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<SEC-DOCUMENT>0001010549-05-000280.txt : 20050421
<SEC-HEADER>0001010549-05-000280.hdr.sgml : 20050421
<ACCEPTANCE-DATETIME>20050421160805
ACCESSION NUMBER:		0001010549-05-000280
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050419
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050421
DATE AS OF CHANGE:		20050421

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:		05764895

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>cabeltel8k041905.txt
<TEXT>

                       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: April 19, 2005
                        (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))


<PAGE>

Section 2 - Financial Information

Item 2.02.  Results of Operations and Financial Condition

         On April 19, 2005,  CableTel  International  Corporation  ("CIC" or the
"Company")  announced its operational results for the fiscal year ended December
31, 2004. 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 April 19, 2005.

- --------------------------
*Furnished herewith.












<PAGE>

                                   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: April 21, 2005.            CABLETEL INTERNATIONAL CORPORATION

                                           By:  /s/ Gene S. Bertcher
                                              ----------------------------------
                                              Gene S. Bertcher, President and
                                              Chief Financial Officer




</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>cabeltel8kex991041905.txt
<DESCRIPTION>PRESS RELEASE DATED APRIL 19, 2005
<TEXT>

                                                                    EXHIBIT 99.1






                       CABELTEL INTERNATIONAL CORPORATION
                             ANNOUNCES 2004 RESULTS


FOR IMMEDIATE RELEASE
                                                         Contact: Gene Bertcher
                                                                  Oscar Smith
                                                         Phone:   (972) 407-8400

Dallas,  Texas,   (Business  Wire)  April  19,   2005...CabelTel   International
Corporation  (formerly  Greenbriar  Corporation) (AMEX: GBR) announced today its
operating  results  for  fiscal  year 2004.  Throughout  this  release  CableTel
International Corporation is also referred to as "the Company."

Operating  revenues  for the  Company's  year  ending  December  31,  2004  were
$11,049,000 compared to $8,338,000 for the prior year. The Company's net loss in
2004 was  $2,165,000  compared to net earnings of $455,000 in 2003. The net loss
applicable to common shares for 2004 was $2,323,000  compared to net earnings of
$455,000 for 2003.  The fully diluted loss per share in 2004 was $2.38  compared
to 2003's fully diluted earnings per share of $0.43.

On October 12, 2004 the Company acquired two privately-held U.S. Corporations in
exchange for 31,500 shares of newly-designated  Series J 2% Preferred Stock. The
two U.S.  corporations  collectively  own  100% of  Tacaruna  BV, a  Netherlands
company, which in turn directly and indirectly owns a combined 74.8% of CableTEL
AD  ("CableTEL").  CableTEL  is a cable  television  operator  in the Country of
Bulgaria.  At present  CableTEL  believes  it is the  largest  cable  television
operator  in  Bulgaria  and  estimates  that  its  cable  subscribers  represent
approximately  11.5% of the market in Bulgaria.  CableTEL  also  operates  fixed
voice telephony  services and provides internet access data services,  primarily
in Bulgaria.

The Series J 2% Preferred Stock is not convertible to common stock.  However, in
accordance   with  certain   terms  of  the   acquisition   agreement   CabelTel
International  Corporation  is  required  to  seek  shareholder  approval  of an
exchange  of the  Series  J 2%  Preferred  Stock  for  8,788,000  shares  of the
Company's  common stock.  On a pro forma basis,  including the 8,788,000  shares
potentially  to be  issued,  the net loss per  common  share  for 2004 was $0.24
compared to net earnings of $0.05 for 2003.

While CabelTel  International  Corporation was the acquiring company, due to the
relative  values of the entities for  reporting  purposes  the  transaction  was
accounted for as a reverse acquisition.  This means that CabelTel  International
Corporation  is being  accounted  for as if it had been acquired by CableTEL AD.
For that  reason,  in the 2004  Form 10-K  presentation,  the  Company's  Income
Statements  for 2002 and 2003 only  represent the operations of CableTEL AD. The
2004 Income  Statement  reflects  the  operations  of CableTEL AD combined  with
CabelTel  International  Corporation  as if  acquired  on October  1, 2004.  The
Balance  Sheets  represent  only  CableTEL  AD for  December  31,  2003  and the
consolidated Company as of December 31, 2004.


