-----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, FEDe4yK1MQ5ZyhIX1tsbwzxvlRgGntrDEWCP6MXcWWmkUgrov0rF0WPCnBkUrOtD QUAGOdhpbyVuE3ZhlBYz5Q== 0001010549-07-000431.txt : 20070521 0001010549-07-000431.hdr.sgml : 20070521 20070521154157 ACCESSION NUMBER: 0001010549-07-000431 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070516 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070521 DATE AS OF CHANGE: 20070521 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: 07867839 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 cic8k052107.txt UNITED STATES 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 (Date of earliest event reported): May 16, 2007 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 300 Dallas, Texas 75234 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code 972-407-8400 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 May 16, 2007, CabelTel International Corporation. ("GBR" or the "Company") announced its operational results for the quarter ended March 31, 2007. 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 May 16, 2007. - --------------------- *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: May 21, 2007 CABELTEL INTERNATIONAL CORPORATION /s/ Gene S. Bertcher --------------------------- Gene S. Bertcher, President EX-99.1 2 cic8kex991052107.txt Exhibit 99.1 For Immediate Release Contact: Oscar Smith Gene Bertcher (972) 407-8400 CABELTEL INTERNATIONAL CORPORATION ANNOUNCES QUARTERLY RESULTS Dallas (May 16, 2007) - CabelTel International Corporation (AMEX: GBR) (the "Company") today announced a net loss of $427,000 or 43 cents per share for the three months ended March 31, 2007 compared to a loss of $298,000 or 31 cents per share for the same period in 2006. The Company earned $46,000 or four cents per share from continuing operations compared to a continuing operations loss of $113,000 or 11 cents per share during the same period in 2006. The Company has as agreement to transfer its ownership of the Gainesville Outlet Mall and 40 acres of adjacent, vacant land to an independent third party. The Company has recorded an impairment loss of $314,000 in the quarter ended March 31, 2007. The assets and liabilities being transferred have been reflected as Assets and Liabilities Held for Sale on the Company's balance sheet for the period. Key items for the three months ended March 31, 2007 compared to the same period in 2006 were: o For the three months ended March 31, 2007, the Company recorded revenues of $721,000 compared to $757,000 for the three months ended March 31, 2006. The Company's retirement property is fully occupied and it is anticipated that it will remain so during 2007. The decrease in revenue in 2007, as compared to 2006, is principally due to a decrease in certain fees received from a related party for providing accounting services. o For the three months ended March 31, 2007, operating expenses at the retirement center were $320,000 as compared to $306,000 for the three months ended March 31, 2006. The slight increase for the period was due to general cost increases at the facility. o For the three months ended March 31, 2007, corporate general & administrative expenses were $209,000 as compared to $378,000 for the three months ended March 31, 2006. In 2006 the company incurred approximately $80,000 in payroll and consulting fees which were not incurred in 2007. In general there was an overall reduction in administrative costs in the latter part of 2006 which has the effect of lowering administrative costs in 2007. o For the three months ended March 31, 2007, interest income was $84,000 compared to $317,000 for the three months ended March 31, 2006. During the first quarter of 2006 the Company recorded $306,000 of interest income from loans made to CabelTEL AD in Bulgaria. In 2006 the Company sold its Gaywood subsidiary for cash and invested the proceeds in an interest bearing note which has resulted in an increase in interest of $74,000 in 2007 when compared to 2006. o The Company recorded no interest expense for the three months ended March 31, 2007, as compared to $263,000 same period in 2006. During the first quarter of 2006 the Company recorded $306,000 of interest expense from loans made for the purpose of advancing funds to CabelTEL AD in Bulgaria. The balance of the interest in the three months ended March 31, 2006 was for a note that was paid off later in 2006. CabelTel International Corporation operates one retirement community in King City, Oregon, with a capacity of 114 residents. #### CabelTel International Corporation Consolidated Balance Sheets (amounts in thousands) March 31, December 31, Assets 2007 2006 (Unaudited) ----------- ----------- Current assets Cash and cash equivalents $ 254 $ 324 Notes and interest receivable - related party 1,557 1,428 Other current assets 59 36 Assets held for sale 6,750 7,047 ------ ------ Total current assets 8,620 8,835 Property and equipment, at cost Land and improvements 20 20 Buildings and improvements 169 169 Equipment and furnishings 297 290 ------ ------ 486 479 Less accumulated depreciation 371 364 ------ ------ 115 115 Deferred tax asset 491 491 Other assets 104 261 ------ ------ Total Assets $9,330 $9,702 ====== ====== CabelTel International Corporation Consolidated Balance Sheets - Continued (amounts in thousands, except share amounts) March 31, December 31, Liabilities and Stockholders' equity 2007 2006 (Unaudited) ----------- ------------- Current liabilities Accounts payable - trade $ 248 $ 439 Accrued expenses 273 124 Liabilities held for sale 6,750 6,642 -------- -------- Total current liabilities 7,271 7,205 Other long-term liabilities 407 418 -------- -------- Total liabilities 7,678 7,623 Stockholders' equity Preferred stock, Series B 1 1 Common stock $.01 par value; authorized, 100,000,000 shares; 976,955 shares at March 31, 2006 and 986,953 shares at March 31, 2007 issued and outstanding 10 10 Additional paid-in capital 55,992 55,992 Accumulated deficit (54,351) (53,924) -------- -------- 1,652 2,079 -------- -------- Total Liabilities and Equity $ 9,330 $ 9,702 ======== ======== CabelTel International Corporation Consolidated Statements of Operations (amounts in thousands, except per share data) For The Three Month Period Ended March 31, 2007 2006 ------ ------ (Unaudited) Revenue Real estate operations $ 721 $ 757 ----- ----- Operating expenses Real estate operations 320 306 Lease expense 240 236 Corporate general and administrative 209 378 ----- ----- 769 920 ----- ----- Operating loss (48) (163) Other income (expense) Interest income 84 317 Interest expense -- (263) Other income (expense) net 10 (4) ----- ----- 94 50 ----- ----- Net income (loss) from continuing operations 46 (113) ----- ----- Discontinued operations Loss from operations (159) (185) Provision for asset impairment (314) -- ----- ----- ----- ----- Net loss on discontinued operations (473) (185) ----- ----- ----- ----- Net loss applicable to common shares $(427) $(298) ===== ===== ===== ===== Net earnings (loss) per common share - basic and diluted Continuing operations $0.04 $(0.11) Discontinued operations (0.47) (0.20) ----- ----- ----- ----- Net income (loss) per share $(0.43) $(0.31) ===== ===== ===== ===== Weighted average of common and equivalent shares outstanding - basic and diluted 987 977 -----END PRIVACY-ENHANCED MESSAGE-----