$LAMR
LAMAR ADVERTISING CO/NEW

2015 Q3 Form 10-Q Financial Statement

#000119312515368451 Filed on November 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $350.7M $335.0M
YoY Change 4.69% 4.31%
Cost Of Revenue $121.7M $112.4M
YoY Change 8.27% 2.55%
Gross Profit $229.0M $222.6M
YoY Change 2.88% 5.25%
Gross Profit Margin 65.3% 66.45%
Selling, General & Admin $76.10M $70.60M
YoY Change 7.79% 4.28%
% of Gross Profit 33.23% 31.72%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $46.40M $62.70M
YoY Change -26.0% -14.34%
% of Gross Profit 20.26% 28.17%
Operating Expenses $122.6M $137.4M
YoY Change -10.77% -5.31%
Operating Profit $111.6M $86.02M
YoY Change 29.78% 27.96%
Interest Expense $24.71M $24.42M
YoY Change 1.19% -35.19%
% of Operating Profit 22.13% 28.39%
Other Income/Expense, Net -$24.71M -$24.41M
YoY Change 1.23% -35.15%
Pretax Income $86.94M $61.62M
YoY Change 41.09% 108.21%
Income Tax $972.0K $26.57M
% Of Pretax Income 1.12% 43.12%
Net Earnings $85.97M $35.05M
YoY Change 145.26% 105.04%
Net Earnings / Revenue 24.51% 10.46%
Basic Earnings Per Share $0.89 $0.37
Diluted Earnings Per Share $0.89 $0.37
COMMON SHARES
Basic Shares Outstanding 96.54M 95.33M shares
Diluted Shares Outstanding 96.60M 95.75M shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.10M $28.00M
YoY Change 3.93% -84.67%
Cash & Equivalents $29.08M $27.96M
Short-Term Investments
Other Short-Term Assets $39.09M $34.62M
YoY Change 12.92% 21.93%
Inventory
Prepaid Expenses $63.61M $60.96M
Receivables $187.7M $180.6M
Other Receivables $0.00 $0.00
Total Short-Term Assets $320.8M $314.9M
YoY Change 1.9% -31.8%
LONG-TERM ASSETS
Property, Plant & Equipment $1.089B $1.095B
YoY Change -0.59% -4.17%
Goodwill $1.543B $1.512B
YoY Change 2.05% 0.65%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $36.95M $37.42M
YoY Change -1.26% -14.26%
Total Long-Term Assets $3.096B $3.055B
YoY Change 1.33% -3.44%
TOTAL ASSETS
Total Short-Term Assets $320.8M $314.9M
Total Long-Term Assets $3.096B $3.055B
Total Assets $3.416B $3.370B
YoY Change 1.38% -7.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.64M $17.98M
YoY Change -7.47% 11.61%
Accrued Expenses $96.85M $93.89M
YoY Change 3.15% -25.01%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $19.38M $15.60M
YoY Change 24.2% -96.04%
Total Short-Term Liabilities $232.2M $224.8M
YoY Change 3.31% -62.45%
LONG-TERM LIABILITIES
Long-Term Debt $1.949B $1.925B
YoY Change 1.22% 10.09%
Other Long-Term Liabilities $22.06M $22.92M
YoY Change -3.73% 13.97%
Total Long-Term Liabilities $1.971B $1.948B
YoY Change 1.17% 10.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $232.2M $224.8M
Total Long-Term Liabilities $1.971B $1.948B
Total Liabilities $2.411B $2.523B
YoY Change -4.44% -6.29%
SHAREHOLDERS EQUITY
Retained Earnings -$645.5M -$760.4M
YoY Change -15.11% 18.65%
Common Stock $1.658B
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 $1.006B $847.2M
YoY Change
Total Liabilities & Shareholders Equity $3.416B $3.370B
YoY Change 1.38% -7.05%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $85.97M $35.05M
YoY Change 145.26% 105.04%
Depreciation, Depletion And Amortization $46.40M $62.70M
YoY Change -26.0% -14.34%
Cash From Operating Activities $125.3M $129.8M
YoY Change -3.47% -9.04%
INVESTING ACTIVITIES
Capital Expenditures -$24.40M -$29.60M
YoY Change -17.57% 18.4%
Acquisitions
YoY Change
Other Investing Activities -$61.30M -$44.00M
YoY Change 39.32% -11.82%
Cash From Investing Activities -$85.60M -$73.60M
YoY Change 16.3% -1.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -36.80M -62.10M
YoY Change -40.74% 1280.0%
NET CHANGE
Cash From Operating Activities 125.3M 129.8M
Cash From Investing Activities -85.60M -73.60M
Cash From Financing Activities -36.80M -62.10M
Net Change In Cash 2.900M -5.900M
YoY Change -149.15% -109.29%
FREE CASH FLOW
Cash From Operating Activities $125.3M $129.8M
Capital Expenditures -$24.40M -$29.60M
Free Cash Flow $149.7M $159.4M
YoY Change -6.09% -4.95%

