (E-ACAM) accounted for a $3.5 million increase in regulated revenues for the quarter.\nNon-regulated revenues for the second quarter of 2024 increased 8% to $18.8 million from the prior year’s second quarter $17.4 million driven by sales of broadband services and high-speed data circuits. Further, our results for the second quarter of 2024 include $750K in revenues from the Manti Non-Regulated entities which were acquired on December 1, 2023.\nTotal EBITDA was $14.2 million in the second quarter of 2024 as compared to $11.7 million in the second quarter of 2023. The $2.5 million increase in EBITDA was driven by the election of E-ACAM as well as an increase in our non-regulated business, which was offset by higher operating expenses, including labor costs, professional and engineering expenses.\nRegulated EBITDA in the second quarter of 2024 was $7.2 million compared to $4.5 million during the same period last year, driven by E-ACAM and offset by increases in operating expenses.\nNon-regulated EBITDA in the second quarter was $7.0 million compared to $7.2 million last year. The decrease was driven by an increase in operating expenses, offset by an increase in internet revenues.\nOTHER INCOME/(EXPENSES) – Other income/expenses remained flat at $0.5 million in the second quarter of 2024 versus 2023.\nEARNINGS PER SHARE – Earnings per share from continuing operations for the second quarter of 2024 were $293 per share compared to $220 per share in the same period last year.\nShareholder Designated Charitable Contribution Program\nLICT Corporation (OTC Pink: LICT) will continue its Shareholder Charitable Contribution program for all registered shareholders. Each registered shareholder will be eligible to designate a 501 c3 charity to which a $100 per share donation on behalf of the shareholder will be made.\nWe 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.\nOver the past 7 years, LICT has made more than $7.5 million in charitable contributions.\nDetails will be announced before year end regarding the details of the contribution.\nShare Repurchase Program\nDuring the three months ended June 30, 2024, the Company repurchased 205 shares for $3.2 million, with an average price of $15,559 per share. For the six months ended June 30, 2024, the company has repurchased 297 shares for $4.7 million, with an average price of $15,943 per share. As of June 30, 2024, 16,674 shares were outstanding.\nLICT’s Board of Directors increased the Company’s authorization to repurchase shares by an additional 400 shares, bringing the total to 514 authorized for repurchase. We will continue to repurchase shares on an opportunistic basis.\nFCC Programs and Other Capital Expenditures\nWith the acceptance of the FCC’s E-ACAM program effective January 1, 2024, LICT now has buildout requirements to a minimum speed of 100/20 Mbps to almost 20,000 locations which must be completed by December 31, 2028 (the company has already commenced the buildout process). E-ACAM increased LICT’s federal Universal Service Fund (USF) revenues an incremental $14 million per year ($3.5 million per quarter) to a total of $37.2 million annually through 2038 (subject to a one-time true-up in 2025 for more precise E-ACAM location counts). The total gross capital expenditures to meet the buildout requirements for E-ACAM, along with Federal (ReConnect III & IV) and State grants are estimated at $511 million ($349 million net of grant funding).\n\n\n\nI.\n\nSUPREME COURT ENDS THE CHEVRON DEFERENCE DOCTRINE\n\n\n\n\nOn June 28, 2024 the U.S. Supreme Court ended the Chevron deference doctrine. With this ruling, the Supreme Court cut back sharply on the power of federal agencies to interpret the laws they administer and ruled that courts should rely on their own interpretation of ambiguous laws. Management will continue to monitor the impacts of this ruling on the business of the company and specifically any funding provided by government programs.\n\n\n\n\n \n\n\nII.