UNITED STATES
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

LAMAR ADVERTISING COMPANY

(Exact name of registrant as specified in its charter)

Delaware		0-30242		72-1449411
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

5551 Corporate Boulevard, Baton Rouge, Louisiana 70808
(Address of principal executive offices and zip code)

(225) 926-1000
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

		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.

On February 27, 2008, Lamar Advertising Company announced via press release its results for the quarter and year ended December 31, 2007. A copy of Lamar’s press release is hereby furnished to the Commission and incorporated by reference herein as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit
No.		Description
99.1		Press Release of Lamar Advertising Company, dated February 27, 2008, reporting Lamar’s financial results for the quarter and year ended December 31, 2007.

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.

EXHIBIT INDEX

Exhibit
No.		Description
99.1		Press Release of Lamar Advertising Company, dated February 27, 2008, reporting Lamar’s financial results for the quarter and year ended December 31, 2007.

Exhibit 99.1

5551 Corporate Boulevard
Baton Rouge, LA 70808

Lamar Advertising Company Announces
Fourth Quarter and Year End 2007 Operating Results

Baton Rouge, LA — Wednesday, February 27, 2008 — Lamar Advertising Company (Nasdaq: LAMR), a leading owner and operator of outdoor advertising and logo sign displays, announces the Company’s operating results for the fourth quarter and the year ended December 31, 2007.

Fourth Quarter Results

Lamar reported net revenues of $304.9 million for the fourth quarter of 2007 versus $287.1 million for the fourth quarter of 2006, a 6.2% increase. Operating income for the fourth quarter of 2007 was $51.3 million as compared to $43.9 million for the same period in 2006. There were net earnings of $4.5 million for the fourth quarter of 2007 compared to net earnings of $7.1 million for the fourth quarter of 2006.

Adjusted EBITDA, which we refer to herein as EBITDA (defined as operating income before non-cash compensation, depreciation and amortization and gain on disposition of assets — see reconciliation to net income at the end of this release), for the fourth quarter of 2007 was $141.6 million versus $127.0 million for the fourth quarter of 2006, an 11.5% increase.

Free cash flow (defined as EBITDA less interest, net of interest income and amortization of financing costs, current taxes, preferred stock dividends and total capital expenditures — see reconciliation to cash flows provided by operating activities at the end of this release) for the fourth quarter of 2007 was $41.4 million as compared to $51.2 million for the same period in 2006, a 19.1% decrease.

Pro forma net revenue for the fourth quarter of 2007 increased 6.1% and pro forma EBITDA increased 11.3% as compared to the fourth quarter of 2006. Pro forma net revenue and EBITDA include adjustments to the 2006 period for acquisitions and divestitures for the same time frame as actually owned in the 2007 period. Tables that reconcile reported results to pro forma results and operating income to outdoor operating income are included at the end of this release.

Twelve Months Results

Lamar reported net revenues of $1.210 billion for the twelve months ended December 31, 2007 versus $1.120 billion for the same period in 2006, an 8.0% increase. Operating income for the twelve months ended December 31, 2007 was $227.8 million as compared to $189.8 million for the same period in 2006. EBITDA increased 12.0% to $558.3 million for the twelve months ended December 31, 2007 versus $498.5 million for the same period in 2006. There was net income of $46.2 million for the twelve months ended December 31, 2007 as compared to net income of $43.9 million for the same period in 2006.

Free Cash Flow for the twelve months ended December 31, 2007 was $152.1 million as compared to $149.0 million for the same period in 2006, a 2.1% increase.

Stock Repurchase Program

During the quarter ended December 31, 2007, the Company repurchased 934,906 shares of its Class A common stock for an aggregate purchase price of approximately $46.6 million. As of December 31, 2007, the Company had approximately $217 million of authorized repurchase capacity remaining under its repurchase program. Share repurchases under the program may be made on the open market or in privately negotiated transactions. The timing and amount of any shares repurchased is determined by Lamar’s management based on its evaluation of market conditions and other factors. The repurchase program may be suspended or discontinued at any time. Any repurchased shares will be available for future use for general corporate and other purposes.

Guidance

For the first quarter of 2008 the Company expects net revenue to be approximately $280 million. On a pro forma basis this represents an increase of approximately 2% over the same period in 2007.

