Boston Omaha Corporation Announces Third Quarter 2020 Financial Results
Boston Omaha Corporation (NASDAQ: BOMN) reported its Q3 2020 financial results, showing total revenues of $11.61 million, up from $10.82 million in Q3 2019. The company generated $1.14 million from its broadband services, a notable increase. However, net loss from operations narrowed to $720,623 compared to a loss of $3.79 million in the same quarter last year. Net income attributable to common stockholders rose to $3.46 million from $635,000. Cash flow from operations decreased to $3.49 million from $5.04 million in 2019, and book value per share declined to $14.10.
- Total revenues increased to $11.61 million, compared to $10.82 million in Q3 2019.
- Broadband services contributed $1.14 million in revenue this quarter.
- Net income attributable to common stockholders rose to $3.46 million from $635,000 in Q3 2019.
- Net loss from operations was $720,623, although improved from $3.79 million last year.
- Cash flow from operations decreased to $3.49 million from $5.04 million in the same period last year.
- Book value per share declined to $14.10 from $14.68 at year-end 2019.
OMAHA, Neb.--(BUSINESS WIRE)--Boston Omaha Corporation (NASDAQ: BOMN) (the “Company”) announced its financial results for the third quarter ended September 30, 2020 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 third quarter of 2020 and 2019. Our Quarterly Report on Form 10-Q can be found at www.bostonomaha.com.
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|||||
| Billboard Rentals, Net | $ |
7,121,957 |
|
$ |
7,182,884 |
|
$ |
20,991,755 |
|
$ |
21,113,266 |
|
||||
| Broadband Services (1) |
|
1,144,343 |
|
|
- |
|
|
2,575,676 |
|
|
- |
|
||||
| Premiums Earned |
|
2,880,544 |
|
|
3,065,490 |
|
|
9,538,183 |
|
|
7,435,389 |
|
||||
| Insurance Commissions |
|
382,493 |
|
|
442,824 |
|
|
1,065,013 |
|
|
1,200,927 |
|
||||
| Investment and Other Income |
|
77,499 |
|
|
131,610 |
|
|
338,953 |
|
|
323,512 |
|
||||
| Total Revenues |
|
11,606,836 |
|
|
10,822,808 |
|
|
34,509,580 |
|
|
30,073,094 |
|
||||
| Depreciation and Amortization Expense |
|
2,010,477 |
|
|
4,120,022 |
|
|
5,757,017 |
|
|
11,529,551 |
|
||||
| Net Loss from Operations |
|
(720,623 |
) |
|
(3,789,099 |
) |
|
(2,765,904 |
) |
|
(11,779,688 |
) |
||||
| Net Other Income (Loss) |
|
4,186,794 |
|
|
4,456,704 |
|
|
(15,060,171 |
) |
|
6,261,025 |
|
||||
| Net Income (Loss) Attributable to Common Stockholders | $ |
3,463,671 |
|
$ |
634,999 |
|
$ |
(17,868,259 |
) |
$ |
(5,557,735 |
) |
||||
| Basic and Diluted Net Income (Loss) per Share | $ |
0.13 |
|
$ |
0.03 |
|
$ |
(0.71 |
) |
$ |
(0.25 |
) |
||||
September 30, |
December 31, |
|||||||||||||||
|
2020 |
|
|
2019 |
|
|||||||||||
| Total Unrestricted Cash & Investments (2) | $ |
182,732,755 |
|
$ |
147,345,640 |
|
||||||||||
| Total Assets |
|
479,905,013 |
|
|
436,908,210 |
|
||||||||||
| Total Liabilities |
|
94,421,089 |
|
|
89,937,167 |
|
||||||||||
| Total Noncontrolling Interest |
|
1,655,121 |
|
|
1,730,058 |
|
||||||||||
| Total Stockholders' Equity | $ |
383,828,803 |
|
$ |
345,240,985 |
|
||||||||||
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)” includes unrealized losses of
Cash flow from operations for the nine months ended September 30, 2020 was
Our book value per share was
As of September 30, 2020, we had 26,175,555 shares of Class A common stock and 1,055,560 shares of Class B common stock issued and outstanding.
As of November 6, 2020, we had 26,175,555 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 in a bank, a national residential homebuilder and commercial real estate services businesses.
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, 2019 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.