\n\nENHANCED ALTERNATIVE CONNECT AMERICA COST MODEL (E-ACAM) PROGRAM\n\n\n\n\nThe Federal Communications Commission proposed an increase in ACAM funding through a program known as E-ACAM, which began January 1, 2024.\n\n\n\n\nIn the new program LICT entities will receive $37.2 million per year through 2038, as compared to $23.2 million received in both 2023 and 2022, with minimum speed requirements of 100/20 Mbps.\n\n\n\n\n \n\n\nIII.\n\nRECONNECT III and RECONNECT IV-\n\n\n\n\nAs previously announced, LICT has been awarded $157.5 million for seven United States Department of Agriculture (USDA) ReConnect III and ReConnect IV grants with a total project cost of $171.2 million, of which, our share of cost will be approximately $13.7 million. These grants require us to provide 1 Gig of fiber broadband speed. Five of the seven awards are still pending environmental clearance approval before construction can commence.\n\n\n\n\n \n\n\nIV.\n\nLICT EXTENDED THE FCC’S AFFORDABLE CONNECTIVITY PROGRAM (ACP)\n\n\n\n\nACP was terminated in May of 2024. LICT informed its ACP customers that the Company will continue an equivalent credit through January 31, 2025, at LICT’s cost. Eligible ACP customers received a continuation of their broadband credit of up to $30 per month (up to $75 for households on Tribal Lands) towards their qualifying internet plan. During June 2024, LICT provided approximately 1,544 ACP eligible customers with the same credits for which they were previously eligible, at the company’s expense.\n\n\n\nStrategic Initiatives\nThe spin-off of our Michigan entity, MachTen (OTC Pink: MACT), occurred on August 31, 2023. At the time of the spin-off each shareholder of LICT received 150 shares of MachTen per one share of LICT. We continue to own 20% of MachTen as well as holding a note receivable of $15 million plus accrued interest.\nLICT’s acquisition of Manti Telephone Communications Company (MTCC), and AFConnect (AFI) is complete, the non-regulated facet of the Manti transaction closed on December 1, 2023. The regulated portion, Manti Telephone Company (MTC) transaction is still pending regulatory approval.\nAs previously reported, during the fourth quarter of 2023, LICT completed the sale of 40% of its 20% ownership of Brick Skirt Holding Company (formerly DFT Communications) to CIBL, Inc. LICT’s sale of its remaining 12% ownership of Brick Skirt, is still pending regulatory approval. Bretton Woods continues to utilize Brick Skirt for certain administrative functions as it has since 2014.\nFIXED WIRELESS - Sound Broadband LLC, the wireless subsidiary of LICT Corporation specializing in fixed wireless solutions, has successfully completed 5G deployments in its existing service areas and expanded into new markets across New Mexico, California, and Utah. The company is now poised to introduce additional 5G deployments in Kansas and Oregon this year. Ongoing analysis aims to further extend 5G wireless broadband services across all operational regions, enhancing broadband speeds and connectivity for communities served by LICT.\nOPERATING STATISTICS/BROADBAND DEPLOYMENT - LICT owns and operates 6,713 miles of fiber optic cable, 9,040 miles of copper cable, 841 miles of coaxial cable and 95 towers.\n\n\n\n\nJune 30,\n\nDecember 31,\n\nIncrease\n\nPercentIncrease\n\n\n\n2024\n\n2023\n\n(Decrease)\n\n(Decrease)\n\n\nBroadband lines\n45,358\n\n44,367\n\n991\n\n2.2%\n\n\nVoice Lines\n\n\n\n\n\n\n\n\n\nILEC\n17,114\n\n17,549\n\n(435)\n\n(2.5%)\n\n\nOut of franchise\n6,280\n\n6,287\n\n(7)\n\n(0.1%)\n\n\nTotal\n23,394\n\n23,836\n\n(442)\n\n(1.9%)\n\n\nVideo Subscribers\n3,510\n\n3,341\n\n169\n\n5.1%\n\n\nRevenue Generating Units\n72,262\n\n71,544\n\n718\n\n1.0%\n\n\n\nThis 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.\nLICT Corporation is a holding company with subsidiaries in broadband and other telecommunications services that actively seeks acquisitions, principally in its existing business.