Boston Omaha Corporation reports developments for a diversified holding company with operations in outdoor billboard advertising, broadband services, surety insurance and related brokerage, asset management, and minority equity investments. News commonly centers on annual and quarterly financial results tied to Form 10-K and Form 10-Q filings, including segment performance, investment holdings, and noncontrolling interests in real estate funds.
Company updates also cover capital allocation actions such as Class A common stock repurchases, annual stockholder meeting matters, and subsidiary activity at General Indemnity Group, which includes United Casualty & Surety Insurance Company and BOSS Bonds Insurance Agency in the surety insurance sector.
Boston Omaha Broadband has appointed Frank DeJoy as its new Chief Operating Officer. DeJoy brings over 30 years of experience in telecommunications, including a successful tenure at AT&T where he led the first wireless data network unit to over $1B in annual recurring revenue. His focus will be on enhancing business operations as Boston Omaha Broadband continues its expansion across 17 states, serving over 40,000 subscribers. CEO Steven McGhie emphasized DeJoy's potential to improve efficiency and synergy within the company's fiber business.
Boston Omaha Broadband has announced the appointment of Max Meisinger as its Chief Financial Officer (CFO). Meisinger will also maintain his role as Chief Accounting Officer at Boston Omaha Corporation (NYSE:BOC). His extensive experience and successful track record since joining the company are expected to enhance financial oversight and support the growth of Boston Omaha Broadband, which operates in 17 states and has over 40,000 subscribers.
Link Media Outdoor has acquired the outdoor advertising assets of Elevation Outdoor Advertising in Knoxville, TN. This deal expands Link’s geographic reach, adding over 265 billboard faces, including 8 digital displays, to its portfolio. The acquisition marks Link's largest in 2022, significantly enhancing its presence in the Southeast. Elevation, founded in 2002 by Martin Daniel, has successfully developed a strong inventory. Martin and sales lead Donna Jarnigan will remain involved during the transition. Link now operates over 7,665 billboard advertising faces across multiple states, including Tennessee.
Boston Omaha Corporation (NYSE: BOC) reported its third-quarter financial results for 2022, revealing total revenues of $21.45 million, up from $14.50 million in Q3 2021. The net loss attributable to common stockholders was $1.41 million, with a basic net loss per share of $0.05. Cash outflow from operations was $(9.58 million), contrasting with an inflow of $6.62 million the previous year. The company held total unrestricted cash and marketable securities of $89.73 million as of September 30, 2022, while the book value per share slightly increased to $16.83.
Boston Omaha Corporation (NYSE: BOC) reported a net loss of $11.5 million for Q2 2022, compared to a net income of $8.6 million in Q2 2021. Total revenues increased to $20.9 million, up from $14.2 million year-over-year. The company faced unrealized losses of $16.9 million from investments. Cash outflows from operations reached $(14.7 million) compared to inflows in the prior year. Book value per share rose to $16.88 as of June 30, 2022.
Boston Omaha Corporation (NYSE: BOC) has successfully acquired Strawberry Communications' Internet Service business, which includes its fiber and wireless assets. This strategic move enhances Utah Broadband's fiber footprint, positioning it as a leading provider in the Greater Park City Area and Heber Valley. Despite the acquisition not being material to BOC's overall fiber operations, it aims to leverage Strawberry's established customer service reputation and robust networks to scale its offerings. Both companies express enthusiasm for the synergies this partnership will create.
Boston Omaha Corporation (NYSE: BOC) reported its Q1 2022 financial results, including total revenues of $16.29 million, up from $13.21 million in Q1 2021. The company experienced a net loss from operations of $(2.45 million) compared to a loss of $(1.49 million) in the prior year. Significant net other income of $25.50 million included gains from the deconsolidation of Yellowstone Acquisition Company. Cash outflow from operations was $(15.68 million), contrasting with a cash inflow of $4.03 million in the same quarter of 2021.
Boston Omaha Corporation (NYSE: BOC) has acquired InfoWest, Inc. and Go Fiber LLC, fiber and fixed wireless internet service providers in St. George, Utah. This acquisition allows Boston Omaha to expand its high-speed internet services to over 20,000 customers across Southern and Central Utah, Northern Arizona, and Nevada. Equity holders of InfoWest and Go Fiber will retain a 20% ownership in the newly formed FIF St George. Additional capital investments are planned to accelerate fiber expansion and enhance connectivity in rural communities.
Boston Omaha Corporation (NYSE: BOC) reported fiscal year 2021 financial results, revealing a total revenue of $56.97 million, an increase from $45.74 million in 2020. Billboard rentals and broadband services contributed significantly, with respective revenues of $31.50 million and $15.23 million. The net income attributable to common stockholders was $52.75 million, compared to a loss of ($49,089) in the prior year. Cash flow from operations improved to $7.77 million. The company’s book value per share rose to $16.71 from $14.01.