Link Media parent company, Boston Omaha provided a press release with their 2021 financials. Here is the release:
OMAHA, Neb.–(BUSINESS WIRE)–Boston Omaha Corporation (NYSE: BOC) (the “Company”) announced its financial results for the fiscal year ended December 31, 2021, in connection with filing its Annual Report on Form 10-K with the Securities and Exchange Commission.
We show below summary financial data for fiscal 2021 and 2020. Our Annual Report on Form 10-K can be found at www.bostonomaha.com.
As a result of a change in Generally Accepted Accounting Principles in 2018, we are required to include the unrealized changes in market prices of investments in public equity securities in our reported earnings. In the table above, “Net Other Income (Loss)” includes other investment income of $93,163,697 in fiscal 2021 and other investment losses of $4,685,725 in fiscal 2020, related to public equity securities mainly held by Boston Omaha. While we intend to hold our current securities for the longer term, we may in the future choose to sell them for a variety of reasons resulting in realized losses or gains.
Cash flow from operations for the year ended December 31, 2021 was $7,768,237, compared to $5,174,446 for the year ended December 31, 2020.
Our book value per share was $16.71 at December 31, 2021, compared to $14.01 at December 31, 2020.
As of December 31, 2021, we had 28,642,801 shares of Class A common stock and 1,055,560 shares of Class B common stock issued and outstanding.
As of March 28, 2022, we had 28,642,801 shares of Class A common stock and 1,055,560 shares of Class B common stock issued and outstanding.
Insider’s Take:
Let’s take a look at a breakdown of Link Media’s billboard business.
Link Media, at 2021 year end, have 3,900 structures with 7,400 faces, primarily in the midwest. During 2021 they added 900 structures including their acquisitions of Missouri Neon, Keleher Outdoor and Thomas Outdoor.
Though Boston Omaha also owns companies in other industries, Link Media is still a significant entity for Boston Omaha with 55.3% of total revenue. Year to year, billboard revenues increased 11.5% over 2020.
While billboard revenues were up 11.5%, billboard expenses increased only 7.3% from $11.3 million to $12.1 million.
Income before interest expense increased dramatically to $2.74 million for 2021 as compared to $607K in 2020.
As we have said before, Boston Omaha is in the Out of Home business for the long term. They will be pleased with these results and the growth in their asset base.
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