$LAMR
LAMAR ADVERTISING CO/NEW

2015 Q1 Form 10-Q Financial Statement

#000119312515174388 Filed on May 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $302.5M $284.9M
YoY Change 6.16% 3.01%
Cost Of Revenue $113.2M $111.5M
YoY Change 1.52% 4.69%
Gross Profit $189.2M $173.4M
YoY Change 9.11% 1.94%
Gross Profit Margin 62.55% 60.86%
Selling, General & Admin $74.60M $69.00M
YoY Change 8.12% -4.3%
% of Gross Profit 39.43% 39.79%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $49.20M $69.50M
YoY Change -29.21% -5.95%
% of Gross Profit 26.0% 40.08%
Operating Expenses $123.8M $142.5M
YoY Change -13.12% -6.06%
Operating Profit $67.25M $31.14M
YoY Change 115.95% 63.44%
Interest Expense $24.53M $30.27M
YoY Change -18.95% -17.53%
% of Operating Profit 36.48% 97.19%
Other Income/Expense, Net -$24.53M -$39.47M
YoY Change -37.85% 7.62%
Pretax Income $42.72M -$8.324M
YoY Change -613.26% -52.75%
Income Tax $2.008M -$3.487M
% Of Pretax Income 4.7%
Net Earnings $40.72M -$4.837M
YoY Change -941.76% -52.87%
Net Earnings / Revenue 13.46% -1.7%
Basic Earnings Per Share $0.42 -$0.05
Diluted Earnings Per Share $0.42 -$0.05
COMMON SHARES
Basic Shares Outstanding 95.70M shares 94.91M shares
Diluted Shares Outstanding 95.74M shares 94.91M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $32.50M $68.70M
YoY Change -52.69% -9.01%
Cash & Equivalents $32.55M $68.74M
Short-Term Investments
Other Short-Term Assets $42.68M $40.89M
YoY Change 4.38% 28.13%
Inventory
Prepaid Expenses $65.37M $63.25M
Receivables $168.5M $162.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $309.9M $343.1M
YoY Change -9.69% 2.21%
LONG-TERM ASSETS
Property, Plant & Equipment $1.082B $1.106B
YoY Change -2.16% -5.02%
Goodwill $1.515B $1.503B
YoY Change 0.8% 1.19%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $39.34M $41.94M
YoY Change -6.21% -2.1%
Total Long-Term Assets $3.045B $3.083B
YoY Change -1.24% -2.88%
TOTAL ASSETS
Total Short-Term Assets $309.9M $343.1M
Total Long-Term Assets $3.045B $3.083B
Total Assets $3.355B $3.427B
YoY Change -2.08% -2.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.05M $18.08M
YoY Change -0.18% 16.44%
Accrued Expenses $84.48M $97.03M
YoY Change -12.93% -10.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $15.66M $776.0K
YoY Change 1917.53% -97.67%
Total Short-Term Liabilities $206.1M $202.6M
YoY Change 1.74% 1.82%
LONG-TERM LIABILITIES
Long-Term Debt $1.938B $1.946B
YoY Change -0.44% -8.28%
Other Long-Term Liabilities $25.03M $21.78M
YoY Change 14.94% 26.98%
Total Long-Term Liabilities $1.963B $1.968B
YoY Change -0.27% -7.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $206.1M $202.6M
Total Long-Term Liabilities $1.963B $1.968B
Total Liabilities $2.374B $2.485B
YoY Change -4.45% -5.53%
SHAREHOLDERS EQUITY
Retained Earnings -$657.5M -$652.5M
YoY Change 0.76% -4.09%
Common Stock $1.644B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.099M $896.8M
YoY Change -99.32% 0.33%
Treasury Stock Shares 104.8K shares 17.27M shares
Shareholders Equity $981.2M $942.1M
YoY Change
Total Liabilities & Shareholders Equity $3.355B $3.427B
YoY Change -2.08% -2.39%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $40.72M -$4.837M
YoY Change -941.76% -52.87%
Depreciation, Depletion And Amortization $49.20M $69.50M
YoY Change -29.21% -5.95%
Cash From Operating Activities $54.70M $62.60M
YoY Change -12.62% 21.03%
INVESTING ACTIVITIES
Capital Expenditures $29.04M $22.40M
YoY Change 29.66% -13.15%
Acquisitions $19.65M $4.281M
YoY Change 358.93% -19.79%
Other Investing Activities -$15.20M -$3.400M
YoY Change 347.06% -5.56%
Cash From Investing Activities -$44.30M -$25.80M
YoY Change 71.71% -12.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$9.430M -$4.710M
YoY Change 100.21% 66.08%
Debt Paid & Issued, Net $3.755M $23.00K
YoY Change 16226.09% -99.72%
Cash From Financing Activities -2.800M -600.0K
YoY Change 366.67% -88.99%
NET CHANGE
Cash From Operating Activities 54.70M 62.60M
Cash From Investing Activities -44.30M -25.80M
Cash From Financing Activities -2.800M -600.0K
Net Change In Cash 7.600M 36.20M
YoY Change -79.01% 114.01%
FREE CASH FLOW
Cash From Operating Activities $54.70M $62.60M
Capital Expenditures $29.04M $22.40M
Free Cash Flow $25.66M $40.20M
YoY Change -36.17% 55.02%

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65314000
CY2015Q1 us-gaap New Accounting Pronouncement Or Change In Accounting Principle Effect Of Change On Net Income
NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfChangeOnNetIncome
2772000
CY2015Q1 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
22926000
CY2015Q1 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
778000
CY2015Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-1187000
CY2015Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-1131000
CY2015Q1 us-gaap Interest Expense
InterestExpense
24532000
CY2015Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1158000
CY2015Q1 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
1267000
CY2015Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1672000
CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
6511000
CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2008000
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-2819000
CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
15529000
CY2015Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
4414000
CY2015Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-10099000
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-44270000
CY2015Q1 us-gaap Advertising Revenue Cost
AdvertisingRevenueCost
113232000
CY2015Q1 us-gaap Costs And Expenses
CostsAndExpenses
235223000
CY2015Q1 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
49230000
CY2015Q1 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
15391000
CY2015Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
92000000
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3901000
CY2015Q1 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
1714000
CY2015Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
2613000
CY2015Q1 lamr Payments Of Senior Revolving Credit Facility
PaymentsOfSeniorRevolvingCreditFacility
35000000
CY2015Q1 lamr Preferred Stock Dividend Shares
PreferredStockDividendShares
15.95
CY2015Q1 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.
CY2015Q1 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.

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