Delaware | 0-30242 | 72-1449411 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition. | ||||||||
Item 9.01. Financial Statements and Exhibits. | ||||||||
SIGNATURES | ||||||||
EXHIBIT INDEX | ||||||||
EX-99.1 Press Release dated August 8, 2005 |
Exhibit | ||
No. | Description | |
99.1
|
Press Release of Lamar Advertising Company, dated August 8, 2005, reporting Lamars financial results for the second quarter ended June 30, 2005. |
Date: August 8, 2005 | LAMAR ADVERTISING COMPANY |
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By: | /s/ Keith A. Istre | |||
Keith A. Istre | ||||
Treasurer and Chief Financial Officer | ||||
Exhibit | ||
No. | Description | |
99.1
|
Press Release of Lamar Advertising Company, dated August 8, 2005, reporting Lamars financial results for the second quarter ended June 30, 2005. |
All Callers: | 1-334-323-9853 |
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Passcode: | Lamar |
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Replay: | 1-877-919-4059 |
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Passcode: | 87262360 |
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Available through Wednesday, August 10, 2005 at 11:59 p.m. eastern time |
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Live Webcast: | www.lamar.com |
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Webcast Replay: | www.lamar.com |
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Available through Wednesday, August 10, 2005 at 11:59 p.m. eastern time |
Company Contact: | Keith A. Istre Chief Financial Officer (225) 926-1000 KI@lamar.com |
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||||||
Net revenues |
$ | 264,743 | $ | 226,915 | $ | 497,572 | $ | 427,891 | ||||||||
Operating expenses (income)
|
||||||||||||||||
Direct advertising expenses |
86,744 | 74,362 | 171,220 | 148,153 | ||||||||||||
General and administrative expenses |
43,569 | 38,437 | 86,324 | 76,713 | ||||||||||||
Corporate expenses |
9,074 | 7,214 | 18,263 | 14,373 | ||||||||||||
Depreciation and amortization |
71,916 | 72,472 | 141,154 | 142,713 | ||||||||||||
(Gain) loss on disposition of assets |
(485 | ) | 3,237 | (2,443 | ) | 2,085 | ||||||||||
210,818 | 195,722 | 414,518 | 384,037 | |||||||||||||
Operating income |
53,925 | 31,193 | 83,054 | 43,854 | ||||||||||||
Other expense (income)
|
||||||||||||||||
Interest income |
(263 | ) | (62 | ) | (715 | ) | (121 | ) | ||||||||
Interest expense |
21,757 | 18,133 | 42,619 | 37,035 | ||||||||||||
21,494 | 18,071 | 41,904 | 36,914 | |||||||||||||
Income before income tax expense |
32,431 | 13,122 | 41,150 | 6,940 | ||||||||||||
Income tax expense |
13,687 | 5,441 | 17,371 | 2,892 | ||||||||||||
Net income |
18,744 | 7,681 | 23,779 | 4,048 | ||||||||||||
Preferred stock dividends |
91 | 91 | 182 | 182 | ||||||||||||
Net income applicable to common stock |
$ | 18,653 | $ | 7,590 | $ | 23,597 | $ | 3,866 | ||||||||
Earnings
per share: |
||||||||||||||||
Basic earnings per share |
$ | 0.18 | $ | 0.07 | $ | 0.22 | $ | 0.04 | ||||||||
Diluted earnings per share |
$ | 0.18 | $ | 0.07 | $ | 0.22 | $ | 0.04 | ||||||||
Weighted average common shares outstanding: |
||||||||||||||||
- basic |
105,565,241 | 103,902,268 | 105,410,772 | 103,754,925 | ||||||||||||
- diluted |
106,031,171 | 104,494,414 | 105,884,073 | 104,274,566 | ||||||||||||
OTHER DATA |
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Free Cash Flow Computation: |
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EBITDA |
$ | 125,356 | $ | 106,902 | $ | 221,765 | $ | 188,652 | ||||||||
Interest, net |
(20,162 | ) | (16,771 | ) | (39,239 | ) | (34,282 | ) | ||||||||
Current tax expense |
(2,451 | ) | (512 | ) | (2,525 | ) | (822 | ) | ||||||||
Preferred stock dividends |
(91 | ) | (91 | ) | (182 | ) | (182 | ) | ||||||||
Total capital expenditures |
(30,529 | ) | (19,184 | ) | (51,026 | ) | (35,075 | ) | ||||||||
Free cash flow |
$ | 72,123 | $ | 70,344 | $ | 128,793 | $ | 118,291 | ||||||||
June 30, | December 31, | |||||||
Selected Balance Sheet Data: | 2005 | 2004 | ||||||
Cash and cash equivalents |
$ | 19,089 | $ | 44,201 | ||||
Working capital |
53,036 | 34,476 | ||||||
Total assets |
3,748,748 | 3,689,472 | ||||||
Total debt (including current maturities) |
1,622,049 | 1,659,934 | ||||||
Total stockholders equity |
1,813,083 | 1,736,347 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||||||
