Latest news with #LICT
Globe and Mail
01-07-2025
- Business
- Globe and Mail
LICT Corporation Appoints Joe Cecin as Chief Operating Officer
LICT Corporation (OTC Pink®: LICT) ('LICT' or the 'Company) is pleased to announce the appointment of Joe Cecin as LICT's Chief Operating Officer, effective immediately. 'We are privileged to welcome Joe to LICT Corporation as our new Chief Operating Officer," said Mario Gabelli, Interim Chief Executive Officer of LICT. "With significant experience in the telecommunications industry and a track record of leading complex operating initiatives, Joe brings the operational rigor that will help us expand our market position and deliver sustained value to our customers and all our stakeholders. I am confident that his leadership will be instrumental as we continue to grow and execute on our strategic priorities.' Mr. Cecin has more than 30 years of experience in the telecommunications industry. Mr. Cecin holds a Bachelor of Science degree in Electrical Engineering from the United States Military Academy at West Point and a Master of Business Administration from Stanford University. Mr. Cecin served as an officer in the United States Army's 25 th Infantry Division and is a qualified parachutist, rappel master, and earned the U.S. Army Ranger tab. Prior to joining LICT, Mr. Cecin served as Chief Executive Officer of Ontivity, a leading private-equity backed provider of telecommunications infrastructure engineering and construction services to carriers and infrastructure providers nationwide. He was also Chief Executive Officer of The Hylan Group and Executive Vice President – Operations of UniTek Global Services, both private-equity backed providers of communications infrastructure design, engineering and construction services for wireline, wireless and smart city service operators across the United States. Earlier in his career, Mr. Cecin was Chief Operating Officer of RCN Corporation, a competitive cable television and internet services provider and Managing Director of BB&T Capital Markets, the investment banking division of BB&T Corporation (now Truist). About LICT Corporation LICT Corporation is a holding company with subsidiaries in broadband and other telecommunications services that seeks acquisitions, principally in its existing business areas.
Business Wire
01-07-2025
- Business
- Business Wire
LICT Corporation Appoints Joe Cecin as Chief Operating Officer
RYE, N.Y.--(BUSINESS WIRE)-- LICT Corporation (OTC Pink®: LICT) ('LICT' or the 'Company) is pleased to announce the appointment of Joe Cecin as LICT's Chief Operating Officer, effective immediately. 'We are privileged to welcome Joe to LICT Corporation as our new Chief Operating Officer," said Mario Gabelli, Interim Chief Executive Officer of LICT. "With significant experience in the telecommunications industry and a track record of leading complex operating initiatives, Joe brings the operational rigor that will help us expand our market position and deliver sustained value to our customers and all our stakeholders. I am confident that his leadership will be instrumental as we continue to grow and execute on our strategic priorities.' Mr. Cecin has more than 30 years of experience in the telecommunications industry. Mr. Cecin holds a Bachelor of Science degree in Electrical Engineering from the United States Military Academy at West Point and a Master of Business Administration from Stanford University. Mr. Cecin served as an officer in the United States Army's 25 th Infantry Division and is a qualified parachutist, rappel master, and earned the U.S. Army Ranger tab. Prior to joining LICT, Mr. Cecin served as Chief Executive Officer of Ontivity, a leading private-equity backed provider of telecommunications infrastructure engineering and construction services to carriers and infrastructure providers nationwide. He was also Chief Executive Officer of The Hylan Group and Executive Vice President – Operations of UniTek Global Services, both private-equity backed providers of communications infrastructure design, engineering and construction services for wireline, wireless and smart city service operators across the United States. Earlier in his career, Mr. Cecin was Chief Operating Officer of RCN Corporation, a competitive cable television and internet services provider and Managing Director of BB&T Capital Markets, the investment banking division of BB&T Corporation (now Truist). About LICT Corporation LICT Corporation is a holding company with subsidiaries in broadband and other telecommunications services that 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
Business Wire
13-06-2025
- Business
- Business Wire
LICT Corporation Announces Christopher Nossokoff Will Join Corporate Executive Team as Merger and Acquisitions Advisor
RYE, N.Y.--(BUSINESS WIRE)--LICT Corporation (the 'Corporation'; OTC Pink®: LICT) is privileged to announce that Christopher Nossokoff will join LICT as Merger and Acquisitions Advisor. Mr. Nossokoff currently serves as Vice President- Finance of LGL Group, Inc, and was a former Manager – Financial Due Diligence at PricewaterhouseCoopers, LLP. Mr. Nossokoff is also a Certified Public Accountant and a Chartered Financial Analyst. Mr. Nossokoff holds a Bachelor of Science in Accounting from Clemson University, and a Master of Science, Accounting, from Indiana University. 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, 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
