Boston Omaha Corporation Announces Second Quarter 2019 Financial Results

 

OMAHA, Neb.--()--Boston Omaha Corporation (NASDAQ: BOMN) (the “Company”) announced its financial results for the second quarter ended June 30, 2019 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 second quarter of 2019 and 2018. Our Quarterly Report on Form 10-Q can be found at www.bostonomaha.com.

 

 

For the Three Months Ended
June 30,

 

For the Six Months Ended
June 30,

 

2019

 

2018

 

2019

 

2018

Billboard Rentals, Net

$7,149,992

 

$1,699,269

 

$13,930,382

 

$3,249,459

Premiums Earned

2,487,557

 

507,045

 

4,369,899

 

984,349

Insurance Commissions

402,956

 

751,684

 

758,103

 

1,516,868

Investment and Other Income

99,056

 

31,761

 

191,902

 

62,027

Total Revenues

10,139,561

 

2,989,759

 

19,250,286

 

5,812,703

 

 

 

 

 

 

 

 

Depreciation and Amortization Expense

3,717,694

 

997,619

 

7,409,529

 

2,086,647

 

 

 

 

 

 

 

 

Net Loss Attributable to Common
Stockholders

$(2,114,348)

 

$(1,598,097)

 

$(6,192,734)

 

$(3,667,479)

Basic and Diluted Net Loss per Share

$(0.09)

 

$(0.08)

 

$(0.28)

 

$(0.21)

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

December 31,

 

 

 

 

 

2019

 

2018

Total Unrestricted Cash & Investments (1)

 

 

 

 

$96,675,295

 

$103,950,458

Total Assets

 

 

 

 

390,159,291

 

332,194,521

Total Liabilities

 

 

 

 

65,628,255

 

15,633,559

Total Noncontrolling Interest

 

 

 

 

1,623,132

 

1,345,578

Total Stockholders’ Equity

 

 

 

 

$322,907,904

 

$315,215,384

 

1. Investments is made up of short-term U.S. treasury securities classified as securities available for sale.

Our book value per share was $14.24 at June 30, 2019, compared to $14.27 at December 31, 2018.

As of June 30, 2019, we had 21,619,321 shares of Class A common stock and 1,055,560 shares of Class B common stock issued and outstanding.

As of August 8, 2019, we had 21,954,072 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 company engaged in several lines of business, including outdoor advertising and surety insurance, and also maintains investments in commercial real estate, residential homebuilding and banking 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 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. 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 disclaim 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.

Contacts

Boston Omaha Corporation
Catherine Vaughan, 617-875-8911
cathy@bostonomaha.com

Contacts

Boston Omaha Corporation
Catherine Vaughan, 617-875-8911
cathy@bostonomaha.com