Boston Omaha Corp Stock Price, News & Analysis

Boston Omaha (NYSE: BOC) has released its fiscal year 2024 financial results. The company reported a cash inflow from operations of $21.2 million, up from $16.1 million in 2023. Notable financial highlights include:

The company incurred $4.1 million in one-time costs related to former Co-CEO separation. Net Other Income included $29.1 million in investment income, primarily from a $17.0 million unrealized gain on Sky Harbour warrants and $7.8 million from real estate sales. However, this was partially offset by a $17.3 million loss from unconsolidated affiliates.

The company's book value per share decreased to $16.99 from $17.19 in 2023. During 2024, BOC repurchased 111,323 shares of Class A common stock for $1.6 million. As of December 31, 2024, the company had 30,832,026 Class A shares and 527,780 Class B shares outstanding.

Boston Omaha (NYSE: BOC) has appointed David S. Graff to its Board of Directors, effective immediately. Graff will serve as Chair of the Audit Committee and member of the Compensation Committee. He is notably the founder of Hudl, a sports technology company providing video analysis and coaching tools used by over 300,000 teams across 40 sports in 180 countries, including major leagues like NHL, NFL, NBA, and English Premier League. Hudl employs more than 3,500 people across 18 countries.

Graff brings significant board experience, having served on Nelnet's (NYSE:NNI) board since 2014 where he participates in both Audit and Risk and Finance Committees. He also serves on the boards of Assurity and Teammates, and previously served on Sportsmap Tech Acquisition Corp's board from 2021 to 2023. He holds a BS in accounting and computer science and an MBA from the University of Nebraska-Lincoln.

Boston Omaha (NYSE: BOC) announced that Bradford B. Briner will resign from the Company's Board of Directors, effective December 31, 2024, following his election as Treasurer of the State of North Carolina. Briner will assume his new role on January 1, 2025, after winning the November 2024 general election. Adam K. Peterson, the Company's President and CEO, praised Briner's contributions to the board, highlighting his business acumen and analytical skills. Briner expressed enthusiasm for his new role while affirming his intention to remain a long-term BOC stockholder.

Boston Omaha (NYSE: BOC) reported Q3 2024 financial results with total revenues of $27.7 million, up from $24.5 million in Q3 2023. The company posted a net loss of $1.6 million ($0.05 per share). Revenue growth was seen across all segments: Billboard rentals reached $11.5 million, Broadband services $9.7 million, and Premiums earned $5.4 million. The company's book value per share decreased to $16.82 from $17.19 at year-end 2023. Cash flow from operations was $12.1 million for the nine months ended September 30, 2024. During Q3, BOC repurchased 97,262 shares for $1.38 million.

Boston Omaha (NYSE: BOC) reported its Q2 2024 financial results. Total revenues increased to $27,087,783, up from $24,216,394 in Q2 2023. However, the company reported a net loss from operations of $4,396,615, compared to a loss of $1,642,904 in the same period last year. The net loss attributable to common stockholders was $2,235,219, or $0.07 per share, compared to a net income of $1,541,612, or $0.05 per share, in Q2 2023.

The company's billboard rentals and broadband services showed growth, while premiums earned also increased. Total assets stood at $723,064,123 as of June 30, 2024. The company's book value per share decreased to $16.86 from $17.19 at the end of 2023. Cash inflow from operations for the first half of 2024 improved to $6.9 million, compared to $4.4 million in the same period of 2023.

Fiber Fast Homes, a subsidiary of Boston Omaha (NYSE: BOC), has appointed Randy Cosby as its new CEO. Cosby, co-founder of InfoWest, brings 30 years of experience in the Internet service provider industry. He will lead Fiber Fast Homes' efforts to collaborate with developers and builders for fiber-to-the-home Internet installations in new developments.

Cosby replaces Scott Sampson and will maintain his role as Executive VP at InfoWest. His background includes launching InfoWest in 1994 and overseeing various aspects of the company's growth. The appointment aims to leverage Cosby's expertise in growing ISPs and providing exceptional customer experiences to further Fiber Fast Homes' expansion and market leadership.

Boston Omaha (NYSE: BOC) has announced leadership changes in its broadband division, Boston Omaha Broadband (BOB). J. Max Meisinger, previously CFO of BOB, has been promoted to President and CEO, replacing Steve McGhie, who is stepping down to focus on personal interests but will remain as a consultant. BOB serves over 44,000 subscribers in Arizona and Utah, and provides broadband services to large-scale new home developments in Florida and other states.

Meisinger, who joined Boston Omaha in 2019, brings extensive financial and leadership experience to his new role. The company believes his skills will help BOB achieve significant growth and improved operating profitability. Key team members Mark Burgers and Frank DeJoy will support Meisinger in business development and network deployment, respectively.

Boston Omaha (NYSE: BOC) has announced a $20 million share repurchase program for its Class A common stock, effective from August 15, 2024, through September 30, 2025. The program allows the company to repurchase shares through open market purchases or privately-negotiated transactions, in compliance with Rule 10b-18. Adam Peterson, Chairman and CEO, stated that the program adds to their capital allocation options, allowing opportunistic share repurchases alongside continued business investments. The Board has also authorized the establishment of Rule 10b5-1 trading plans for these repurchases. The actual timing, number, and value of shares repurchased will depend on various factors, including price, market conditions, and alternative investment opportunities.

Boston Omaha (NYSE: BOC) has scheduled its 2024 Annual Meeting of Stockholders for September 20, 2024.

The meeting will take place at The Salvation Army Omaha Kroc Center – Joyce Mammel Assembly Hall, Omaha, NE, beginning at 10:00 a.m. Central Time.

This year’s meeting will be held in-person without remote streaming.

The new deadline for stockholder proposals and director nominations is June 14, 2024, superseding previous deadlines set in their March 27, 2023 proxy statement.

Proposals must comply with SEC's Rule 14a-8 and the company’s bylaws.

Stockholders should send their submissions to Boston Omaha 's office at 1601 Dodge Street, Suite 3300, Omaha, NE.