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News

LICT Corporation Reports First Quarter Results

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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 LICTs 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, LICTs 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 years $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 years $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 LICTs 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 LICTs rural telephone companies elected to participate in the Federal Communications Commissions (FCC) A-CAM program. The A-CAM program is designed to increase speed and expand the deployment of broadband capabilities throughout the nations 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 Companys 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. LICTs 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 Companys subsidiaries received the 2019 year to date incremental funding in the 3rd quarter of 2019. As of 2019, all of LICTs 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 CIBLs 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 Companys 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 Companys 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 Companys 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:

 

March 31,

December 31,

 

Percent

 

Increase

Increase

 

2020

2019

(Decrease)

(Decrease)

Broadband lines

34,725

33,893

832

2.5%

Voice Lines

 

 

 

 

ILEC

24,372

25,535

(1,163)

(4.6%)

CLEC

7,536

7,388

148

2.0%

Total

31,908

32,923

(1,015)

(3.1%)

Video Subscribers

4,545

4,884

(339)

(6.9%)

Revenue Generating Units

71,178

71,700

(522)

(0.7%)

 

 

 

 

 

********************************************************************************************

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

Statements of Operations and Balance Sheet Data

(In Thousands, Except Per Share Data)

Exhibit A

Page 1 of 2

 

STATEMENTS OF OPERATIONS

 

Three Months Ended

March 31,

 

 

As

Reported

2019

As

Restated

2019 (a)

2020

 

 

 

Revenues

$28,605

$28,153

$30,046

 

 

 

 

Cost and Expenses:

 

 

 

Cost of revenue, excluding depreciation

12,784

12,548

13,198

 

Selling, general and administration

2,906

2,818

3,099

 

Corporate office expenses

1,022

1,022

 

959

 

Depreciation and amortization

4,978

4,878

4,340

 

Total Costs and Expenses

21,690

21,267

21,596

 

 

 

 

 

 

 

Operating profit

6,915

6,886

 

8,450

 

 

 

 

 

 

 

Other Income (Expense)

 

 

 

Investment income

174

174

113

 

Interest expense

(432)

(432)

(302)

 

Equity in earnings of affiliated companies

503

503

53

 

Other

2,493

2,493

13,042

 

2,738

2,738

12,906

 

 

 

 

Income Before Income Tax Provision

9,653

9,624

21,356

 

Provision for Income Taxes

(2,549)

(2,549)

(5,554)

 

Income from continuing operations

7,104

7,075

15,802

 

 

 

 

 

 

 

Income from discontinued operations before taxes

39

 

 

Provision for income taxes

(10)

 

 

Income from discontinued operations after taxes

29

 

 

 

Net Income

$7,104

$7,104

 

$15,802

 

 

 

 

 

 

 

Capital Expenditures

$4,834

$4,772

 

$4,996

 

 

 

 

Weighted Average Shares:

 

 

 

 

 

Basic

19,765

19,765

19,102

 

Diluted

19,800

19,800

19,102

 

Actual shares outstanding at end of period

19,704

19,704

19,008

 

 

 

 

 

 

 

Earnings Per Share:

 

 

 

Basic

$359

$358

$827

 

Dilutive

$359

$357

 

$827

 

 

 

 

 

 

 

Dilutive Earnings Per Share by Component:

 

 

 

 

 

On-going operations

$358

$356

 

$829

 

Gain on sale of an investment

 

504

 

Gain on sale of an investment by a minority interest

93

93

 

 

Reported

$265

$263

 

$324

 

 

  1. Excludes New Hampshire Operations

See EBITDA on page 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LICT Corporation

Statements of Operations and Selected Balance Sheet Data-Continued

(In Thousands, Except Per Share Data)

Exhibit

Page 2 of 2

 

 

 

SELECTED BALANCE SHEET DATA

Dec. 31,

Mar. 31,

2019

2020

Cash and Cash Equivalents

$8,415

$88,823

 

 

 

Other short-term investments

20,000

 

Long-Term Debt (including current portion)

24,678

64,357

 

Liabilities, including taxes, other than debt

$35,386

$40,030

 

Shareholders’ Equity

$154,345

$167,053

 

Shares Outstanding at Date

19,188

19,008

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 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.

