SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): JULY 29, 2003 LAMAR MEDIA CORP. (Exact name of registrant as specified in its charter) DELAWARE 0-20833 72-1205791 (State or other jurisdiction (Commission File (IRS Employer of incorporation) Number) Identification No.) 5551 CORPORATE BOULEVARD, BATON ROUTE, LOUISIANA 70808 (Address of principal executive offices and zip code) (225) 926-1000 (Registrant's telephone number, including area code) CO-REGISTRANT Exact name of registrant as State or other jurisdiction of IRS Employer specified in its charter incorporation Identification No. - --------------------------- ------------------------------ ------------------ LAMAR ADVERTISING COMPANY DELAWARE 72-1449411
ITEM 9. REGULATION FD DISCLOSURE (INFORMATION HEREIN ALSO FURNISHED PURSUANT TO ITEM 12) In connection with the filing by Lamar Media Corp. (the "Company") of a Registration Statement on Form S-4 to register $125 million of its 7 1/4% Senior Subordinated Notes due 2013, the Company is disclosing certain unaudited pro forma financial information that relates to the adoption by the Company and its parent, Lamar Advertising Company, of Statement of Financial Accounting Standard (SFAS) No. 143, "Accounting for Asset Retirement Obligations" on January 1, 2003. Exhibit 99.1, which is furnished herewith and incorporated by reference herein, sets forth the effect of Lamar Advertising Company's adoption of SFAS 143 on its results of operations and financial condition for the periods presented. 2
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: July 29, 2003 LAMAR MEDIA CORP. By: /s/ Keith Istre -------------------------------- Keith Istre Chief Financial Officer Date: July 29, 2003 LAMAR ADVERTISING COMPANY By: /s/ Keith Istre ------------------------------- Keith Istre Chief Financial Officer 3
EXHIBIT INDEX
EXHIBIT 99.1 ASSET RETIREMENT OBLIGATION (UNAUDITED) In 2001, the FASB issued Statement 143. Statement 143 requires entities to record the fair value of a liability for an asset retirement obligation in the period in which it is incurred, a corresponding increase in the carrying amount of the related long-lived asset and is effective for fiscal years beginning after June 15, 2002. Lamar Advertising Company adopted Statement 143 effective January 1, 2003, using the cumulative effect approach to recognize transition amounts for asset retirement obligations, asset retirement costs and accumulated depreciation. The effect of adopting Statement 143 on January 1, 2003 on Lamar Advertising's results of operations and financial condition, included a net increase in long-term liabilities of $26.0 million; an increase in net property, plant and equipment of $14.3 million; a cumulative effect of adoption expense of $11.7 million, net of deferred income taxes of $7.5 million. The following pro forma data summarizes Lamar Advertising's net loss and net loss per share as if Lamar Advertising had adopted the provisions of Statement 143 on December 31, 1999, including an associated pro forma asset retirement obligation of $33.5 million, $30.9 million and $25.7 million as of December 31, 2002, 2001 and 2000, respectively.