-----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, DczJgGhwTJoeZ65zkC8uh4OlAWohej4AiqSo8nKZ4ZJGmkszmyL10U05WCKh36Wx hN2LX5igeOttO1C5bx+gaA== 0001010549-07-000664.txt : 20070815 0001010549-07-000664.hdr.sgml : 20070815 20070815170940 ACCESSION NUMBER: 0001010549-07-000664 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070815 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070815 DATE AS OF CHANGE: 20070815 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: 071060417 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 cic8k081507.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): August 15, 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 August 15, 2007, CabelTel International Corporation ("GBR" or the "Company") announced its operational results for the quarter ended June 30, 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 August 15, 2007. - --------------------- *Furnished herewith. -1- 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 15, 2007 CABELTEL INTERNATIONAL CORPORATION By: /s/ Gene S. Bertcher ------------------------- President & Chief Financial Officer -2- EX-99.1 2 cic8kex991081507.txt EXHIBIT 99.1 For Immediate Release Contact: Oscar Smith Gene Bertcher (972) 407-8400 CABELTEL INTERNATIONAL CORPORATION ANNOUNCES SECOND QUARTER RESULTS[GRAPHIC OMITTED][GRAPHIC OMITTED] Dallas (August 15, 2007) - CabelTel International Corporation (AMEX: GBR) (the "Company") today announced a net loss of $6,000 or $0.01 per share for the three months ended June 30, 2007 compared to a profit of $1.5 million or $1.56 per share for the same period in 2006. For the six months ended June 30, 2007, the Company reported a loss of $433,000 or $0.44 per share compared to a profit of $1.2 million or $1.25 per share during the comparable period in 2006. The Company earned $40,000 or four cents per share from continuing operations during the six months ending June 30, 2007 compared to a continuing operations profit of $1.3 million or $1.37 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 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 and six months ended June 30, 2007 compared to the same period in 2006 were: o For the three and six months ended June 30, 2007, the Company recorded revenues of $761,000 and $1.5 million for its real estate operations, compared to $682,000 and $1.4 million for the three and six months ended June 30, 2006. The increases in revenue represent rate increases at the Company's retirement property, which is fully occupied and anticipated to remain so during 2007. o For the three and six months ended June 30, 2007, real estate operating expenses were $324,000 and $630,000, compared to $308,000 and $590,000 for the three and six months ended June 30, 2006. The increase in real estate operations at the retirement center of $16,000 and $40,000 for the and six months ended June 30, 2007 was due to an overall increase in operating expenses. o General and administrative expenses for the three and six months ended June 30, 2007 were $251,000 and $474,000 compared to $249,000 and $563,000 for the same periods in 2006. 2007 includes $29,000 for prior year income taxes. In 2006 the Company incurred approximately $80,000 in payroll and consulting fees not incurred in 2007. In general there was an overall reduction in administrative costs in the latter part of 2006 which has had the effect of lower administrative costs in 2007. -3- o For the three and six months ended June 30, 2007, interest income was $27,000 and $111,000, compared to $5,000 and $322,000 for the three and six months ended June 30, 2006. During the first quarter of 2006 the Company recorded interest income on loans for funds that were transferred to CableTEL AD for operating expenses. The balance of the interest income is from current and former notes receivable held by the Company. o There was no interest expense for the three and six months ended June 30, 2007, compared to $46,000 and $386,000 for the three and six months ended June 30, 2006. During the first quarter of 2006 the Company recorded interest expense on loans it made to acquire funds which were provided to CableTEL AD for operating expenses. The interest expense equaled the interest income. o There was no