Boston Omaha Corporation (NYSE: BOC) (the “Company”) announced
its financial results for the third quarter ended September 30,
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 third quarter of
2022 and 2021. Our Quarterly Report on Form 10-Q can be found at
www.bostonomaha.com.
For the Three Months
Ended
For the Nine Months
Ended
September 30,
September 30,
2022
2021
2022
2021
Billboard Rentals, Net
$
9,942,846
$
8,023,065
$
28,906,159
$
23,129,582
Broadband Services (1)
8,102,935
3,773,729
20,258,461
11,329,220
Premiums Earned
2,860,451
2,031,575
7,556,423
5,554,297
Insurance Commissions
383,830
584,082
1,575,274
1,642,962
Investment and Other Income
157,484
85,696
339,192
226,986
Total Revenues
21,447,546
14,498,147
58,635,509
41,883,047
Depreciation and Amortization Expense
4,170,251
2,806,720
10,840,204
7,574,896
Net Loss from Operations
(1,795,197
)
(2,760,998
)
(4,961,915
)
(5,340,248
)
Net Other (Loss) Income
(178,858
)
(33,753,550
)
10,542,120
88,935,971
Net (Loss) Income Attributable to Common Stockholders
$
(1,408,521
)
$
(26,276,094
)
$
3,397,733
$
66,799,096
Basic Net (Loss) Income per Share
$
(0.05
)
$
(0.89
)
$
0.11
$
2.32
Diluted Net (Loss) Income per Share
$
(0.05
)
$
(0.89
)
$
0.11
$
2.32
September 30,
December 31,
2022
2021
Total Unrestricted Cash, Treasuries and Marketable Equity
Securities (2)
$
89,728,080
$
230,670,929
Total Assets
674,659,150
807,053,793
Total Liabilities
159,313,479
166,458,071
Total Noncontrolling Interest
15,384,185
144,270,503
Total Stockholders' Equity
$
499,961,486
$
496,325,219
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(3). 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.
Cash outflow from operations for the nine months ended September
30, 2022 was $(9,575,058), compared to cash inflow of $6,620,097
for the nine months ended September 30, 2021.
Our book value per share was $16.83 at September 30, 2022,
compared to $16.71 at December 31, 2021.
As of September 30, 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 November 9, 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.
(1)
Includes the InfoWest and Go Fiber
acquisitions completed on April 1, 2022.
(2)
Includes U.S. treasury securities
classified as trading securities and marketable equity securities,
of which $8,497,117 is held by our insurance entities at September
30, 2022. Marketable equity securities excludes Sky Harbour Group
Corporation (“Sky Harbour”) Class A common stock as we account for
our 22.96% stake under the equity method.
(3)
Excludes Sky Harbour Class A common stock
as we account for our investment under the equity method.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20221110006126/en/
Boston Omaha Corporation Catherine Vaughan, 857-256-0079
contact@bostonomaha.com
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