“It’s an exciting time for MachTen! We completed the spin-off from LICT on
Financial Highlights
(In thousands) | Three Months Ended | |||||
Regulated revenue | $ | 3,079 | $ | 3,120 | ||
Non-regulated revenue | $ | 1,052 | $ | 941 | ||
Operating profit | $ | 1,553 | $ | 1,502 | ||
Net income | $ | 1,090 | $ | 1,082 | ||
Revenue
Regulated revenue was
Regulated revenue included
Non-regulated revenue increased to
Expenses
The cost of revenue for the 3rd quarter increased to
Balance Sheet
As of
Capital Investments
MachTen and its’ operating subsidiaries are in the early stages of significant capital investments that coincide with participation in E-CAM, while also targeting attractive returns in strategic growth markets.
A
Construction will begin in 2024 on several ReConnect America 3 (“RC3”) projects that will bring fiber-based service to more than 2,500 locations over 600 miles. These grants were awarded by the
The deployment of fiber-based broadband services in the nineteen incumbent exchanges that benefit from E-CAM support will also accelerate in 2024. MachTen is committed to delivering at least 100 Mbps download / 20 Mbps upload speeds to 8,900 locations in its rural network, bringing state of the art communications services to the communities of
About
MachTen is a holding company for
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Our disclosure and analysis in this press release, which do not present historical information, contain “forward-looking statements” within the meaning of the
Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors, some of which are listed below, that are difficult to predict and could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. Some of the factors that may cause our actual results to differ from our expectations include risks associated with the duration and scope of the ongoing coronavirus pandemic resulting in volatile market conditions, a decline in the securities markets that adversely affect our assets under management, negative performance of our products, the failure to perform as required under our investment management agreements, and a general downturn in the economy that negatively impacts our operations. We also direct your attention to the more specific discussions of these and other risks, uncertainties and other important factors contained in our Annual Report and other public filings. Other factors that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations whether as a result of new information, future developments or otherwise, except as may be required by law.
Condensed Consolidated Statements of Financial Condition | ||||||||
(in thousands, except per share data) | ||||||||
September, | ||||||||
2023 | 2022 | |||||||
(Unaudited) | (Audited) | |||||||
Assets | ||||||||
Cash and cash equivalents | $ | 1,567 | $ | 1,202 | ||||
Accounts receivable | 906 | 868 | ||||||
Materials and supplies | 2,505 | 1,408 | ||||||
Other current assets | 474 | 507 | ||||||
Current assets | $ | 5,452 | $ | 3,985 | ||||
Property, plant and equipment, net | 23,707 | 20,818 | ||||||
Right-of-use assets, net | 679 | 747 | ||||||
100 | 100 | |||||||
Other noncurrent assets | 66 | 70 | ||||||
Total assets | $ | 30,004 | $ | 25,720 | ||||
Liabilities and Shareholders' Equity | ||||||||
Current liabilities: | ||||||||
Trade accounts payable | $ | 92 | $ | 3,362 | ||||
Note payable | $ | 15,000 | $ | - | ||||
Accrued liabilities | 3,112 | 1,157 | ||||||
Current operating lease liability | 78 | 74 | ||||||
Total current liabilities | 18,282 | 4,593 | ||||||
Deferred income taxes | 2,486 | 2,726 | ||||||
Long term operating lease liability | 644 | 710 | ||||||
Asset retirement obligations | 144 | 136 | ||||||
Other noncurrent liabilities | 26 | 26 | ||||||
Total liabilities | 21,582 | 8,191 | ||||||
Shareholders' equity | ||||||||
Additional paid-in capital | 23,009 | |||||||
Dividends declared | (15,000 | ) | ||||||
Retained earnings | 410 | 17,529 | ||||||
Total shareholders' equity | 8,422 | 17,529 | ||||||
Total liabilities and shareholders' equity | $ | 30,004 | $ | 25,720 | ||||
Basic shares outstanding | 3,172 | 3,172 |
Condensed Consolidated Statements of Operations (Unaudited) | |||||||||
(in thousands, except per share data) | |||||||||
Three Months Ended | |||||||||
Revenue: | |||||||||
Regulated revenue | $ | 3,079 | $ | 3,120 | |||||
Non-regulated revenue | 1,052 | 941 | |||||||
Total revenue | 4,131 | 4,061 | |||||||
Operating Costs: | |||||||||
Cost of revenue | 1,426 | 1,420 | |||||||
General and administrative | 639 | 610 | |||||||
Depreciation and accretion | 513 | 529 | |||||||
Total costs | 2,578 | 2,559 | |||||||
Operating income | 1,553 | 1,502 | |||||||
Other Income (Expense): | |||||||||
Interest expense | (88 | ) | - | ||||||
Investment income | 4 | 3 | |||||||
Total non-operating income / (loss) | (84 | ) | 3 | ||||||
Income before provision for income taxes | 1,469 | 1,505 | |||||||
Provision for income taxes | (379 | ) | (423 | ) | |||||
Net income | $ | 1,090 | $ | 1,082 | |||||
Earnings per share attributable to common | |||||||||
stockholders: | |||||||||
Basic | $ | 0.34 | $ | 0.34 | |||||
Diluted | $ | 0.34 | $ | 0.34 | |||||
Weighted average shares outstanding: | |||||||||
Basic | 3,172 | 3,172 | |||||||
Diluted | 3,172 | 3,172 | |||||||
Contact: | |
Chief Executive Officer (914) 921-5193 |
Source:
2023 GlobeNewswire, Inc., source