CabelTel International Corporation Reports 2007 Results
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DALLAS--(Business Wire)--
CabelTel International Corporation (AMEX: GBR) ("the Company"), a
Dallas-based company with investments in a retirement center and oil
and gas leases, today reported a net income of $62,000 or $0.06 per
share for the twelve months ended December 31, 2007, compared to net
income of $1,301,000 or $1.32 per share for the year ended December
31, 2006. Net income from continuing operations for the same periods
was $689,000 or $0.70 per share in 2007 and $1,811,000 or $1.83 per
share in 2006.
Revenues and Operating Expenses from operations of a retirement
facility: Revenues were $3.0 million as compared to $3.0 million in
2006. Real estate operating expenses, which consist of retirement
operations expense, lease expense and depreciation and amortization,
were $2.2 million in both 2007 and 2006.
Corporate General and Administrative Expense: These expenses were
$796,000 in 2007 and $1.1 million in 2006. 2007 includes $29,000 for
prior year income taxes. 2006 included approximately $80,000 in
payroll and consulting fees that were not incurred in 2007. In general
there was an overall reduction in administrative costs in the latter
part of 2006 which has had the effect of lowering administrative costs
in 2007.
Interest Income: Interest income was $112,000 in 2007 and $447,000
in 2006. During 2006, the Company recorded interest income of $307,000
from funds it had advanced to CableTEL AD for operations and
acquisitions in Bulgaria. (See interest expense below).
Interest Expense: Interest expense was $73,000 in 2007 and
$486,000 in 2006. During the first quarter of 2006, the Company
recorded interest expense of $307,000 on loans it made to acquire
funds which were provided to CableTEL AD for operating expenses. The
interest expense equaled the interest income.
Gain on sale of assets: In November 2007, the Company sold a
participation in the future cash flow of its retirement community in
King City, Oregon and recorded a gain of $750,000.
Other Income (Expense): Other income was $142,000 in 2007 and $2.6
million in 2006. In June 2006, the Company rescinded its acquisition
of CableTEL AD and received a break up fee of $1,500,000 which
resulted in net income, after deducting expenses of $1,467,000. In
addition, in November 2006, the Company settled another obligation and
recorded a gain on such settlement of $1,021,000. Additionally, the
Company collected certain payments on certain receivables that were
previously written off.
Discontinued Operations: During 2007, the Company transferred
ownership of the Gainesville Outlet Mall to an unrelated third party.
Certain statements in this media release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, and
Section 21E of the Securities Exchange Act of 1934. The words
"estimate", "plan", "intend", "expect", "anticipate", "believe" and
similar expressions are intended to identify forward-looking
statements. These forward-looking statements are found at various
places throughout this release. CabelTel International Corporation
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. Although we believe that our expectations
are based upon reasonable assumptions, we can give no assurance that
our goals will be achieved. Important factors that could cause our
actual results to differ from estimates or projects contained in any
forward-looking statements are described under ITEM 1A. RISK FACTORS
in the Company's Form 10-K for the fiscal year ended December 31,
2007.
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CabelTel International Corporation and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
December 31,
------------------
Assets 2007 2006
-------- --------
Current assets
Cash and cash equivalents $ 172 $ 324
Note and interest receivable - related party 2,200 1,428
Other current assets 8 36
Assets held for sale -- 7,047
-------- --------
Total current assets 2,380 8,835
Investment in Mineral Rights 6,848 --
Property and equipment, at cost
Land and improvements 20 20
Buildings and improvements 172 169
Equipment and furnishings 336 290
-------- --------
528 479
Less accumulated depreciation 397 364
-------- --------
131 115
Deferred tax asset 250 491
Other assets 177 261
-------- --------
Total Assets $ 9,786 $ 9,702
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CabelTel International Corporation and Subsidiaries
CONSOLIDATED BALANCE SHEETS - CONTINUED
(Amounts in thousands, except share amounts)
December 31,
------------------------
Liabilities And Stockholders' Equity 2007 2006
----------- -----------
Current liabilities
Accounts payable - trade $ 90 $ 439
Accrued expenses 175 124
Liabilities held for sale -- 6,642
----------- -----------
Total Current Liabilities 265 7,205
Long-term debt - related party 6,921 --
Other long-term liabilities 459 418
----------- -----------
Total liabilities 7,645 7,623
Stockholders' equity
Preferred stock, Series B 1 1
Common stock, $.01 par value; authorized,
100,000,000 shares; issued and
outstanding, 986,939 shares at December
31, 2007 and 986,953 shares at December
31, 2006 10 10
Additional paid-in capital 55,992 55,992
Accumulated deficit (53,862) (53,924)
----------- -----------
2,141 2,079
----------- -----------
Total Liabilities & Equity $ 9,786 $ 9,702
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CabelTel International Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share amounts)
2007 2006
--------- ---------
Revenue
Real estate operations $ 2,984 $ 3,033
--------- ---------
Operating expenses
Real estate operations 1,315 1,300
Lease expense 845 939
Corporate general and administrative 796 1,091
--------- ---------
2,956 3,330
--------- ---------
Operating earnings (loss) 28 (297)
Other income (expense)
Interest income 112 447
Interest expense (73) (486)
Gain (loss) on sale of assets, net 750 --
Other income (expense), net 142 2,584
--------- ---------
931 2,545
--------- ---------
Earnings (loss) from continuing
operations 959 2,248
Provision for income taxes (270) (437)
--------- ---------
Net income (loss) from continuing
operations 689 1,811
Discontinued operations
Loss from operations (101) (786)
Gain (loss) from sale of assets (526) 276
--------- ---------
Net loss from discontinued operations (627) (510)
--------- ---------
Net income (loss) applicable to common shares 62 1,301
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Earnings (loss) per common share - basic and
diluted
Continuing operations $ 0.70 $ 1.83
Discontinued operations (0.64) (0.51)
--------- ---------
Net earnings (loss) per share $ 0.06 $ 1.32
========= =========
Weighted average common and equivalent shares
outstanding - basic and diluted 987 987
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CabelTel International Corporation
Oscar Smith, 972-407-8400
or
Gene Bertcher, 972-407-8400
Copyright Business Wire 2008
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