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<SEC-DOCUMENT>0001010549-06-000778.txt : 20061116
<SEC-HEADER>0001010549-06-000778.hdr.sgml : 20061116
<ACCEPTANCE-DATETIME>20061116150338
ACCESSION NUMBER:		0001010549-06-000778
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20061115
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20061116
DATE AS OF CHANGE:		20061116

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:		061222829

	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>cabel8k111506.txt
<TEXT>

                                  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, 2006



                       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))








<PAGE>

Section 2 - Financial Information

Item 2.02.  Results of Operations and Financial Condition

         On November 15, 2006, CabelTel International  Corporation ("GBR" or the
"Company")  announced  its  operational  results  for  the  quarter  year  ended
September 30, 2006. 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 November 15, 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: November 16, 2006                      CABELTEL INTERNATIONAL CORPORATION


                                              /s/ Gene S. Bertcher

                                              Gene S. Bertcher, President and
                                              Chief Financial Officer
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>cabel8kex991111506.txt
<DESCRIPTION>PRESS RELEASE DATED NOVEMBER 15, 2006
<TEXT>

                                                                    EXHIBIT 99.1




For Immediate Release                                  Contact:   Oscar Smith
                                                                  Gene Bertcher
                                                                  (972) 407-8400


                       CABELTEL INTERNATIONAL CORPORATION
                           ANNOUNCES QUARTERLY RESULTS

Dallas  (November 15, 2006) - CabelTel  International  Corporation  (AMEX:  GBR)
today  announced  a net loss of  $128,000  or  13(cent)  per share for the three
months ended  September  30, 2006 compared to a loss of $419,000 or 30(cent) per
share for the same period in 2005. For the nine months ended  September 30, 2006
the Company  reported  earnings of $1.1 million or $1.11 per share compared to a
loss of $591,000 or 60(cent) per share for the same period in 2005.

Key items for the nine months  ended  September  30,  2006  compared to the same
period in 2005 were:

     |X|  For the three and nine months ended  September  30, 2006,  the Company
          recorded revenues of $1.1 million and $3.3 million for its real estate
          operations,  as compared to $969,000 and  $3,205,000 for the three and
          nine  months  ended  September  30,  2005.  The  Company's  retirement
          property is fully occupied and it is  anticipated  that it will remain
          so during 2006. The Company's  retail  shopping mall is  approximately
          60% occupied at September  30, 2006.  The increase in revenue in 2006,
          as  compared  to  2005,  is  partially  due to rent  increases  at the
          retirement property.  In addition the Company received fees of $37,500
          of $112,500  for the three and nine months  ended  September  30, 2006
          from a related party for providing accounting services.

     |X|  For the three and nine months ended  September  30, 2006,  real estate
          operating  expenses  were  $794,000 and $2.4  million,  as compared to
          $800,000  and  $2.3  million  for the  three  and  nine  months  ended
          September 30, 2005.  The increase for the nine months ended  September
          30, 2006 was due to operating costs that include promotional  expenses
          for the Gainesville Outlet Mall.

     |X|  For the three and nine  months  ended  September  30,  2006,  interest
          income was  $95,000 and  $417,000,  as compared to $22,000 and $90,000
          for the three and nine months ended  September  30,  2005.  During the
          first quarter of 2006 the Company recorded $306,000 of interest income
          from loans made to CabelTEL AD in Bulgaria.

     |X|  Interest  expense was  $200,000  and $815,000 for the three months and
          nine months  ended  September  30,  2006,  as compared to $151,000 and
          $419,000  for the three  months and nine months  ended  September  30,
          2005.  During the first quarter of 2006 the Company recorded  $306,000
          of interest expense from loans made for the purpose of advancing funds
          to CabelTEL AD in Bulgaria.



<PAGE>

     |X|  Gain on the sale of assets  was  $418,000  for the nine  months  ended
          September  30, 2006. On June 30, 2006 the Company sold Gaywood Oil and
          Gas.

     |X|  Other  income was  $115,000  and $1.7  million  for the three and nine
          months ended September 30, 2006 as compared to $27,000 and $77,000 for
          the three months and nine months ended  September 30, 2005. The income
          in 2006 was due  almost  entirely  to the  company's  rescinding  it's
          acquisition  of CableTEL AD and recording a break up fee of $1,500,000
          net of expenses.


     CabelTel  International  Corporation  operates one retirement  community in
     King City,  Oregon,  with a capacity of 114 residents and owns and operates
     an outlet  mall with  approximately  315,000  square  feet of retail  space
     available for lease in Gainesville, Texas.



