Boston Omaha Corporation (NASDAQ: BOMN) (“Boston Omaha” or the
“Company”) announced its financial results for the first quarter
ended March 31, 2021 in connection with filing its Quarterly Report
on Form 10-Q with the Securities and Exchange Commission
(“SEC”).
We show below summary financial data for the first quarter of
2021 and 2020. Our Quarterly Report on Form 10-Q can be found at
www.bostonomaha.com.
For the Three Months Ended March 31,
2021
2020
Billboard Rentals, Net
$
7,153,685
$
7,215,766
Broadband Services (1)
3,795,037
267,251
Premiums Earned
1,786,564
3,454,058
Insurance Commissions
400,177
332,791
Investment and Other Income
69,556
140,314
Total Revenues
13,205,019
11,410,180
Depreciation and Amortization Expense
2,311,976
1,783,331
Net Loss from Operations
(1,485,778
)
(1,179,972
)
Net Other Income (Loss)
110,123,064
(23,547,725
)
Net Income (Loss) Attributable to Common Stockholders
$
84,437,627
$
(24,734,238
)
Basic and Diluted Net Income (Loss) per Share
$
3.09
$
(1.05
)
March 31,
December 31,
2021
2020
Total Unrestricted Cash & Investments (2)
$
282,802,351
$
146,470,399
Total Assets
750,104,244
640,707,426
Total Liabilities
135,499,641
114,114,020
Total Noncontrolling Interest
149,259,571
145,027,149
Total Stockholders' Equity
$
465,345,032
$
381,566,257
(1)
Includes our acquisitions of AireBeam on
March 10, 2020 and UBB on December 29, 2020.
(2)
Investments consist of U.S. treasury
securities classified as trading securities and publicly traded
equity securities, of which $16,112,561 is held by our insurance
entities at March 31, 2021.
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
(Loss)” during the first quarter of 2021 includes unrealized gains
of $104,467,952 mainly from our 2017 investment of $10,000,000 in
Dream Finders Homes after its initial public offering on January
25, 2021. This contrasts with unrealized losses in the value of our
public equity securities of $(24,745,513) during the first quarter
of 2020. 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 flow from operations for the three months ended March 31,
2021 was $4,029,984, compared to a cash outflow of $(110,884) for
the three months ended March 31, 2020.
We recently restated our 2020 results on Form 10-K/A as filed
with the SEC on May 24, 2021 to include the impact of consolidating
Yellowstone Acquisition Company (“Yellowstone”) into Boston Omaha
and to account for Yellowstone’s warrants as derivative liabilities
as well as to classify Yellowstone’s Class A common stock as
temporary equity. Please refer to Note 2 in the Form 10-K/A which
reflects all adjustments from our previous 10-K report filed with
the SEC on March 29, 2021. These restatements at Yellowstone
reduced Boston Omaha’s consolidated Total Stockholders’ Equity by
approximately $21.3 million at December 31, 2020. Management’s view
is that any increase or decrease to net worth related to
Yellowstone due to the recent restatement should be recognized as
non-economic fluctuations based purely on Generally Accepted
Accounting Principles and are not driven by any changes from an
operational standpoint at Boston Omaha or Yellowstone. Boston Omaha
still owns 20% of Yellowstone and Yellowstone continues to hold
approximately $139 million in trust on behalf of its Class A common
stockholders to fund a future business combination. In our view,
what will drive any gain or loss in economic value to Boston Omaha
from Yellowstone, will be our success or failure in completing a
business combination. In any event, we anticipate that
Yellowstone’s inclusion in Boston Omaha’s financial statements will
mirror the duration of Yellowstone as an entity, which is limited
given the short life span of SPACs.
Our book value per share was $17.09 at March 31, 2021, compared
$14.01 ($14.79 before Yellowstone consolidation) at December 31,
2020.
As of March 31, 2021, we had 26,175,555 shares of Class A common
stock and 1,055,560 shares of Class B common stock issued and
outstanding.
On April 6, 2021, we closed on the previously announced public
offering of our Class A common stock at a price of $25.00 per
share, for a total of 2,645,000 shares, of which 2,345,000 shares
were sold by us and 300,000 shares were sold by a selling
stockholder. The offering resulted in total gross proceeds to us of
$58,625,000, before deducting the underwriting discount and
offering expenses.
As of May 24, 2021, we had 28,520,555 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 three
majority owned businesses engaged in outdoor advertising, surety
insurance and broadband telecommunications services. The Company
also maintains minority investments including investments in a
bank, a national residential homebuilder, commercial real estate
services businesses and Yellowstone Acquisition Company.
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 on Form 10-K for the year ended
December 31, 2020, as amended, and our subsequent interim reports
on Form 10-Q and 8-K. 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/20210524005825/en/
Boston Omaha Corporation Catherine Vaughan, 617-875-8911
cathy@bostonomaha.com
Boston Omaha (NASDAQ:BOMN)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Boston Omaha (NASDAQ:BOMN)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024