$LAMR
LAMAR ADVERTISING CO/NEW

2014 Q2 Form 10-Q Financial Statement

#000119312514300517 Filed on August 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $330.4M $327.7M
YoY Change 0.82% 7.5%
Cost Of Revenue $114.3M $110.7M
YoY Change 3.25% 5.33%
Gross Profit $216.2M $217.0M
YoY Change -0.37% 8.61%
Gross Profit Margin 65.43% 66.21%
Selling, General & Admin $69.00M $69.60M
YoY Change -0.86% 5.45%
% of Gross Profit 31.91% 32.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $71.10M $72.40M
YoY Change -1.8% -0.82%
% of Gross Profit 32.89% 33.36%
Operating Expenses $144.1M $144.4M
YoY Change -0.21% 3.96%
Operating Profit $73.04M $73.32M
YoY Change -0.38% 13.75%
Interest Expense $26.09M $37.89M
YoY Change -31.15% -1.93%
% of Operating Profit 35.72% 51.68%
Other Income/Expense, Net -$46.89M -$37.84M
YoY Change 23.93% -1.9%
Pretax Income $26.15M $35.48M
YoY Change -26.3% 37.05%
Income Tax $10.73M $12.36M
% Of Pretax Income 41.02% 34.83%
Net Earnings $15.42M $23.12M
YoY Change -33.3% 66.08%
Net Earnings / Revenue 4.67% 7.05%
Basic Earnings Per Share $0.16 $0.24
Diluted Earnings Per Share $0.16 $0.24
COMMON SHARES
Basic Shares Outstanding 95.17M shares 94.34M shares
Diluted Shares Outstanding 95.59M shares 94.81M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $34.40M $118.9M
YoY Change -71.07% 20.22%
Cash & Equivalents $34.42M $118.9M
Short-Term Investments
Other Short-Term Assets $40.57M $33.57M
YoY Change 20.85% -67.16%
Inventory
Prepaid Expenses $62.80M $61.77M
Receivables $184.4M $177.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $332.2M $401.4M
YoY Change -17.25% 11.31%
LONG-TERM ASSETS
Property, Plant & Equipment $1.096B $1.150B
YoY Change -4.7% -0.56%
Goodwill $1.504B $1.491B
YoY Change 0.84%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $37.82M $42.77M
YoY Change -11.59% -46.13%
Total Long-Term Assets $3.044B $3.157B
YoY Change -3.57% 1.84%
TOTAL ASSETS
Total Short-Term Assets $332.2M $401.4M
Total Long-Term Assets $3.044B $3.157B
Total Assets $3.376B $3.559B
YoY Change -5.12% 2.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.12M $16.30M
YoY Change 11.14% 37.0%
Accrued Expenses $97.13M $99.27M
YoY Change -2.16% 12.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $15.64M $384.2M
YoY Change -95.93% 143.18%
Total Short-Term Liabilities $235.2M $559.4M
YoY Change -57.95% 81.03%
LONG-TERM LIABILITIES
Long-Term Debt $1.912B $1.765B
YoY Change 8.36% -13.14%
Other Long-Term Liabilities $23.23M $19.18M
YoY Change 21.16% -90.32%
Total Long-Term Liabilities $1.935B $1.784B
YoY Change 8.5% -20.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $235.2M $559.4M
Total Long-Term Liabilities $1.935B $1.784B
Total Liabilities $2.491B $2.649B
YoY Change -5.98% 1.08%
SHAREHOLDERS EQUITY
Retained Earnings $716.2M -$659.1M
YoY Change -208.65%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $896.8M $893.8M
YoY Change 0.33%
Treasury Stock Shares 17.27M shares 17.22M shares
Shareholders Equity $885.7M $909.2M
YoY Change
Total Liabilities & Shareholders Equity $3.376B $3.559B
YoY Change -5.12% 2.83%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $15.42M $23.12M
YoY Change -33.3% 66.08%
Depreciation, Depletion And Amortization $71.10M $72.40M
YoY Change -1.8% -0.82%
Cash From Operating Activities $110.8M $100.3M
YoY Change 10.47% 3.08%
INVESTING ACTIVITIES
Capital Expenditures -$31.90M -$26.90M
YoY Change 18.59% -9.73%
Acquisitions
YoY Change
Other Investing Activities $300.0K -$25.90M
YoY Change -101.16% 388.68%
Cash From Investing Activities -$31.50M -$52.90M
YoY Change -40.45% 50.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -114.1M -3.300M
YoY Change 3357.58% -400.0%
NET CHANGE
Cash From Operating Activities 110.8M 100.3M
Cash From Investing Activities -31.50M -52.90M
Cash From Financing Activities -114.1M -3.300M
Net Change In Cash -34.80M 44.10M
YoY Change -178.91% -30.33%
FREE CASH FLOW
Cash From Operating Activities $110.8M $100.3M
Capital Expenditures -$31.90M -$26.90M
Free Cash Flow $142.7M $127.2M
YoY Change 12.19% 0.08%

