Omaha, Nebraska, March 27, 2024–(BUSINESS WIRE)–Boston Omaha Corporation (NYSE: BOC) (the “Company”, “we”, or “our”) announces its financial results for the fiscal year ended December 31, 2023. Annual Report on Form 10-K to the Securities and Exchange Commission.
Below is a summary of our financial data for fiscal years 2023 and 2022. Our annual report on Form 10-K is available at www.bostonomaha.com.
|
for the year that ended |
||||||||
|
December 31 |
||||||||
|
2023 |
2022 |
|||||||
|
Signboard rental, internet |
$ |
42,940,369 |
$ |
39,244,726 |
||||
|
broadband service (1) |
35,340,502 |
28,627,271 |
||||||
|
Earned premiums |
13,932,659 |
10,649,089 |
||||||
|
insurance fee |
1,884,007 |
2,050,838 |
||||||
|
Investments and other income |
2,156,199 |
662,270 |
||||||
|
total income |
96,253,736 |
81,234,194 |
||||||
|
depreciation expense |
19,565,035 |
15,123,857 |
||||||
|
Net operating loss |
(8,852,403 |
) |
(5,229,895 |
) |
||||
|
Other net other (loss) income |
(294,060 |
) |
13,104,078 |
|||||
|
Net income (loss) attributable to common shareholders |
$ |
(7,004,009 |
) |
$ |
10,233,400 |
|||
|
Basic earnings and diluted net (loss) earnings per share |
$ |
(0.23 |
) |
$ |
0.34 |
|||
|
December 31 |
December 31 |
|||||||
|
2023 |
2022 |
|||||||
|
Unlimited cash and investment total (2) |
$ |
71,269,580 |
$ |
67,782,480 |
||||
|
Total assets |
768,207,092 |
687,802,899 |
||||||
|
Total debt |
151,754,831 |
158,059,668 |
||||||
|
Redeemable non-controlling interests |
15,638,013 |
15,713,021 |
||||||
|
Total stockholders' equity of Boston and Omaha |
538,207,426 |
506,621,142 |
||||||
|
non-controlling interest (3) |
62,606,822 |
7,409,068 |
||||||
|
total capital |
$ |
600,814,248 |
$ |
514,030,210 |
||||
|
(1) |
Includes the acquisitions of InfoWest and Go Fiber, which were completed on April 1, 2022. |
|
(2) |
Investments consist of U.S. Treasury securities classified as trading securities and marketable equities, of which, as of December 31, 2023, $2,176,756 was held by the Company's insurance carriers and $28,819,521 was held by the Company's assets. It is owned by the management company. Marketable stock does not include Sky Harbor Group Corporation (“Sky”). The shares represent 19.8% of the Company's equity (measured as of December 31, 2023) under the equity method and are therefore Class A common stock. |
|
(3) |
Non-controlling interests relate to third party capital raised within our rental construction funds and within our 24 funds.th Street Commercial Real Estate Fund. |
|
(Four) |
The Company accounts for investments using the equity method and therefore excludes Sky Harbor Class A common stock. |
“Other (loss) net income” during fiscal 2023 includes a loss of $13,149,861 related to the Company's equity method position in Sky Harbor, which represents the Company's previously held Sky Harbor interest. partially offset by $4,630,610 of non-cash gains recognized on the remeasurement of twenty fourth Street and other investment income of $6,132,791 primarily related to public securities held by Boston Omaha and UCS.
“Other (loss) net income” during fiscal year 2022 includes gains of $24,977,740 related to the deconsolidation of Yellowstone Acquisition Company on January 25, 2022, and $4,085,040 related to investments in 24 companies. Contains dollars.th street funds and $1,837,211 related to the remeasurement of Yellowstone's public warrants from January 1, 2022 to January 25, 2022, primarily in public securities held by Boston-Omaha and UCS. Partially offset by related other investment losses of $15,635,690.
Please note that generally accepted accounting principles (“GAAP”) require us to include unrealized changes in the market price of investments in publicly traded securities in our reported earnings.(Four). Although we intend to hold our securities for the long term, we may choose to sell them in the future for a variety of reasons, resulting in realized losses or gains.
Cash inflows from operations for the year ended December 31, 2023 were $16,059,125, while cash outflows for the year ended December 31, 2022 were $5,165,165.
The Company's book value per share was $17.19 as of December 31, 2023, compared to $17.05 as of December 31, 2022.
As of December 31, 2023, the Company had outstanding shares of 30,255,739 shares of Class A common stock and 1,055,560 shares of Class B common stock.
As of March 22, 2024, the Company had outstanding shares of 30,299,408 shares of Class A common stock and 1,055,560 shares of Class B common stock.
About Boston Omaha Corporation
Boston Omaha Corporation is a publicly traded company with majority ownership of four businesses engaged in outdoor advertising, broadband communications services, surety insurance, and asset management.
Forward-looking statements
Statements in this press release regarding the Company's future expectations, plans and prospects include statements regarding the Company's financial strategy, future operations, future financial condition and results, market growth, total revenues and Contains other descriptions that include words. “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “might”, “plan”, “could” , “anticipate,'' “anticipate,'' “should,'' “target,'' “will,'' or “will'' and similar expressions refer to Private Securities Litigation Reform. constitute forward-looking statements within the meaning of the safe harbor provisions. All statements in this press release regarding our future expectations and plans constitute forward-looking statements. Statements regarding our financial strategy, future operations, future financial condition and results, market growth, total revenues, and statements such as “anticipate,” “believe,” “continue,” “may,” or “may” Forward-looking statements including other statements including the words. estimate, “expect”, “intend”, “may”, “might”, “plan”, “could”, “predict”, “predict”, “should” “will,” “target,” “will,” or “will” and similar expressions constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Masu. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements. Do not place undue reliance on our forward-looking statements. Actual results and events are subject to a variety of risks and uncertainties, including risks related to our estimates of our potential market opportunities, our plans, intentions disclosed in forward-looking statements, etc. , which can be very different from your expectations. current and future products and services; the impact of the COVID-19 pandemic; the competitiveness of the industries in which we operate; general business and economic conditions; our ability to acquire suitable businesses; our ability to integrate, the impact of losses or financial distress on the reinsurance companies reinsuring our insurance business, the risks associated with our investments in both publicly traded securities and privately held businesses, the risks of our losses; our historical and ability to maintain future profitability, our expectations regarding our sales, expenses, gross margins and other results of operations, and the “risk factors” in our public filings with the Securities and Exchange Commission (“SEC”); ” section. risks and uncertainties described in our Form 10-K for the year ended December 31, 2023 and in our subsequent quarterly reports on Form 10-Q and other reports we file with the SEC; and other risks and uncertainties that may occur. Copies of our SEC filings are available on our website at www.bostonomaha.com. Additionally, the forward-looking statements contained in this press release represent the Company's views as of the date hereof. We expect that general economic conditions and subsequent events and developments may cause our views to change. However, although we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this document.
Our investor relations website is https://investor.bostonomaha.com/ and we encourage investors to use this website as an easy way to find information about our company. We will promptly publish on this website free of charge certain press releases that may contain reports filed or furnished to the SEC, corporate governance information, and material information about us. You can also subscribe to receive notifications of new information. Posted on this site.
View source version on businesswire.com. https://www.businesswire.com/news/home/20240327706912/ja/
contact address
Boston Omaha Corporation
Katherine Vaughn, 857-256-0079
contact@bostonomaha.com
