CabelTel International Corp. (GBR, Financial) filed Quarterly Report for the period ended 2009-09-30.
GREENBRIAR CORP's historical businesses during the past five years have included ownership and operation of skilled nursing and retirement centers, real estate investments and manufacture and leasing of electric convenience vehicles and wheelchairs. The nursing and retirement centers and convenience vehicle businesses have been sold, and the real estate investments are being liquidated. Cabeltel International Corp. has a market cap of $8.4 million; its shares were traded at around $4.3 with a P/E ratio of 33.1 and P/S ratio of 2.4.
Cash and cash equivalents at September 30, 2009 were $111,000 as compared to $190,000 at December 31, 2008.
The Company reported net income of $49,000 and a net loss of $12,000 for the three and nine months ended September 30, 2009, as compared to net income of $482,000 and $15.5 million for the comparable periods of 2008. For the three and nine months ended September 30, 2009, the Company recorded oil and gas revenues of $285,000 and $966,000. The oil and gas operations were acquired in the third quarter of 2008. Therefore, period to period comparisons are irrelevant. During the same periods in 2009, the Company recorded revenues of $685,000 and $2.1 million from its retirement property compared to $704,000 and $2.1 million for the comparable periods in 2008.
For the three and nine months ended September 30, 2009, the Company recorded oil and gas operating expenses of $329,000 and $1.1 million. The oil and gas operations were acquired in the third quarter of 2008. Therefore, period to period comparisons are irrelevant. During the same periods in 2009, operating expenses and lease expense at the retirement property were $535,000 and $1.7 million as compared to $582,000 and $1.7 million for the comparable periods in 2008. For the three and nine months ended September 30, 2009, corporate general & administrative expenses were $169,000 and $666,000 as compared to $108,000 and $633,000 for the comparable periods in 2008. The increase is primarily due to increased legal and professional fees.
For the three and nine months ended September 30, 2009, interest income was $138,000 and $432,000 as compared to $479,000 and $729,000 for the comparable periods in 2008. The decrease is primarily due to decreases in the prime lending rate from 2008 to 2009 and the decreased receivable on which interest is computed over the comparable periods. The Company recorded interest expense for the three and nine months ended September 30, 2009, of $31,000 and $92,000 as compared to $-0- and $230,000 for the comparable periods in 2008. The decrease is primarily due to the payoff of interest bearing debt during the second quarter of 2008, as well as reduced interest rates on notes payable from 2008 to 2009.
14 Other income was $5,000 and $48,000 for the three and nine months ended September 30, 2009, as compared to $45,000 and $457,000 for the comparable periods in 2008. In 2008, the income was due to the collection of back interest from a mortgage bond receivable due to the sale of a property in August 2001. Because the mortgage bond was payable based on cash flow and profit of the property, the uncollected interest was not recorded until collected.
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GREENBRIAR CORP's historical businesses during the past five years have included ownership and operation of skilled nursing and retirement centers, real estate investments and manufacture and leasing of electric convenience vehicles and wheelchairs. The nursing and retirement centers and convenience vehicle businesses have been sold, and the real estate investments are being liquidated. Cabeltel International Corp. has a market cap of $8.4 million; its shares were traded at around $4.3 with a P/E ratio of 33.1 and P/S ratio of 2.4.
Highlight of Business Operations:
At September 30, 2009, the Company had current assets of $12.2 million and current liabilities of $2.8 million.Cash and cash equivalents at September 30, 2009 were $111,000 as compared to $190,000 at December 31, 2008.
The Company reported net income of $49,000 and a net loss of $12,000 for the three and nine months ended September 30, 2009, as compared to net income of $482,000 and $15.5 million for the comparable periods of 2008. For the three and nine months ended September 30, 2009, the Company recorded oil and gas revenues of $285,000 and $966,000. The oil and gas operations were acquired in the third quarter of 2008. Therefore, period to period comparisons are irrelevant. During the same periods in 2009, the Company recorded revenues of $685,000 and $2.1 million from its retirement property compared to $704,000 and $2.1 million for the comparable periods in 2008.
For the three and nine months ended September 30, 2009, the Company recorded oil and gas operating expenses of $329,000 and $1.1 million. The oil and gas operations were acquired in the third quarter of 2008. Therefore, period to period comparisons are irrelevant. During the same periods in 2009, operating expenses and lease expense at the retirement property were $535,000 and $1.7 million as compared to $582,000 and $1.7 million for the comparable periods in 2008. For the three and nine months ended September 30, 2009, corporate general & administrative expenses were $169,000 and $666,000 as compared to $108,000 and $633,000 for the comparable periods in 2008. The increase is primarily due to increased legal and professional fees.
For the three and nine months ended September 30, 2009, interest income was $138,000 and $432,000 as compared to $479,000 and $729,000 for the comparable periods in 2008. The decrease is primarily due to decreases in the prime lending rate from 2008 to 2009 and the decreased receivable on which interest is computed over the comparable periods. The Company recorded interest expense for the three and nine months ended September 30, 2009, of $31,000 and $92,000 as compared to $-0- and $230,000 for the comparable periods in 2008. The decrease is primarily due to the payoff of interest bearing debt during the second quarter of 2008, as well as reduced interest rates on notes payable from 2008 to 2009.
14 Other income was $5,000 and $48,000 for the three and nine months ended September 30, 2009, as compared to $45,000 and $457,000 for the comparable periods in 2008. In 2008, the income was due to the collection of back interest from a mortgage bond receivable due to the sale of a property in August 2001. Because the mortgage bond was payable based on cash flow and profit of the property, the uncollected interest was not recorded until collected.
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