\n\n\n\nLICT CorporationStatements of Operations(In Thousands, Except Per Share Data)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\nThree Months EndedJune 30,\n\nSix Months EndedJune 30,\n\n\n\n2024(Unaudited)\n\n2023(Unaudited)\n\n2024(Unaudited)\n\n2023(Unaudited)\n\n\n\n\n\n\n\n\n\n\n\n\nOperating Revenues\n$\n33,684\n\n\n$\n29,088\n\n\n$\n67,183\n\n\n$\n58,093\n\n\n\n\n\n\n\n\n\n\n\n\n\nOperating Expenses:\n\n\n\n\n\n\n\n\n\nCost of revenue\n\n16,763\n\n\n\n14,631\n\n\n\n32,836\n\n\n\n29,532\n\n\n\nGeneral and administrative costs at operations\n\n2,730\n\n\n\n2,748\n\n\n\n5,476\n\n\n\n5,381\n\n\n\nCorporate office expenses\n\n1,158\n\n\n\n1,166\n\n\n\n2,437\n\n\n\n2,230\n\n\n\nDepreciation and amortization\n\n5,803\n\n\n\n4,767\n\n\n\n11,807\n\n\n\n10,065\n\n\n\nTotal Operating Expenses\n\n26,454\n\n\n\n23,312\n\n\n\n52,556\n\n\n\n47,208\n\n\n\n\n\n\n\n\n\n\n\n\n\nOperating Income\n\n7,230\n\n\n\n5,776\n\n\n\n14,627\n\n\n\n10,885\n\n\n\n\n\n\n\n\n\n\n\n\n\nOther Income (Expense)\n\n\n\n\n\n\n\n\n\nInvestment income\n\n315\n\n\n\n155\n\n\n\n1,208\n\n\n\n980\n\n\n\nInterest expense\n\n(1,096\n)\n\n\n(629\n)\n\n\n(2,066\n)\n\n\n(1,266\n)\n\n\nUnrealized loss on investment\n\n(42\n)\n\n\n-\n\n\n\n(636\n)\n\n\n-\n\n\n\nEquity in earnings of affiliated companies\n\n252\n\n\n\n24\n\n\n\n225\n\n\n\n24\n\n\n\nOther\n\n28\n\n\n\n(49\n)\n\n\n67\n\n\n\n(110\n)\n\n\nTotal Other Income (Expense)\n\n(543\n)\n\n\n(499\n)\n\n\n(1,202\n)\n\n\n(372\n)\n\n\n\n\n\n\n\n\n\n\n\n\nIncome from continuing operations\n\n6,687\n\n\n\n5,277\n\n\n\n13,425\n\n\n\n10,513\n\n\n\nProvision for Income Taxes\n\n(1,780\n)\n\n\n(1,484\n)\n\n\n(3,541\n)\n\n\n(2,773\n)\n\n\nIncome from continuing operations, net of tax\n\n4,907\n\n\n\n3,793\n\n\n\n9,884\n\n\n\n7,740\n\n\n\nIncome from discontinued operations\n\n-\n\n\n\n1,766\n\n\n\n-\n\n\n\n3,277\n\n\n\nTax Provision for discontinued operations\n\n-\n\n\n\n(493\n)\n\n\n-\n\n\n\n(851\n)\n\n\nIncome from discontinued operations, net of tax\n\n-\n\n\n\n1,273\n\n\n\n-\n\n\n\n2,426\n\n\n\nNet Income\n$\n4,907\n\n\n$\n5,066\n\n\n$\n9,884\n\n\n$\n10,166\n\n\n\nCapital Expenditures\n$\n11,761\n\n\n$\n9,191\n\n\n$\n28,115\n\n\n$\n18,867\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBasic & Diluted Weighted Average Shares\n\n16,775\n\n\n\n17,224\n\n\n\n16,859\n\n\n\n17,267\n\n\n\n\n\n\n\n\n\n\n\n\n\nActual shares outstanding at end of period\n\n16,674\n\n\n\n17,165\n\n\n\n16,674\n\n\n\n17,165\n\n\n\n\n\n\n\n\n\n\n\n\n\nEarnings Per Share:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIncome from continuing operations\n$\n293\n\n\n$\n220\n\n\n$\n586\n\n\n$\n448\n\n\n\nIncome from discontinued operations\n\n-\n\n\n\n74\n\n\n\n-\n\n\n\n141\n\n\n\nBasic & Diluted Earnings Per Share\n$\n293\n\n\n$\n294\n\n\n$\n586\n\n\n$\n589\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nLICT CorporationBalance Sheet(In Thousands, Except Per Share Data)\n\n\n\n\n\n\n\n\n \n\n\n\n(Unaudited)June 30,2024\n\n(Audited)December 31,2023\n\n\nASSETS\n\n\n\n\n\nCurrent assets:\n\n\n\n\n\nCash and cash equivalents\n$\n14,377\n\n$\n11,545\n\n\nAccounts receivable, less allowances of $137 and $140, respectively\n\n9,719\n\n\n7,123\n\n\nNote receivable from affiliate, including accrued interestMaterial and supplies\n\n16,20214,533\n\n\n15,34516,825\n\n\nPrepaid expenses, and other current assets\n\n4,453\n\n\n4,417\n\n\nTotal current assets\n\n59,284\n\n\n55,255\n\n\n\n\n\n\n\n\nProperty, plant, and equipment, net\n\n165,233\n\n\n150,112\n\n\nGoodwill\n\n48,251\n\n\n48,251\n\n\nOther intangibles\n\n34,363\n\n\n34,590\n\n\nInvestments in Affiliated Companies\n\n7,006\n\n\n7,396\n\n\nOther assets\n\n13,671\n\n\n11,436\n\n\nTotal assets\n$\n327,808\n\n$\n307,040\n\n\n\n\n\n\n\n\nLIABILITIES AND SHAREHOLDERS’ EQUITY\n\n\n\n\n\n\n\n\n\n\n\nCurrent liabilities:\n\n\n\n\n\nTrade accounts payable\n$\n6,928\n\n$\n7,773\n\n\nAccrued interest payable\n\n400\n\n\n272\n\n\nAccrued liabilities\n\n8,497\n\n\n7,696\n\n\nCurrent maturities of long-term debt\n\n50,075\n\n\n3,876\n\n\nTotal current liabilities\n\n65,900\n\n\n19,617\n\n\n\n\n\n\n\n\nLong-term debt\n\n19,839\n\n\n49,576\n\n\nDeferred income taxes\n\n28,803\n\n\n28,898\n\n\nOther liabilities\n\n13,429\n\n\n14,261\n\n\nTotal liabilities\n\n127,971\n\n\n112,352\n\n\nTotal shareholders’ equity\n\n199,837\n\n\n194,688\n\n\nTotal liabilities and shareholders’ equity\n$\n327,808\n\n$\n307,040\n\n\n\n\n\n\n\n \n\n\n\nEBITDA\nEBITDA is an established measure of operating performance and liquidity that is commonly reported and widely used by analysts, investors, and other interested parties in the telecommunications industry because it eliminates many differences in financial, capitalization, and tax structures. We believe that EBITDA trends are a valuable indicator of whether our operations are able to produce sufficient operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures.