Boston Omaha Corporation (NYSE: BOC) (the “Company”, “we”, or
“our”) announced its financial results for the second quarter ended
June 30, 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 second quarter of
2023 and 2022. Our Quarterly Report on Form 10-Q can be found at
www.bostonomaha.com.
For the Three Months Ended For the Six Months Ended
June 30, June 30,
2023
2022
2023
2022
Billboard Rentals, Net
$
10,835,524
$
9,825,164
$
21,137,747
$
18,963,313
Broadband Services (1)
8,695,235
8,078,580
17,235,141
12,155,526
Premiums Earned
3,458,627
2,407,523
6,565,900
4,695,972
Insurance Commissions
594,540
494,244
1,070,666
1,191,444
Investment and Other Income
632,468
89,505
1,022,725
181,708
Total Revenues
24,216,394
20,895,016
47,032,179
37,187,963
Depreciation and Amortization Expense
4,844,059
3,736,689
9,353,403
6,669,953
Net Loss from Operations
(1,642,904
)
(716,982
)
(4,619,696
)
(3,166,718
)
Net Other Income (Loss)
3,357,575
(14,777,668
)
1,242,900
10,720,978
Net Income (Loss) Attributable to Common Stockholders
$
1,541,612
$
(11,496,339
)
$
(1,779,542
)
$
4,806,254
Basic and Diluted Net Income (Loss) per Share
$
0.05
$
(0.39
)
$
(0.06
)
$
0.16
June 30, December 31,
2023
2022
Total Unrestricted Cash & Investments (2)
$
103,806,210
$
67,782,480
Total Assets
773,195,572
687,802,899
Total Liabilities
156,981,811
158,059,668
Redeemable Noncontrolling Interest
15,667,702
15,713,021
Total Boston Omaha Stockholders' Equity
542,623,841
506,621,142
Noncontrolling Interests (3)
57,922,218
7,409,068
Total Equity
$
600,546,059
$
514,030,210
(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 $1,983,344 is held by our insurance
entities and $25,359,574 is held by our asset management entities
at June 30, 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 June 30, 2023) under
the equity method.
(3)
Noncontrolling interests are
related to third party capital raised within our build for rent
fund as well as within our 24th Street commercial real estate
funds.
(4)
Excludes Sky Harbour Class A
common stock as we account for our investment under the equity
method.
During the first six months of fiscal 2023, “Net Other Income
(Loss)” included $4.6 million in non-cash gains recognized due to
the remeasurement of our previously-held interest in 24th Street
Asset Management, which was partially offset by our proportionate
share of operating losses from investments accounted for under the
equity method.
During the first six months of fiscal 2022, “Net Other Income
(Loss)” included a gain of $25.0 million related to the
deconsolidation of Yellowstone Acquisition Company on January 25,
2022 and $1.8 million related to the remeasurement of Yellowstone’s
public warrants from January 1, 2022 to January 25, 2022, which was
partially offset by $14.3 million in other investment losses mainly
related to public securities held by Boston Omaha and UCS.
As a reminder, generally accepted accounting principles (“GAAP”)
require us to include the unrealized changes in market prices of
investments in public securities in our reported earnings(4). While
we intend to hold 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 inflow from operations for the six months ended June 30,
2023 was $4.4 million, compared to a cash outflow of ($14.7)
million for the six months ended June 30, 2022.
Our book value per share was $17.33 at June 30, 2023, compared
to $17.05 at December 31, 2022.
As of June 30, 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.
As of August 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.
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 and on Form 10-Q for
the quarter ended June 30, 2023, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230814385078/en/
Boston Omaha Corporation Catherine Vaughan, 857-256-0079
contact@bostonomaha.com
Boston Omaha (NYSE:BOC)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Boston Omaha (NYSE:BOC)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024