Delaware | 0-30242 | 72-1449411 | ||
(State or other jurisdiction | (Commission File | (IRS Employer | ||
of incorporation) | Number) | Identification No.) |
Exhibit | ||
No. | Description | |
99.1
|
Press Release of Lamar Advertising Company, dated August 6, 2008, reporting Lamars financial results for the quarter ended June 30, 2008. |
Date: August 6, 2008 | LAMAR ADVERTISING COMPANY | |||||
By: | /s/ Keith A. Istre
|
|||||
Treasurer and Chief Financial Officer |
Exhibit | ||
No. | Description | |
99.1
|
Press Release of Lamar Advertising Company, dated August 6, 2008, reporting Lamars financial results for the quarter ended June 30, 2008. |
All Callers:
|
1-334-323-0520 or 1-334-323-9871 | |
Passcode:
|
Lamar | |
Replay:
|
1-877-919-4059 | |
Passcode:
|
35667419 | |
Available through Monday, August 11, 2008 at 11:59 p.m. eastern time | ||
Live Webcast:
|
www.lamar.com | |
Webcast Replay:
|
www.lamar.com | |
Available through Monday, August 11, 2008 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, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
Net revenues |
$ | 323,819 | $ | 315,225 | $ | 606,595 | $ | 590,410 | ||||||||
Operating expenses (income) |
||||||||||||||||
Direct advertising expenses |
110,105 | 102,769 | 214,892 | 203,552 | ||||||||||||
General and administrative expenses |
50,136 | 48,506 | 101,120 | 97,382 | ||||||||||||
Corporate expenses |
13,780 | 11,587 | 26,570 | 23,138 | ||||||||||||
Non-cash compensation |
5,959 | 6,145 | 7,369 | 15,592 | ||||||||||||
Depreciation and amortization |
79,303 | 73,150 | 156,996 | 146,468 | ||||||||||||
Gain on disposition of assets |
(2,069 | ) | (1,519 | ) | (3,012 | ) | (1,831 | ) | ||||||||
257,214 | 240,638 | 503,935 | 484,301 | |||||||||||||
Operating income |
66,605 | 74,587 | 102,660 | 106,109 | ||||||||||||
Other expense (income) |
||||||||||||||||
Gain on disposition of investment |
| | (1,533 | ) | (15,448 | ) | ||||||||||
Interest income |
(231 | ) | (251 | ) | (680 | ) | (744 | ) | ||||||||
Interest expense |
39,165 | 43,292 | 79,933 | 75,137 | ||||||||||||
38,934 | 43,041 | 77,720 | 58,945 | |||||||||||||
Income before income tax expense |
27,671 | 31,546 | 24,940 | 47,164 | ||||||||||||
Income tax expense |
13,327 | 13,166 | 12,130 | 19,945 | ||||||||||||
Net income |
14,344 | 18,380 | 12,810 | 27,219 | ||||||||||||
Preferred stock dividends |
91 | 91 | 182 | 182 | ||||||||||||
Net income applicable to common stock |
$ | 14,253 | $ | 18,289 | $ | 12,628 | $ | 27,037 | ||||||||
Earnings per share: |
||||||||||||||||
Basic earnings per share |
$ | 0.15 | $ | 0.19 | $ | 0.14 | $ | 0.27 | ||||||||
Diluted earnings per share |
$ | 0.15 | $ | 0.19 | $ | 0.14 | $ | 0.27 | ||||||||
Cash dividends declared per share of common stock |
$ | | $ | | $ | | $ | 3.25 | ||||||||
Weighted average common shares outstanding: |
||||||||||||||||
- basic |
92,172,492 | 97,647,094 | 92,801,232 | 98,430,517 | ||||||||||||
- diluted |
92,409,086 | 98,487,257 | 93,024,414 | 99,215,975 | ||||||||||||
OTHER DATA |
||||||||||||||||
Free Cash Flow Computation: |
||||||||||||||||
