$LAMR
LAMAR ADVERTISING CO/NEW

2014 Q3 Form 10-Q Financial Statement

#000119312514398875 Filed on November 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q3
Revenue $335.0M $321.1M
YoY Change 4.31% 4.85%
Cost Of Revenue $112.4M $109.6M
YoY Change 2.55% 5.59%
Gross Profit $222.6M $211.5M
YoY Change 5.25% 4.5%
Gross Profit Margin 66.45% 65.86%
Selling, General & Admin $70.60M $67.70M
YoY Change 4.28% 3.04%
% of Gross Profit 31.72% 32.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $62.70M $73.20M
YoY Change -14.34% -0.95%
% of Gross Profit 28.17% 34.61%
Operating Expenses $137.4M $145.1M
YoY Change -5.31% 3.87%
Operating Profit $86.02M $67.23M
YoY Change 27.96% 5.84%
Interest Expense $24.42M $37.68M
YoY Change -35.19% -2.22%
% of Operating Profit 28.39% 56.04%
Other Income/Expense, Net -$24.41M -$37.64M
YoY Change -35.15% -6.78%
Pretax Income $61.62M $29.59M
YoY Change 108.21% 27.83%
Income Tax $26.57M $12.50M
% Of Pretax Income 43.12% 42.24%
Net Earnings $35.05M $17.09M
YoY Change 105.04% 48.7%
Net Earnings / Revenue 10.46% 5.32%
Basic Earnings Per Share $0.37 $0.18
Diluted Earnings Per Share $0.37 $0.18
COMMON SHARES
Basic Shares Outstanding 95.33M shares 94.53M shares
Diluted Shares Outstanding 95.75M shares 94.93M shares

Balance Sheet

Concept 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.00M $182.7M
YoY Change -84.67% 375.78%
Cash & Equivalents $27.96M $182.7M
Short-Term Investments
Other Short-Term Assets $34.62M $28.39M
YoY Change 21.93% 2.47%
Inventory
Prepaid Expenses $60.96M $60.13M
Receivables $180.6M $179.4M
Other Receivables $0.00 $0.00
Total Short-Term Assets $314.9M $461.7M
YoY Change -31.8% 55.39%
LONG-TERM ASSETS
Property, Plant & Equipment $1.095B $1.143B
YoY Change -4.17% -0.22%
Goodwill $1.512B $1.502B
YoY Change 0.65% 4.69%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $37.42M $43.65M
YoY Change -14.26% 7.14%
Total Long-Term Assets $3.055B $3.164B
YoY Change -3.44% 2.19%
TOTAL ASSETS
Total Short-Term Assets $314.9M $461.7M
Total Long-Term Assets $3.055B $3.164B
Total Assets $3.370B $3.625B
YoY Change -7.05% 6.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.98M $16.11M
YoY Change 11.61% 20.65%
Accrued Expenses $93.89M $125.2M
YoY Change -25.01% 25.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $15.60M $393.8M
YoY Change -96.04% 1004.63%
Total Short-Term Liabilities $224.8M $598.7M
YoY Change -62.45% 205.01%
LONG-TERM LIABILITIES
Long-Term Debt $1.925B $1.749B
YoY Change 10.09% -14.26%
Other Long-Term Liabilities $22.92M $20.11M
YoY Change 13.97% 35.82%
Total Long-Term Liabilities $1.948B $1.769B
YoY Change 10.14% -13.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $224.8M $598.7M
Total Long-Term Liabilities $1.948B $1.769B
Total Liabilities $2.523B $2.692B
YoY Change -6.29% 6.31%
SHAREHOLDERS EQUITY
Retained Earnings -$760.4M -$640.9M
YoY Change 18.65% -5.93%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $896.8M $893.8M
YoY Change 0.33% 0.47%
Treasury Stock Shares 17.27M shares 17.22M shares
Shareholders Equity $847.2M $933.5M
YoY Change
Total Liabilities & Shareholders Equity $3.370B $3.625B
YoY Change -7.05% 6.84%