Forward Looking Statements

This press release contains forward-looking statements, including the statements regarding guidance for the first quarter of 2008 and the Company’s ongoing stock repurchase plan. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in these forward-looking statements. These risks and uncertainties include, among others, (1) our significant indebtedness; (2) the continued popularity of outdoor advertising as an advertising medium; (3) the strength of the economy generally and the demand for advertising in particular; (4) the regulation of the outdoor advertising industry; (5) our need for and ability to obtain additional funding for acquisitions or operations; (6) the integration of companies that we acquire and our ability to recognize cost savings or operating efficiencies as a result of these acquisitions; (7) the market for our Class A common stock and our management’s allocation of working capital to fund our stock repurchase program as opposed to other uses and (8) other factors described in the reports on Forms 10-K and 10-Q and the registration statements that we file from time to time with the SEC. We caution investors not to place undue reliance on the forward-looking statements contained in this document. These statements speak only as of the date of this document, and we undertake no obligation to update or revise the statements, except as may be required by law.

Use of Non-GAAP Measures

EBITDA, free cash flow, pro forma results and outdoor operating income are not measures of performance under accounting principles generally accepted in the United States of America (“GAAP”) and should not be considered alternatives to operating income, net loss, cash flows from operating activities, or other GAAP figures as indicators of the Company’s financial performance or liquidity. The Company’s management believes that EBITDA, free cash flow, pro forma results and outdoor operating income are useful in evaluating the Company’s performance and provide investors and financial analysts a better understanding of the Company’s core operating results. The pro forma acquisition adjustments are intended to provide information that may be useful for investors when assessing period to period results. Our presentations of these measures may not be comparable to similarly titled measures used by other companies. Reconciliations of these measures to GAAP are included at the end of this release.

Conference Call Information

A conference call will be held to discuss the Company’s operating results Wednesday, February 27, 2008 at 10:00 a.m central time. Instructions for the conference call and Webcast are provided below:

Conference Call

All Callers:		1-334-323-9871 or 1-334-323-9872
Passcode:		Lamar
Replay:		1-877-919-4059
Passcode:		73711342
		Available through Monday, March 3, 2008 at 11:59 p.m. eastern time
Live Webcast:		www.lamar.com
Webcast Replay:		www.lamar.com
		Available through Monday, March 3, 2008 at 11:59 p.m. eastern time

General Information on Lamar

Lamar Advertising Company is a leading outdoor advertising company currently operating over 150 outdoor advertising companies in 44 states and Puerto Rico, logo businesses in 19 states and the province of Ontario, Canada and approximately 69 transit advertising franchises in the United States, Canada and Puerto Rico.

Company Contact:		Keith A. Istre
		Chief Financial Officer
		(225) 926-1000
		KI@lamar.com

LAMAR ADVERTISING COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

		Three months ended								Twelve months ended
		December 31,								December 31,
		2007				2006				2007				2006
Net revenues		$	304,892			$	287,143			$	1,209,555			$	1,120,091
Operating expenses (income)
Direct advertising expenses			102,724				100,387				408,397				390,561
General and administrative expenses			49,247				48,264				196,633				188,776
Corporate expenses			11,277				11,477				46,269				42,255
Non-cash compensation			5,734				5,694				27,488				17,906
Depreciation and amortization			86,059				78,388				306,879				301,685
Gain on disposition of assets			(1,408	)			(968	)			(3,914	)			(10,862	)
			253,633				243,242				981,752				930,321
Operating income			51,259				43,901				227,803				189,770
Other expense (income)
Gain on disposition of investment			—				—				(15,448	)			—
Interest income			(1,552	)			(332	)			(2,598	)			(1,311	)
Interest expense			44,773				31,223				162,447				112,955
			43,221				30,891				144,401				111,644
Income before income tax expense			8,038				13,010				83,402				78,126
Income tax expense			3,565				5,862				37,185				34,227
Net income			4,473				7,148				46,217				43,899
Preferred stock dividends			92				92				365				365
Net income applicable to common stock		$	4,381			$	7,056			$	45,852			$	43,534
Earnings per share:
Basic earnings per share		$	0.05			$	0.07			$	0.47			$	0.42
Diluted earnings per share		$	0.05			$	0.07			$	0.47			$	0.42
Cash dividends declared per share of common stock		$	—			$	—			$	3.25			$	—
Weighted average common shares outstanding:
- basic			94,114,619				100,657,146				96,779,009				102,720,744
- diluted			94,822,323				101,467,443				97,553,907				103,495,522
OTHER DATA
Free Cash Flow Computation:
EBITDA		$	141,644			$	127,015			$	558,256			$	498,499
Interest, net			(41,974	)			(29,976	)			(155,262	)			(106,851	)
Current tax expense			(11,068	)			(3,973	)			(29,984	)			(18,979	)
Preferred stock dividends			(92	)			(92	)			(365	)			(365	)
Total capital expenditures (1)			(47,089	)			(49,760	)			(220,534	)			(223,350	)
Free cash flow		$	41,421			$	51,160			$	152,111			$	148,954

