Boston Omaha Corporation (NYSE: BOC) (the “Company”, “we”, or
“our”) announced its financial results for the first quarter ended
March 31, 2024, 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
2024 and 2023. Our Quarterly Report on Form 10-Q can be found at
www.bostonomaha.com.
For the Three Months Ended March 31,
2024
2023
Billboard Rentals, Net
$
10,696,660
$
10,302,223
Broadband Services
9,683,429
8,539,906
Premiums Earned
4,003,059
3,107,273
Insurance Commissions
502,688
476,126
Investment and Other Income
666,895
390,257
Total Revenues
25,552,731
22,815,785
Depreciation and Amortization Expense
5,338,127
4,509,344
Net Loss from Operations
(2,058,281
)
(2,976,792
)
Net Other Loss
(2,125,963
)
(2,114,675
)
Net Loss Attributable to Common Stockholders
$
(2,808,081
)
$
(3,321,254
)
Basic and Diluted Net Loss per Share
$
(0.09
)
$
(0.11
)
March 31, December 31,
2024
2023
Total Unrestricted Cash & Investments (1)
$
33,631,376
$
71,269,580
Total Assets
757,338,637
768,207,092
Total Liabilities
143,247,299
151,754,831
Redeemable Noncontrolling Interest
15,702,778
15,638,013
Total Boston Omaha Stockholders' Equity
536,179,347
538,207,426
Noncontrolling Interests (2)
62,209,213
62,606,822
Total Equity
$
598,388,560
$
600,814,248
(1)
Investments consist of U.S. treasury
securities classified as trading securities and marketable equity
securities, of which $2,429,434 is held by our insurance entities
at March 31, 2024. Marketable equity securities excludes Sky
Harbour Group Corporation (“Sky Harbour”) Class A common stock as
we account for our 19.8% stake (as measured at March 31, 2024)
under the equity method.
(2)
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.
In the first quarter of fiscal 2024, “Net Other Loss” included a
loss of $10,171,615 mainly related to our equity method position in
Sky Harbour, which was partially offset by $7,788,445 in other
investment income mainly related to the Sky Harbour warrants held
by Boston Omaha.
As a reminder, generally accepted accounting principles (“GAAP”)
require us to include the unrealized changes in market prices of
certain investments in public securities in our reported earnings
(3). 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 three months ended March 31,
2024 was $2,415,294, compared to a cash inflow of $1,368,181 for
the three months ended March 31, 2023.
Our book value per share was $17.10 at March 31, 2024, compared
to $17.19 at December 31, 2023.
As of March 31, 2024, we had 30,304,895 shares of Class A common
stock and 1,055,560 shares of Class B common stock issued and
outstanding.
As of May 13, 2024, we had 30,931,349 shares of Class A common
stock and 527,780 shares of Class B common stock issued and
outstanding.
(3)
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, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240514562993/en/
Boston Omaha Corporation Josh Weisenburger, 402-210-2633
contact@bostonomaha.com
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