Boston Omaha Corporation
(NASDAQ: BOMN) (the “Company”) announced its financial results for
the third quarter ended September 30, 2021 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 2021 and 2020. 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,
2021
2020
2021
2020
Billboard Rentals, Net
$
8,023,065
$
7,121,957
$
23,129,582
$
20,991,755
Broadband Services (1)
3,773,729
1,144,343
11,329,220
2,575,676
Premiums Earned
2,031,575
2,880,544
5,554,297
9,538,183
Insurance Commissions
584,082
382,493
1,642,962
1,065,013
Investment and Other Income
85,696
77,499
226,986
338,953
Total Revenues
14,498,147
11,606,836
41,883,047
34,509,580
Depreciation and Amortization Expense
2,806,720
2,010,477
7,574,896
5,757,017
Net Loss from Operations
(2,760,998
)
(720,623
)
(5,340,248
)
(2,765,904
)
Net Other Income (Loss)
(33,753,550
)
4,186,794
88,935,971
(15,060,171
)
Net Income (Loss) Attributable to Common Stockholders
$
(26,276,094
)
$
3,463,671
$
66,799,096
$
(17,868,259
)
Basic Net Income (Loss) per Share
$
(0.89
)
$
0.13
$
2.32
$
(0.71
)
Diluted Net Income (Loss) per Share
$
(0.89
)
$
0.13
$
2.32
$
(0.71
)
September 30,
December 31,
2021
2020
Total Unrestricted Cash & Investments (2)
$
247,031,304
$
146,470,399
Total Assets
781,373,227
640,707,426
Total Liabilities
130,902,506
114,114,020
Total Noncontrolling Interest
146,920,362
145,027,149
Total Stockholders' Equity
$
503,550,359
$
381,566,257
(1)
Includes our acquisition of
AireBeam completed 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 $16,716,934 is held by our
insurance entities at September 30, 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)” includes other investment
losses of $32,990,929 during the three months ended September 30,
2021 and other investment income of $85,694,668 during the nine
months ended September 30, 2021 related to public equity securities
mainly 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.
Cash flow from operations for
the nine months ended September 30, 2021 was $6,620,097, compared
to $3,492,006 for the nine months ended September 30,
2020.
Our book value per share was
$17.03 at September 30, 2021, compared to $14.01 at December 31,
2020.
As of September 30, 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.
As of November 11, 2021, we
had 28,593,952 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20211112005648/en/
Boston Omaha Corporation Catherine Vaughan, 857-256-0079
contact@bostonomaha.com
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