UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On February 27, 2020, the Board of Directors of Lamar Advertising Company (the “Company”) approved certain changes relating to the positions of two of its executive officers.
Kevin P. Reilly, Jr., President and Chairman of the Board of the Company, resigned from the position of President. Following his resignation, he was appointed as Executive Chairman of the Board. He will remain an executive officer of the Company in this capacity.
Sean E. Reilly, Chief Executive Officer of the Company, was appointed to the office of President. He will continue to serve as Chief Executive Officer of the Company.
| Item 8.01 | Other Events. |
On February 27, 2020, the Company issued a press release announcing that its Board of Directors declared a quarterly cash dividend of $1.00 per share payable on March 31, 2020, to holders of record of the Company’s Class A common stock and Class B common stock on March 16, 2020. A copy of the press release is filed herewith as Exhibit 99.1.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
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| 99.1 |
Press Release of Lamar Advertising Company dated February 27, 2020. | |||
| 104.1 |
Cover Page Interactive Data File - (embedded within the Inline XBRL document). | |||
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: February 27, 2020 |
LAMAR ADVERTISING COMPANY | |||||
| By: |
/s/ Jay L. Johnson | |||||
| Jay L. Johnson | ||||||
| EVP, Chief Financial Officer & Treasurer | ||||||
Exhibit 99.1
5321 Corporate Boulevard
Baton Rouge, LA 70808
Lamar Advertising Company Announces
Cash Dividend on Common Stock
Baton Rouge, LA – February 27, 2020 – Lamar Advertising Company (Nasdaq: LAMR), a leading owner and operator of outdoor advertising and logo sign displays, announces that its board of directors has declared a quarterly cash dividend of $1.00 per share payable on March 31, 2020 to stockholders of record of Lamar’s Class A common stock and Class B common stock on March 16, 2020. Subject to the approval of its board of directors, Lamar expects aggregate quarterly distributions to stockholders in 2020, including the dividend payable on March 31, 2020, will total $4.00 per common share.
Forward-Looking Statements
This press release contains “forward-looking statements” concerning Lamar Advertising Company’s goals, beliefs, expectations, strategies, objectives, plans, future operating results and underlying assumptions and other statements that are not necessarily based on historical facts. Actual results may differ materially from those indicated in our forward-looking statements as a result of various factors, including those factors set forth in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2019, as supplemented by any risk factors contained in our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. We undertake no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.
About Lamar Advertising Company
Founded in 1902, Lamar Advertising Company is one of the largest outdoor advertising companies in North America, with over 390,000 displays across the United States and Canada. Lamar offers advertisers a variety of billboard, interstate logo, transit and airport advertising formats, helping both local businesses and national brands reach broad audiences every day. In addition to its more traditional out-of-home inventory, Lamar is proud to offer its customers the largest network of digital billboards in the United States with over 3,500 displays.
Press Contact:
Buster Kantrow
Director of Investor Relations
Lamar Advertising Company
(225) 926-1000
bkantrow@lamar.com