Boston Omaha Corporation (BOMN) 2015年年度报告「NASDAQ」.pdf

1、B O S T O N O M A H A CORPORATION 2015 Annual Report TotheShareholdersofBostonOmahaCorporation:BostonOmahaCorporationsbookvaluepersharewas$7.48afterpresentmanagementrecapitalizedthecompanyonJune19,2015.AsofDecember31,2015,BostonOmahasbookvaluepersharewas$8.47.Theincreaseinbookvaluepersharewasattribu

2、tableentirelytostockissued,meaningtherewasnoincreaseinnetworthfromretainedearnings.Asthisispresentmanagementsfirstannualletter,wehopetoclearlyconveythefollowingdetailsandconceptstoourfellowshareholders:DetailhowwereportandmeasureourperformanceasmanagementofBostonOmahaProvideabriefhistoryofBostonOmah

3、aandwhypresentmanagementpurchasedacontrollinginterestayearagoExplainindetailwhereweallocatedcapitalin2015andwhyandLayouttheframeworkmanagementintendstousetomakefuturedecisionsforthecompany.BostonOmahasfocusedobjectiveisgrowingintrinsicvaluepershareatanattractiverate,whileseekingtomaintainanuncomprom

4、isingfinancialposition.Asstated,thatseemslikeafairlystraightforwardgoal,onethatfewshareholdersofanycompanywouldfindobjectionable.Butjuststatingagoal,likepointingatadestinationonamap,iseasy.Thehardpartisgettingthere.BostonOmahahasCoCEOs,andbothofusspentagreatdealoftimewritingthislettertoyou,theshareh

5、olders.Wewanttobeclearinhowweportrayourthoughtprocessandroadmaptoyoubutrationalenoughtorealizethatwearelimitedbyourownbiases,experiencesandcompetencies.Wedonothaveapredeterminedplanorarigidacquisitionstrategytoaccomplishourstatedgoal.Wewillpurchasesuitablebusinessesastheyareidentified.Overtime,andop

6、portunitysetwilling,wehopetohaveinterestsinahandfulofbusinessesthatproducesustainableearningstreams.Diversificationisapotentialresultfromaseriesofwhatwehopewillbesuccessfuldecisionsoveralongperiodoftime,ratherthanastrategyattheoutset.2FutureearningsproducedbythebusinessesBostonOmahaownswillberetaine