Yahoo
13-06-2025
- Business
- Yahoo
LICT Corporation Announces Christopher Nossokoff Will Join Corporate Executive Team as Merger and Acquisitions Advisor
RYE, N.Y., June 13, 2025--(BUSINESS WIRE)--LICT Corporation (the "Corporation"; OTC Pink®: LICT) is privileged to announce that Christopher Nossokoff will join LICT as Merger and Acquisitions Advisor. Mr. Nossokoff currently serves as Vice President- Finance of LGL Group, Inc, and was a former Manager – Financial Due Diligence at PricewaterhouseCoopers, LLP. Mr. Nossokoff is also a Certified Public Accountant and a Chartered Financial Analyst. Mr. Nossokoff holds a Bachelor of Science in Accounting from Clemson University, and a Master of Science, Accounting, from Indiana University. 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, 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 View source version on Contacts Mario J., GabelliChairman and Interim CEO203-629-2780 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
23-05-2025
- Business
- Associated Press
LICT Corporation Reports 2025 First Quarter Results
RYE, N.Y.--(BUSINESS WIRE)--May 23, 2025-- LICT Corporation ('LICT' or the 'Company'; OTC Pink ®: LICT) reports financial results for the quarter ended March 31, 2025. Total revenues for the first quarter of 2025 increased by $1.1 million, or 3.3%, to $34.6 million, compared to $33.5 million in the same quarter of 2024. Non-regulated revenues for the first quarter of 2025 increased by $900,000, or 4.9%, to $19.4 million, compared to $18.5 million in the prior year's first quarter, driven by higher sales of broadband services and high-speed data circuits. Regulated revenues were $15.2 million in the first quarter of 2025, representing an increase of $200,000, or 1.3%, compared to $15.0 million. Regulated revenues were bolstered by initial inclusion of $800,000 from Manti Telephone Company (MTC). This acquisition, which closed on January 1, 2025, underscores our continued strategic expansion in rural markets. The quarter was crimped by a decline in voice and interstate access revenues due to a drop in special access circuits which have been replaced with lower-cost broadband services. Total EBITDA for the first quarter of 2025 was $13.8 million, compared to $14.7 million in the first quarter of 2024, reflecting a decrease of $900,000, or 6.1%. This decline was primarily driven by increased operating costs, including higher expenses for expanded staffing and professional services related to our operational expansion, as well as elevated repair and maintenance activity in the Company's New Mexico and Utah operations. Effective February 1, 2025, under Dan Morrison, former President of our California-Oregon operations assumed responsibility for our New Mexico operations. The leadership team is actively collaborating with existing staff to advance the build-out initiatives under both the Enhanced Alternative Connect America Model (E-ACAM) program and the ReConnect grant program. In parallel, the team remains focused on executing operational enhancements and disciplined cost management strategies aimed at improving efficiency and supporting sustainable revenue and margin growth. Non-regulated EBITDA for the first quarter of 2025 was $7.3 million, unchanged from the same period in 2024. Regulated EBITDA for the first quarter of 2025 was $6.5 million, compared to $7.4 million in the same period of 2024, reflecting a decrease of $900,000, or 12.2%. The decline was primarily driven by losses of wireline customers who are choosing to drop their voice service but are subscribing to high-speed data service, reduced revenues due to a mandatory 5% reduction in switched regulatory revenues and higher operating expenses as detailed above. OTHER INCOME/(EXPENSES) – Total other income increased by $700,000 in the first quarter of 2025, compared to a loss of $700,000 in the first quarter of 2024. This improvement was primarily driven by a $1.0 million favorable change in unrealized gains on our 19% investment in MachTen, Inc. EARNINGS PER SHARE – Earnings per share from continuing operations for the first quarter of 2025 were $256 per share compared to $294 per share in last year's first quarter. Share Repurchase - Program - During the first quarter of 2025, the Company repurchased 166 shares for a total of $2.6 million, at an average price of $14,391 per share. This reflects the Company's continued commitment to disciplined capital allocation and enhancing long-term shareholder value. As of March 31, 2025, LICT had 16,007 shares outstanding. FCC Programs and Other Capital Expenditures I. ENHANCED ALTERNATIVE CONNECT AMERICA COST MODEL (E-ACAM) PROGRAM II. RECONNECT III and RECONNECT IV - III. AFFORDABLE CONNECTIVITY PROGRAM (ACP) Strategic Initiatives Acquisitions: On January 1, 2025, following receipt of all required regulatory approvals, the Company completed the acquisition of Manti Telephone Company (MTC), the regulated business segment of the broader Manti transaction. This acquisition was financed with $8.3 million of seller debt and $12,000 cash and aligns with the Company's strategic focus on expanding its presence in rural markets and enhancing its broadband service capabilities. We are pleased to welcome the MTC team to the Company and look forward to working together to deliver high-quality service to customers and drive long-term value for our stakeholders. Projects: In March 2025, our wholly owned