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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 ended December 31, 2010.
Fourth Quarter Results
Lamar reported net revenues of $275.7 million for the fourth quarter of 2010 versus $262.3 million for the fourth quarter of 2009, a 5.1% increase. Operating income for the fourth quarter of 2010 was $32.8 million as compared to $20.4 million for the same period in 2009. There was a net loss of $7.1 million for the fourth quarter of 2010 compared to a net loss of $19.7 million for the fourth quarter of 2009.
Adjusted EBITDA (defined as operating income before non-cash compensation, depreciation and amortization and gain on disposition of assets - see reconciliation to net loss at the end of this release) for the fourth quarter of 2010 was $115.4 million versus $106.8 million for the fourth quarter of 2009, an 8.0% increase.
Free cash flow (defined as Adjusted 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 2010 was $59.2 million as compared to $50.4 million for the same period in 2009, a 17.5% increase.
Pro forma net revenue for the fourth quarter of 2010 increased 4.4% and pro forma Adjusted EBITDA increased 7.6% as compared to the fourth quarter of 2009. Pro forma net revenue and Adjusted 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.