		December 31,				December 31,
		2007				2006
Selected Balance Sheet Data:
Cash and cash equivalents		$	76,048			$	11,796
Working capital			155,229				119,791
Total assets			4,069,421				3,924,228
Total debt (including current maturities)			2,725,770				1,990,468
Total stockholders’ equity		$	931,007			$	1,538,533

		Three months ended								Twelve months ended
		December 31,								December 31,
		2007				2006				2007				2006
Other Data:
Cash flows provided by operating activities		$	108,865			$	100,612			$	354,469			$	364,517
Cash flows used in investing activities			91,770				115,236				341,081				438,896
Cash flows provided by financing activities			36,428				19,698				39,277				66,973
Reconciliation of Free Cash Flow to Cash Flows Provided by Operating Activities:
Cash flows provided by operating activities		$	108,865			$	100,612			$	354,469			$	364,517
Changes in operating assets and liabilities			(10,372	)			(6,004	)			24,637				5,555
Total capital expenditures			(47,089	)			(49,760	)			(220,534	)			(223,350	)
Preferred stock dividends			(92	)			(92	)			(365	)			(365	)
Other			(9,891	)			6,404				(6,096	)			2,597
Free cash flow		$	41,421			$	51,160			$	152,111			$	148,954
Reconciliation of EBITDA to Net income:
EBITDA		$	141,644			$	127,015			$	558,256			$	498,499
Less:
Non-cash compensation			5,734				5,694				27,488				17,906
Depreciation and amortization			86,059				78,388				306,879				301,685
Gain on disposition of assets			(1,408	)			(968	)			(3,914	)			(10,862	)
Operating Income			51,259				43,901				227,803				189,770
Less:
Gain on disposition of investment			—				—				(15,448	)			—
Interest income			(1,552	)			(332	)			(2,598	)			(1,311	)
Interest expense			44,773				31,223				162,447				112,955
Income tax expense			3,565				5,862				37,185				34,227
Net income		$	4,473			$	7,148			$	46,217			$	43,899

		Three months ended
		December 31,
		2007				2006				% Change
Reconciliation of Reported Basis to Pro Forma (a) Basis:
Reported net revenue		$	304,892			$	287,143				6.2	%
Acquisitions and divestitures			—				227
Pro forma net revenue		$	304,892			$	287,370				6.1	%
Reported direct advertising and G&A expenses		$	151,971			$	148,651				2.2	%
Acquisitions and divestitures			—				(120	)
Pro forma direct advertising and G&A expenses		$	151,971			$	148,531				2.3	%
Reported outdoor operating income		$	152,921			$	138,492				10.4	%
Acquisitions and divestitures			—				347
Pro forma outdoor operating income		$	152,921			$	138,839				10.1	%
Reported Corporate expenses		$	11,277			$	11,477				(1.7	)%
Acquisitions and divestitures			—				75
Pro forma Corporate expenses		$	11,277			$	11,552				(2.4	)%
Reported EBITDA		$	141,644			$	127,015				11.5	%
Acquisitions and divestitures			—				272
Pro forma EBITDA		$	141,644			$	127,287				11.3	%

		Three months ended
		December 31,
		2007				2006
Reconciliation of Outdoor Operating Income to Operating Income:
Outdoor Operating income		$	152,921			$	138,492
Less: Corporate expenses			(11,277	)			(11,477	)
Non-cash compensation			(5,734	)			(5,694	)
Depreciation and amortization			(86,059	)			(78,388	)
Plus: Gain on disposition of assets			1,408				968
Operating income		$	51,259			$	43,901

		Three months ended								Twelve months ended
		December 31,								December 31,
		2007				2006				2007				2006
Capital expenditure detail by category
Billboards — traditional		$	13,990				8,202			$	68,664			$	65,353
Billboards — digital			15,922				19,034				92,093				81,270
Logo			2,619				3,000				10,190				8,978
Transit			944				612				2,047				1,119
Land and buildings			9,039				16,097				31,463				34,384
Operating equipment			4,575				2,815				16,077				22,098
Storm reconstruction			—				—				—				10,148
Total capital expenditures		$	47,089			$	49,760			$	220,534			$	223,350