-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GiEtrLGRDn2zyOl3PIrO5EBuz5binKYefmQrdj/xCZWUyS7dhOp/T34Ykjmf9AX4 g/Oe8okVy8M/Vs3i6kpIbA== 0001010549-06-000587.txt : 20060817 0001010549-06-000587.hdr.sgml : 20060817 20060817164220 ACCESSION NUMBER: 0001010549-06-000587 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060817 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060817 DATE AS OF CHANGE: 20060817 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CabelTel International Corp CENTRAL INDEX KEY: 0000105744 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-SKILLED NURSING CARE FACILITIES [8051] IRS NUMBER: 752399477 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-08187 FILM NUMBER: 061041240 BUSINESS ADDRESS: STREET 1: 1755 WITTINGTON PLACE STREET 2: SUITE 340 CITY: DALLAS STATE: TX ZIP: 75234 BUSINESS PHONE: 9724078400 MAIL ADDRESS: STREET 1: 1755 WITTINGTON PLACE STREET 2: SUITE 340 CITY: DALLAS STATE: TX ZIP: 75234 FORMER COMPANY: FORMER CONFORMED NAME: GREENBRIAR CORP DATE OF NAME CHANGE: 19960514 FORMER COMPANY: FORMER CONFORMED NAME: MEDICAL RESOURCE COMPANIES OF AMERICA DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: WESPAC INVESTORS TRUST DATE OF NAME CHANGE: 19900605 8-K 1 cabel8k081706.txt ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act Date of Report: August 17, 2006 (Date of Earliest Event Reported) CABELTEL INTERNATIONAL CORPORATION (Exact Name of Registrant as Specified in its Charter) Nevada 000-08187 75-2399477 (State or other (Commission (I.R.S. Employer jurisdiction of incorporation) File No.) Identification No.) 1755 Wittington Place, Suite 340 Dallas, Texas 75234 (Address of principal executive offices) 972-407-8400 (Registrant's telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions: |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ================================================================================ Section 2 - Financial Information Item 2.02. Results of Operations and Financial Condition On August 17, 2006, CableTel International Corporation ("CIC" or the "Company") announced its operational results for the fiscal quarter ended June 30, 2006. A copy of the announcement is attached as Exhibit "99.1." The information furnished pursuant to Item 2.02 in this Form 8-K, including Exhibit "99.1" attached hereto, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, unless we specifically incorporate it by reference in a document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. We undertake no duty or obligation to publicly update or revise the information furnished pursuant to Item 2.02 of this Current Report on Form 8-K. Section 9 - Financial Statements and Exhibits Item 9.01. Financial Statements and Exhibits (c) Exhibits. The following exhibit is furnished with this Report: Exhibit Designation Description of Exhibit 99.1* Press Release dated August 17, 2006. - --------------------- *Furnished herewith. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly-caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly-authorized. Dated: August 17, 2006. CABLETEL INTERNATIONAL CORPORATION By: /s/ Gene S. Bertcher ------------------------------- Gene S. Bertcher, President and Chief Financial Officer EX-99.1 2 cabel8kex991081706.txt PRESS RELEASE DATED AUGUST 17, 2006 EXHIBIT 99.1 CabelTel International Corporation Reports 2006 Second Quarter Results Dallas, Texas (Business Wire) August 17, 2006: CabelTel International Corporation (AMEX: GBR, "the Company"), a Dallas-based company with investments, as of June 30, 2006, in a retirement center, a North Texas outlet mall and gas and oil wells, today reported a net income of $1.2 million or $1.25 per share for the six months ended June 30, 2006, compared to a net loss of $297,000 or $0.30 per share for the same period in 2005. Key items for the six months ended June 30, 2006, compared to the same period in 2005 included: The Company reported net income of $1.2 million for the six months ended June 30, 2006 as compared to a net loss of $297,000 for the same period in 2005. For the six months ended June 30, 2006, the Company recorded revenues of $2.2 million for its real estate operations, as compared to $2.2 million for the same period in 2005. For the six months ended June 30, 2006, revenues for the oil and gas operation was $995,000 as compared to $810,000 for the same period in 2005. The increase was due principally to increases in the price of crude oil. For the six months ended June 30, 2006, real estate operating expenses were $1.6 million as compared to $1.3 million for the six months ended June 30, 2005. The increase was due principally to increases in operating costs, including promotional expenses, for the Gainesville outlet