EBITDA |
$ | 149,798 | $ | 152,363 | $ | 264,013 | $ | 266,338 | ||||||||
Interest, net |
(37,693 | ) | (41,924 | ) | (76,767 | ) | (72,186 | ) | ||||||||
Current tax expense |
(1,826 | ) | (10,704 | ) | (2,447 | ) | (6,710 | ) | ||||||||
Preferred stock dividends |
(91 | ) | (91 | ) | (182 | ) | (182 | ) | ||||||||
Total capital expenditures (1) |
(57,368 | ) | (59,941 | ) | (107,613 | ) | (110,005 | ) | ||||||||
Free cash flow |
$ | 52,820 | $ | 39,703 | $ | 77,004 | $ | 77,255 | ||||||||
(1) | See the capital expenditures detail included below for a breakdown by category. |
June 30, | December 31, | |||||||
Selected Balance Sheet Data: | 2008 | 2007 | ||||||
Cash and cash equivalents |
12,059 | 76,048 | ||||||
Working capital |
131,568 | 155,229 | ||||||
Total assets |
4,189,301 | 4,081,763 | ||||||
Total debt (including current maturities) |
2,911,220 | 2,725,770 | ||||||
Total stockholders equity |
861,579 | 931,007 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
Other Data: |
||||||||||||||||
Cash flows provided by operating activities |
$ | 108,959 | $ | 110,149 | $ | 131,318 | $ | 143,501 | ||||||||
Cash flows used in investing activities |
179,125 | 84,339 | 292,417 | 165,557 | ||||||||||||
Cash flows provided by (used in) financing activities |
59,822 | (13,325 | ) | 97,232 | 23,008 | |||||||||||
Reconciliation of Free Cash Flow to Cash Flows Provided by
Operating Activities: |
||||||||||||||||
Cash flows provided by operating activities |
$ | 108,959 | $ | 110,149 | $ | 131,318 | $ | 143,501 | ||||||||
Changes in operating assets and liabilities |
4,454 | (10,254 | ) | 59,074 | 38,457 | |||||||||||
Total capital expenditures |
(57,368 | ) | (59,941 | ) | (107,613 | ) | (110,005 | ) | ||||||||
Preferred stock dividends |
(91 | ) | (91 | ) | (182 | ) | (182 | ) | ||||||||
Other |
(3,134 | ) | (160 | ) | (5,593 | ) | 5,484 | |||||||||
Free cash flow |
$ | 52,820 | $ | 39,703 | $ | 77,004 | $ | 77,255 | ||||||||
Reconciliation of EBITDA to Net income: |
||||||||||||||||
EBITDA |
$ | 149,798 | $ | 152,363 | $ | 264,013 | $ | 266,338 | ||||||||
Less: |
||||||||||||||||
Non-cash compensation |
5,959 | 6,145 | 7,369 | 15,592 | ||||||||||||
Depreciation and amortization |
79,303 | 73,150 | 156,996 | 146,468 | ||||||||||||
Gain on disposition of assets |
(2,069 | ) | (1,519 | ) | (3,012 | ) | (1,831 | ) | ||||||||
Operating Income |
66,605 | 74,587 | 102,660 | 106,109 | ||||||||||||
Less: |
||||||||||||||||
Interest income |
(231 | ) | (251 | ) | (680 | ) | (744 | ) | ||||||||
Gain on disposition of investment |
| | (1,533 | ) | (15,448 | ) | ||||||||||
Interest expense |
39,165 | 43,292 | 79,933 | 75,137 | ||||||||||||
Income tax expense |
13,327 | 13,166 | 12,130 | 19,945 | ||||||||||||
Net income |
$ | 14,344 | $ | 18,380 | $ | 12,810 | $ | 27,219 | ||||||||
Three Months Ended | ||||||||||||
June 30, | % | |||||||||||
2008 | 2007 | Change | ||||||||||
Reconciliation of Reported Basis to Pro Forma (a) Basis: |
||||||||||||
Reported net revenue |
$ | 323,819 | $ | 315,225 | 2.7 | % | ||||||
Acquisitions and divestitures, excluding the Vista markets |
