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Lamar Advertising's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Kevin Reilly

Thank you, Jeff. I want to welcome all our shareholders and friends for our Q2 call. As it is our custom, I'll make a few comments and then turn the call over to Sean and Keith, for some color. I guess the first item to cover is the REIT concept. As the company continues to generate more cash flow, than it needs we’re obligated to explore different ways to return capital to our share holders and the REIT construct is one possible avenue.

We intend to seek a private letter ruling, we hope that the time frame on that would be a Q1 host 2013 event and was thinking that if everything goes right we would make the election in January 1, 2014.

The PLR seeks to answer a lot of questions, and since we’re in the middle of the year process, its not that we don’t want to be forward coming, it’s just we don’t have the answers to those questions. So as you think about what assets are admissible and what asset are not, we just don’t simply – recently don’t have the answers to those questions at this time. So you won’t get them.

With that, I’d like to go head and turn the call over to Keith to walk us through that.

Keith Istre

Just to zip through the press release, real quick on the pro forma results. As you noted, the pro forma revenue came in at 3.6% that was slightly ahead our guidance of 3%, that was a total increase of about $10.5 million.

Consolidated expenses were 3.6%. I had on the last call mentioned that we thought that it would come in around 4%, so we were slightly under on that metric.

Let me point out on the corporate overhead, you may have noticed that those expenses were up about 16% for the quarter and that’s a blip not a trend. We had some difficult comps to contend with in the second quarter of last year when we saw that we were not going to hit our incentive bonus performance goals.

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