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<SEC-DOCUMENT>0001010549-07-000431.txt : 20070521
<SEC-HEADER>0001010549-07-000431.hdr.sgml : 20070521
<ACCEPTANCE-DATETIME>20070521154157
ACCESSION NUMBER:		0001010549-07-000431
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070516
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070521
DATE AS OF CHANGE:		20070521

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:		07867839

	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>cic8k052107.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): May 16, 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  May  16,  2007,  CabelTel  International  Corporation.  ("GBR"  or  the
"Company")  announced  its  operational  results for the quarter ended March 31,
2007. 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 May 16, 2007.

- ---------------------
*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: May 21, 2007                         CABELTEL INTERNATIONAL CORPORATION


                                                     /s/  Gene S. Bertcher
                                                     ---------------------------
                                                     Gene S. Bertcher, President


<PAGE>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>cic8kex991052107.txt
<TEXT>

                                                                    Exhibit 99.1


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


                       CABELTEL INTERNATIONAL CORPORATION
                           ANNOUNCES QUARTERLY RESULTS

Dallas (May 16,  2007) - CabelTel  International  Corporation  (AMEX:  GBR) (the
"Company")  today announced a net loss of $427,000 or 43 cents per share for the
three months ended March 31, 2007 compared to a loss of $298,000 or 31 cents per
share for the same period in 2006.  The Company earned $46,000 or four cents per
share from  continuing  operations  compared to a continuing  operations loss of
$113,000 or 11 cents per share during the same period in 2006.

The Company has as agreement to transfer its ownership of the Gainesville Outlet
Mall and 40 acres of adjacent,  vacant land to an independent  third party.  The
Company has recorded an  impairment  loss of $314,000 in the quarter ended March
31, 2007. The assets and liabilities  being  transferred  have been reflected as
Assets and  Liabilities  Held for Sale on the  Company's  balance  sheet for the
period.

Key items for the three months ended March 31, 2007  compared to the same period
in 2006 were:

o    For the three months ended March 31, 2007, the Company recorded revenues of
     $721,000  compared to $757,000  for the three  months ended March 31, 2006.
     The Company's  retirement  property is fully occupied and it is anticipated
     that it will remain so during  2007.  The  decrease in revenue in 2007,  as
     compared to 2006, is principally due to a decrease in certain fees received
     from a related party for providing accounting services.

o    For the three  months  ended  March 31,  2007,  operating  expenses  at the
     retirement  center were  $320,000  as  compared  to $306,000  for the three
     months ended March 31, 2006. The slight  increase for the period was due to
     general cost increases at the facility.

o    For  the  three  months  ended  March  31,   2007,   corporate   general  &
     administrative expenses were $209,000 as compared to $378,000 for the three
     months ended March 31,  2006.  In 2006 the company  incurred  approximately
     $80,000 in payroll and consulting  fees which were not incurred in 2007. In
     general  there was an  overall  reduction  in  administrative  costs in the
     latter part of 2006 which has the effect of lowering  administrative  costs
     in 2007.

o    For the three  months  ended March 31,  2007,  interest  income was $84,000
     compared to $317,000 for the three months ended March 31, 2006.  During the
     first quarter of 2006 the Company recorded $306,000 of interest income from
     loans made to CabelTEL AD in Bulgaria. In 2006 the Company sold its Gaywood
     subsidiary  for cash and invested the proceeds in an interest  bearing note
     which has  resulted  in an  increase  in  interest  of $74,000 in 2007 when
     compared to 2006.

o    The Company  recorded no interest  expense for the three months ended March
     31,  2007,  as compared to $263,000  same period in 2006.  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.
     The balance of the  interest in the three  months  ended March 31, 2006 was
     for a note that was paid off later in 2006.

CabelTel  International  Corporation  operates one retirement  community in King
City, Oregon, with a capacity of 114 residents.

                                      ####


<PAGE>



                       CabelTel International Corporation
                           Consolidated Balance Sheets
                             (amounts in thousands)

                                                         March 31,  December 31,
Assets                                                     2007          2006
                                                        (Unaudited)
                                                        -----------  -----------
Current assets
         Cash and cash equivalents                       $  254           $  324
         Notes and interest receivable - related party    1,557            1,428
         Other current assets                                59               36
         Assets held for sale                             6,750            7,047
                                                         ------           ------

                  Total current assets                    8,620            8,835

Property and equipment, at cost
         Land and improvements                               20               20
         Buildings and improvements                         169              169
         Equipment and furnishings                          297              290
                                                         ------           ------
                                                            486              479

          Less accumulated depreciation                     371              364
                                                         ------           ------
                                                            115              115

Deferred tax asset                                          491              491

Other assets                                                104              261
                                                         ------           ------

Total Assets                                             $9,330           $9,702
                                                         ======           ======


<PAGE>



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

                                                    March 31,       December 31,
Liabilities and Stockholders' equity                   2007             2006
                                                   (Unaudited)
                                                   -----------     -------------
Current liabilities
         Accounts payable - trade                     $    248         $    439
         Accrued expenses                                  273              124
         Liabilities held for sale                       6,750            6,642
                                                      --------         --------

                  Total current liabilities              7,271            7,205

Other long-term liabilities                                407              418
                                                      --------         --------

                  Total liabilities                      7,678            7,623

Stockholders' equity
         Preferred stock, Series B                           1                1
         Common stock $.01 par value; authorized,
              100,000,000 shares; 976,955 shares at
              March 31, 2006 and 986,953 shares at
              March 31, 2007 issued and outstanding         10               10
         Additional paid-in capital                     55,992           55,992
         Accumulated deficit                           (54,351)         (53,924)
                                                      --------         --------

                                                         1,652            2,079
                                                      --------         --------


Total Liabilities and Equity                          $  9,330         $  9,702
                                                      ========         ========


<PAGE>


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

                                                          For The Three Month
                                                             Period Ended
                                                               March 31,
                                                           2007           2006
                                                          ------         ------
                                                               (Unaudited)

Revenue
         Real estate operations                           $ 721          $ 757
                                                          -----          -----

Operating expenses
         Real estate operations                             320            306
         Lease expense                                      240            236
         Corporate general and administrative               209            378
                                                          -----          -----
                                                            769            920
                                                          -----          -----

         Operating loss                                     (48)          (163)

Other income (expense)
         Interest income                                     84            317
         Interest expense                                  --             (263)
         Other income (expense) net                          10             (4)
                                                          -----          -----
                                                             94             50
                                                          -----          -----

         Net income (loss) from continuing operations        46           (113)
                                                          -----          -----

Discontinued operations
         Loss from operations                              (159)          (185)
         Provision for asset impairment                    (314)          --
                                                          -----          -----
                                                          -----          -----
         Net loss on discontinued operations               (473)          (185)
                                                          -----          -----
                                                          -----          -----

Net loss applicable to common shares                      $(427)         $(298)
                                                          =====          =====
                                                          =====          =====

Net earnings (loss) per common share -
          basic and diluted
         Continuing operations                            $0.04          $(0.11)
         Discontinued operations                          (0.47)         (0.20)
                                                          -----          -----
                                                          -----          -----

         Net income (loss) per share                      $(0.43)        $(0.31)
                                                          =====          =====
                                                          =====          =====
Weighted average of common and equivalent shares
outstanding - basic and diluted                             987             977

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