Cashflow Statement

Concept 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $35.05M $17.09M
YoY Change 105.04% 48.7%
Depreciation, Depletion And Amortization $62.70M $73.20M
YoY Change -14.34% -0.95%
Cash From Operating Activities $129.8M $142.7M
YoY Change -9.04% 19.61%
INVESTING ACTIVITIES
Capital Expenditures -$29.60M -$25.00M
YoY Change 18.4% -11.35%
Acquisitions
YoY Change
Other Investing Activities -$44.00M -$49.90M
YoY Change -11.82% 24.75%
Cash From Investing Activities -$73.60M -$74.70M
YoY Change -1.47% 9.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -62.10M -4.500M
YoY Change 1280.0% -95.99%
NET CHANGE
Cash From Operating Activities 129.8M 142.7M
Cash From Investing Activities -73.60M -74.70M
Cash From Financing Activities -62.10M -4.500M
Net Change In Cash -5.900M 63.50M
YoY Change -109.29% -204.1%
FREE CASH FLOW
Cash From Operating Activities $129.8M $142.7M
Capital Expenditures -$29.60M -$25.00M
Free Cash Flow $159.4M $167.7M
YoY Change -4.95% 13.69%

Facts In Submission

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dei Entity Registrant Name
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us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
510000000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
3623000
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
3953000
us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
300000000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
4457000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-5255000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
33806000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-176786000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
16382000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2623000
us-gaap Impairment Of Investments
ImpairmentOfInvestments
4069000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-3048000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-130936000
us-gaap Advertising Revenue Cost
AdvertisingRevenueCost
338173000
us-gaap Costs And Expenses
CostsAndExpenses
760158000
us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
203250000
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
48824000
us-gaap Dividends Preferred Stock
DividendsPreferredStock
273000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
171912000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
260000000
us-gaap Share Based Compensation
ShareBasedCompensation
15987000
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
2695000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
18857000
lamr Payments Of Senior Revolving Credit Facility
PaymentsOfSeniorRevolvingCreditFacility
308000000
lamr Repayment On Senior Secured Credit Facility
RepaymentOnSeniorSecuredCreditFacility
352106000
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 3.5 to 1; therefore, dividends or distributions to Lamar Advertising were not subject to any additional restrictions under the senior credit facility.
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
94528877 shares
CY2013Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-534000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
67229000
CY2013Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
17628000
CY2013Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-37635000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
29594000
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.
lamr Common Stock Dividends Declared
CommonStockDividendsDeclared
158203000
lamr Percentage Net Income Available For Dividend Distribution
PercentageNetIncomeAvailableForDividendDistribution
0.90 pure
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.18
CY2013Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
398192 shares
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
94927069 shares
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.18
CY2013Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2013Q3 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
787000
CY2013Q3 us-gaap Advertising Revenue
AdvertisingRevenue
321141000
CY2013Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
17003000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
17094000
CY2013Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
42000
CY2013Q3 us-gaap Interest Expense
InterestExpense
37677000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12500000
CY2014Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
423381 shares
CY2013Q3 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
73183000
CY2013Q3 us-gaap Advertising Revenue Cost
AdvertisingRevenueCost
109640000
CY2013Q3 us-gaap Costs And Expenses
CostsAndExpenses
253912000
CY2013Q3 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
14843000
CY2013Q3 us-gaap Dividends Preferred Stock
DividendsPreferredStock
91000
CY2013Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
57033000
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.37
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
95753522 shares
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.37
CY2014Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.83
CY2014Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
95330141 shares
CY2014Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
800000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
86024000
CY2014Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
34250000
CY2014Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-24407000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
61617000
CY2014Q3 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
775000
CY2014Q3 us-gaap Advertising Revenue
AdvertisingRevenue
334998000
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
34959000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
35050000
CY2014Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
11000
CY2014Q3 us-gaap Interest Expense
InterestExpense
24418000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
26567000
CY2014Q3 us-gaap Advertising Revenue Cost
AdvertisingRevenueCost
112388000
CY2014Q3 us-gaap Costs And Expenses
CostsAndExpenses
248974000
CY2014Q3 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
62675000
CY2014Q3 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
16505000
CY2014Q3 us-gaap Dividends Preferred Stock
DividendsPreferredStock
91000
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
58181000
CY2014Q3 lamr Common Stock Dividends Declared
CommonStockDividendsDeclared
79190000

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