\nEBITDA is calculated as Operating Profit from Continuing Operations plus depreciation and amortization expense and corporate expenses.\n\n\n\n\nThree Months Ended\n\nSix Months Ended\n\n\n\nJune 30,\n\nJune 30,\n\n\n\n2024\n\n2023\n\n2024\n\n2023\n\n\nEBITDA Reconciliation:\n\n\n\n\n\n\n\n\n\nOperating Profit from Continuing Operations\n$\n7,230\n\n$\n5,776\n\n$\n14,627\n\n$\n10,885\n\n\nAdditions:\n\n\n\n\n\n\n\n\n\nCorporate expenses\n\n1,158\n\n\n1,166\n\n\n2,437\n\n\n2,230\n\n\nDepreciation and amortization\n\n5,803\n\n\n4,767\n\n\n11,807\n\n\n10,065\n\n\nEBITDA from Operations\n$\n14,191\n\n$\n11,709\n\n$\n28,871\n\n$\n23,180\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nSources and Uses of Cash:\n\n\n\n\n(Unaudited)\n\n\n\n\nJune 30, 2024\n\n\n\n\nThree Months Ended\n\nSix Months Ended\n\n\n\n\n\n\n\n\n\nNet Income\n$\n4,907\n\n\n$\n9,884\n\n\n\nAdjustments to reconcile net income to net cash provided by operating activities\n\n\n\n\n\n\nCash Activity (Net Use of Cash)\n\n(2,636\n)\n\n\n(3,401\n)\n\n\n\nNon-cash Activity (Depreciation, amortization & other activity)\n\n4,541\n\n\n\n12,635\n\n\n\nTotal Net Cash provided by Operating Activities\n\n6,812\n\n\n\n19,118\n\n\n\n\n\n\n\n\n\n\nCash Flows from Investing Activities\n\n\n\n\n\n\nCapital Expenditures\n\n(11,761\n)\n\n\n(28,115\n)\n\n\n\nOther Investing Activities\n\n(67\n)\n\n\n102\n\n\n\nTotal Net Cash Used in Investing Activities\n\n(11,828\n)\n\n\n(28,013\n)\n\n\n\n\n\n\n\n\n\nCash Flows from Financing Activities\n\n\n\n\n\n\nBorrowing from Line of credit, net\n\n12,000\n\n\n\n16,500\n\n\n\n\nPurchase of treasury stock\n\n(3,189\n)\n\n\n(4,735\n)\n\n\n\nPayments to reduce long-term debt\n\n(20\n)\n\n\n(38\n)\n\n\nTotal Net Cash Provided by (Used in) Financing Activities\n\n8,791\n\n\n\n11,727\n\n\n\n\n\n\n\n\n\n\nNet Increase (Decrease) in Cash and Cash Equivalents\n\n3,775\n\n\n\n2,832\n\n\n\nCash & Cash Equivalents at the beginning of the period\n\n10,602\n\n\n\n11,545\n\n\n\nCash & Cash Equivalents at the end of the period\n$\n14,377\n\n\n$\n14,377\n\n\n\n\nLIQUIDITY - The company is in the process of closing on a new $100 million secured revolving credit facility with CoBank for an extended five-year term. This new facility will provide the company with an additional $50 million in available liquidity with terms similar to our current revolving credit facility, we expect the facility to be closed by the end of August. For the period ended June 30, 2024, the funds drawn on the existing $50 million CoBank facility are presented on the balance sheet as Current Maturities of Long-Term debt, as required under the terms of US Generally Accepted Accounting Principles (US GAAP), as the debt is due within one year of the financial statement date (due June 30, 2025). Once the new five-year facility has been closed the related borrowings will be classified as Long-term Debt on the balance sheet.\nCAPITAL EXPENDITURES – For the second quarter of 2024, capital expenditures were $11.7 million versus $9.2 million in the second quarter of 2023. Year to date capital expenditures totaled $28.1 million in 2024 vs. $18.9 million in 2023. This increase in capital spending was driven by the build out requirements of E-ACAM.\nView source version on businesswire.com: https://www.businesswire.com/news/home/20240812695338/en/\nContacts\nStephen J. MooreVice President- Finance914-921-8821www.lictcorp.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2459933175"}