Other Data: |
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Cash flows provided by operating activities |
$ | 104,882 | $ | 81,633 | $ | 129,338 | $ | 117,231 | ||||||||
Cash flows used in investing activities |
44,236 | 46,286 | 124,139 | 82,090 | ||||||||||||
Cash flows used in financing activities |
49,108 | 23,692 | 30,311 | 25,163 | ||||||||||||
Reconciliation of Free Cash Flow to Cash Flows Provided by
Operating Activities: |
||||||||||||||||
Cash flows provided by operating activities |
$ | 104,882 | $ | 81,633 | $ | 129,338 | $ | 117,231 | ||||||||
Changes in operating assets and liabilities |
(392 | ) | 10,198 | 54,021 | 39,777 | |||||||||||
Total capital expenditures |
(30,529 | ) | (19,184 | ) | (51,026 | ) | (35,075 | ) | ||||||||
Preferred stock dividends |
(91 | ) | (91 | ) | (182 | ) | (182 | ) | ||||||||
Other |
(1,747 | ) | (2,212 | ) | (3,358 | ) | (3,460 | ) | ||||||||
Free cash flow |
$ | 72,123 | $ | 70,344 | $ | 128,793 | $ | 118,291 | ||||||||
Reconciliation of EBITDA to Net income: |
||||||||||||||||
EBITDA |
$ | 125,356 | $ | 106,902 | $ | 221,765 | $ | 188,652 | ||||||||
Less: |
||||||||||||||||
Depreciation and amortization |
71,916 | 72,472 | 141,154 | 142,713 | ||||||||||||
(Gain) loss on disposition of assets |
(485 | ) | 3,237 | (2,443 | ) | 2,085 | ||||||||||
Operating Income |
53,925 | 31,193 | 83,054 | 43,854 | ||||||||||||
Less: |
||||||||||||||||
Interest income |
(263 | ) | (62 | ) | (715 | ) | (121 | ) | ||||||||
Interest expense |
21,757 | 18,133 | 42,619 | 37,035 | ||||||||||||
Income tax expense |
13,687 | 5,441 | 17,371 | 2,892 | ||||||||||||
Net income |
$ | 18,744 | $ | 7,681 | $ | 23,779 | $ | 4,048 | ||||||||
Three months ended | ||||||||||||
June 30, | ||||||||||||
Reconciliation of Reported Basis to Pro Forma (a) Basis: | 2005 | 2004 | Change% | |||||||||
Reported net revenue |
$ | 264,743 | $ | 226,915 | 16.7 | % | ||||||
Acquisitions and divestitures, excluding the Obie markets |
| 8,962 | ||||||||||
Less net revenue Obie markets |
(11,799 | ) | | |||||||||
Pro forma net revenue, excluding the Obie markets |
$ | 252,944 | $ | 235,877 | 7.2 | % | ||||||
Reported direct advertising and G&A expenses |
$ | 130,313 | $ | 112,799 | 15.5 | % | ||||||
Acquisitions and divestitures, excluding the Obie markets |
| 4,671 | ||||||||||
Less direct advertising G&A expenses Obie markets |
(8,817 | ) | | |||||||||
Pro forma direct advertising and G&A expenses, excluding the Obie markets |
$ | 121,496 | $ | 117,470 | 3.4 | % | ||||||
Reported outdoor operating income |
$ | 134,430 | $ | 114,116 | 17.8 | % | ||||||
Acquisitions and divestitures, excluding the Obie markets |
| 4,291 | ||||||||||
Less outdoor operating income Obie markets |
(2,982 | ) | | |||||||||
Pro forma outdoor operating income, excluding Obie markets |
$ | 131,448 | $ | 118,407 | 11.0 | % | ||||||
Reported Corporate expenses |
$ | 9,074 | $ | 7,214 | 25.8 | % | ||||||
Acquisitions and Divestitures, excluding the Obie markets |
| | ||||||||||
Pro forma Corporate expenses, excluding the Obie markets |
$ | 9,074 | $ | 7,214 | 25.8 | % | ||||||
Reported EBITDA |
$ | 125,356 | $ | 106,902 | 17.3 | % | ||||||
Acquisitions and divestitures, excluding the Obie markets |
| 4,291 | ||||||||||
Less EBITDA Obie markets |
(2,982 | ) | | |||||||||
Pro forma EBITDA, excluding the Obie markets |
$ | 122,374 | $ | 111,193 | 10.1 | % | ||||||
(a) | Pro forma net revenues, direct advertising and general and administrative expenses, outdoor operating income, corporate expenses, and EBITDA include adjustments to 2004 for acquisitions and divestitures for the same time frame as actually owned in 2005, excluding the operating results of the Obie markets. As a result, our pro forma results for the 2005 period exclude the operating results from the Obie markets, and no adjustment has been made to the 2004 period with respect to the acquisition of the Obie markets. |
Three months ended | ||||||||
June 30, | ||||||||
2005 | 2004 | |||||||
Reconciliation of Outdoor Operating Income to Operating
Income: |
||||||||
Outdoor Operating income |
$ | 134,430 | $ | 114,116 | ||||
Less: Corporate expenses |
(9,074 | ) | (7,214 | ) | ||||
Depreciation and amortization |
(71,916 | ) | (72,472 | ) | ||||
Plus: Gain (loss) on disposition of assets |
485 | (3,237 | ) | |||||
Operating income |
$ | 53,925 | $ | 31,193 | ||||