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<SEC-DOCUMENT>0001010549-06-000232.txt : 20060425
<SEC-HEADER>0001010549-06-000232.hdr.sgml : 20060425
<ACCEPTANCE-DATETIME>20060425172204
ACCESSION NUMBER:		0001010549-06-000232
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060425
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060425
DATE AS OF CHANGE:		20060425

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:		06778914

	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>cabel8k042506.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 25, 2006
                        (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 25, 2006,  CableTel  International  Corporation  ("CIC" or the
"Company")  announced its operational results for the fiscal year ended December
31, 2005. 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 25, 2006.
_________________________
*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 25, 2006.               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>cabel8kex991042506.txt
<DESCRIPTION>PRESS RELEASE DATED APRIL 25, 2006
<TEXT>

                                                                    Exhibit 99.1

CabelTel
International Corporation





             CabelTel International Corporation Reports 2005 Results

Dallas,   Texas   (Business  Wire)  April  25,   2006...CabelTel   International
Corporation (AMEX: GBR), a Dallas-based company with investments in a retirement
center in Oregon,  oil wells in East Texas,  an outlet mall in North Texas and a
Bulgarian  telecommunications  company, today reported a net loss of $986,000 or
$1.01 per share for the twelve  months ended  December  31, 2005,  compared to a
loss of $816,000 and $0.84 per share for the same period in 2004.

On October 12, 2004, the Company acquired, for 31,500 shares of newly-designated
2% Series J Preferred  Stock,  74.8% of CableTEL  AD  ("CableTEL"),  a Bulgarian
telecommunications  company. The terms of the acquisition  agreement require the
Company to present a  proposal  to its  stockholders  to approve  the  mandatory
exchange  of all shares of Series J  Preferred  Stock into  8,788,500  shares of
common stock which,  if approved by  stockholders,  would  represent  90% of the
resulting total issued and outstanding shares of common stock in the Company. As
of this date, the exchange has not occurred.  The Company's financial statements
do not reflect CableTEL AD and will not do so until the exchange is completed.

Key items for the twelve  months ended  December 31, 2005,  compared to the same
period in 2004 included:

- --Revenues  were $5.8 million in 2005 and $6.1 million in 2004.  The decrease is
primarily due to reduction of occupancy as well as rental rates in the Company's
outlet mall.

- --Operating  expenses  were $6.5 million in 2005 and $6.9  million in 2004.  The
decrease is due to reductions in the cost of operations of the Company's  outlet
mall.

- --General and  administrative  expense was $1.2 million in 2005 and $1.7 million
in 2004.  During 2004 the Company  incurred legal fees related to a dispute with
the IRS and overall  professional  fees with regard to it's  acquisition  of the
CableTEL AD. These expenses did not occur in 2005.

- -- During the fourth  quarter of 2004 and  continuing  through  2005 the Company
borrowed a total of $7.2  million  from a related  party  which it  advanced  to
CabelTEL AD for  operations  and  acquisitions  in  Bulgaria.  The Company has a
receivable  from  CableTEL AD for  principal  and  interest.  The interest  from
CableTEL AD equals the Company's interest cost on the $7.2 million.

CabelTel  International  Corporation (AMEX: GBR) is a Dallas-based  company with
investments in a retirement center, gas and oil wells, a North Texas outlet mall
and a Bulgarian  telecommunications  company.  A copy of the  Company's SEC Form



<PAGE>

10-K  and  other   information   is   available   on  the   Company's   website,
www.cabeltel.us.

         Certain statements in this media release are forward-looking statements
         within the meaning of the Private  Securities  Litigation Reform Act of
         1995, Section 27A of the Securities Act of 1933, and Section 21E of the
         Securities  Exchange  Act  of  1934.  The  words  "estimate",   "plan",
         "intend", "expect", "anticipate", "believe" and similar expressions are
         intended to identify forward-looking statements.  These forward-looking
         statements  are found at various places  throughout  this Report and in
         the documents incorporated herein by reference.  CabelTel International
         Corporation  disclaims  any intention or obligation to update or revise
         any forward-looking statements, whether as a result of new information,
         future events or otherwise.  Although we believe that our  expectations
         are based upon  reasonable  assumptions,  we can give no assurance that
         our goals will be  achieved.  Important  factors  that could  cause our
         actual  results to differ from  estimates or projects  contained in any
         forward-looking statements are described under ITEM 1A. RISK FACTORS in
         the Company's Form 10-K for the fiscal year ended December 31, 2005.













