Boston Omaha Corporation
(NASDAQ: BOMN) (the “Company”) announced its financial results for
the second quarter ended June 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 second 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 Six Months
Ended
June 30,
June 30,
2021
2020
2021
2020
Billboard Rentals, Net
$
7,952,832
$
6,654,032
$
15,106,517
$
13,869,798
Broadband Services (1)
3,760,454
1,164,082
7,555,491
1,431,333
Premiums Earned
1,736,158
3,203,581
3,522,722
6,657,639
Insurance Commissions
658,703
349,729
1,058,880
682,520
Investment and Other Income
71,734
121,140
141,290
261,454
Total Revenues
14,179,881
11,492,564
27,384,900
22,902,744
Depreciation and Amortization Expense
2,456,200
1,963,209
4,768,176
3,746,540
Net Loss from Operations
(1,093,472
)
(865,309
)
(2,579,250
)
(2,045,281
)
Net Other Income (Loss)
12,566,457
4,300,760
122,689,521
(19,246,965
)
Net Income (Loss) Attributable to Common Stockholders
$
8,637,563
$
3,402,308
$
93,075,190
$
(21,331,930
)
Basic Net Income (Loss) per Share
$
0.29
$
0.14
$
3.27
$
(0.89
)
Diluted Net Income (Loss) per Share
$
0.29
$
0.14
$
3.26
$
(0.89
)
June 30,
December 31,
2021
2020
Total Unrestricted Cash & Investments (2)
$
344,151,120
$
146,470,399
Total Assets
817,172,310
640,707,426
Total Liabilities
137,832,503
114,114,020
Total Noncontrolling Interest
149,319,976
145,027,149
Total Stockholders' Equity
$
530,019,831
$
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 $16,863,428 is held by our
insurance entities at June 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)” during the six months ended June 30, 2021
includes unrealized gains of $115,845,427 mainly from our 2017
investment of $10,000,000 in Dream Finders Homes after its initial
public offering on January 25, 2021. This contrasts with unrealized
losses in the value of our public equity securities of
$(25,232,878) during the six months ended June 30, 2020. 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 six months ended June 30, 2021 was $5,290,113, compared to
$1,261,366 for the six months ended June 30, 2020.
Our book value per share was
$17.92 at June 30, 2021, compared to $14.01 at December 31,
2020.
As of June 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 August 12, 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.
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/20210813005225/en/
Boston Omaha Corporation Catherine Vaughan, 617-875-8911
cathy@bostonomaha.com
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