EX-99.1 2 ex_409857.htm EXHIBIT 99.1 ex_409857.htm

Exhibit 99.1

 

BOSTON OMAHA CORPORATION ANNOUNCES SECOND

QUARTER 2022 FINANCIAL RESULTS

 

 

Omaha, Nebraska (Business Wire)     August 12, 2022

 

Boston Omaha Corporation (NYSE: BOC) (the “Company”) announced its financial results for the second quarter ended June 30, 2022 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 2022 and 2021. 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,

  
   

2022

    

2021

    

2022

    

2021

  

Billboard Rentals, Net

   $ 9,825,164     $ 7,952,832     $ 18,963,313     $ 15,106,517  

Broadband Services (1)

     8,078,580       3,760,454       12,155,526       7,555,491  

Premiums Earned

     2,407,523       1,736,158       4,695,972       3,522,722  

Insurance Commissions

     494,244       658,703       1,191,444       1,058,880  

Investment and Other Income

     89,505       71,734       181,708       141,290  

Total Revenues

     20,895,016       14,179,881       37,187,963       27,384,900  
                                 

Depreciation and Amortization Expense

     3,736,689       2,456,200       6,669,953       4,768,176  
                                 

Net Loss from Operations

     (716,982 )     (1,093,472 )     (3,166,718 )     (2,579,250 )

Net Other Income (Loss)

     (14,777,668 )     12,566,457       10,720,978       122,689,521  
                                 

Net Income (Loss) Attributable to Common Stockholders

   $ (11,496,339 )   $ 8,637,563     $ 4,806,254     $ 93,075,190  

Basic Net Income (Loss) per Share

   $ (0.39 )   $ 0.29     $ 0.16     $ 3.27  

Diluted Net Income (Loss) per Share

   $ (0.39 )   $ 0.29     $ 0.16     $ 3.26  

  

   

June 30,

   

December 31,

 
   

2022

    

2021

  

Total Unrestricted Cash, Treasuries and Marketable Equity Securities (2)

   $ 101,891,804     $ 230,670,929  

Total Assets

     673,851,058       807,053,793  

Total Liabilities

     157,160,713       166,458,071  

Total Noncontrolling Interest

     15,271,794       144,270,503  

Total Stockholders' Equity

   $ 501,418,551     $ 496,325,219  

 

 

(1)

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

(2)

Includes U.S. treasury securities classified as trading securities and marketable equity securities, of which $9,638,237 is held by our insurance entities at June 30, 2022. Marketable equity securities excludes Sky Harbour Group Corporation (“Sky Harbour”) Class A common stock as we account for our 22.96% stake under the equity method.

 

 
 

 

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(3).

 

In the table above, Net Other Income (Loss) includes other investment losses of $16,933,563 in the second quarter of 2022, which are mainly related to unrealized losses from public securities held by Boston Omaha and our United Casualty and Surety Insurance Company subsidiary. 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 outflow from operations for the six months ended June 30, 2022 was $(14,679,836), compared to cash inflow of $5,290,113 for the six months ended June 30, 2021.

 

Our book value per share was $16.88 at June 30, 2022, compared to $16.71 at December 31, 2021.

 

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

 

As of August 12, 2022, we had 28,642,801 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, surety insurance, broadband telecommunications services 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 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 (the “SEC”) on Form 10-K for the year ended December 31, 2021, 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 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.

 

Contacts:

Boston Omaha Corporation

Catherine Vaughan, 857-256-0079

contact@bostonomaha.com

 

 

(3)  Excludes Sky Harbour Class A common stock as we account for our investment under the equity method.