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<SEC-DOCUMENT>0001010549-07-000664.txt : 20070815
<SEC-HEADER>0001010549-07-000664.hdr.sgml : 20070815
<ACCEPTANCE-DATETIME>20070815170940
ACCESSION NUMBER:		0001010549-07-000664
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070815
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070815
DATE AS OF CHANGE:		20070815

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:		071060417

	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>cic8k081507.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): August 15, 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  August  15,  2007,  CabelTel  International  Corporation  ("GBR" or the
"Company")  announced  its  operational  results for the quarter  ended June 30,
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 August 15, 2007.

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









                                      -1-
<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: August 15, 2007              CABELTEL INTERNATIONAL CORPORATION

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



























                                      -2-
<PAGE>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>cic8kex991081507.txt
<TEXT>

                                                                    EXHIBIT 99.1



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


                       CABELTEL INTERNATIONAL CORPORATION
       ANNOUNCES SECOND QUARTER RESULTS[GRAPHIC OMITTED][GRAPHIC OMITTED]

Dallas (August 15, 2007) - CabelTel  International  Corporation (AMEX: GBR) (the
"Company") today announced a net loss of $6,000 or $0.01 per share for the three
months  ended June 30, 2007  compared  to a profit of $1.5  million or $1.56 per
share for the same period in 2006.  For the six months ended June 30, 2007,  the
Company  reported a loss of $433,000 or $0.44 per share  compared to a profit of
$1.2  million  or $1.25 per share  during  the  comparable  period in 2006.  The
Company earned $40,000 or four cents per share from continuing operations during
the six months ending June 30, 2007 compared to a continuing  operations  profit
of $1.3 million or $1.37 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  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 and six months ended June 30, 2007  compared to the same
period in 2006 were:

o    For the three and six months  ended June 30,  2007,  the  Company  recorded
     revenues of  $761,000  and $1.5  million  for its real  estate  operations,
     compared to $682,000  and $1.4  million for the three and six months  ended
     June 30, 2006.  The increases in revenue  represent  rate  increases at the
     Company's retirement  property,  which is fully occupied and anticipated to
     remain so during 2007.

o    For the three and six months  ended June 30,  2007,  real estate  operating
     expenses were $324,000 and $630,000,  compared to $308,000 and $590,000 for
     the three and six months ended June 30,  2006.  The increase in real estate
     operations at the retirement  center of $16,000 and $40,000 for the and six
     months  ended June 30,  2007 was due to an overall  increase  in  operating
     expenses.

o    General and administrative expenses for the three and six months ended June
     30, 2007 were  $251,000 and $474,000  compared to $249,000 and $563,000 for
     the same  periods in 2006.  2007  includes  $29,000  for prior year  income
     taxes. In 2006 the Company  incurred  approximately  $80,000 in payroll and
     consulting  fees not  incurred  in 2007.  In  general  there was an overall
     reduction in administrative  costs in the latter part of 2006 which has had
     the effect of lower administrative costs in 2007.



                                      -3-
<PAGE>


o    For the three and six  months  ended  June 30,  2007,  interest  income was
     $27,000 and $111,000, compared to $5,000 and $322,000 for the three and six
     months  ended June 30, 2006.  During the first  quarter of 2006 the Company
     recorded  interest  income  on loans for funds  that  were  transferred  to
     CableTEL AD for operating  expenses.  The balance of the interest income is
     from current and former notes receivable held by the Company.

o    There was no interest  expense for the three and six months  ended June 30,
     2007,  compared to $46,000 and  $386,000 for the three and six months ended
     June 30,  2006.  During  the first  quarter  of 2006 the  Company  recorded
     interest  expense on loans it made to acquire  funds which were provided to
     CableTEL  AD for  operating  expenses.  The  interest  expense  equaled the
     interest income.

o    There was no net gain on the sale of assets for the period  ending June 30,
     2007. In June 2006, the Company sold all of its membership interests in the
     two limited  liability  companies  Gaywood Oil & Gas, LLC and Gaywood Oil &
     Gas II, LLC which own oil and gas leases in Gregg and Rusk Counties, Texas.
     The sale price was $1,737,000  and the Company  recorded a gain on the sale
     of $418,000.

o    Other  income was $-0- and $10,000 for the three and six months  ended June
     30, 2007, compared to $1.5 million for both the three and six month periods
     ended June 30,  2006.  The income in 2006 was due  almost  entirely  to the
     Company's  rescinding its  acquisition of CableTEL AD for which it received
     and recorded a break up fee of $1.5 million net of expenses and the sale of
     its Gaywood Oil and Gas subsidiaries.


