$LAMR
LAMAR ADVERTISING CO/NEW

2012 Q3 Form 10-Q Financial Statement

#000119312512460301 Filed on November 08, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2011 Q3
Revenue $306.3M $296.7M
YoY Change 3.23% 3.71%
Cost Of Revenue $103.8M $103.2M
YoY Change 0.58% 3.61%
Gross Profit $202.4M $193.5M
YoY Change 4.6% 3.75%
Gross Profit Margin 66.08% 65.22%
Selling, General & Admin $65.70M $63.50M
YoY Change 3.46% 0.0%
% of Gross Profit 32.46% 32.82%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $73.90M $75.20M
YoY Change -1.73% -3.09%
% of Gross Profit 36.51% 38.86%
Operating Expenses $139.7M $138.7M
YoY Change 0.72% -1.7%
Operating Profit $63.52M $55.43M
YoY Change 14.61% 22.08%
Interest Expense $38.53M $42.53M
YoY Change -9.4% -193.89%
% of Operating Profit 60.66% 76.73%
Other Income/Expense, Net -$40.37M -$42.55M
YoY Change -5.13%
Pretax Income $23.15M $12.87M
YoY Change 79.86% 972.67%
Income Tax $11.66M $8.880M
% Of Pretax Income 50.34% 68.99%
Net Earnings $11.50M $3.992M
YoY Change 187.98% 399.0%
Net Earnings / Revenue 3.75% 1.35%
Basic Earnings Per Share $0.12 $0.04
Diluted Earnings Per Share $0.12 $0.04
COMMON SHARES
Basic Shares Outstanding 93.42B shares 92.90B shares
Diluted Shares Outstanding 93.73B shares 93.08B shares

Balance Sheet

Concept 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.40M $41.50M
YoY Change -7.47% 8.07%
Cash & Equivalents $38.45M $41.52M
Short-Term Investments
Other Short-Term Assets $27.71M $84.50M
YoY Change -67.21% -32.29%
Inventory
Prepaid Expenses $55.43M
Receivables $164.7M $160.9M
Other Receivables $0.00 $0.00
Total Short-Term Assets $297.1M $286.9M
YoY Change 3.56% -10.73%
LONG-TERM ASSETS
Property, Plant & Equipment $1.146B $1.216B
YoY Change -5.79% -6.04%
Goodwill $1.435B
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $40.74M $75.00M
YoY Change -45.68% -11.14%
Total Long-Term Assets $3.096B $3.215B
YoY Change -3.7% -5.37%
TOTAL ASSETS
Total Short-Term Assets $297.1M $286.9M
Total Long-Term Assets $3.096B $3.215B
Total Assets $3.393B $3.502B
YoY Change -3.1% -5.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.35M $21.30M
YoY Change -37.31% 67.72%
Accrued Expenses $100.0M $98.50M
YoY Change 1.55% 6.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $35.65M $9.100M
YoY Change 291.79% -44.17%
Total Short-Term Liabilities $196.3M $176.7M
YoY Change 11.08% 5.05%
LONG-TERM LIABILITIES
Long-Term Debt $2.040B $2.214B
YoY Change -7.87% -9.87%
Other Long-Term Liabilities $14.81M $191.6M
YoY Change -92.27% 3.4%
Total Long-Term Liabilities $2.055B $2.406B
YoY Change -14.59% -8.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $196.3M $176.7M
Total Long-Term Liabilities $2.055B $2.406B
Total Liabilities $2.532B $2.675B
YoY Change -5.34% -7.83%
SHAREHOLDERS EQUITY
Retained Earnings -$681.3M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $889.6M
YoY Change
Treasury Stock Shares 17.12M shares
Shareholders Equity $860.9M $826.6M
YoY Change
Total Liabilities & Shareholders Equity $3.393B $3.502B
YoY Change -3.1% -5.84%

Cashflow Statement

Concept 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income $11.50M $3.992M
YoY Change 187.98% 399.0%
Depreciation, Depletion And Amortization $73.90M $75.20M
YoY Change -1.73% -3.09%
Cash From Operating Activities $119.3M $112.3M
YoY Change 6.23% 15.77%
INVESTING ACTIVITIES
Capital Expenditures -$28.20M -$28.50M
YoY Change -1.05% 137.5%
Acquisitions
YoY Change
Other Investing Activities -$40.00M -$5.100M
YoY Change 684.31% -2650.0%
Cash From Investing Activities -$68.20M -$33.60M
YoY Change 102.98% 184.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -112.1M -55.10M
YoY Change 103.45% -25.34%
NET CHANGE
Cash From Operating Activities 119.3M 112.3M
Cash From Investing Activities -68.20M -33.60M
Cash From Financing Activities -112.1M -55.10M
Net Change In Cash -61.00M 23.60M
YoY Change -358.47% 107.02%
FREE CASH FLOW
Cash From Operating Activities $119.3M $112.3M
Capital Expenditures -$28.20M -$28.50M
Free Cash Flow $147.5M $140.8M
YoY Change 4.76% 29.17%

