Boston Omaha Corporation (NYSE: BOC) (the “Company”, “we”, or
“our”) announced its financial results for the third quarter ended
September 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 third 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 Nine Months
Ended
September 30,
September 30,
2023
2022
2023
2022
Billboard Rentals, Net
$
10,891,979
$
9,942,846
$
32,029,726
$
28,906,159
Broadband Services (1)
8,995,678
8,102,935
26,230,819
20,258,461
Premiums Earned
3,727,219
2,860,451
10,293,119
7,556,423
Insurance Commissions
378,987
383,830
1,449,653
1,575,274
Investment and Other Income
554,238
157,484
1,576,963
339,192
Total Revenues
24,548,101
21,447,546
71,580,280
58,635,509
Depreciation and Amortization Expense
4,983,010
4,170,251
14,336,413
10,840,204
Net Loss from Operations
(1,942,729
)
(1,795,197
)
(6,562,425
)
(4,961,915
)
Net Other (Loss) Income
(1,230,036
)
(178,858
)
12,864
10,542,120
Net (Loss) Income Attributable to Common Stockholders
$
(1,642,506
)
$
(1,408,521
)
$
(3,422,048
)
$
3,397,733
Basic and Diluted Net (Loss) Income per Share
$
(0.05
)
$
(0.05
)
$
(0.11
)
$
0.11
September 30,
December 31,
2023
2022
Total Unrestricted Cash & Investments (2)
$
88,507,462
$
67,782,480
Total Assets
764,077,821
687,802,899
Total Liabilities
149,164,973
158,059,668
Redeemable Noncontrolling Interest
15,665,053
15,713,021
Total Boston Omaha Stockholders' Equity
540,969,385
506,621,142
Noncontrolling Interests (3)
58,278,410
7,409,068
Total Equity
$
599,247,795
$
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 $1,919,772 is held by our insurance entities
and $26,920,747 is held by our asset management entities at
September 30, 2023. Marketable equity securities excludes Sky
Harbour Group Corporation (“Sky Harbour”) Class A common stock as
we account for our 22.9% stake (as measured at September 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.
During the first nine months of fiscal 2023, “Net Other (Loss)
Income” 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 almost completely offset by our
proportionate share of Sky Harbour’s operating losses which we
account for under the equity method.
During the first six months of fiscal 2022, “Net Other (Loss)
Income” 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 $14.8 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 nine months ended September
30, 2023 was $12.2 million, compared to a cash outflow of ($9.6)
million for the nine months ended September 30, 2022.
Our book value per share was $17.28 at September 30, 2023,
compared to $17.05 at December 31, 2022.
As of September 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 November 10, 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.
4. Excludes Sky Harbour Class A common
stock as we account for our investment under the equity method.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231113176282/en/
Boston Omaha Corporation Catherine Vaughan, 857-256-0079
contact@bostonomaha.com
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