Link Media Outdoor, the wholly owned subsidiary of Boston Omaha, is growing via acquisitions.    Here are third quarter 2019 financials for Link Media Outdoor which Insider pulled from Boston Omaha’s 3rd quarter 2019 10-Q.

• Billboard revenues increased by 91% to $7.2 million for the three months ended September 30, 2019 due to the impact of acquisitions as well as increases in rental and occupancy rates.
• Billboard Expenses increased by 90% to $5.6 million due to acquisitions.
• Cashflow (earnings before interest, depreciation and amortization and income taxes) increased by 96% to $1.6 million due to revenue from acquisitions.

• Link Media spent $9.2 million on acquisitions for the first 9 months of 2019.  In August 2019, Link Media purchased 61 West Virginia billboards from Image Outdoor Advertising, LLC for a price of $7.9 million.  The transaction was 89% cash and 11% Boston Omaha class A stock.  In October 2019 Link Media purchased a Missouri billboard plant from Alpha Displays for $1.3 million.

Insider’s take: Expect to see more acquisitions from Link Media.  Link’s parent Boston Omaha had cash and marketable securities of $154 million at September 30, 2019 and an equity shelf registration which permits it to sell more stock to finance acquisitions.  Link Media also has a $40 million line of credit with First National Bank of Omaha.

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