| 170 | ||||||||||
Less net revenue -Vista markets |
(7,530 | ) | | |||||||||
Pro forma net revenue, excluding the Vista markets |
$ | 316,289 | $ | 315,395 | 0.3 | % | ||||||
Reported direct advertising and G&A expenses |
$ | 160,241 | $ | 151,275 | 5.9 | % | ||||||
Acquisitions and divestitures, excluding the Vista markets |
| (193 | ) | |||||||||
Less direct advertising and G&A expenses -Vista markets |
(3,638 | ) | | |||||||||
Pro forma direct advertising and G&A expenses, excluding the Vista markets |
$ | 156,603 | $ | 151,082 | 3.7 | % | ||||||
Reported outdoor operating income |
$ | 163,578 | $ | 163,950 | (0.2 | %) | ||||||
Acquisitions and divestitures, excluding the Vista markets |
| 363 | ||||||||||
Less outdoor operating income Vista markets |
(3,892 | ) | | |||||||||
Pro forma outdoor operating income, excluding the Vista markets |
$ | 159,686 | $ | 164,313 | (2.8 | %) | ||||||
Reported corporate expenses |
$ | 13,780 | $ | 11,587 | 18.9 | % | ||||||
Acquisitions and divestitures, excluding the Vista markets |
| | ||||||||||
Pro forma corporate expenses, excluding the Vista markets |
$ | 13,780 | $ | 11,587 | 18.9 | % | ||||||
Reported EBITDA |
$ | 149,798 | $ | 152,363 | (1.7 | %) | ||||||
Acquisitions and divestitures, excluding the Vista markets |
| 363 | ||||||||||
Less EBITDA Vista markets |
(3,892 | ) | | |||||||||
Pro forma EBITDA, excluding the Vista markets |
$ | 145,906 | $ | 152,726 | (4.5 | %) | ||||||
(a) | Pro forma net revenues, direct advertising and general and administrative expenses, outdoor operating income, corporate expenses, and EBITDA include adjustments to 2007 for acquisitions and divestitures for the same time frame as actually owned in 2008, excluding the operating results of the Vista markets. As a result, our pro forma results for the 2008 period exclude the operating results from the Vista markets, and no adjustment has been made to the 2007 period with respect to the acquisition of the markets. |
Three months ended | ||||||||
June 30, | ||||||||
2008 | 2007 | |||||||
Reconciliation of Outdoor Operating Income to Operating Income: |
||||||||
Outdoor Operating income |
$ | 163,578 | $ | 163,950 | ||||
Less: Corporate expenses |
(13,780 | ) | (11,587 | ) | ||||
Non-cash compensation |
(5,959 | ) | (6,145 | ) | ||||
Depreciation and amortization |
(79,303 | ) | (73,150 | ) | ||||
Plus: Gain on disposition of assets |
2,069 | 1,519 | ||||||
Operating income |
$ | 66,605 | $ | 74,587 | ||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
Capital expenditure detail by category |
||||||||||||||||
Billboards traditional |
$ | 21,338 | $ | 16,568 | $ | 39,790 | $ | 37,093 | ||||||||
Billboards digital |
24,794 | 25,003 | 50,036 | 40,789 | ||||||||||||
Logo |
1,462 | 3,025 | 3,116 | 4,799 | ||||||||||||
Transit |
258 | 147 | 348 | 586 | ||||||||||||
Land and buildings |
5,173 | 9,710 | 6,156 | 18,810 | ||||||||||||
Operating equipment |
4,343 | 5,488 | 8,167 | 7,928 | ||||||||||||
Total capital expenditures |
$ | 57,368 | $ | 59,941 | $ | 107,613 | $ | 110,005 | ||||||||