Boston Omaha Corporation (NYSE: BOC) (the “Company”, “we”, or
“our”) announced its financial results for the first quarter ended
March 31, 2023, 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
2023 and 2022. Our Quarterly Report on Form 10-Q can be found at
www.bostonomaha.com.
For the Three Months
Ended
March 31,
2023
2022
Billboard Rentals, Net
$
10,302,223
$
9,138,149
Broadband Services (1)
8,539,906
4,076,946
Premiums Earned
3,107,273
2,288,449
Insurance Commissions
476,126
697,200
Investment and Other Income
390,257
92,203
Total Revenues
22,815,785
16,292,947
Depreciation and Amortization Expense
4,509,344
2,933,264
Net Loss from Operations
(2,976,792
)
(2,449,736
)
Net Other (Loss) Income
(2,114,675
)
25,498,646
Net (Loss) Income Attributable to Common Stockholders
$
(3,321,154
)
$
16,302,593
Basic and Diluted Net (Loss) Income per Share
$
(0.11
)
$
0.55
March 31,
December 31,
2023
2022
Total Unrestricted Cash & Investments (2)
$
82,044,403
$
67,782,480
Total Assets
706,356,202
683,717,859
Total Liabilities
152,188,736
157,068,480
Redeemable Noncontrolling Interest
15,656,900
15,713,021
Total Boston Omaha Stockholders' Equity
527,864,074
503,527,290
Noncontrolling Interests (3)
10,646,492
7,409,068
Total Equity
$
538,510,566
$
510,936,358
Generally Accepted Accounting Principles require us to include
the unrealized changes in market prices of investments in public
securities in our reported earnings(4). In the table above, “Net
Other (Loss) Income” includes other investment income of $2,872,219
and $2,615,323 in the first quarter of fiscal 2023 and the first
quarter of fiscal 2022, respectively, mainly related to 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 fiscal 2022, “Net Other (Loss) 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 inflow from operations for the three months ended March 31,
2023 was $1,368,181, compared to a cash outflow of ($15,677,555)
for the three months ended March 31, 2022.
Our book value per share was $17.13 at March 31, 2023, compared
to $16.95 at December 31, 2022.
As of March 31, 2023, we had 29,764,994 shares of Class A common
stock and 1,055,560 shares of Class B common stock issued and
outstanding.
As of May 11, 2023, we had 30,249,443 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)
Investments consist of U.S. treasury
securities classified as trading securities and marketable equity
securities, of which $7,933,263 is held by our insurance entities
at March 31, 2023. Marketable equity securities excludes Sky
Harbour Group Corporation (“Sky Harbour”) Class A common stock as
we account for our 22.95% stake (as measured at March 31, 2023)
under the equity method.
(3)
Noncontrolling interests related to third
party capital raised within our build for rent fund.
(4)
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, broadband
telecommunications services, surety insurance 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 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
reinsures the Company’s 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, 2022, 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 general economic conditions and 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.
Our investor relations website is
https://investor.bostonomaha.com/ and we encourage investors to use
it as a way of easily finding information about us. We promptly
make available on this website, free of charge, the reports that we
file or furnish with the SEC, corporate governance information, and
select press releases, which may contain material information about
us, and you may subscribe to be notified of new information posted
to this site.
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Boston Omaha Corporation Catherine Vaughan, 857-256-0079
contact@bostonomaha.com
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