Three Months Ended

March 31,

2019

2020

EBITDA

 

Operating subsidiaries

12,786

13,748

Cash received from equity affiliates

563

542

On-going operating subsidiaries

13,349

14,290

Corporate Office Expense

(1.022)

(959)

EBITDA

12,327

13,331

Depreciation and amortization

(4,878)

(4,340)

Deduct cash received from equity affiliates

(563)

(542)

Operating profit

$6,886

$8,449

 

Dan Hopkins, President and CFO

Stephen Moore, Vice President of Finance

914/921-8821

News

First launch of Tridel’s Royal Bayview in Hong Kong

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Exclusive units for Hong Kong buyers

HONG KONG, Sept. 22, 2020 /PRNewswire/ — Canada has always been a popular country for people in Hong Kong as their immigration destination, and TorontoCanada’s financial hub continuously attracts a large pool of talents, whether they are immigrating or returning for good. When it comes to a permanent residence, most people look for one that provides high-quality lifestyle and specifications, especially for those looking for a home for their family or retirement. Royal Bayview in Thornhill, Toronto, is a new residential development by Tridel – a leading developer in Canada, and first time launching in Hong Kong. List Sotheby’s International Realty is the appointed agency with designated units exclusively offered for Hong Kong buyers, priced from CAD1,200,000 and expect to be completed in 2024.

Royal Bayview enjoys a panoramic golf course view
Royal Bayview enjoys a panoramic golf course view

 

Penthouse units enjoy impeccable view with a private sky garden
Penthouse units enjoy impeccable view with a private sky garden

 

Penthouses come with a private sky garden
Elegant interior inspired by European design

 

The exhibition of Royal Bayview is taken place from 21-27 Sep at the office of List Sotheby’s International Realty in Central, located at 1/F, 33 Des Voeux Road Central. Legal and mortgage advisors will also be present to provide more information about purchasing properties in Canada.

Located in Bayview area of Thornhill, one of the sought-after luxurious residential areas in Toronto, Royal Bayview is a low-rise home-sized residential development offering sumptuous amenities where one can only enjoy from a condominium residence. With unit size ranging from 1,200 to 2,400 sq.ft., Royal Bayview is an ideal choice for families and those looking for retiring in Canada.

Next to a private golf course, residents of Royal Bayview enjoy a panoramic view of the greenery scene which is only walking distance away. Residents can also enjoy private golf lessons and venue rental service when available.

Royal Bayview is comprised of two 12- and 14-storey tall buildings, with a total of 167 elegant 2- and 3-bedroom units inspired by European-design. Penthouse units comes with a private sky garden. High-end amenities are exclusively for the use of residents, including indoor swimming pool, gym and yoga room, dining and party rooms, as well as an indoor golf simulator where residents can enjoy and practice golfing 365 days a year.

A few minutes away from Hwy 7, 407 and 401, living at Royal Bayview guarantees you a convenient lifestyle. Restaurants, supermarkets, top primary and secondary schools such as Thornhill Secondary School, Thornlea Secondary School, and Bayview Glen Public School are all within walking distances. York University can be reached by car in 15 minutes. Thornhill Square Shopping Centre with pharmacy stores, bank, library and community centre is right across the street, and popular malls such as Bayview Village, Centerpoint Mall, and CF Fairview Mall can be reached in 10 minutes or less.

While enjoying a convenient lifestyle, residents in Thornhill are also surrounded by green parks and trails, including Ponoma Mills Park, Royal Orchard Park, and Bayview Reservoir Park. Other nearby facilities include the Uplands Golf & Ski Club and tennis courts.

Tridel, the developer behind Royal Bayview, is one of the renowned developers in Toronto well-known for being high in quality and with excellent locations. Established in the 1930s, Tridel has developed over 85,000 quality homes. Nowadays, Tridel incorporates design with green technology to ensure offering sustainable homes and high-tech lifestyle for the residents.

Toronto property exhibition & Legal / Tax Seminars:

Date: 21-27 Sep (Mon – Sun)
Time: 11am6pm
Venue: 1/F, 33 Des Voeux Road Central (Central MTR exit B / Hong Kong Station exit C)

[Seminars – Buying property in Canada FAQs]
24 Sep (Thu) | 12:30pm & 6:30pm
25 Sep (Fri) | 12:30pm
26-27 Sep (Sat & Sun) | 12:30pm & 2:30pm & 4:30pm

Enquiry: +852 3793 3688
Whatsapp:+852 6063 9364
Email: [email protected]
RSVP: https://bit.ly/3cjV7N4

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Third UNESCO Creative Cities Beijing Summit Calls for Open and Inclusive International Cooperation across Regions

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BEIJING, Sept. 22, 2020 /PRNewswire/ — With the theme of "Creativity empowers cities, technology creates the future", the Third UNESCO Creative Cities Beijing Summit, organized by Beijing Municipal Science and Technology Commission, explored how culture, creativity, and technology can enhance urban city management. The summit participants stressed the importance of international cooperation across regions.

"Digitalization has been a major game-changer and will certainly remain a key component of a new normal," said Lamia Kamal-Chaoui, Director of the OECD Centre for Entrepreneurship, Small & Medium Enterprises, Regions and Cities. "Many cities have adopted smart city tools, especially to deliver municipal service.

