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<SEC-DOCUMENT>0001010549-07-000292.txt : 20070405
<SEC-HEADER>0001010549-07-000292.hdr.sgml : 20070405
<ACCEPTANCE-DATETIME>20070405124627
ACCESSION NUMBER:		0001010549-07-000292
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070402
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070405
DATE AS OF CHANGE:		20070405

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:		07751238

	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>cic8k040207.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): April 2, 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))








<PAGE>


Section 2 - Financial Information

     Item 2.02. Results of Operations and Financial Condition

          On April 2, 2007,  CabelTel  International  Corporation  ("GBR" or the
     "Company")  announced its  operational  results for the year ended December
     31, 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 April 2, 2007

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


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>cic8kex991040207.txt
<TEXT>




                                                                    Exhibit 99.1




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


                       CABELTEL INTERNATIONAL CORPORATION
                              REPORTS 2006 RESULTS

Dallas, Texas (Business Wire) April 2, 2007: CabelTel International  Corporation
(AMEX:  GBR,  "the  Company"),  a  Dallas-based  company with  investments  in a
retirement  center and a North Texas outlet mall, today reported a net income of
$1,301,000  or $1.32 per share for the twelve  months  ended  December 31, 2006,
compared  to a net  loss of  $986,000  or $1.01  per  share  for the year  ended
December 31, 2005.

Revenues and  Operating  Expenses  from  operations  of a  retirement  facility:
Revenues were  $2,695,000 in 2006 as compared to $2,597,000 in 2005.  Retirement
operating expenses,  which consist of assisted living operations expense,  lease
expense and depreciation and  amortization,  were $2,130,000 in 2006 as compared
to $2,006,000 in 2005.

Revenues and Operating Expenses from operations of an outlet mall: Revenues were
$1,235,000 in 2006 as compared to $1,501,000  in 2005.  Operating  expenses were
$1,760,000 in 2006 as compared to $1,845,000 in 2005. The decrease in revenue is
due to the net reduction in occupancy and rent  adjustments for several tenants.
The  increase in  expenses  is due to overall  operating  costs  throughout  the
operation.

Corporate General and Administrative  Expense: These expenses were $1,091,000 in
2006 and $1,191,000 in 2005. During 2006, the Company reduced certain salary and
personnel expenses that existed in 2005.

Other Income  (Expense):  Other income was $2,584,000 in 2006. In June 2006, the
Company  rescinded its acquisition of CableTel AD and received a break up fee of
$1,500,000  which  resulted  in  net  income,   after  deducting  expenses,   of
$1,467,000.  In addition,  in November 2006,  the Company  settled a third party
obligation and recorded a gain on such  settlement of $1,021,000.  Additionally,
the Company  collected  payments  on certain  receivables  that were  previously
written off.

Interest and Dividend Income:  Interest and dividend income was $447,000 in 2006
and  $700,000 in 2005.  During 2006,  the Company  recorded  interest  income of
$314,000  from  funds  it  had  advanced  to  CabelTEL  AD  for  operations  and
acquisitions in Bulgaria as compared to $515,000 in 2005.

Interest Expense:  Interest expense was $924,000 in 2006 and $1,161,000 in 2005.
During the fourth  quarter of 2004 and  continuing  through  2005,  the  Company
borrowed a total of $7,200,000  which it advanced to CabelTEL AD for  operations
and acquisitions in Bulgaria.  The interest expense on this debt was $314,000 in
2006 as compared to $515,000 in 2005.  As part of the  agreement  to rescind the
acquisition  of CableTEL AD, a corporation  affiliated  with one of the original
sellers  assumed  from the Company all  indebtedness  incurred by the Company in
connection  with or related to  advances  by the  Company to  CableTEL AD or its
affiliates  to fund the  operation  of  CableTEL  AD. In  exchange  the  Company
surrendered  all  claims  it  had  against  CableTel  AD or its  affiliates  for
reimbursement for such advances.

<PAGE>


Discontinued  Operations:  During  2006,  the Company  sold Gaywood Oil and Gas.
During  2005,  the Company  disposed of an assisted  living  community  in South
Carolina.  During 2004, the Company  disposed of assisted living  communities in
Georgia and Washington. In addition, the Company entered into a contract to sell
a third assisted living  community in North Carolina,  which was sold in January
2005. These were reflected as assets held for sale.