<PAGE>
<TABLE>
<CAPTION>

               CabelTel International Corporation and Subsidiaries


                           CONSOLIDATED BALANCE SHEETS
                             (Amounts in thousands)




                                                                       December 31,
                                                                 -----------------------
                               ASSETS                               2005         2004
                                                                 ----------   ----------
<S>                                                              <C>          <C>
CURRENT ASSETS
    Cash and cash equivalents                                    $      650   $      762
    Accounts receivable - trade                                         339          222
    Notes receivable                                                    306          856
    Property held for sale                                             --          1,760
    Other current assets, net                                           179          103
                                                                 ----------   ----------

                        Total Current Assets                          1,474        3,703

NOTES RECEIVABLE, net of deferred income                                309          309

PROPERTY AND EQUIPMENT, AT COST
    Land and improvements                                             2,232        2,232
    Buildings and improvements                                        5,298        6,987
    Equipment and furnishings                                           292          273
    Proven oil and gas properties (full cost method)                  1,401        1,479
                                                                 ----------   ----------
                                                                      9,223       10,971

    Less accumulated depreciation, depletion, and amortization          963       (1,090)
                                                                 ----------   ----------
                                                                      8,260        9,881

DEFERRED INCOME TAX BENEFIT                                           1,161        1,161

DUE FROM CABLETEL AD                                                  8,004          951

DEPOSITS                                                                129           36

OTHER ASSETS, NET                                                       743          725
                                                                 ----------   ----------

Total Assets                                                     $   20,080   $   16,766
                                                                 ==========   ==========
</TABLE>



<PAGE>
<TABLE>
<CAPTION>

               CabelTel International Corporation and Subsidiaries

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




                                                                 December 31,
                                                          ------------------------
                LIABILITIES AND STOCKHOLDERS' EQUITY         2005          2004
                                                          ----------    ----------
<S>                                                       <C>           <C>
CURRENT LIABILITIES

Current maturities of long-term debt                      $    2,383    $    4,780
    Current notes payable                                       --             240
    Accounts payable - trade                                     842           687
    Accrued expenses                                           1,236           828
    Other current liabilities                                    371          --
                                                          ----------    ----------

                      Total Current Liabilities                4,832         6,535


LONG-TERM DEBT (including amounts to related parties
of $7,347)                                                    13,560         8,338

OTHER NON-CURRENT LIABILITIES (including
amounts to related parties of $591)                              936           155
                                                          ----------    ----------

                          Total Liabilities                   19,328        15,028

STOCKHOLDERS' EQUITY
    Preferred stock, Series B                                      1             1
    Preferred stock, Series J 2%                               3,150         3,150
    Preferred stock, Series J contra equity                   (3,150)       (3,150)
    Common stock, $.01 par value; authorized, 4,000,000
       shares; issued and outstanding, 976,955 shares             10            10
    Additional paid-in capital                                55,966        55,966
    Accumulated deficit                                      (55,225)      (54,239)
                                                          ----------    ----------

                                                                 752         1,738
                                                          ----------    ----------

Total liabilities & equity                                $   20,080        16,766
                                                          ==========    ==========
</TABLE>






<PAGE>
<TABLE>
<CAPTION>

               CabelTel International Corporation and Subsidiaries

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                (Amounts in thousands, except per share amounts)

                                                                       Year Ended
                                                          -----------------------------------
                                                                      December 31,
                                                          -----------------------------------
                                                             2005         2004         2003
                                                          ---------    ---------    ---------
<S>                                                       <C>          <C>          <C>
Revenue
    Real estate operations                                $   4,098    $   4,643    $   2,486
    Oil and gas operations                                    1,723        1,410          449
                                                          ---------    ---------    ---------
                                                              5,821        6,053        2,935
                                                          ---------    ---------    ---------
Operating expenses
    Real estate operations                                    3,001        3,172        1,115
    Oil and gas operations                                    1,349        1,111          441
    Lease expense                                               932          917          969
    General and administrative                                1,191        1,715        1,111
                                                           --          ---------    ---------
                                                              6,473        6,915        3,636
                                                          ---------    ---------    ---------

                           Operating loss                      (652)        (862)        (701)

Other income (expense)
    Interest income                                             700          213          304
    Interest expense                                         (1,189)        (904)        (413)
    Gain (loss) on sale of assets, net                         (118)       1,456        1,058
    Other income (expense), net                                 285         (403)         374
                                                          ---------    ---------    ---------
                                                               (322)         362        1,323
                                                          ---------    ---------    ---------

             Earnings (loss) from continuing operations        (974)        (500)         622

Discontinued operations
    Profit from operations                                       22         (316)        (400)
    Other expense                                               (34)        --           --
                                                          ---------    ---------    ---------
       Loss from discontinued operations                        (12)        (316)        (400)
                                                          ---------    ---------    ---------

Net earnings (loss)                                            (986)        (816)         222
Preferred dividend requirement                                 --           --           --
                                                          ---------    ---------    ---------

Net earnings (loss) applicable to common shares           $    (986)   $    (816)   $     222
                                                          =========    =========    =========

Earnings (loss) per share - basic
    Continuing operations                                 $   (1.00)   $   (0.51)   $    0.88
    Discontinued operations                                   (0.01)       (0.32)       (0.57)
                                                          ---------    ---------    ---------
                   Net earnings (loss) per share          $   (1.01)   $   (0.84)   $    0.31

Basic weighted average common shares                            977          977          706
</TABLE>


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