LICT Corporation Announces Unaudited Financial Results for the First Quarter March 31, 2012; Provides Earnings Guidance for the Year of 2012
May 17, 2012
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LICT Corporation announced unaudited financial results for the first quarter March 31, 2012. For the quarter, the company reported revenues of $23.132 million against $22.195 million a year ago. Operating profit was $3.718 million against $3.956 million a year ago. Income before income taxes was $14.716 million against $3.506 million a year ago. Net income from continuing operations was $9.923 million against $2.175 million a year ago. Net income attributable to the company was $9.905 million against $2.155 million a year ago. Capital expenditures was $2.290 million against $3.514 million a year ago. Net income attributable to the company before special items was $83.45 against $90.71 a year ago. Net income attributable to the company after special items was $421.62 against $90.71 a year ago. Total EBITDA was $8.790 million against $9.005 million a year ago.
The company currently expects 2012 revenues to be $94.7 million, up from the 2011 full year revenues of $92.6 million, and EBITDA, before corporate expenses, including cash received from equity affiliates, to be $39.3 million, an increase of $0.2 million compared to 2011 as expansion costs in new markets hampered EBITDA from operating companies. This forecast represents a $0.7 million increase in revenues from previous forecast due to additional sales of circuits, and a $0.3 million decrease in EBITDA, due predominantly to lower than expected distributions from Modoc Partnership, offset by the increased EBITDA from the higher revenues.
LICT Corporation, together with its subsidiaries, is an integrated provider of broadband and voice services. The Company, through its subsidiaries, operates in rural communities, providing regulated and unregulated communications services, including local telephone service, network access, transport, high-speed Internet access, long-distance service, cable television, and competitive local exchange carrier (CLEC) services. The Company provides high-speed broadband services, including Internet access, through copper-based digital subscriber lines (DSL), fiber optic facilities, fixed wireless, and cable modems. It also provides video services through both traditional cable television services (CATV) and Internet protocol television services (IPTV); Voice over Internet Protocol (VoIP); wireless voice communications, and several other related services. The Company provides its array of communications services to residential, commercial, and governmental customers.