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dei Trading Symbol
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dei Entity Registrant Name
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ProceedsFromIssuanceOfDebt
510000000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
26479000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
155000000
us-gaap Proceeds From Sale And Collection Of Notes Receivable
ProceedsFromSaleAndCollectionOfNotesReceivable
4477000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2451000
us-gaap Impairment Of Investments
ImpairmentOfInvestments
4069000
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
2647000
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
2846000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7239000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-177000
lamr Payments Of Senior Revolving Credit Facility
PaymentsOfSeniorRevolvingCreditFacility
220000000
lamr Description Of Provisions On Senior Credit Facility Transfers To Parent Company Subject To Additional Restrictions
DescriptionOfProvisionsOnSeniorCreditFacilityTransfersToParentCompanySubjectToAdditionalRestrictions
(i) the total debt ratio is equal to or greater than 6.0 to 1 or (ii) the senior debt ratio is equal to or greater than 3.5 to 1
CY2013Q2 us-gaap Interest Expense
InterestExpense
37887000
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12359000
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.16
CY2014Q2 lamr Line Of Credit Facility Amended And Restated Date
LineOfCreditFacilityAmendedAndRestatedDate
2014-04-18
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.24
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
94813138 shares
CY2013Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
475171 shares
CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.24
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
94337967 shares
CY2013Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2013Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
22249000
lamr Description Of Position On Senior Credit Facility Transfers To Parent Company Not Subject To Additional Restrictions
DescriptionOfPositionOnSeniorCreditFacilityTransfersToParentCompanyNotSubjectToAdditionalRestrictions
The total debt ratio was less than 6.0 to 1 and Lamar Media's senior debt ratio was less than 3.50 to 1; therefore, dividends or distributions to Lamar Advertising were not subject to any additional restrictions under the senior credit facility
lamr Common Stock Dividends Declared
CommonStockDividendsDeclared
79013
lamr Repayment On Senior Secured Credit Facility
RepaymentOnSeniorSecuredCreditFacility
352106000
lamr Percentage Net Income Available For Dividend Distribution
PercentageNetIncomeAvailableForDividendDistribution
0.90 pure
CY2013Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
23031000
CY2013Q2 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
701000
CY2013Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
51000
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
73317000
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
35481000
CY2013Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-873000
CY2013Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-37836000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
23122000
CY2013Q2 us-gaap Advertising Revenue
AdvertisingRevenue
327744000
CY2013Q2 us-gaap Costs And Expenses
CostsAndExpenses
254427000
CY2013Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
55987000
CY2013Q2 us-gaap Dividends Preferred Stock
DividendsPreferredStock
91000
CY2013Q2 us-gaap Advertising Revenue Cost
AdvertisingRevenueCost
110723000
CY2013Q2 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
72408000
CY2013Q2 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
16010000
CY2014Q2 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
17035000
CY2014Q2 us-gaap Interest Expense
InterestExpense
26086000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10726000
CY2014Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.83
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
95590222 shares
CY2014Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
415530 shares
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.16
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
95174692 shares
CY2014Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
16091000
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
15331000
CY2014Q2 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
1020000
CY2014Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
43000
CY2014Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-20847000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
73038000
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
26148000
CY2014Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
669000
CY2014Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-46890000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
15422000
CY2014Q2 us-gaap Advertising Revenue
AdvertisingRevenue
330433000
CY2014Q2 us-gaap Costs And Expenses
CostsAndExpenses
257395000
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
56054000
CY2014Q2 us-gaap Dividends Preferred Stock
DividendsPreferredStock
91000
CY2014Q2 us-gaap Advertising Revenue Cost
AdvertisingRevenueCost
114277000
CY2014Q2 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
71049000

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