CabelTel International Corporation Reports 2006 First Quarter 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 ) ("the Company"), a Dallas-based company with investments in a retirement center, gas and oil wells, a North Texas 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 and a Bulgarian telecommunications company The Bulgarian Telecommunications Company (Bulgarian: Българска телекомуникационна , today reported a net loss of $298,000 or $0.31 per share for the three months ended March 31, 2006, compared to a loss of $137,000 and $0.14 per share for the same period in 2005. 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 three months ended March 31, 2006, compared to the same period in 2005 included: --The Company reported a net loss of $298,000 for the three months ended March 31, 2006 as compared to a net loss of $137,000 for the three period ending March 31, 2005. --For the three months ended March 31, 2006, the Company recorded revenues of $1.2 million for its real estate operations, as compared to $1.1 million for the three months ended March 31, 2005. --For the three months ended March 31, 2006, revenues for the oil and gas operation was $454,000 as compared to $414,000 for the three months ended March 31, 2005. The increase was due principally to increases in the price of crude oil. --For the three months ended March 31, 2006, real estate operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. were $878,000 as compared to $606,000 for the three months ended March 31, 2005. The increase was due principally to increases in operating costs operating costs npl → gastos mpl operacionales , including promotional expenses Noun 1. promotional expense - the cost of promoting a product business expense, trade expense - ordinary and necessary expenses incurred in a taxpayer's business or trade , for the Gainesville Gainesville. 1 City (1990 pop. 84,770), seat of Alachua co., N central Fla.; inc. 1869. The Univ. of Florida is a major source of employment in the city. Agriculture and the manufacture of electronic equipment add to the economy. outlet mall during the period. --For the three months ended March 31, 2006, operating expenses for the oil and gas operation were $331,000 as compared to $267,000 for the three months ended March 31, 2005. The increase was due principally to the cost of well repairs. --For the three months ended March 31, 2006, the depletion depletion n. when a natural resource (particularly oil) is being used up. The annual amount of depletion may, ironically, provide a tax deduction for the company exploiting the resource because if the resource they are exploiting runs out, they will no longer be able , depreciation and amortization expense was $125,000 as compared to $109,000 for the three months ended March 31, 2005. --For the three months ended March 31, 2006, interest income was $317,000 as compared to $95,000 for the three months ended March 31, 2005. The increase was due principally to an increase in notes receivable due from CableTEL AD, a related party, in 2006, as compared to 2005. --Interest expense was $460,000 for the three months and three months ended March 31, 2006 as compared to $190,000 for the three months and three months ended March 31, 2005. The increase was primarily due to interest paid on borrowings which funded the increased notes receivable from CableTEL mentioned above. 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. For more information, go to the Company's website at 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 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. for the fiscal year ended December December: see month. 31, 2005.
CabelTel International Corporation
Consolidated Balance Sheets
(Amounts in thousands)
March 31, December 31,
Assets 2006 2005
(Unaudited)
----------- ------------
Current assets
Cash and cash equivalents $135 $650
Accounts receivable-trade 326 339
Note receivable 156 306
Other current assets 340 179
----------- ------------
Total current assets 957 1,474
Notes receivable net of deferred income 310 309
Property and equipment, at cost
Land and improvements 2,232 2,232
Buildings and improvements 5,299 5,298
Equipment and furnishings 294 292
Proven oil and gas properties (full cost
method) 1,401 1,401
----------- ------------
9,226 9,223
Less accumulated depreciation and
depletion 1,048 963
----------- ------------
8,178 8,260
Deferred tax asset 1,161 1,161
Due from CableTEL AD -- related party 8,236 8,004
Other assets 866 872
----------- ------------
$19,708 $20,080
=========== ============
CabelTel International Corporation
Consolidated Balance Sheets -- Continued
(Amounts in thousands, except share amounts)
March 31, December 31,
Liabilities and Stockholders' equity 2006 2005
(Unaudited)
----------- -------------
Current liabilities
Current maturities of long-term debt $2,384 $2,383
Accounts payable -- trade 690 842
Accrued expenses 990 1,236
Other current liabilities 414 371
----------- -------------
Total current liabilities 4,478 4,832
Long-term debt 13,527 13,560
Other long term liabilities 1,249 936
----------- -------------
Total liabilities 19,254 19,328
Stockholders' equity
Preferred stock, Series B 1 1
Preferred stock, Series J 2% 3,150 3,150
Preferred stock, Series J 2% contra
equity (3,150) (3,150)
Common stock $.01 par value; authorized,
4,000,000 shares; 976,955 shares
issued and outstanding 10 10
Additional paid-in capital 55,966 55,966
Accumulated deficit (55,523) (55,225)
----------- -------------
454 752
----------- -------------
$19,708 $20,080
=========== =============
CabelTel International Corporation
Consolidated Statements of Operations
(Amounts in thousands, except per share data)
For The Three Month
Period Ended
March 31,
2006 2005
---------- ---------
(Unaudited)
Revenue
Real estate operations $1,176 $1,100
Oil and gas operations 454 414
---------- ---------
1,630 1,514
---------- ---------
Operating expenses
Real estate operations 878 606
Oil and gas operations 331 267
Lease expense 236 231
Depletion, depreciation and amortization 125 109
Corporate general and administrative 215 262
---------- ---------
1,785 1,475
---------- ---------
Operating earnings (loss) (155) 39
Other income (expense)
Interest income 317 95
Interest expense (460) (190)
Net loss on sale of assets -- (118)
Other -- 32
---------- ---------
(143) (181)
---------- ---------
Loss from continuing operations (298) (142)
Discontinued operations
Gain (loss) from discontinued operations -- 5
---------- ---------
Net earnings (loss) applicable to common
shares (298) (137)
---------- ---------
Earnings per common share -- basic
Continuing operations $(0.31) $(0.14)
Discontinued operations -- --
Net earnings (loss) per share $(0.31) $(0.14)
========== =========
Weighted average of common and equivalent shares
outstanding -- basic and diluted 977 977
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