"Cities also have the opportunity to reconsider their tourism growth models and explore alternatives to large-scale tourism, by taking advantage of technology to showcase over-visited global attractions and promoting local industries."

Since Beijing was designated a UNESCO City of Design in 2012, its creative industry has become a new source of economic growth. The transformation of Shougang No. 3 Blast-Furnace – the venue of this summit – from a steel structure in an industrial park into an open space for the public, closely aligns with UNESCO’s mission and priorities.

Advocating for an open and inclusive city cooperation environment, many leaders stressed the importance of international cooperation during the summit.

Virginia Raggi, Mayor of Rome, stated, "We focus on urban regeneration as a factor in improving the well-being of residents and tourists, and strongly believe in international collaboration. Multilateralism and reciprocity represent the founding values of our democracy."

"If something was clear to all of us, it is that ‘no one can be saved alone’," said Enrique Avogadro, Minister of Culture of the Government of the City of Buenos Aires. "We have a unique opportunity to build a new reality and a future different from the one we had in mind. And more importantly, we can do it collectively, listening and giving space to all voices and ideas."

About the Third UNESCO Creative Cities Beijing Summit

The third UNESCO Creative Cities Beijing Summit is held in Beijing during September 17-18, 2020. The summit provides an international platform for discussion and networking, bringing together a diverse set of urban stakeholders, including Mayors and policymakers, representatives from UN agencies, academics and experts, as well as innovators and entrepreneurs. For more information on the summit, click here.

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YouTrip CEO, Caecilia Chu Named Top 25 CEO and Woman Leader in Financial Technology in Asia

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SINGAPORE, Sept. 22, 2020 /PRNewswire/ — Caecilia Chu, CEO and Co-Founder of YouTrip, Singapore’s leading multi-currency mobile wallet won two major accolades for ‘Top 25  Financial Technology CEOs of Asia for 2020‘ and ‘Top 25 Women Leaders in Financial Technology‘ by The Financial Technology Report. Caecilia is the only business leader to be awarded accolades from both categories. The Financial Technology Report Awards is a prestigious recognition of the exemplary leadership that has driven companies towards continued success in the financial technology industry.

The Financial Technology Report has received several hundred nominations and has evaluated each nominee based on factors such as career achievements and prominence in the field, the reach of the company’s offerings, and the significance of products for the financial technology industry as a whole.

Top 25 Financial Technology CEOs of Asia

Caecilia Chu is amongst the prominent names in the financial technology sector, like Simon Hu from Ant Group to be awarded ‘Top 25 Financial Technology CEOs of Asia‘. The companies represented have become industry leaders in Asia and worldwide and have produced products and solutions that are defining new ways for corporations and individuals to manage their finances.

Notably, Caecilia is one of the two female CEOs to be awarded ‘Top 25 Financial Technology CEOs of Asia for 2020′. As a woman leader, she believes that opportunities are not limited by gender but only by a person’s size of ambitions, capabilities, and hard work, she hopes to inspire more women professionals to step out of their comfort zones to pursue their ambitions, no matter which field they are in. 

Top 25 Women Leaders in Financial Technology

Caecilia also received the accolade as the ‘Top 25 Women Leaders in Financial Technology’ in this year’s nomination. This is not only an affirmation of her success in shaping the financial technology sector but further highlights her achievements as a woman in a male-dominated field.

"It’s an incredible honour to be recognised as top CEO in Asia and woman leader in financial technology, alongside the many great leaders of our industry. This pandemic has been the greatest test of our leadership like never before, but I also see it as an opportunity to emerge as a more cohesive and resilient company," Caecilia shares.

Under Caecilia’s leadership, YouTrip has grown to become one of the fastest-growing fintech companies in Southeast Asia. In less than 18 months since its launch in Singapore, Caecilia has led YouTrip to fundraise the highest amount, US$26m for pre-Series A in the Southeast Asia region and launched in Thailand, in partnership with Kasikornbank, Thailand’s largest consumer bank with over 11.6 million online banking customers. Her speed in execution has established YouTrip as a first-mover and an established pioneer in Singapore and Thailand’s multi-currency payment space. YouTrip is also the first fintech company in Singapore to obtain a direct issuing license from Mastercard, paving the way for new features to be swiftly rolled out and setting a good foundation for the launch in new markets to come.

Despite the global pandemic, Caecilia has propelled YouTrip’s growth to greater heights. Most recently, YouTrip announced a 300% quarterly growth compared to the same period in 2019, as a result of a successful pivot to overseas e-commerce payment.

About YouTrip

YouTrip is a regional financial technology startup, dedicated to creating the best mobile financial services for travellers across Southeast Asia by simplifying overseas spending and creating a fuss-free travel experience. YouTrip first launched in Singapore in 2018 and subsequently in Thailand in 2019.

For more information, please visit www.you.co

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Related Links :

http://www.you.co

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