Boston Omaha Corporation
(NYSE: BOC) (the “Company”) announced its financial results for the
fiscal year ended December 31, 2021, in connection with filing its
Annual Report on Form 10-K with the Securities and Exchange
Commission.
We show below summary
financial data for fiscal 2021 and 2020. Our Annual Report on Form
10-K can be found at www.bostonomaha.com.
For the Years Ended December 31,
2021
2020
Billboard Rentals, Net
$
31,499,235
$
28,260,964
Broadband Services (1)
15,234,266
3,836,537
Premiums Earned
7,686,400
11,723,886
Insurance Commissions
2,212,849
1,494,379
Investment and Other Income
339,061
427,697
Total Revenues
56,971,811
45,743,463
Depreciation and Amortization Expense
10,128,634
7,691,703
Net Loss from Operations
(23,766,869
)
(4,994,907
)
Net Other Income
96,940,657
2,566,655
Net Income (Loss) Attributable to Common Stockholders
$
52,748,177
$
(49,089
)
Basic and Diluted Net Income (Loss) per Share
$
1.82
$
(0.00
)
December 31, December 31,
2021
2020
Total Unrestricted Cash & Investments (2)
$
230,670,929
$
146,470,399
Total Assets
807,053,793
640,707,426
Total Liabilities
166,458,071
114,114,020
Total Noncontrolling Interest
144,270,503
145,027,149
Total Stockholders' Equity
$
496,325,219
$
381,566,257
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
income of $93,163,697 in fiscal 2021 and other investment losses of
$4,685,725 in fiscal 2020, related to public equity securities
mainly held by Boston Omaha. 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 flow from operations for
the year ended December 31, 2021 was $7,768,237, compared to
$5,174,446 for the year ended December 31, 2020.
Our book value per share was
$16.71 at December 31, 2021, compared to $14.01 at December 31,
2020.
As of December 31, 2021, 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 March 28, 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 three majority owned businesses engaged
in outdoor advertising, surety insurance and broadband
telecommunications services. The Company also maintains minority
investments including investments in a bank, a national residential
homebuilder, an aviation infrastructure company 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 (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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220328005874/en/
Boston Omaha Corporation Catherine Vaughan, 857-256-0079
contact@bostonomaha.com
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