Boston Omaha Corporation Announces Third Quarter 2022 Financial Results

OMAHA, Neb, November 10, 2022–(BUSINESS WIRE)–Boston Omaha Corporation (NYSE: BOC) (the “Company”) announced its financial results for the third quarter ended September 30, 2022 in connection with its Quarterly Report on Form 10-Q filing with the Securities and Exchange Commission.

Below we present summary financial data for the third quarter of 2022 and 2021. Our quarterly report on Form 10-Q can be viewed at www.bostonomaha.com.

For the three months ended

For the nine months ended

September 30,

September 30,

2022

2021

2022

2021

Rental of billboards, net

$

9,942,846

$

8,023,065

$

28 906 159

$

23,129,582

Broadband services (1)

8,102,935

3,773,729

20,258,461

11,329,220

Bonuses earned

2,860,451

2,031,575

7,556,423

5,554,297

Insurance fees

383,830

584,082

1,575,274

1,642,962

Investment and other income

157,484

85,696

339 192

226,986

Total revenue

21,447,546

14,498,147

58,635,509

41,883,047

Depreciation expense

4,170,251

2,806,720

10,840,204

7,574,896

Net operating loss

(1,795,197

)

(2,760,998

)

(4,961,915

)

(5,340,248

)

Other (loss) net income

(178,858

)

(33,753,550

)

10,542,120

88 935 971

Net income (loss) attributable to common shareholders

$

(1,408,521

)

$

(26,276,094

)

$

3,397,733

$

66,799,096

Basic net income (loss) per share

$

(0.05

)

$

(0.89

)

$

0.11

$

2.32

Diluted net earnings (loss) per share

$

(0.05

)

$

(0.89

)

$

0.11

$

2.32

September 30,

The 31st of December,

2022

2021

Total unrestricted cash, treasury bills and marketable equity securities (2)

$

89,728,080

$

230 670 929

Total assets

674 659 150

807 053 793

Total responsibilities

159 313 479

166 458 071

Total non-controlling interests

15,384,185

144 270 503

Full shareholder equity

$

499 961 486

$

496 325 219

Following a change in generally accepted accounting principles in 2018, we are required to include unrealized changes in market prices of investments in public equity securities in our reported results.(3). Although we intend to hold our current holdings for the longer term, we may choose to sell them for a variety of reasons in the future, resulting in realized losses or gains.

Cash outflows from operations for the nine months ended September 30, 2022 amounted to ($9,575,058), compared to cash inflows of $6,620,097 for the nine months ended September 30, 2021.

Our book value per share was $16.83 as of September 30, 2022, compared to $16.71 as of December 31, 2021.

As of September 30, 2022, we had 28,642,801 Class A common shares and 1,055,560 Class B common shares issued and outstanding.

As of November 9, 2022, we had 28,642,801 Class A common shares and 1,055,560 Class B common shares issued and outstanding.

(1)

Includes the acquisitions of InfoWest and Go Fiber completed on April 1, 2022.

(2)

Includes U.S. Treasury securities classified as trading and marketable equity securities, of which $8,497,117 is held by our insurance entities as of September 30, 2022. Marketable equity securities exclude Sky Harbor Class A common stock Group Corporation (“Sky Harbour”), as we account for our 22.96% interest using the equity method.

(3)

Excludes Sky Harbor Class A common stock as we account for our investment using the equity method.

About Boston Omaha Corporation

Boston Omaha Corporation is a public holding company with four majority-owned businesses engaged in outdoor advertising, bond insurance, broadband telecommunications services and asset management.

Forward-looking statements

Any statement contained in this press release regarding the Company’s future expectations, plans and prospects, including statements regarding our funding strategy, future operations, financial condition and future results, market growth, revenue business, as well as other statements containing the words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may “, “could”, “plan”, “potential”, “predict”, “project”, “should”, “target”, “will” or “would” and similar expressions, constitute forward-looking statements within the meaning of 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. The results o u actual events could differ materially from the plans, intentions and expectations disclosed in the Company’s forward-looking statements due to a variety of risks and uncertainties, including risks relating to the Company’s estimates regarding the potential market opportunity for current and future products and services, the impact of the COVID-19 pandemic, the competitive nature of the industries in which we operate, general business and economic conditions, our ability to acquire suitable businesses, our ability to successfully integrate acquired businesses, the effect of financial loss or distress of any reinsurance company upon which we rely for our insurance operations, the risks associated with our investments in publicly traded securities and private companies, our history of losses and our ability to maintain profitability in the future, the Company’s expectations é regarding the Company’s sales, expenses, gross profit and other results of operations, and 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 fiscal year ended December 31, 2021, and other risks and uncertainties that may be described in any subsequent quarterly report on Form 10-Q filed by the Company and other reports that the Company files with the SEC. Copies of our SEC filings are available on our website at www.bostonomaha.com. Further, the forward-looking statements included in this press release represent the views of the Company 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 time in the future, the Company expressly disclaims any obligation to do so. These forward-looking statements should not be taken to represent the views of the Company as of any date subsequent to the date hereof.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20221110006126/en/

contacts

Boston Omaha Corporation
Catherine Vaughan, 857-256-0079
[email protected]

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