Boston Omaha Corporation
(NYSE: BOC) (the “Company”) announced its financial results for the
first quarter ended March 31, 2022, in connection with filing its
Quarterly Report on Form 10-Q with the Securities and Exchange
Commission.
We show below summary
financial data for the first quarter of 2022 and 2021. Our
Quarterly Report on Form 10-Q can be found at
www.bostonomaha.com.
For the Three Months
Ended
March 31,
2022
2021
Billboard Rentals, Net
$
9,138,149
$
7,153,685
Broadband Services
4,076,946
3,795,037
Premiums Earned
2,288,449
1,786,564
Insurance Commissions
697,200
400,177
Investment and Other Income
92,203
69,556
Total Revenues
16,292,947
13,205,019
Depreciation and Amortization Expense
2,933,264
2,311,976
Net Loss from Operations
(2,449,736
)
(1,485,778
)
Net Other Income
25,498,646
110,123,064
Net Income Attributable to Common Stockholders
$
16,302,593
$
84,437,627
Basic and Diluted Net Income per Share
$
0.55
$
3.09
March 31,
December 31,
2022
2021
Total Unrestricted Cash & Investments (1)
$
158,213,175
$
230,670,929
Total Assets
670,620,168
807,053,793
Total Liabilities
152,366,985
166,458,071
Total Noncontrolling Interest
5,320,740
144,270,503
Total Stockholders' Equity
$
512,932,443
$
496,325,219
- Investments consist of U.S. treasury securities classified as
trading securities and publicly traded equity securities, of which
$15,250,413 is held by our insurance entities at March 31,
2022.
As a result of a change in
Generally Accepted Accounting Principles in 2018, we are required
to include the unrealized changes in market prices of investments
in public equity securities in our reported earnings.
In the table above, Net Other
Income includes other investment income of $2,615,323 in the
first quarter of 2022 and $107,308,122 in the first quarter of
2021, which are mainly related to realized and unrealized gains
from public securities held by Boston Omaha. While we intend to hold our current
securities for the longer term, we may in the future choose to sell
them for a variety of reasons resulting in realized losses or
gains.
In the first quarter of 2022,
Net Other Income also includes a gain of $24,977,740 related to the
deconsolidation of Yellowstone Acquisition Company, which completed
its business combination with Sky Harbour on January 25,
2022.
Cash outflow from operations
for the three months ended March 31, 2022 was $(15,677,555),
compared to cash inflow of $4,029,984 for the three months ended
March 31, 2021.
Our book value per share was
$17.27 at March 31, 2022, compared to $16.71 at December 31,
2021.
As of March 31, 2022, we had
28,642,801 shares of Class A common stock and 1,055,560 shares of
Class B common stock issued and outstanding.
As of May 13, 2022, we had
28,642,801 shares of Class A common stock and 1,055,560 shares of
Class B common stock issued and outstanding.
About Boston Omaha Corporation
Boston Omaha Corporation is a
public holding company with four majority owned businesses engaged
in outdoor advertising, surety insurance, broadband
telecommunications services and asset management.
Forward-Looking Statements
Any statements in this press release about the Company’s future
expectations, plans and prospects, including statements about our
financing strategy, future operations, future financial position
and results, market growth, total revenue, as well as other
statements containing the words “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “intend,” “may,”
“might,” “plan,” “potential,” “predict,” “project,” “should,”
“target,” “will,” or “would” and similar expressions, constitute
forward-looking statements within the meaning of the safe harbor
provisions of The Private Securities Litigation Reform Act of 1995.
The Company may not actually achieve the plans, intentions or
expectations disclosed in the Company’s forward-looking statements,
and you should not place undue reliance on the Company’s
forward-looking statements. Actual results or events could differ
materially from the plans, intentions and expectations disclosed in
the forward-looking statements the Company make as a result of a
variety of risks and uncertainties, including risks related to the
Company’s estimates regarding the potential market opportunity for
the Company’s current and future products and services, the impact
of the COVID-19 pandemic, the competitive nature of the industries
in which we conduct our business, general business and economic
conditions, our ability to acquire suitable businesses, our ability
to successfully integrate acquired businesses, the effect of a loss
of, or financial distress of, any reinsurance company which we rely
on for our insurance operations, the risks associated with our
investments in both publicly traded securities and privately held
businesses, our history of losses and ability to maintain
profitability in the future,
the Company’s expectations regarding the Company’s sales,
expenses, gross margins and other results of operations, and the
other risks and uncertainties described in the “Risk Factors”
sections of the Company’s public filings with the Securities and
Exchange Commission (the “SEC”) on Form 10-K for the year ended
December 31, 2021, as well as other risks and uncertainties which
may be described in any subsequent quarterly report on Form 10-Q
filed by the Company and the other reports the Company files with
the SEC. Copies of our SEC filings are available on our website at
www.bostonomaha.com. In addition, the forward-looking statements
included in this press release represent the Company’s views as of
the date hereof. The Company anticipates that subsequent events and
developments may cause the Company’s views to change. However,
while the Company may elect to update these forward-looking
statements at some point in the future, the Company specifically
disclaims any obligation to do so. These forward-looking statements
should not be relied upon as representing the Company’s views as of
any date subsequent to the date hereof.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220513005510/en/
Boston Omaha Corporation Catherine Vaughan, 857-256-0079
contact@bostonomaha.com
Boston Omaha (NYSE:BOC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Boston Omaha (NYSE:BOC)
Historical Stock Chart
From Jul 2023 to Jul 2024