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2916000
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
20645000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
204319000
us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
1335000
us-gaap Investment Income Interest
InvestmentIncomeInterest
28000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
18278000
us-gaap Share Based Compensation
ShareBasedCompensation
17508000
us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
273000
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
3630000
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
51734000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
3043000
us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
144396000
us-gaap Interest Expense
InterestExpense
73953000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-195714000
us-gaap Costs And Expenses
CostsAndExpenses
719183000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-112677000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
9572000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
24633000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
8369000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-7457000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
8521000
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-1327000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
179424000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
3498000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-2036000
us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
2612000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
235000000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
4845000
us-gaap Advertising Revenue Cost
AdvertisingRevenueCost
350859000
lamr Preferred Stock Dividend Shares
PreferredStockDividendShares
47.85
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.
lamr Business Acquisition Gain Loss Recognized
BusinessAcquisitionGainLossRecognized
4326000
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.
CY2014Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
34250000
CY2014Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
800000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
61617000
CY2014Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
11000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
26567000
CY2014Q3 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
91000
CY2014Q3 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
16505000
CY2014Q3 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
62675000
CY2014Q3 us-gaap Interest Expense
InterestExpense
24418000
CY2014Q3 us-gaap Costs And Expenses
CostsAndExpenses
248974000
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
58181000
CY2014Q3 us-gaap Advertising Revenue Cost
AdvertisingRevenueCost
112388000
CY2015Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
60663 shares
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.89
lamr Payments Of Revolving Credit Facility
PaymentsOfRevolvingCreditFacility
155200000
CY2014Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
423381 shares
CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.37
CY2014Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2014Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.83
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
95753522 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
95330141 shares
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
35050000
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
34959000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
86024000
CY2014Q3 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
775000
CY2014Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-24407000
CY2014Q3 us-gaap Advertising Revenue
AdvertisingRevenue
334998000
CY2015Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2015Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.69
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
96602429 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
96541766 shares
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
85965000
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
85874000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
111644000
CY2015Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
84252000
CY2015Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
1713000
CY2015Q3 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
5203000
CY2015Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-24707000
CY2015Q3 us-gaap Advertising Revenue
AdvertisingRevenue
350701000
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
86937000
CY2015Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
2000
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
972000
CY2015Q3 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
91000
CY2015Q3 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
16654000
CY2015Q3 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
46441000
CY2015Q3 us-gaap Interest Expense
InterestExpense
24709000
CY2015Q3 us-gaap Costs And Expenses
CostsAndExpenses
239057000
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
59489000
CY2015Q3 us-gaap Advertising Revenue Cost
AdvertisingRevenueCost
121676000
CY2015Q3 lamr Preferred Stock Dividend Shares
PreferredStockDividendShares
15.95

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