CabelTel International Corporation Reports 2005 Results.DALLAS Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. -- CabelTel International Corporation (AMEX AMEX See: American Stock Exchange :GBR GBR Great Britain GBR United Kingdom (ISO Country code) GBR Great Barrier Reef GBR Gesellschaft Bürgerlichen Rechts GBR Global Broadband Roaming GBR Ground-Based Radar GBR Great Bear Rainforest ), a Dallas-based company with investments in a retirement center in Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. , oil wells in East Texas, an outlet mall An outlet mall (or outlet centre) is a type of shopping mall, in which manufacturers sell their products directly to the public through their own branded stores. Clothing, sporting goods, electrical products, cosmetics, and toys are among the types of items sold at outlet in North Texas and a Bulgarian telecommunications company The Bulgarian Telecommunications Company (Bulgarian: Българска телекомуникационна , today reported a net loss of $986,000 or $1.01 per share for the twelve months ended December December: see month. 31, 2005, compared to a loss of $816,000 and $0.84 per share for the same period in 2004. On October October: see month. 12, 2004, the Company acquired, for 31,500 shares of newly-designated 2% Series J Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. , 74.8% of CableTEL AD ("CableTEL"), a Bulgarian telecommunications company. The terms of the acquisition agreement require the Company to present a proposal to its stockholders to approve the mandatory Peremptory; obligatory; required; that which must be subscribed to or obeyed. Mandatory statutes are those that require, as opposed to permit, a particular course of action. exchange of all shares of Series J Preferred Stock into 8,788,500 shares of common stock which, if approved by stockholders, would represent 90% of the resulting total issued and outstanding shares of common stock in the Company. As of this date, the exchange has not occurred. The Company's financial statements do not reflect CableTEL AD and will not do so until the exchange is completed. Key items for the twelve months ended December 31, 2005, compared to the same period in 2004 included: --Revenues were $5.8 million in 2005 and $6.1 million in 2004. The decrease is primarily due to reduction of occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy as well as rental RENTAL. A roll or list of the rents of an estate containing the description of the lands let, the names of the tenants, and other particulars connected with such estate. This is the same as rent roll, from which it is said to be corrupted. rates in the Company's outlet mall. --Operating expenses were $6.5 million in 2005 and $6.9 million in 2004. The decrease is due to reductions in the cost of operations of the Company's outlet mall. --General and administrative expense was $1.2 million in 2005 and $1.7 million in 2004. During 2004 the Company incurred legal fees related to a dispute with the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. and overall professional fees with regard to it's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have acquisition of the CableTEL AD. These expenses did not occur in 2005. --During the fourth quarter of 2004 and continuing through 2005 the Company borrowed a total of $7.2 million from a related party which it advanced to CabelTEL AD for operations and acquisitions in Bulgaria Bulgaria (bŭlgâr`ēə), Bulgarian Balgarija, officially Republic of Bulgaria, republic (2005 est. pop. 7,450,000), 42,823 sq mi (110,912 sq km), SE Europe, on the E Balkan Peninsula. . The Company has a receivable from CableTEL AD for principal and interest. The interest from CableTEL AD equals the Company's interest cost on the $7.2 million. CabelTel International Corporation (AMEX:GBR) is a Dallas-based company with investments in a retirement center, gas and oil wells, a North Texas outlet mall and a Bulgarian telecommunications company. A copy of the Company's SEC Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and other information is available on the Company's website, www.cabeltel.us. Certain statements in this media release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 Report and in the documents incorporated herein by reference. 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, 2005.
CabelTel International Corporation and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
December 31,
---------------------
ASSETS 2005 2004
---------- ----------
CURRENT ASSETS
Cash and cash equivalents $650 $762
Accounts receivable - trade 339 222
Notes receivable 306 856
Property held for sale -- 1,760
Other current assets, net 179 103
---------- ----------
Total Current Assets 1,474 3,703
NOTES RECEIVABLE, net of deferred income 309 309
PROPERTY AND EQUIPMENT, AT COST
Land and improvements 2,232 2,232
Buildings and improvements 5,298 6,987
Equipment and furnishings 292 273
Proven oil and gas properties (full cost
method) 1,401 1,479
---------- ----------
9,223 10,971
Less accumulated depreciation, depletion,
and amortization 963 (1,090)
---------- ----------
8,260 9,881
DEFERRED INCOME TAX BENEFIT 1,161 1,161
DUE FROM CABLETEL AD 8,004 951
DEPOSITS 129 36
OTHER ASSETS, NET 743 725
---------- ----------
Total Assets $20,080 $16,766
========== ==========
CabelTel International Corporation and Subsidiaries
CONSOLIDATED BALANCE SHEETS - CONTINUED
(Amounts in thousands, except share amounts)
December 31,
--------------------
LIABILITIES AND STOCKHOLDERS' EQUITY 2005 2004
---------- ---------
CURRENT LIABILITIES
Current maturities of long-term debt $2,383 $4,780
Current notes payable -- 240
Accounts payable - trade 842 687
Accrued expenses 1,236 828
Other current liabilities 371 --
---------- ---------
Total Current Liabilities 4,832 6,535
LONG-TERM DEBT (including amounts to related
parties of $7,347) 13,560 8,338
OTHER NON-CURRENT LIABILITIES (including amounts
to related parties of $591) 936 155
---------- ---------
Total Liabilities 19,328 15,028
STOCKHOLDERS' EQUITY
Preferred stock, Series B 1 1
Preferred stock, Series J 2% 3,150 3,150
Preferred stock, Series J contra equity (3,150) (3,150)
Common stock, $.01 par value; authorized,
4,000,000
shares; issued and outstanding, 976,955
shares 10 10
Additional paid-in capital 55,966 55,966
Accumulated deficit (55,225) (54,239)
---------- ---------
752 1,738
---------- ---------
Total liabilities & equity $20,080 16,766
========== =========
CabelTel International Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share amounts)
Year Ended
-------------------------
December 31,
-------------------------
2005 2004 2003
-------- ------- --------
Revenue
Real estate operations $4,098 $4,643 $2,486
Oil and gas operations 1,723 1,410 449
-------- ------- --------
5,821 6,053 2,935
-------- ------- --------
Operating expenses
Real estate operations 3,001 3,172 1,115
Oil and gas operations 1,349 1,111 441
Lease expense 932 917 969
General and administrative 1,191 1,715 1,111
-------- ------- --------
6,473 6,915 3,636
-------- ------- --------
Operating loss (652) (862) (701)
Other income (expense)
Interest income 700 213 304
Interest expense (1,189) (904) (413)
Gain (loss) on sale of assets, net (118) 1,456 1,058
Other income (expense), net 285 (403) 374
-------- ------- --------
(322) 362 1,323
-------- ------- --------
Earnings (loss) from continuing operations (974) (500) 622
Discontinued operations
Profit from operations 22 (316) (400)
Other expense (34) -- --
-------- ------- --------
Loss from discontinued operations (12) (316) (400)
-------- ------- --------
Net earnings (loss) (986) (816) 222
Preferred dividend requirement -- -- --
-------- ------- --------
Net earnings (loss) applicable to common
shares $(986) $(816) $222
======== ======= ========
Earnings (loss) per share - basic
Continuing operations $(1.00) $(0.51) $0.88
Discontinued operations (0.01) (0.32) (0.57)
-------- ------- --------
Net earnings (loss) per share $(1.01) $(0.84) $0.31
Basic weighted average common shares 977 977 706
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