<PAGE>

During the past eighteen months CableTEL has  substantially  completed the first
fiber optic backbone in Bulgaria with  connectivity to Turkey,  Greece,  Romania
and  Macedonia.  The total  investment  in the  backbone  will be  approximately
$30,000,000.  Most of the costs of building the backbone  were  incurred in 2004
and were financed both through debt and vendor financing.

CableTEL  included  three  separate  and  independent  fiber  optic ducts in the
backbone  and only needs one for its  operations.  The other two ducts are being
constructed for the purpose of sale to independent  third parties.  CableTEL has
sold one duct  for a total  contract  price  of  approximately  $13,000,000.  It
received  approximately  $1,800,000  of the  contract  in 2004  and  anticipates
receiving the balance of $11.2  million in 2005,  primarily in the first half of
the year. CableTEL is actively pursuing the sale of the remaining duct.

The  Company   changed  its  name  from   Greenbriar   Corporation  to  CabelTel
International Corporation in February of this year.

         "Safe Harbor" statement under the Private Securities  Litigation Reform
         Act of 1995:  Any of the matters and subject  areas  discussed  in this
         press  release  that are not  historical  or  current  facts  deal with
         potential  future  circumstances,   operations,   and  prospects.   The
         discussion  of such  matters  and  subject  areas is  qualified  by the
         inherent  risks  and  uncertainties   surrounding  future  expectations
         generally and may also  materially  differ from CabelTel  International
         Corporation's  actual  future  experience  involving any one or more of
         such matters and subject areas relating to interest rate  fluctuations,
         ability to obtain adequate debit and equity financing, demand, pricing,
         competition,  construction,  licensing, permitting, construction delays
         on new developments, contractual and licensure matters and other delays
         on the  disposition,  transition,  or  restructuring  of  currently  or
         previously  owned,  leased  or  managed  investments  in the  Company's
         portfolio,  and the  ability of the Company to  continue  managing  its
         costs and cash flow. CabelTel  International  Corporation has attempted
         to  identify,  in  context,  certain of the  factors  that the  Company
         currently  believes may cause actual future  experience  and results to
         differ from CabelTel  International  Corporation's current expectations
         regarding the relevant  matter or subject  area.  These and other risks
         and  uncertainties are detailed in the Company's reports filed with the
         Securities  and  Exchange   Commission  (SEC),   including   Greenbriar
         Corporation's Annual Reports on form 10-K and Quarterly Reports on Form
         10-Q.




<PAGE>
<TABLE>
<CAPTION>

               CabelTel International Corporation and Subsidiaries

                           CONSOLIDATED BALANCE SHEETS
                             (Amounts in thousands)

                                  December 31,

                                     ASSETS

                                                                     2004           2003
                                                                 -----------    -----------
<S>                                                              <C>            <C>
CURRENT ASSETS
    Cash and cash equivalents                                    $     1,352    $     1,427
    Accounts receivable - trade                                        1,016            443
    Notes receivable                                                     856           --
    Inventory                                                          1,166            235
    Assets held for sale                                               3,939           --
    Other current assets, net                                            710          1,573
                                                                 -----------    -----------

                        Total Current Assets                           3,678



PROPERTS AND EQUIPTMENT, AT COST
    Land and improvements                                        $     2,114           --
    Buildings and improvements                                         9,982            544
    Equipment and furnishings                                         12,246          7,378
    Assets under construction                                         11,571          3,833
    Proven oil and gas properties (full cost method)                   1,357           --
                                                                 -----------    -----------
                                                                      37,270         11,755

    Less accumulated depreciation, depletion, and amortization        (5,172)        (3,454)
                                                                 -----------    -----------
                                                                      32,098          8,301

Goodwill                                                               8,339          2,905

OTHER ASSETS                                                           1,037             80
                                                                 -----------    -----------

Total Assets                                                     $    50,513    $    14,964
                                                                 ===========    ===========



<PAGE>

               CabelTel International Corporation and Subsidiaries

                     CONSOLIDATED BALANCE SHEETS - CONTINUED
                  (Amounts in thousands, except share amounts)

                                  December 31,

                      LIABILITIES AND STOCKHOLDERS' EQUITY

                                                                     2004           2003
                                                                 -----------    -----------

CURRENT LIABILITIES
    Current maturities of long-term debt                         $     9,603    $     2,553
    Current notes payable                                               --              352
    Accounts payable - trade                                           3,887            964
    Accrued expenses                                                   9,498            134
    Other current liabilities                                          1,792          2,211
                                                                 -----------    -----------

