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Lamar Advertising Company Announces Third Quarter 2010 Operating Results

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 third quarter ended September 30, 2010.

Three Months Results

Lamar reported net revenues of $286.1 million for the third quarter of 2010 versus $271.8 million for the third quarter of 2009, a 5.3% increase. Operating income for the third quarter of 2010 was $46.6 million as compared to $39.3 million for the same period in 2009. There was net income of $0.8 million for the third quarter of 2010 compared to a net loss of $4.8 million for the third quarter of 2009.

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 (loss) at the end of this release) for the third quarter of 2010 was $128.0 million versus $122.5 million for the third quarter of 2009, a 4.5% 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 third quarter of 2010 was $75.2 million as compared to $83.0 million for the same period in 2009, a 9.4% decrease.

Pro forma net revenue for the third quarter of 2010 increased 4.6% and pro forma EBITDA increased 4.2% as compared to the third quarter of 2009. Pro forma net revenue and EBITDA include adjustments to the 2009 period for acquisitions and divestitures for the same time frame as actually owned in the 2010 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.

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