                                      ####



















<PAGE>
<TABLE>
<CAPTION>

                       CabelTel International Corporation
                           Consolidated Balance Sheets
                             (Amounts in thousands)

                                                      September 30,    December 31,
Assets                                                     2006            2005
                                                       (Unaudited)
                                                      -------------   -------------
<S>                                                   <C>             <C>
Current assets
   Cash and cash equivalents                          $         186   $         650
   Accounts receivable - trade                                  107             339
   Notes receivable - related party                           1,377            --
   Note receivable                                             --               306
   Other current assets                                         247             179
                                                      -------------   -------------

            Total current assets                              1,917           1,474

Notes receivable net of deferred income                       1,809             309

Property and equipment, at cost
   Land and improvements                                      2,232           2,232
   Buildings and improvements                                 5,298           5,298
   Equipment and furnishings                                    310             292
   Proven oil and gas properties (full cost method)            --             1,401
                                                      -------------   -------------
                                                              7,840           9,223
             Less accumulated depreciation and
                     depletion                                  897             963
                                                      -------------   -------------
                                                              6,943           8,260

Deferred tax asset                                              831           1,161

Due from CableTEL AD - related party                           --             8,004

Deposits                                                        229             129

Other assets                                                    747             743
                                                      -------------   -------------

                                                      $      12,476   $      20,080
                                                      =============   =============
</TABLE>



<PAGE>

                       CabelTel International Corporation
                     Consolidated Balance Sheets - Continued
                  (Amounts in thousands, except share amounts)

                                                 September 30,     December 31,
Liabilities and Stockholders' equity                  2006             2005
                                                  (Unaudited)
                                                 -------------    -------------

Current liabilities
   Current maturities of long-term debt          $       2,389    $       2,383
   Accounts payable - trade                                477              842
   Accrued expenses                                      1,218            1,236
   Other current liabilities                               237              371
                                                 -------------    -------------

            Total current liabilities                    4,321            4,832

Long-term debt                                           6,112           13,560

Other long-term liabilities                                199              936
                                                 -------------    -------------

            Total liabilities                           10,632           19,328

Stockholders' equity
   Preferred stock, Series B                                 1                1
   Preferred stock, Series J 2%                           --              3,150
   Preferred stock, Series J 2% contra equity             --             (3,150)
   Common stock $.01 par value; authorized,
            4,000,000 shares; 977,000 shares
            issued and outstanding                          10               10
   Additional paid-in capital                           55,966           55,966
   Accumulated deficit                                 (54,133)         (55,225)
                                                 -------------    -------------

                                                         1,844              752
                                                 -------------    -------------

                                                 $      12,476    $      20,080
                                                 =============    =============



<PAGE>
<TABLE>
<CAPTION>

                       CabelTel International Corporation
                      Consolidated Statements of Operations
                  (Amounts in thousands, except per share data)


                                            For The Three Month        For The Nine Month
                                               Period Ended                Period Ended
                                               September 30,               September 30,
                                            2006          2005          2006          2005
                                         ----------    ----------    ----------    ----------
                                               (Unaudited)                 (Unaudited)
<S>                                      <C>           <C>           <C>           <C>

Revenue
   Real estate operations                     1,091    $      969    $    3,313    $    3,205
                                         ----------    ----------    ----------    ----------

Operating expenses
   Real estate operations                       794           800         2,355         2,257
   Lease expense                                233           230           707           692
   Corporate general and
      administrative                            202           256           765           787
                                         ----------    ----------    ----------    ----------
                                              1,229         1,286         3,827         3,736
                                         ----------    ----------    ----------    ----------

   Operating earnings (loss)                   (138)         (317)         (514)         (531)

Other income (expense)
   Interest income                               95            22           417            90
   Interest expense                            (200)         (151)         (815)         (419)
   Net loss on sale of assets
                                               --            --            --             (36)
   Other                                        115            27         1,648            77
                                         ----------    ----------    ----------    ----------
                                                 10          (102)        1,250          (288)
                                         ----------    ----------    ----------    ----------

   Earnings from continuing
      operations                               (128)         (419)          736          (819)
   Provision for income taxes                  --            --             330          --
                                         ----------    ----------    ----------    ----------
   Net income (loss) from
      continuing operations                    (128)         (419)          406          (819)

Discontinued operations
   Gain from operations                        --             125           268           310
   Gain from sale of assets                    --            --             418           (82)
                                         ----------    ----------    ----------    ----------
   Net gain on discontinued
      operations                               --             125           686           228
                                         ----------    ----------    ----------    ----------

Net income (loss) applicable to
      common shares                            (128)         (294)        1,092          (591)
                                         ==========    ==========    ==========    ==========

Net earnings (loss) per common share -
   basic and diluted
   Continuing operations                 $    (0.13)   $    (0.43)   $     0.40    $    (0.84)
   Discontinued operations                     --            0.13          0.71          0.24
                                         ----------    ----------    ----------    ----------
   Net income (loss) per share           $    (0.13)   $    (0.30)   $     1.11    $    (0.60)
                                         ----------    ----------    ----------    ----------

Weighted average of common and
   equivalent shares outstanding -
   basic and diluted                            977           977           977           977
</TABLE>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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