Boston Omaha Corporation Announces Third Quarter 2024 Financial Results
We show below summary financial data for the third quarter of 2024 and 2023. Our Quarterly Report on Form 10-Q can be found at www.bostonomaha.com. A supplemental presentation providing additional financial information for the third quarter of 2024 can be found on our investor relations website at https://investor.bostonomaha.com. We believe that it’s important for shareholders to read the supplemental presentation as, in management’s opinion, it provides additional information on business metrics we use in gauging the performance of each of our three principal business units and investments.
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
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2024 |
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2023 |
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2024 |
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2023 |
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Billboard Rentals, Net |
$ |
11,503,915 |
|
$ |
10,891,979 |
|
$ |
33,638,043 |
|
$ |
32,029,726 |
|
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Broadband Services |
|
9,664,074 |
|
|
8,995,678 |
|
|
29,135,486 |
|
|
26,230,819 |
|
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Premiums Earned |
|
5,425,052 |
|
|
3,727,219 |
|
|
14,165,167 |
|
|
10,293,119 |
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Insurance Commissions |
|
520,657 |
|
|
378,987 |
|
|
1,550,400 |
|
|
1,449,653 |
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Investment and Other Income |
|
587,238 |
|
|
554,238 |
|
|
1,852,354 |
|
|
1,576,963 |
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Total Revenues |
|
27,700,936 |
|
|
24,548,101 |
|
|
80,341,450 |
|
|
71,580,280 |
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Depreciation and Amortization Expense |
|
5,673,662 |
|
|
4,983,010 |
|
|
16,467,929 |
|
|
14,336,413 |
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Net Loss from Operations |
|
(740,022 |
) |
|
(1,942,729 |
) |
|
(7,194,918 |
) |
|
(6,562,425 |
) |
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Net Other (Expense) Income |
|
(1,065,883 |
) |
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(1,230,036 |
) |
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(834,439 |
) |
|
12,864 |
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Net Loss Attributable to Common Stockholders |
$ |
(1,595,136 |
) |
$ |
(1,642,506 |
) |
$ |
(6,638,436 |
) |
$ |
(3,422,048 |
) |
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Basic and Diluted Net Loss per Share |
$ |
(0.05 |
) |
$ |
(0.05 |
) |
$ |
(0.21 |
) |
$ |
(0.11 |
) |
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2024 |
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2023 |
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Total Unrestricted Cash & Investments (1) |
$ |
37,225,358 |
|
$ |
71,269,580 |
|
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Total Assets |
|
711,938,773 |
|
|
768,207,092 |
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Total Liabilities |
|
158,500,122 |
|
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151,754,831 |
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Redeemable Noncontrolling Interest |
|
- |
|
|
15,638,013 |
|
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Total Boston Omaha Stockholders' Equity |
|
527,682,666 |
|
|
538,207,426 |
|
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Noncontrolling Interests (2) |
|
25,755,985 |
|
|
62,606,822 |
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Total Equity |
$ |
553,438,651 |
|
$ |
600,814,248 |
|
(1) |
Investments consist of |
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(2) |
Noncontrolling interests are related to third party capital raised within our build for rent fund as well as within our |
In the third quarter of fiscal 2024, “Net Other (Expense) Income” included non-cash losses of
Our investment in Sky Harbour Class A common stock and warrants was valued at
Cash inflow from operations for the nine months ended
During the third quarter of fiscal 2024, we repurchased 97,262 shares of our Class A common stock on the open market for a total cost of
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 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 reinsures the Company’s 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
Our investor relations website is https://investor.bostonomaha.com and we encourage investors to use it as a way of easily finding information about us. We promptly make available on this website, free of charge, the reports that we file or furnish with the
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