OMAHA, Neb.--(BUSINESS WIRE)--Boston Omaha Corporation (NASDAQ: BOMN) (the “Company”) announced its
financial results for the first quarter ended March 31, 2018 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 first quarter of 2018 and
2017. Our Quarterly Report on Form 10-Q can be found at www.bostonomaha.com.
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First Quarter
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2018
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2017
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Revenues:
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Billboard Rentals
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$1,550,190
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$1,014,492
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Premiums Earned
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477,304
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492,542
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Insurance Commissions
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765,184
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333,168
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Investment and Other Income
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30,266
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29,725
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Total Revenues
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$2,822,944
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$1,869,927
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Net Loss Attributable to Common Stockholders
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$(2,069,382)
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$(1,110,211)
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Basic and Diluted Net Loss per Share
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$(0.13)
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$(0.16)
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March 31,
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December 31,
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2018
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2017
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Total Unrestricted Cash & Investments (1)
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$175,292,282
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$89,939,150
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Total Assets
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238,994,496
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153,477,084
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Total Liabilities
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5,261,593
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5,088,411
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Total Noncontrolling Interest
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1,194,820
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1,234,987
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Total Stockholders’ Equity
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$232,538,083
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$147,153,686
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Our book value per share was $12.79 at March 31, 2018, compared to
$10.25 at December 31, 2017.
As of March 31, 2018, we had 17,128,847 shares of Class A common stock
and 1,055,560 shares of Class B common stock issued and outstanding.
As of May 11, 2018, we had 17,528,249 shares of Class A common stock and
1,055,560 shares of Class B common stock issued and outstanding.
Pursuant to the Class A Common Stock Purchase Agreement related to the
issuance and sale of up to $150,000,000 of Class A common stock, which
was announced on February 22, 2018, the Company expects to close the
second tranche of the financing in May 2018. The remaining 3,137,768
shares are expected to be issued following expiration of any regulatory
waiting period and the authorization of an increase to the number of the
Company’s authorized shares of Class A common stock by the Company’s
stockholders at a special meeting of stockholders, which was approved on
May 4, 2018.
Assuming the sale of the second tranche, we expect to have 20,666,017
shares of Class A common stock and 1,055,560 shares of Class B common
stock issued and outstanding and, as a result, estimated book value of
over $14 per share (2).
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 and residential
homebuilding 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.
(1) Investments is made up of short-term U.S. treasury securities
classified as trading securities and debt securities available for sale.
(2) Estimated book value per share does not incorporate any results for
the second quarter of fiscal 2018.