Boston Omaha Corporation Announces Third Quarter 2021 Financial Results
Boston Omaha Corporation (NASDAQ: BOMN) reported its Q3 2021 financial results, highlighting a total revenue of $14.5 million, up from $11.6 million in Q3 2020. Billboard rentals and broadband services contributed significantly, with broadband revenue reaching $3.8 million compared to $1.1 million the previous year. However, the company faced a net loss of $26.3 million for the quarter, with a basic EPS of ($0.89). Despite these losses, cash flow from operations improved to $6.6 million year-to-date, indicating operational resilience.
- Total revenue increased by 25% year-over-year to $14.5 million.
- Broadband services revenue surged from $1.1 million to $3.8 million year-over-year.
- Cash flow from operations improved to $6.6 million for the nine months ended September 30, 2021, compared to $3.5 million in the prior year.
- Book value per share rose to $17.03 from $14.01.
- Net loss for Q3 was $26.3 million, a significant increase from a profit of $3.5 million in Q3 2020.
- Net income attributable to shareholders showed a decline compared to the previous year.
- Investment losses of $32.9 million impacted overall financial performance.
We show below summary financial data for the third 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 Nine Months Ended |
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2021 |
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|
|
2020 |
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|
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2021 |
|
|
|
2020 |
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| Billboard Rentals, Net | $ |
8,023,065 |
|
$ |
7,121,957 |
|
$ |
23,129,582 |
|
$ |
20,991,755 |
|
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| Broadband Services (1) |
|
3,773,729 |
|
|
1,144,343 |
|
|
11,329,220 |
|
|
2,575,676 |
|
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| Premiums Earned |
|
2,031,575 |
|
|
2,880,544 |
|
|
5,554,297 |
|
|
9,538,183 |
|
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| Insurance Commissions |
|
584,082 |
|
|
382,493 |
|
|
1,642,962 |
|
|
1,065,013 |
|
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| Investment and Other Income |
|
85,696 |
|
|
77,499 |
|
|
226,986 |
|
|
338,953 |
|
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| Total Revenues |
|
14,498,147 |
|
|
11,606,836 |
|
|
41,883,047 |
|
|
34,509,580 |
|
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| Depreciation and Amortization Expense |
|
2,806,720 |
|
|
2,010,477 |
|
|
7,574,896 |
|
|
5,757,017 |
|
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| Net Loss from Operations |
|
(2,760,998 |
) |
|
(720,623 |
) |
|
(5,340,248 |
) |
|
(2,765,904 |
) |
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| Net Other Income (Loss) |
|
(33,753,550 |
) |
|
4,186,794 |
|
|
88,935,971 |
|
|
(15,060,171 |
) |
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| Net Income (Loss) Attributable to Common Stockholders | $ |
(26,276,094 |
) |
$ |
3,463,671 |
|
$ |
66,799,096 |
|
$ |
(17,868,259 |
) |
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| Basic Net Income (Loss) per Share | $ |
(0.89 |
) |
$ |
0.13 |
|
$ |
2.32 |
|
$ |
(0.71 |
) |
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| Diluted Net Income (Loss) per Share | $ |
(0.89 |
) |
$ |
0.13 |
|
$ |
2.32 |
|
$ |
(0.71 |
) |
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2021 |
|
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|
2020 |
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| Total Unrestricted Cash & Investments (2) | $ |
247,031,304 |
|
$ |
146,470,399 |
|
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| Total Assets |
|
781,373,227 |
|
|
640,707,426 |
|
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| Total Liabilities |
|
130,902,506 |
|
|
114,114,020 |
|
||||||||||
| Total Noncontrolling Interest |
|
146,920,362 |
|
|
145,027,149 |
|
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| Total Stockholders' Equity | $ |
503,550,359 |
|
$ |
381,566,257 |
|
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(1) |
Includes our acquisition of AireBeam completed on |
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(2) |
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Investments consist of |
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 other investment losses of
Cash flow from operations for the nine 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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