-----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, J0rzHz1xPcIhSdChQv2rEkhpd2OMa7wfZftEmI131bbbdm64sr9mPZ+TJWieruir t824G+oiQ/jIkUDEhqykuA== 0001010549-07-000979.txt : 20071116 0001010549-07-000979.hdr.sgml : 20071116 20071116095855 ACCESSION NUMBER: 0001010549-07-000979 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070930 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20071116 DATE AS OF CHANGE: 20071116 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: 071251639 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 cic8k111507.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): September 30, 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 November 14, 2007, CabelTel International Corporation ("GBR" or the "Company") announced its operational results for the quarter ended September 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 (d) Exhibits. The following exhibit is furnished with this Report: Exhibit Designation Description of Exhibit 99.1* Press Release dated November 14, 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: November 14, 2007 CABELTEL INTERNATIONAL CORPORATION By: /s/ Gene S. Bertcher ------------------------------- Gene S. Bertcher, President and Chief Financial Officer -2- EX-99.1 2 cic8kex991111507.txt PRESS RELEASE Exhibit 99.1 For Immediate Release Contact: Oscar Smith Gene Bertcher (972) 407-8400 CABELTEL INTERNATIONAL CORPORATION ANNOUNCES THIRD QUARTER RESULTS Dallas (November 14, 2007) - CabelTel International Corporation (AMEX: GBR) (the "Company") today announced a net profit of $105,000 or $0.11 per share for the three months ended September 30, 2007 compared to a loss of $128,000 or $0.13 per share for the same period in 2006. For the nine months ended September 30, 2007, the Company reported a loss of $328,000 or $0.33 per share compared to a profit of $1.1 million or $1.11 per share during the comparable periods in 2006. The Company earned $145,000 or $0.15 per share from continuing operations during the nine months ending September 30, 2007 compared to a continuing operations profit of $880,000 or $0.90 per share during the same period in 2006. 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 sheets for the respective periods. The Company has an agreement to transfer its ownership of the Gainesville Outlet Mall and approximately 40 acres of adjacent, vacant land to an independent third party and anticipates that the transaction will close in the fourth quarter of 2007. Key items for the three and nine months ended September 30, 2007 compared to the same period in 2006 were: o For the three and nine months ended September 30, 2007, the Company recorded revenues of $751,000 and $2.2 million for its real estate operations, as compared to $708,000 and $2.1 million for the three and nine months ended September 30, 2006. The increases in revenue represent rate increases at the Company's retirement community which is fully occupied and anticipated to remain so during 2007 o For the three and nine months ended September 30, 2007, real estate operating expenses were $294,000 and $924,000, as compared to $313,000 and $1.0 million for the three and nine months ended September 30, 2006. The decrease was due to an overall decrease in operating expenses o General and administrative expenses for the three and nine months ended September 30, 2007 were $225,000 and $699,000 compared to $202,000 and $765,000 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 nine months ended September 30, 2007, interest income was $28,000 and $84,000, as compared to $95,000 and $417,000 for the three and nine months ended September 30, 2006. During the first quarter of 2006, the Company recorded interest income of $307,000 on loans for funds that were advanced 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 nine months ended September 30, 2007, as compared to $91,000 and $486,000 for the three and nine months ended September 30, 2006. During the first quarter of 2006, the Company recorded interest expense of $307,000 on loans it made to acquire funds which were provided to CableTEL AD for operating expenses. The interest expense equaled the interest income. o Other income was $77,000 and $142,000 for the three and nine months ended September 30, 2007, compared to $101,000 and $1.6 million for the three and nine month periods ended September 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. The balance of the income represents cash received from receivables that were previously fully reserved. -4- CabelTel International Corporation Consolidated Balance Sheets (amounts in thousands) September 30, December 31, Assets 2007 2006 ------ ------ (Unaudited) Current assets Cash and cash equivalents $ 108 $ 324 Notes and interest receivable - related party 1,612 1,428 Other current assets 38 36 Assets held for sale 6,564 7,047 ------ ------ Total current assets 8,322 8,835 Property and equipment, at cost Land and improvements 20 20 Buildings and improvements 172 169 Equipment and furnishings 317 290 ------ ------ 509 479 Less accumulated depreciation 387 364 ------ ------ 122 115 Deferred tax asset 491 491 Other assets 122 261 ------ ------ Total Assets $9,057 $9,702 ====== ====== -5- CabelTel International Corporation Consolidated Balance Sheets - Continued (amounts in thousands, except share amounts) September 30, December 31, Liabilities and Stockholders' equity 2007 2006 -------- -------- (Unaudited) Current liabilities Accounts payable - trade $ 200 $ 439 Accrued expenses 150 124 Liabilities held for sale 6,564 6,642 -------- -------- Total current liabilities 6,914 7,205 Other long-term liabilities 392 418 -------- -------- Total liabilities 7,306 7,623 Stockholders' equity Preferred stock, Series B 1 1 Common stock $.01 par value; authorized, 100,000,000 shares; 976,954 shares at September 30, 2006 and 986,939 shares at September 30, 2007 issued and outstanding 10 10 Additional paid-in capital 55,992 55,992 Accumulated deficit (54,252) (53,924) -------- -------- 1,751 2,079 -------- -------- Total Liabilities and Equity $ 9,057 $ 9,702 ======== ======== -6-
CabelTel International Corporation Consolidated Statements of Operations (Amounts in thousands, except per share data) For The Three Months For The Nine Months Ended September 30, Ended September 30, 2007 2006 2007 2006 ------- ------- ------- ------- (Unaudited) (Unaudited) Revenue Real estate operations $ 751 708 $ 2,233 $ 2,141 ------- ------- ------- ------- Operating expenses Real estate operations 294 313 924 1,001 Lease expense 232 233 691 707 Corporate general and administrative 225 202 699 765 ------- ------- ------- ------- 751 748 2,314 2,473 ------- ------- ------- ------- Operating loss -- (40) (81) (332) Other income (expense) Interest income 28 95 84 417 Interest expense -- (91) -- (486) Other 77 101 142 1,611 ------- ------- ------- ------- 105 105 226 1,542 ------- ------- ------- ------- Earnings from continuing operations 105 65 145 1,210 Provision for income taxes -- -- -- 330 ------- ------- ------- ------- Net income from continuing operations 105 65 145 880 Discontinued operations Loss from operations -- (193) (159) (206) Income (loss) from sale of assets -- -- (314) 418 ------- ------- ------- ------- Net income (loss) on discontinued operations -- (193) (473) 212 ------- ------- ------- ------- Net income (loss) applicable to common shares $ 105 $ (128) $ (328) $ 1,092 ======= ======= ======= ======= Net earnings (loss) per common share - basic and diluted Continuing operations $ 0.11 $ 0.06 $ 0.15 $ 0.90 Discontinued operations -- (0.19) (0.48) 0.21 ------- ------- ------- ------- Net income (loss) per share $ 0.11 $ (0.13) $ (0.33) $ 1.11 Weighted average of common and equivalent shares outstanding - basic and diluted 986 977 986 977
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