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

                                      ####



                                      -4-
<PAGE>

<TABLE>
<CAPTION>


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


                                                             For The Three Month  For The Six Month
                                                                Period Ended         Period Ended
                                                                  June 30,             June 30,
                                                              2007       2006      2007        2006
                                                            -------    -------    -------    -------
<S>                                                         <C>        <C>        <C>        <C>

(Unaudited) (Unaudited)
Revenue
         Real estate operations                             $   761    $   682    $ 1,482    $ 1,434
                                                            -------    -------    -------    -------

Operating expenses
         Real estate operations                                 324        308        630        590
         Lease expense                                          219        238        459        474
         Corporate general and administrative                   251        249        474        563
                                                            -------    -------    -------    -------
                                                                794        795      1,563      1,627
                                                            -------    -------    -------    -------

                  Operating (loss)                              (33)      (113)       (81)      (193)

Other income (expense)
         Interest income                                         27          5        111        322
         Interest expense                                      --          (46)      --         (386)
         Net gain on sale of assets                            --          424       --          418
         Other income net                                      --        1,512         10      1,509
                                                            -------    -------    -------    -------
                                                                 27      1,895        121      1,863
                                                            -------    -------    -------    -------

         Earnings from continuing operations                     (6)     1,782         40      1,670
         Provision for income taxes                            --         (330)      --         (330)
                                                            -------    -------    -------    -------

         Net income (loss) from continuing operations            (6)     1,452         40      1,340
                                                            -------    -------    -------    -------
Discontinued Operations
         Gain (loss) from operations                           --           65       --         (120)
         Provision for asset impairment                        --         --         (473)      --
                                                            -------    -------    -------    -------
         Gain (loss) from discontinued operations              --           65       (473)      (120)
                                                            -------    -------    -------    -------

Net income (loss) applicable to common shares               $    (6)   $ 1,517    $  (433)   $ 1,220
                                                            =======    =======    =======    =======
Earnings (loss) per share - basic and diluted
         Continuing operations                                (0.01)   $  1.49    $  0.04    $  1.37
         Discontinued operations                               --         0.07      (0.48)     (0.12)
                                                            -------    -------    -------    -------

         Net loss per share                                 $ (0.01)   $  1.56    $ (0.44)   $  1.25
                                                            =======    =======    =======    =======

Basic weighted average common shares                            986        977        986        977


</TABLE>


                                      -5-
<PAGE>

<TABLE>
<CAPTION>





                       CabelTel International Corporation
                           Consolidated Balance Sheets
                             (amounts in thousands)

                                                            June 30,     December 31,
Assets                                                        2007           2006
                                                            Unaudited)
                                                            ----------   ------------
<S>                                                         <C>          <C>    <C>

Current assets
         Cash and cash equivalents                           $  233       $  324
         Notes and interest receivable - related party        1,482        1,428
         Other current assets                                  --             36
         Assets held for sale                                 6,920        7,047
                                                             ------       ------

                  Total current assets                        8,635        8,835

Property and equipment, at cost
         Land and improvements                                   20           20
         Buildings and improvements                             169          169
         Equipment and furnishings                              313          290
                                                             ------       ------
                                                                502          479

          Less accumulated depreciation                         379          364
                                                             ------       ------
                                                                123          115

Deferred tax asset                                              491          491

Other assets                                                     88          261
                                                             ------       ------

Total Assets                                                 $9,337       $9,702
                                                             ======       ======

</TABLE>



                                      -6-
<PAGE>

<TABLE>
<CAPTION>



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

                                                           June 30,         December 31,
Liabilities and Stockholders' equity                        2007               2006
                                                         (Unaudited)
                                                         -----------       -------------
<S>                                                      <C>                <C>

Current liabilities
         Accounts payable - trade                         $    191           $    439
         Accrued expenses                                      175                124
         Liabilities held for sale                           6,920              6,642
                                                          --------           --------

                  Total current liabilities                  7,286              7,205

Other long-term liabilities                                    405                418
                                                          --------           --------

                  Total liabilities                          7,691              7,623

Stockholders' equity
         Preferred stock, Series B                               1                  1
         Common stock $.01 par value; authorized,
                  100,000,000 shares; 976,955 shares at
                  June 30, 2006 and 986,943 shares at
                  June 30, 2007 issued and outstanding          10                 10
         Additional paid-in capital                         55,992             55,992
         Accumulated deficit                               (54,357)           (53,924)
                                                          --------           --------

                                                             1,646              2,079
                                                          --------           --------

Total Liabilities and Equity                              $  9,337           $  9,702
                                                          ========           ========

</TABLE>



                                      -7-
<PAGE>





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