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 first quarter ended March 31, 2011.
First Quarter Results
Lamar reported net revenues of $255.2 million for the first quarter of 2011 versus $244.1 million for the first quarter of 2010, a 4.5% increase. Operating income for the first quarter of 2011 was $25.6 million as compared to $10.8 million for the same period in 2010. There was a net loss of $13.2 million for the first quarter of 2011 compared to a net loss of $24.8 million for the first quarter of 2010.
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 first quarter of 2011 was $95.2 million versus $90.8 million for the first quarter of 2010, a 4.8% 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 first quarter of 2011 was $26.7 million as compared to $36.4 million for the same period in 2010, a decrease of 26.8%. The decrease in free cash flow for the first quarter of 2011 is a result of the Company’s $20.5 million increase in capital expenditures for the quarter over the comparable period in 2010. Pro forma net revenue for the first quarter of 2011 increased 4.2% and pro forma Adjusted EBITDA increased 5.3% as compared to the first quarter of 2010. Pro forma net revenue and Adjusted EBITDA include adjustments to the 2010 period for acquisitions and divestitures for the same time frame as actually owned in the 2011 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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