Boston Omaha Corporation Announces First Quarter 2022 Financial Results
Boston Omaha Corporation (NYSE: BOC) reported its Q1 2022 financial results, including total revenues of $16.29 million, up from $13.21 million in Q1 2021. The company experienced a net loss from operations of $(2.45 million) compared to a loss of $(1.49 million) in the prior year. Significant net other income of $25.50 million included gains from the deconsolidation of Yellowstone Acquisition Company. Cash outflow from operations was $(15.68 million), contrasting with a cash inflow of $4.03 million in the same quarter of 2021.
- Total revenues increased from $13.21 million in Q1 2021 to $16.29 million in Q1 2022.
- Net other income included a significant gain of $25.50 million related to the deconsolidation of Yellowstone Acquisition Company.
- Book value per share improved from $16.71 at year-end 2021 to $17.27 at March 31, 2022.
- Net loss from operations increased to $(2.45 million) in Q1 2022 compared to $(1.49 million) in Q1 2021.
- Cash outflow from operations for Q1 2022 was $(15.68 million), compared to a cash inflow of $4.03 million in Q1 2021.
We show below summary financial data for the first quarter of 2022 and 2021. Our Quarterly Report on Form 10-Q can be found at www.bostonomaha.com.
For the Three Months Ended |
||||||||
|
||||||||
2022 |
|
2021 |
||||||
| Billboard Rentals, Net | $ |
9,138,149 |
|
$ |
7,153,685 |
|
||
| Broadband Services |
|
4,076,946 |
|
|
3,795,037 |
|
||
| Premiums Earned |
|
2,288,449 |
|
|
1,786,564 |
|
||
| Insurance Commissions |
|
697,200 |
|
|
400,177 |
|
||
| Investment and Other Income |
|
92,203 |
|
|
69,556 |
|
||
| Total Revenues |
|
16,292,947 |
|
|
13,205,019 |
|
||
| Depreciation and Amortization Expense |
|
2,933,264 |
|
|
2,311,976 |
|
||
| Net Loss from Operations |
|
(2,449,736 |
) |
|
(1,485,778 |
) |
||
| Net Other Income |
|
25,498,646 |
|
|
110,123,064 |
|
||
| Net Income Attributable to Common Stockholders | $ |
16,302,593 |
|
$ |
84,437,627 |
|
||
| Basic and Diluted Net Income per Share | $ |
0.55 |
|
$ |
3.09 |
|
||
|
|
|
||||||
2022 |
|
2021 |
||||||
| Total Unrestricted Cash & Investments (1) | $ |
158,213,175 |
|
$ |
230,670,929 |
|
||
| Total Assets |
|
670,620,168 |
|
|
807,053,793 |
|
||
| Total Liabilities |
|
152,366,985 |
|
|
166,458,071 |
|
||
| Total Noncontrolling Interest |
|
5,320,740 |
|
|
144,270,503 |
|
||
| Total Stockholders' Equity | $ |
512,932,443 |
|
$ |
496,325,219 |
|
||
-
Investments consist of
U.S. treasury securities classified as trading securities and publicly traded equity securities, of which$15,250,413 March 31, 2022 .
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 includes other investment income of
In the first quarter of 2022, Net Other Income also includes a gain of
Cash outflow from operations for the three months ended
Our book value per share was
As of
As of
About
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
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contact@bostonomaha.com
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