                     Total Current Liabilities                        24,780          6,214


LONG-TERM DEBT
    Long-term debt                                                     9,740           --
    Long-term debt -- related parties                                 10,523          2,120
                                                                 -----------    -----------
                                                                      20,263          2,120
                                                                 -----------    -----------


OTHER LONG-TERM LIABILITIES                                            1,557             68
                                                                 -----------    -----------

                         Total Liabilities                            46,600          8,402

Minority Interest                                                      2,954            827

STOCKHOLDERS' EQUITY
    Preferred stock, Series B                                              1              1
    Preferred stock, Series J                                          3,150           --
    Common stock, $.01 par value; authorized, 4,000,000
       shares; issued and outstanding, 977,000 shares issued
       and outstanding                                                    10             10
    Additional paid-in capital                                             4          5,575
    Accumulated other comprehensive income (loss)                      1,014          1,204
    Retained earnings                                                 (3,220)        (1,055)

                                                                         959          5,735
                                                                 -----------    -----------

Total liabilities & equity                                            50,513         14,964
                                                                 ===========    ===========
</TABLE>




<PAGE>
<TABLE>
<CAPTION>

               CabelTel International Corporation and Subsidiaries

                       CONSOLIDATED STATEMENT OF OPERATONS
                  (Amounts in thousands, except share amounts)

                             Year ended December 31,
                                                            2004        2003        2002
                                                          --------    --------    --------
<S>                                                       <C>         <C>         <C>
Revenue
    Cable operations                                      $  9,463    $  8,338    $  6,262
    Real estate operations                                   1,173        --          --
    Oil and gas operations                                     413        --          --
                                                          --------    --------    --------
                                                            11,049       8,338       6,262
                                                          --------    --------    --------
Operating expenses
    Cable operations                                         6,226       5,731       3,286
    Real estate operations                                     722        --          --
    Oil and gas operations                                     237        --          --
    Lease expense                                            1,178         560         613
    Depreciation, depletion, and amortization                1,612       1,439         913
    Corporate general and administrative                     4,166       1,056         921
                                                          --------    --------    --------
                                                            14,141       8,786       5,733
                                                          --------    --------    --------

                 Operating earnings (loss)                  (3,092)       (448)        529

Other income (expense)
    Interest income                                             44           6           5
    Interest expense                                          (926)       (202)        (45)
    Gain on foreign transactions, net                          241         413         338
    Gain on sale of assets, net                                844         368        --
    Other income (expense), net                                325         389           1
                                                          --------    --------    --------
                                                               528         974         299
                                                          --------    --------    --------
Earnings (loss) before income taxes
    and minority interest                                   (2,564)        526         828

Income tax (income) expense                                     32         (66)        122

Minority interest                                             (431)        137         109
                                                          --------    --------    --------

         Net earnings (loss) from continuing operations     (2,165)        455         597
                                                          --------    --------    --------

Discontinued operations                                       --          --          (508)

Net income (loss)                                         $ (2,165)   $    455    $     89
Preferred dividend requirement                                (158)       --          --
                                                          --------    --------    --------

Net income (loss) applicable to common shares             $ (2,323)   $    455    $     89
                                                          ========    ========    ========

Earnings per share - basic
    Net income (loss) from continuing operations          $  (2.38)   $   0.47    $   0.61
    Discontinued operations                                   --          --         (0.52)
                                                          --------    --------    --------
               Net earnings (loss) per share              $  (2.38)   $   0.47    $   0.09

Basic weighted average common shares                           977         977         977


<PAGE>

CONSOLIDATION OF OPERTATION - CONTINUED



Earnings per share - diluted
    Net income (loss) from continuing operations          $  (2.38)   $   0.43    $   0.60
    Discontinued operations                                   --          --         (0.51)
                                                          --------    --------    --------
               Net earnings (loss) per share              $  (2.38)   $   0.43    $   0.09

Diluted weighted average common shares                         977       1,057         997


In accordance  with the provisions of the  acquisition  agreement the Company is
required to have a shareholder  vote  permitting  the Series J  shareholders  to
convert into 8,788,000  shares of the Company's  common stock. The following pro
forma earnings per share assume such conversion has occurred.



Pro-forma earnings per share - diluted
    Net income (loss) from continuing operations          $  (0.24)   $   0.05    $   0.06
    Discontinued operations                                   --          --         (0.05)
                                                          --------    --------    --------
               Net earnings (loss) per share              $  (0.24)   $   0.05    $   0.01

Diluted weighted average common shares                       9,766       9,846       9,786
</TABLE>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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