subsidiary, Central Scott telephone, completed its $15 million broadband infrastructure expansion project in Scott County, Iowa, as part of the Iowa Notice of Funding Availability (NOFA) 6 grant program. Following the successful deployment of Fiber to approximately 1,900 locations in our Central Scott exchange, the Company received the expected $7.2 million in grant funding from the State of Iowa on March 31, 2025. Fixed Wireless/5G — Sound Broadband LLC, the wireless subsidiary of LICT Corporation, completed 5G deployments in its existing markets and expanded into new regions, including New Mexico, California, Kansas, and Utah. The company is currently identifying sites in California, Iowa and Kansas for new expansion markets, while also working to reduce costs across its current deployments to deliver the highest speeds at the best possible cost to customers. Sound Broadband remains committed to bridging the digital divide and delivering next-generation connectivity across diverse sectors and underserved regions. Annual Meeting Date The LICT annual meeting of Stockholders will be held at 10:30 am on June 6, 2025. The meeting will be held at 401 Theodore Fremd Avenue, Rye, NY 10580. OPERATING STATISTICS/BROADBAND DEPLOYMENT AND OTHER ASSETS LICT owns and operates 7,077 miles of fiber optic cable, 8,950 miles of copper cable, 846 miles of coaxial cable, 104 towers, along with other assets including spectrum with a cost of $29.5 million, investments in MachTen of $4.4 million and Aureon valued at $9.0 million. 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, 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. EBITDA EBITDA is a widely recognized measure of operating performance and liquidity, commonly used by analysts, investors, and other stakeholders in the telecommunications industry. It provides a useful benchmark by removing variations in financial, capitalization, and tax structures, allowing for better comparability across companies. We consider EBITDA trends to be a key indicator of our ability to generate sufficient operating cash flow to support working capital needs, service debt obligations, and fund capital expenditures. EBITDA is calculated as Operating Profit from Continuing Operations, adjusted to include corporate expenses, depreciation and amortization, charitable contributions, and impairment losses. LIQUIDITY - In October 2024, the Company enhanced its financial flexibility by securing a new $100.0 million revolving credit facility with CoBank. This facility, which carries terms similar to the Company's prior $50.0 million revolver, extends for a five-year term and doubles the Company's available liquidity. As of March 31, 2025, the Company had drawn $43.8 million under this facility, with an average interest rate of 6.4% during the first quarter. As previously disclosed, in August 2024, the Company entered into an $11 million credit facility with First Central State Bank (FCSB) to support construction of its Iowa NOFA 6 project. As of March 31, 2025, $9.6 million remained outstanding at an interest rate of 6.41%. The project was successfully completed in March 2025, and on March 31, 2025, the Company received $7.2 million in grant funding from the State of Iowa. The FCSB facility was fully repaid in early May 2025. As of March 31, 2025, the Company's net debt balance stood at $55.0 million, compared to $47.4 million as of December 31, 2024. The $7.6 million increase (16.1%) reflects a $14.9 million rise in total debt, including a $5.0 million draw on the CoBank facility, $8.3 million in seller notes related to the MTC acquisition, and a $1.6 million draw on the FCSB facility. These increases were partially offset by a $6.8 million increase in cash, largely attributable to the Iowa state grant as well as a $0.5 million increase in accounts receivable. The Company maintains ample liquidity under its $100 million credit facility, allowing it to balance strategic investments, acquisitions, and return of capital to shareholders. CAPITAL EXPENDITURES – In the first quarter of 2025, capital expenditures totaled $15.5 million, a decrease of $900,000 (5.5%) compared to $16.4 million in the first quarter of 2024. Spending this quarter was primarily directed toward the continued build- out of E-ACAM broadband infrastructure, the Iowa NOFA 6 project, and early-phase ReConnect III and IV initiatives. The Company also allocated capital to fixed wireless and 5G network expansion under the direction of its Sound Broadband subsidiary. LICT currently projects full-year 2025 capital expenditures of just over $100.0 million to exceed the 2024 gross capital expenditures of $68.0 million. The current projection will be impacted by the timing of the commencement of the grant projects in New Mexico and California that are awaiting environmental clearance. In the first quarter of 2025 we received $7.2 million in state grant funding for the completion of the two year Iowa NOFA 6 fiber to the home project. Capital investments remain integral to achieving regulatory commitments and expanding high-speed broadband services across LICT's rural markets. View source version on CONTACT: Stephen J. Moore Vice President- Finance (914) 921-8821 KEYWORD: UNITED STATES NORTH AMERICA NEW YORK INDUSTRY KEYWORD: DATA MANAGEMENT TECHNOLOGY MOBILE/WIRELESS 5G NETWORKS INTERNET HARDWARE SOURCE: LICT Corporation Copyright Business Wire 2025. PUB: 05/23/2025 12:00 PM/DISC: 05/23/2025 12:01 PM
