BATON ROUGE, La., Feb. 27, 2013 (GLOBE NEWSWIRE) -- 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, 2012.
Fourth Quarter Results
Lamar reported net revenues of $305.5 million for the fourth quarter of 2012 versus $288.2 million for the fourth quarter of 2011, a 6.0% increase. Operating income for the fourth quarter of 2012 was $63.9 million as compared to $45.9 million for the same period in 2011. Lamar recognized $7.2 million in net income for the fourth quarter of 2012 compared to net income of $6.4 million for the fourth quarter of 2011.Adjusted EBITDA, (defined as operating income before non-cash compensation, depreciation and amortization and gain on disposition of assets - see reconciliation to net income at the end of this release) for the fourth quarter of 2012 was $135.8 million versus $125.8 million for the fourth quarter of 2011, a 7.9% 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 2012 was $71.9 million as compared to $63.9 million for the same period in 2011, a 12.6% increase. Pro forma net revenue for the fourth quarter of 2012 increased 2.6% and pro forma Adjusted EBITDA increased 3.6% as compared to the fourth quarter of 2011. Pro forma net revenue and Adjusted EBITDA include adjustments to the 2011 period for acquisitions and divestitures for the same time frame as actually owned in the 2012 period, excluding new markets acquired as a result of the acquisition of NextMedia Outdoor, Inc., (the "Next markets"), which closed on October 31, 2012. As a result, our pro forma results for the 2012 period exclude the operating results from the Next markets and no adjustment has been made to the 2011 period with respect to the acquisition of the Next markets. Tables that reconcile reported results to pro forma results and operating income to outdoor operating income are included at the end of this release.