Facts In Submission

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us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-14325000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
2903000
us-gaap Operating Income Loss
OperatingIncomeLoss
153772000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
us-gaap Advertising Revenue Cost
AdvertisingRevenueCost
312339000
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
273000
us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
219283000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1099000
us-gaap Net Income Loss
NetIncomeLoss
2602000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-148767000
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-20674000
us-gaap Costs And Expenses
CostsAndExpenses
723624000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
us-gaap Advertising Revenue
AdvertisingRevenue
877396000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Terms Of Award
ShareBasedCompensationArrangementByShareBasedPaymentAwardTermsOfAward
vesting terms ranging from three to five years and include 1) options that vest in one-fifth increments beginning on the grant date and continuing on each of the first four anniversaries of the grant date and 2) options that cliff-vest on the fifth anniversary of the grant date.
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1113000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
157275000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
93550891000 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
285270000 shares
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-121582000
us-gaap Dividends Preferred Stock
DividendsPreferredStock
273000
us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
100000000
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
8061000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
3650000
us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
649000
lamr Payments On Tender Consideration And Accrued Interest
PaymentsOnTenderConsiderationAndAccruedInterest
613887000
lamr Reduced Percentage Of Consolidated Excess Cash Flow To Repay Outstanding Loan Two
ReducedPercentageOfConsolidatedExcessCashFlowToRepayOutstandingLoanTwo
0.00 pure
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
8000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2403000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
522000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
77747000
us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
-3531000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2329000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
5309000
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.03
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
4312000
us-gaap Interest Expense
InterestExpense
117081000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-31956000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
9809000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
5023000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
253349000
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
500000000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
13101000
CY2011Q3 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
75171000
lamr Description Of Interest Computation On Basis Of Period
DescriptionOfInterestComputationOnBasisOfPeriod
360-day year comprised of twelve 30-day months
CY2011Q3 us-gaap Net Income Loss
NetIncomeLoss
3992000
CY2011Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-42553000
lamr Non Cash Acquisition Of Outdoor Advertising Assets
NonCashAcquisitionOfOutdoorAdvertisingAssets
3098000
CY2010Q2 us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
392000000
CY2011Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
428000
CY2011Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
92901470000 shares
CY2011Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.04
CY2011Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1704000
CY2011Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
12872000
CY2011Q3 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
609000
CY2011Q3 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
11648000
CY2011Q3 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
300509000
CY2011Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
4024000
CY2011Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
55425000
CY2011Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2011Q3 us-gaap Advertising Revenue Cost
AdvertisingRevenueCost
103200000
CY2011Q3 us-gaap Costs And Expenses
CostsAndExpenses
241276000
CY2011Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
CY2011Q3 us-gaap Advertising Revenue
AdvertisingRevenue
296701000
CY2011Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
51866000
CY2011Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
93076619000 shares
CY2011Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
175149000 shares
CY2011Q3 us-gaap Dividends Preferred Stock
DividendsPreferredStock
91000
CY2011Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
2288000
CY2011Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8880000
CY2011Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3901000
CY2011Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.04
CY2011Q3 us-gaap Interest Expense
InterestExpense
42530000
CY2011Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-451000
CY2012Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
147000
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
93423063000 shares
CY2012Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.12
CY2012Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
1152000
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
23151000
CY2012Q3 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
739000
CY2012Q3 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
13590000
CY2012Q3 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
306504000
CY2012Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
11430000
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
63522000
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.12
CY2012Q3 us-gaap Advertising Revenue Cost
AdvertisingRevenueCost
103845000
CY2012Q3 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
73915000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
11496000
CY2012Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-40371000
CY2012Q3 us-gaap Costs And Expenses
CostsAndExpenses
242764000
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.12
CY2012Q3 us-gaap Advertising Revenue
AdvertisingRevenue
306286000
CY2012Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
52153000
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
93729512000 shares
CY2012Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
306449000 shares
CY2012Q3 us-gaap Dividends Preferred Stock
DividendsPreferredStock
91000
CY2012Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
12648000
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11655000
CY2012Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
11405000
CY2012Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.12
CY2012Q3 us-gaap Interest Expense
InterestExpense
38534000
CY2012Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-1984000

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