Lamar Advertising (LAMR)
Q2 2011 Earnings Call
August 04, 2011 10:00 am ET
Sean Reilly - Chief Executive Officer
Keith Istre - Chief Financial Officer, Principal Accounting Officer and Treasurer
Kevin Reilly - Chairman, President, Chairman of Lamar Media Corporation, Chief Executive Officer of Lamar Media Corporation and President of Lamar Media Corporation
James Boyle - Gilford Securities Inc.
Benjamin Swinburne - Morgan Stanley
Jason Bazinet - Citigroup Inc
Paul Sweeney - Bloomberg Research
Marci Ryvicker - Wells Fargo Securities, LLC
Scott Van den Bosch - Moody's Corporation
James Dix - Wedbush Securities Inc.
James Marsh - Piper Jaffray Companies
Excuse me, everyone. We now have Kevin Reilly, Sean Reilly and Keith Istre in conference. [Operator Instructions] In the course of this discussion, Lamar may make forward-looking statements regarding the company, including statements about its future financial performance, strategic goals and plans. Lamar has identified important factors that could cause actual results to differ materially from those discussed in this call in the company's reports on forms 10-K and 10-Q and the registration statements that Lamar files with the SEC from time to time. Lamar refers you to those documents.
Lamar's second quarter 2011 earnings release, which contains the information required by Regulation G, was furnished to the SEC on a Form 8-K this morning and is available on Lamar's website, www.lamar.com.
I would now like to turn this conference over to Kevin Reilly. Mr. Reilly, you may begin.
Thank you, Chantal. I want to welcome everyone to our quarterly conference call. As is our custom, management will make some brief comments, and then we'll turn the call over for our Q&A. 8% GDP growth didn't help much, but you can't sugarcoat weak performance and a weak guidance. We had an exceptionally tough time closing business in the month, for the month, especially with our smallest customers. And that leads me to believe that there still is a lack of conviction out there among our local customers. So until demand there bounces back, we will continue to manage our expenses and our balance sheet accordingly. Of course, one bright spot throughout the year and we expect going forward, is our digital efforts, and we do expect good things there. With that, I'd like to turn the call over to Keith Istre, our CFO.