Boston Omaha Corporation (BOMN) 2016年年度报告「NASDAQ」.pdf

1、B O S T O NO M A H ACORPORATION2016 Annual Report 2 To the Shareholders of Boston Omaha Corporation:Boston Omaha reported a loss of approximately$3.2mm for calendar year 2016.Book value per share,however,grew 6.5%last year.Since present management first took over in early 2015,the company has been r

2、ecapitalized with over$66mm,of which over$44mm has been deployed to date.During this period,book value per share grew from$7.48 to$9.02,as of December 31,2016.It is important to note,that the increase in book value per share to date is attributable entirely to stock issued at a premium to book value

3、,which has more than offset our reported losses.Some of these losses are related to amortization and non-recurring expenses,and there will be more on that later in this letter.As a result,your Co-CEOs are not taking victory laps for book value growth,rather we are keeping our heads down,focused on c

4、ontinuing to improve the return on our productive assets,and finding opportunities for our excess cash.Management Report Card In our first annual letter to shareholders last year,we established a framework for how we intend to run Boston Omaha and measure managements performance over time.In this ye

5、ars letter,we will review our progress,where we have allocated additional capital in 2016,and the economics of our principal subsidiaries.Boston Omahas focused objective remains growing intrinsic value per share at an attractive rate,while seeking to maintain an uncompromising financial position.Des

6、pite our reported loss,we maintain a rock solid financial position while completing a number of acquisitions and expanding into the insurance business.Intrinsic value may be an unfamiliar concept to some of our newer shareholders.For a brief introduction,we define intrinsic value as the present valu