mall during the period. For the six months ended June 30, 2006, operating expenses for the oil and gas operation were $726,000 as compared to $559,000 for the same period in 2005. The increase was due principally to the cost of well repairs. For the six months ended June 30, 2006, interest income was $322,000 as compared to $68,000 for the same period in 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 $615,000 for the six months ended June 30, 2006 as compared to $268,000 for the six months ended June 30, 2005. The increase was primarily due to interest paid on borrowings which funded the increased notes receivable from CableTEL mentioned above. Pursuant to an agreement rescinding the acquisition of CableTEL AD, the Company received a "break up fee" of a $1.5 million participation in a $2.4 million bond. The Company recorded the $1.5 million, net of expenses, as other income in June 2006. The Company also sold its Gaywood Oil & Gas subsidiaries for $1.7 million in June of 2006 and recorded a gain on the sale of $418,000. 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 within the meaning of the Private Securities Litigation Reform Act 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. Contact: Gene Bertcher or Oscar Smith (972) 407-8400
CabelTel International Corporation Consolidated Statements of Operations (Amounts in thousands, except per share data) For The Three Month For The Six Month Period Ended Period Ended June 30, June 30, 2006 2005 2006 2005 ---------- ---------- ---------- ---------- (Unaudited) (Unaudited) Revenue Real estate operations $ 1,072 $ 1,136 $ 2,222 $ 2,236 Oil and gas operations 541 396 995 810 ---------- ---------- ---------- ---------- 1,613 1,532 3,217 3,046 ---------- ---------- ---------- ---------- Operating expenses Real estate operations 704 770 1,561 1,457 Oil and gas operations 374 319 780 612 Lease expense 238 231 474 462 Corporate general and administrative 249 268 563 532 ---------- ---------- ---------- ---------- 1,565 1,588 3,324 3,063 ---------- ---------- ---------- ---------- Operating earnings (loss) 48 (56) (107) (17) Other income (expense) Interest income 5 28 322 68 Interest expense (155) (133) (615) (268) Net gain (loss) on sale of assets 418 -- 418 (118) Other 1,531 18 1,532 50 ---------- ---------- ---------- ---------- 1,799 (87) 1,657 (268) ---------- ---------- ---------- ---------- Income (loss) from continuing operations 1,847 (143) 1,550 (285) (Loss) from discontinued operations -- (17) -- (12) Provision for income taxes 330 -- 330 -- Net income (loss) applicable to common shares $ 1,517 $ (160) $ 1,220 $ (297) Earnings (loss) per share - basic Continuing operations $ 1.55 $ (0.15) $ 1.25 $ (0.29) Discontinued operations -- (0.01) -- (0.01) ---------- ---------- ---------- ---------- Net loss per share $ 1.55 $ (0.16) $ 1.25 $ (0.30) ---------- ---------- ---------- ---------- Basic weighted average common shares 977 977 977 977
CabelTel International Corporation Consolidated Balance Sheets (Amounts in thousands) June 30, December 31, Assets 2006 2005 (Unaudited) ------------ ------------ Current assets Cash and cash equivalents $ 332 $ 650 Accounts receivable-trade 240 339 Note receivable 6 306 Other current assets 1,838 179 ------------ ------------ Total current assets 2,416 1,474 Notes receivable net of deferred income 1,809 309 Property and equipment, at cost Land and improvements 2,232 2,232 Buildings and improvements 5,304 5,298 Equipment and furnishings 302 292 Proven oil and gas properties (full cost method) -- 1,401 ------------ ------------ 7,838 9,223 Less accumulated depreciation and depletion 835 963 ------------ ------------ 7,003 8,260 Deferred tax asset 831 1,161 Due from CableTEL AD - related party -- 8,004 Other assets 854 872 ------------ ------------ $ 12,913 $ 20,080 ============ ============ CabelTel International Corporation Consolidated Balance Sheets (Amounts in thousands) June 30, December 31, Liabilities and Stockholders' equity 2006 2005 (Unaudited) ------------ ------------ Current liabilities Current maturities of long-term debt $ 2,486 $ 2,383 Accounts payable - trade 547 842 Accrued expenses 1,154 1,236 Other current liabilities 414 371 ------------ ------------ Total current liabilities 4,601 4,832 Long-term debt 6,147 13,560 Other long term liabilities 193 936 ------------ ------------ Total liabilities 10,941 19,328 Stockholders' equity Preferred stock, Series B 1 1 Preferred stock, Series J 2% -- 3,150 Preferred stock, Series J 2% contra equity -- (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 (54,005) (55,225) ------------ ------------ 1,972 752 ------------ ------------ $ 12,913 $ 20,080 ============ ============ -----END PRIVACY-ENHANCED MESSAGE-----