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Lamar Advertising's CEO Discusses Q1 2012 Results - Earnings Call Transcript

I would now like to turn the conference over to Kevin Reilly. Mr. Reilly, you may begin.

Kevin P. Reilly

Kerry, thank you. I want to welcome all of our analysts, shareholders and friends to our Q1 call. We're pleased with our Q1 performance. And as we look at the entire year, even though the month-to-month is a little choppy, and Sean will address that, we feel like our book is shaping up quite well and that all of our shareholders will be pleased with our top line growth. Throughout the rest of this year, we will continue to invest in our digital platform and we expect to achieve the CapEx full year guidance that we've -- gave on our last call. And we will also continue to repay debt. Our leverage at year end will, in all likelihood, be below 4%.

And with that, I'd like to call -- turn the call over to Keith Istre to walk us through the numbers.

Keith A. Istre

Thanks, Kevin. Just to highlight a couple of the metrics for the first quarter results. On the revenue side, as you know, we guided to revenue pro forma growth of up 3% for the quarter and we came in slightly better than that at up 4%. National and local both added to that result. They were both up in the mid-single digits. Again, Sean will address that later on.

We did guide to revenue growth of up 3% for the second quarter, a little bit less than Q1. And just to reiterate our position on guidance, we always give the market the best guidance that we have at the moment that we do this call. We've exceeded our guidance over the past few quarters. And we've been cautious in giving out guidance because since the second quarter of last year, our quarters, on a monthly basis, have been -- have shown peaks and valleys in the growth. In years past, in normal times, if we posted a 7% top line growth, it was pretty much 7% each month during the quarter. And we're just -- we're seeing more volatility since the Q2 of last year, so we are intentionally trying to be cautious not to misguide anyone in a positive or in a negative sort of way.

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