net gain on the sale of assets for the period ending June 30, 2007. In June 2006, the Company sold all of its membership interests in the two limited liability companies Gaywood Oil & Gas, LLC and Gaywood Oil & Gas II, LLC which own oil and gas leases in Gregg and Rusk Counties, Texas. The sale price was $1,737,000 and the Company recorded a gain on the sale of $418,000. o Other income was $-0- and $10,000 for the three and six months ended June 30, 2007, compared to $1.5 million for both the three and six month periods ended June 30, 2006. The income in 2006 was due almost entirely to the Company's rescinding its acquisition of CableTEL AD for which it received and recorded a break up fee of $1.5 million net of expenses and the sale of its Gaywood Oil and Gas subsidiaries. CabelTel International Corporation operates one retirement community in King City, Oregon, with a capacity of 114 residents. #### -4-
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, 2007 2006 2007 2006 ------- ------- ------- ------- (Unaudited) (Unaudited) Revenue Real estate operations $ 761 $ 682 $ 1,482 $ 1,434 ------- ------- ------- ------- Operating expenses Real estate operations 324 308 630 590 Lease expense 219 238 459 474 Corporate general and administrative 251 249 474 563 ------- ------- ------- ------- 794 795 1,563 1,627 ------- ------- ------- ------- Operating (loss) (33) (113) (81) (193) Other income (expense) Interest income 27 5 111 322 Interest expense -- (46) -- (386) Net gain on sale of assets -- 424 -- 418 Other income net -- 1,512 10 1,509 ------- ------- ------- ------- 27 1,895 121 1,863 ------- ------- ------- ------- Earnings from continuing operations (6) 1,782 40 1,670 Provision for income taxes -- (330) -- (330) ------- ------- ------- ------- Net income (loss) from continuing operations (6) 1,452 40 1,340 ------- ------- ------- ------- Discontinued Operations Gain (loss) from operations -- 65 -- (120) Provision for asset impairment -- -- (473) -- ------- ------- ------- ------- Gain (loss) from discontinued operations -- 65 (473) (120) ------- ------- ------- ------- Net income (loss) applicable to common shares $ (6) $ 1,517 $ (433) $ 1,220 ======= ======= ======= ======= Earnings (loss) per share - basic and diluted Continuing operations (0.01) $ 1.49 $ 0.04 $ 1.37 Discontinued operations -- 0.07 (0.48) (0.12) ------- ------- ------- ------- Net loss per share $ (0.01) $ 1.56 $ (0.44) $ 1.25 ======= ======= ======= ======= Basic weighted average common shares 986 977 986 977
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CabelTel International Corporation Consolidated Balance Sheets (amounts in thousands) June 30, December 31, Assets 2007 2006 Unaudited) ---------- ------------ Current assets Cash and cash equivalents $ 233 $ 324 Notes and interest receivable - related party 1,482 1,428 Other current assets -- 36 Assets held for sale 6,920 7,047 ------ ------ Total current assets 8,635 8,835 Property and equipment, at cost Land and improvements 20 20 Buildings and improvements 169 169 Equipment and furnishings 313 290 ------ ------ 502 479 Less accumulated depreciation 379 364 ------ ------ 123 115 Deferred tax asset 491 491 Other assets 88 261 ------ ------ Total Assets $9,337 $9,702 ====== ======
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CabelTel International Corporation Consolidated Balance Sheets - Continued (amounts in thousands, except share amounts) June 30, December 31, Liabilities and Stockholders' equity 2007 2006 (Unaudited) ----------- ------------- Current liabilities Accounts payable - trade $ 191 $ 439 Accrued expenses 175 124 Liabilities held for sale 6,920 6,642 -------- -------- Total current liabilities 7,286 7,205 Other long-term liabilities 405 418 -------- -------- Total liabilities 7,691 7,623 Stockholders' equity Preferred stock, Series B 1 1 Common stock $.01 par value; authorized, 100,000,000 shares; 976,955 shares at June 30, 2006 and 986,943 shares at June 30, 2007 issued and outstanding 10 10 Additional paid-in capital 55,992 55,992 Accumulated deficit (54,357) (53,924) -------- -------- 1,646 2,079 -------- -------- Total Liabilities and Equity $ 9,337 $ 9,702 ======== ========
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