Boston Omaha Corporation announces financial results for the first quarter of 2021

OMAHA, Neb .– (BUSINESS WIRE) – Boston Omaha Corporation (NASDAQ: BOMN) (“Boston Omaha” or the “Company”) announced its financial results for the first quarter ended March 31, 2021 in connection with the filing of its quarterly report on Form 10-Q for the securities known and Exchange Commission (“SEC”).

You will find summary financial information for the first quarter of 2021 and 2020 below. Our quarterly report on Form 10-Q is available at www.bostonomaha.com.

For the three months ended
March 31,

2021

2020

Poster rental, net

$

7,153,685

$

7,215,766

Broadband Services (1)

3,795,037

267,251

Rewards earned

1,786,564

3,454,058

Insurance commissions

400.177

332.791

Investment and other income

69,556

140.314

Total revenue

13.205.019

11.410.180

Depreciation

2,311,976

1,783,331

Net loss from operation

(1,485,778

)

(1,179,972

)

Other net income (loss)

110,123,064

(23,547,725

)

Net income (loss) attributable to ordinary shareholders

$

84,437,627

$

(24,734,238

)

Basic and diluted earnings per share

$

3.09

$

(1.05

)

March 31,

December 31,

2021

2020

Total Unrestricted Cash & Investments (2)

$

282,802,351

$

146,470,399

Total assets

750, 104, 244

640, 707, 426

Total liabilities

135,499,641

114,114,020

Total noncontrolling interest

149,259,571

145.027.149

Total equity

$

465,345,032

$

381, 566, 257

(1)

Includes our acquisitions of AireBeam on March 10, 2020 and UBB on December 29, 2020.

(2)

The investments consist of US Treasury securities classified as commercial paper and publicly traded stocks, of which US $ 16,112,561 is held by our insurance companies as of March 31, 2021.

Due to a change in generally accepted accounting principles in 2018, we are required to include the unrealized changes in the market prices of investments in shares with public equity in our reported results. In the table above, Other Other Income (Losses) includes unrealized gains of $ 104,467,952 for the first quarter of 2021, primarily from our investment of $ 10,000,000 in Dream Finders Homes in 2017 following its IPO on Jan. January 2021. This contrasts with unrealized gains and losses in the value of our public equity securities of $ 24,745,513 in the first quarter of 2020. While we plan to hold our current securities longer term, we may choose to sell in the future for a variety of reasons realized loss or gain.

Cash flow from operating activities for the three months ended March 31, 2021 was $ 4,029,984, compared to a cash outflow of ($ 110,884) for the three months ended March 31, 2020.

We recently adjusted our 2020 results on Form 10-K / A filed with the SEC on May 24, 2021 to reflect the impact of the consolidation of the Yellowstone Acquisition Company (“Yellowstone”) in Boston Omaha and the Yellowstone warrants as derivative liabilities and to classify Yellowstone’s Class A common stock as temporary equity. Please refer to Note 2 on Form 10-K / A, which reflects any adjustments made to our previous 10-K report, which was filed with the SEC on March 29, 2021. These adjustments at Yellowstone reduced Boston Omaha consolidated equity by approximately $ 21.3 million. Management believes that any increase or decrease in net worth related to Yellowstone due to the recent adjustment should be recorded as noneconomic fluctuations based solely on generally recognized fluctuations Accounting principles are based and not conditioned by changes in the operating business are based in Boston Omaha or Yellowstone. Boston Omaha still owns 20% of Yellowstone and Yellowstone continues to hold approximately $ 139 million in trust on behalf of its Class A common stockholders to fund a future business combination. In our opinion, the success or failure of a business combination for Boston Omaha will result in a gain or loss in economic value for the Boston Omaha area of ​​Yellowstone. In any event, we anticipate that Yellowstone’s inclusion in the Boston Omaha financial statements will reflect Yellowstone’s life as a business, which is limited given the short lifespan of SPACs.

Our book value per share was $ 17.09 as of March 31, 2021, compared to $ 14.01 ($ 14.79 prior to the Yellowstone consolidation) as of December 31, 2020.

As of March 31, 2021, we had 26,175,555 Class A common shares and 1,055,560 Class B common shares outstanding and outstanding.

On April 6, 2021, we completed the previously announced public offering of our Class A common shares at a price of $ 25.00 per share for a total of 2,645,000 shares, of which 2,345,000 shares were sold by us and 300,000 shares by a Sell ​​shareholder. The offering resulted in total gross proceeds of $ 58,625,000 before the subscription discount and cost of the offering were deducted.

As of May 24, 2021, we had 28,520,555 Class A common shares and 1,055,560 Class B common shares outstanding and outstanding.

About the Boston Omaha Corporation

Boston Omaha Corporation is a public holding company of three majority-owned companies engaged in outdoor advertising, surety insurance, and broadband telecommunications services. The company also has minority interests including interests in a bank, national housing company, commercial real estate services company and the Yellowstone Acquisition Company.

Forward-Looking Statements

All statements in this press release about the company’s future expectations, plans, and prospects, including statements about our funding strategy, future operations, future financial condition and results, market growth, total revenues, and other statements that include the words “anticipate”. “Believe”, “continue”, “might”, “estimate”, “expect”, “intend”, “may”, “might”, “plan”, “potentially”, “predict”, “project”, “should” “,” Goal, “” 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. Intentions or expectations disclosed in the company’s forward-looking statements , and you should not place undue reliance on any forward-looking statements made by the company. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the company’s forward-looking statements due to a variety of risks and uncertainties, including the risks associated with the company’s estimates of the company’s potential market opportunity current and future products and services, the effects of the COVID-19 pandemic, the competitive nature of the industries in which we operate our business, general business and economic conditions, our ability to acquire suitable business, our ability to successfully integrate acquired businesses , the impact of loss or financial distress of any reinsurance company on which we rely for our insurance business, the risks associated with our investments in publicly traded and privately held securities, and Our loss history and ability to maintain profitability in the future, the company’s expectations for revenue, costs, gross margin of the company’s gins and other operating results, and the other risks and uncertainties identified in the “Risk Factors” sections of the company’s public filing of the Securities and Exchange Commission on Form 10-K for the year ended December 31, 2020, as amended, and our interim reports below on Form 10-Q and 8-K. Copies of our SEC filings are available on our website at www.bostonomaha.com. In addition, the forward-looking statements contained in this press release reflect the company’s views as of the date of this document. The company assumes that subsequent events and developments may cause the company’s views to change. Although the company may decide to update these forward-looking statements at a later date, the company expressly disclaims any obligation to do so. These forward-looking statements should not be assumed to represent the company’s views as of the date of this document.

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