Link Media parent, Boston Omaha Corporation provided their third quarter financial results. Here is a portion of the full press release.
OMAHA, Neb.–(BUSINESS WIRE)–Boston Omaha Corporation (NASDAQ: BOMN) (the “Company”) announced its financial results for the third quarter ended September 30, 2021 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 third quarter of 2021 and 2020. Our Quarterly Report on Form 10-Q can be found at www.bostonomaha.com.
Insider’s Take: Lots of information to work through as Boston Omaha continues their growth and addition of other business segments. A couple of observations:
- In terms of revenue generation, Link Media continues to be Boston Omaha’s largest business segment.
- Billboard revenue is up 12.6% for the 3rd quarter.
- Income from Operations for Link Media in the third quarter increased to $973K versus $324K in 2020.
- Cash liquidity is at $247 million as of September 30, 2021. Boston Omaha continues to have plenty of room for acquisitions.
Interestingly, Boston Omaha’s 10Q reports no change in billboards (3,200) and advertising faces (6,000) between the second and third quarters. Is this a surprise given the significant acquisition activity seen this year in the OOH market? Insider says that for Link Media, it is not a surprise. Though Boston Omaha has plenty of liquidity for acquisitions, they have always been opportunistic buyers. They say it best in their Management Discussion for the third quarter.
“One of our principal business objectives is to continue to acquire additional billboard assets through acquisitions of existing billboard businesses in the United States when they can be made at what we believe to be attractive prices relative to other opportunities generally available to us.”
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