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BATON ROUGE, La., Nov. 6, 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 third quarter ended September 30, 2013.
Three Months Results
Lamar reported net revenues of $323.2 million for the third quarter of 2013 versus $306.3 million for the third quarter of 2012, a 5.5% increase. Operating income for the third quarter of 2013 was $69.3 million as compared to $63.5 million for the same period in 2012. Lamar recognized $18.3 million in net income for the third quarter of 2013 compared to net income of $11.5 million for the third quarter of 2012.
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 third quarter of 2013 was $147.6 million versus $140.6 million for the third quarter of 2012, a 5.0% 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 third quarter of 2013 was $87.8 million as compared to $77.7 million for the same period in 2012, a 13.0 % increase.
Pro forma net revenue for the third quarter of 2013 increased 2.1% and pro forma Adjusted EBITDA increased 1.6% as compared to the third quarter of 2012. Pro forma net revenue and Adjusted EBITDA include adjustments to the 2012 period for acquisitions and divestitures for the same time frame as actually owned in the 2013 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.