     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>

               CabelTel International Corporation and Subsidiaries


                           CONSOLIDATED BALANCE SHEETS
                             (Amounts in thousands)




                                                         December 31,
                                               --------------------------------
                                                   2006               2005
Assets                                         -------------      -------------

Current assets

    Cash and cash equivalents                  $   324            $   650
    Accounts receivable - trade                     31                339
    Note and interest receivable -
    related party                                1,428                 --
    Notes receivable                                --                306
    Other current assets, net                       71                179
                                               -------------      -------------
               Total current assets              1,854              1,474



Notes receivable net of deferred income             --                309


Property and equipment, at cost
    Land and improvements                        2,237              2,232
    Buildings and improvements                   5,240              5,298
    Equipment and furnishings                      315                292
    Proven oil and gas properties
    (full cost method)                              --              1,401
                                               -------------      -------------
                                                 7,792              9,223

    Less accumulated depreciation,
    depletion, and amortization                    959                963
                                               -------------      -------------
                                                 6,833              8,260

Deferred tax asset                                 491              1,161

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

Deposits                                           146                129

Other assets                                       378                743
                                               -------------      -------------

Total Assets                                   $ 9,702            $20,080

                                               =============      =============






<PAGE>



               CabelTel International Corporation and Subsidiaries

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




- --------------------------------------------------------------------------------
                                                               December 31,
=========================================================----------------------
Liabilities And Stockholders' Equity                        2006        2005
                                                         ---------- -----------
                                                         ---------- -----------

Current liabilities

    Current maturities of long-term debt                 $     135  $   2,383
    Accounts payable - trade                                   500        842
    Accrued expenses                                           339      1,236
    Other current liabilities                                  153        371
                                                         ---------- -----------

                      Total Current Liabilities              1,127      4,832


Long-term debt                                               6,078     13,560

Other long-term liabilities                                    418        936

                                                         ---------- -----------

                          Total liabilities                  7,623     19,328

Stockholders' equity
    Preferred stock, Series B                                    1          1
    Preferred stock, Series J 2%                                --      3,150
    Preferred stock, Series J contra equity                     --     (3,150)
    Common stock, $.01 par value; authorized, 4,000,000
       shares; issued and outstanding, 986,953 shares at
          December 31, 2006 and 976,955 shares at
          December 31, 2005                                     10         10
    Additional paid-in capital                              55,992     55,966
    Accumulated deficit                                    (53,924)   (55,225)
                                                         ---------- -----------

                                                             2,079        752
                                                         ---------- -----------

Total Liabilities & Equity                               $   9,702  $  20,080
                                                         ========== ===========






<PAGE>

<TABLE>
<CAPTION>

               CabelTel International Corporation and Subsidiaries

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



                                                                           Year Ended
                                                                           December 31,
                                                                -----------------------------
                                                                 2006       2005       2004
                                                                -------    -------    -------
<S>                                                             <C>        <C>        <C>

Revenue
    Real estate operations                                      $ 4,268    $ 4,098    $ 4,643
                                                                -------    -------    -------

Operating expenses
    Real estate operations                                        3,060      3,001      3,172
    Lease expense                                                   939        932        917
    Corporate general and administrative                          1,091      1,191      1,694
                                                                -------    -------    -------
                                                                  5,090      5,124      5,783
                                                                -------    -------    -------

                      Operating earnings (loss)                    (822)    (1,026)    (1,140)

Other income (expense)
    Interest income                                                 447        700        213
    Interest expense                                               (924)    (1,161)      (904)
    Gain (loss) on sale of assets, net                             --          (39)     1,247
    Other income (expense), net                                   2,584        285       (403)
                                                                -------    -------    -------
                                                                  2,107       (215)       153
                                                                -------    -------    -------

             Earnings (loss) from continuing operations           1,285     (1,241)      (987)
          Provision for income taxes                               (437)      --         --
                                                                -------    -------    -------

          Net income (loss) from continuing operations              848     (1,241)      (987)

Discontinued operations
    Gain from operations (net of $91 income tax in 2006)            177        337        (38)
    Gain from sale of assets (net of $142 income tax in 2006)       276        (82)       209
                                                                -------    -------    -------

       Net gain (loss) from discontinued operations                 453        255        171
                                                                -------    -------    -------

Net income (loss) applicable to common shares                     1,301       (986)      (816)
                                                                =======    =======    =======

Earnings (loss) per common share - basic and diluted
    Continuing operations                                       $  0.86    $ (1.27)   $ (1.01)
    Discontinued operations                                        0.46       0.26       0.17
                                                                -------    -------    -------
                    Net earnings (loss) per share               $  1.32    $ (1.01)   $ (0.84)
                                                                =======    =======    =======

Weighted average common and equivalent shares
    outstanding - basic and diluted                                 987        977        977


</TABLE>

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