News
Boston Omaha Corporation Announces First Quarter 2024 Financial Results
OMAHA, Nebraska, May 14, 2024–(BUSINESS WIRE)–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 the filing of its Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
Below we show 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.
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For the Ended Three Months |
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|
March 31, |
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|
2024 |
2023 |
||||||
|
Billboard rental, net |
$ |
10,696,660 |
$ |
10,302,223 |
|||
|
Broadband Services |
9,683,429 |
8,539,906 |
|||||
|
Prizes won |
4,003,059 |
3,107,273 |
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|
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 |
) |
|||
|
Other net losses |
(2,125,963 |
) |
(2,114,675 |
) |
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|
Net loss attributable to common shareholders |
$ |
(2,808,081 |
) |
$ |
(3,321,254 |
) |
|
|
Basic and Diluted Net Loss per Share |
$ |
(0.09 |
) |
$ |
(0.11 |
) |
|
|
March 31, |
December 31th, |
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|
2024 |
2023 |
||||||
|
Total cash and unrestricted investments (1) |
$ |
33,631,376 |
$ |
71,269,580 |
|||
|
Total assets |
757,338,637 |
768,207,092 |
|||||
|
Total responsibilities |
143,247,299 |
151,754,831 |
|||||
|
Redeemable Non-Controlling Interest |
15,702,778 |
15,638,013 |
|||||
|
Boston Omaha Total Net Worth |
536,179,347 |
538,207,426 |
|||||
|
Non-controlling interests (2) |
62,209,213 |
62,606,822 |
|||||
|
Total Equity |
$ |
598,388,560 |
$ |
600,814,248 |
|||
|
(1) |
The investments consist of U.S. Treasury securities classified as trading securities and marketable equity securities, $2,429,434 of which are held by our insurance entities as of March 31, 2024. Marketable equity securities exclude shares of Class A common stock of Sky Harbor Group Corporation (“Sky Harbor”), as we account for our 19.8% interest (as measured at March 31, 2024) under the equity method. |
|
|
(two) |
Minority interests relate to debt capital raised within our build-to-rent fund as well as within our 24th Street commercial real estate funds. |
In the first quarter of fiscal 2024, “Other net loss” included a loss of $10,171,615, primarily related to our equity method position in Sky Harbor, which was partially offset by $7,788,445 in other investment income, primarily related to the Sky Harbor warrants held by Boston Omaha.
As a reminder, generally accepted accounting principles (“GAAP”) require us to include unrealized changes in the market prices of certain government securities investments in our reported earnings (3). Although we intend to hold securities for the long term, we may in the future choose to sell them for a variety of reasons, resulting in realized gains or losses.
Cash inflow from operations for the three months ending March 31, 2024 was $2,415,294, compared to a cash inflow of $1,368,181 for the three months ending March 31, 2023.
Our book value per share was $17.10 as of March 31, 2024, compared to $17.19 as of 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 shares of 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 companies involved in outdoor advertising, broadband telecommunications services, surety bonds 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”, “could”, “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 regarding expectations and plans Company futures 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”, “could”, “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 makes as a result of a variety of risks and uncertainties, including risks relating to the Company’s estimates regarding the potential market opportunity for the Company’s business. Company. current and future products and services, the impact of the COVID-19 pandemic, the competitive nature of the sectors in which we conduct our business, general business and economic conditions, our ability to acquire suitable businesses, our ability to successfully integrate the acquired businesses, the effect of a loss or financial difficulty of any reinsurer reinsuring the Company’s insurance operations, the risks associated with our investments in publicly traded securities and private 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 operating results, 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 that may be described in any subsequent quarterly report on Form 10-Q filed by the Company and in other reports that the Company files at the SEC. Copies of our SEC filings are available on our website at www.bostonomaha.com. Furthermore, 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, although the Company may choose 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 views of the Company 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 to easily find information about us. We make readily available on this website, free of charge, the reports we file with or provide to the SEC, corporate governance information and selected press releases, which may contain material information about us, and you can sign up to be notified about new information. posted on this site.
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Contacts
Boston Omaha Corporation
Josh Weisenburger, 402-210-2633
contact@bostonomaha.com