$LAMR
LAMAR ADVERTISING CO/NEW

2016 Q1 Form 8-K Financial Statement

#000119312516644638 Filed on July 11, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $338.5M $302.5M
YoY Change 11.92% 6.16%
Cost Of Revenue $128.7M $113.2M
YoY Change 13.69% 1.52%
Gross Profit $209.8M $189.2M
YoY Change 10.89% 9.11%
Gross Profit Margin 61.97% 62.55%
Selling, General & Admin $82.80M $74.60M
YoY Change 10.99% 8.12%
% of Gross Profit 39.47% 39.43%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $51.50M $49.20M
YoY Change 4.67% -29.21%
% of Gross Profit 24.55% 26.0%
Operating Expenses $134.3M $123.8M
YoY Change 8.48% -13.12%
Operating Profit $86.83M $67.25M
YoY Change 29.11% 115.95%
Interest Expense $30.07M $24.53M
YoY Change 22.57% -18.95%
% of Operating Profit 34.63% 36.48%
Other Income/Expense, Net -$33.21M -$24.53M
YoY Change 35.38% -37.85%
Pretax Income $53.62M $42.72M
YoY Change 25.51% -613.26%
Income Tax $2.307M $2.008M
% Of Pretax Income 4.3% 4.7%
Net Earnings $51.31M $40.72M
YoY Change 26.03% -941.76%
Net Earnings / Revenue 15.16% 13.46%
Basic Earnings Per Share $0.53 $0.42
Diluted Earnings Per Share $0.53 $0.42
COMMON SHARES
Basic Shares Outstanding 96.79M shares 95.70M shares
Diluted Shares Outstanding 97.38M shares 95.74M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.40M $32.50M
YoY Change -12.62% -52.69%
Cash & Equivalents $28.42M $32.55M
Short-Term Investments
Other Short-Term Assets $45.51M $42.68M
YoY Change 6.64% 4.38%
Inventory
Prepaid Expenses $71.12M $65.37M
Receivables $181.1M $168.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $327.3M $309.9M
YoY Change 5.62% -9.69%
LONG-TERM ASSETS
Property, Plant & Equipment $1.167B $1.082B
YoY Change 7.89% -2.16%
Goodwill $1.705B $1.515B
YoY Change 12.53% 0.8%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $38.75M $39.34M
YoY Change -1.49% -6.21%
Total Long-Term Assets $3.567B $3.045B
YoY Change 17.14% -1.24%
TOTAL ASSETS
Total Short-Term Assets $327.3M $309.9M
Total Long-Term Assets $3.567B $3.045B
Total Assets $3.895B $3.355B
YoY Change 16.07% -2.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.91M $18.05M
YoY Change 4.77% -0.18%
Accrued Expenses $90.26M $84.48M
YoY Change 6.84% -12.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $17.86M $15.66M
YoY Change 14.05% 1917.53%
Total Short-Term Liabilities $217.0M $206.1M
YoY Change 5.27% 1.74%
LONG-TERM LIABILITIES
Long-Term Debt $2.420B $1.938B
YoY Change 24.92% -0.44%
Other Long-Term Liabilities $24.50M $25.03M
YoY Change -2.11% 14.94%
Total Long-Term Liabilities $2.445B $1.963B
YoY Change 24.57% -0.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $217.0M $206.1M
Total Long-Term Liabilities $2.445B $1.963B
Total Liabilities $2.874B $2.374B
YoY Change 21.04% -4.45%
SHAREHOLDERS EQUITY
Retained Earnings -$657.3M -$657.5M
YoY Change -0.02% 0.76%
Common Stock $1.690B $1.644B
YoY Change 2.82%
Preferred Stock
YoY Change
Treasury Stock (at cost) $12.30M $6.099M
YoY Change 101.72% -99.32%
Treasury Stock Shares 216.1K shares 104.8K shares
Shareholders Equity $1.021B $981.2M
YoY Change
Total Liabilities & Shareholders Equity $3.895B $3.355B
YoY Change 16.07% -2.08%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $51.31M $40.72M
YoY Change 26.03% -941.76%
Depreciation, Depletion And Amortization $51.50M $49.20M
YoY Change 4.67% -29.21%
Cash From Operating Activities $51.50M $54.70M
YoY Change -5.85% -12.62%
INVESTING ACTIVITIES
Capital Expenditures $20.62M $29.04M
YoY Change -29.0% 29.66%
Acquisitions $502.1M $19.65M
YoY Change 2455.8% 358.93%
Other Investing Activities -$496.9M -$15.20M
YoY Change 3169.08% 347.06%
Cash From Investing Activities -$517.6M -$44.30M
YoY Change 1068.4% 71.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$1.705M -$9.430M
YoY Change -81.92% 100.21%
Debt Paid & Issued, Net $3.755M $3.755M
YoY Change 0.0% 16226.09%
Cash From Financing Activities 471.0M -2.800M
YoY Change -16921.43% 366.67%
NET CHANGE
Cash From Operating Activities 51.50M 54.70M
Cash From Investing Activities -517.6M -44.30M
Cash From Financing Activities 471.0M -2.800M
Net Change In Cash 4.900M 7.600M
YoY Change -35.53% -79.01%
FREE CASH FLOW
Cash From Operating Activities $51.50M $54.70M
Capital Expenditures $20.62M $29.04M
Free Cash Flow $30.88M $25.66M
YoY Change 20.35% -36.17%

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PaymentsToAcquirePropertyPlantAndEquipment
20619000
CY2016Q1 us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
105000
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
51314000
CY2016Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
51849000
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
51223000
CY2016Q1 us-gaap Interest Paid
InterestPaid
31893000
CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
6204000
CY2016Q1 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
22936000
CY2016Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3755000
CY2016Q1 us-gaap Increase Decrease In Notes Receivables
IncreaseDecreaseInNotesReceivables
-8000
CY2016Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-3142000
CY2016Q1 us-gaap Advertising Revenue
AdvertisingRevenue
338533000
CY2016Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
52782000
CY2016Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
9017000
CY2016Q1 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
8410000
CY2016Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
53621000
CY2016Q1 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
4562000
CY2016Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
1468000
CY2016Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
1000
CY2016Q1 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
340216000
CY2016Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2307000
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3199000
CY2016Q1 us-gaap Dividends Preferred Stock
DividendsPreferredStock
91000
CY2016Q1 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
1069000
CY2016Q1 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
16026000
CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
6093000
CY2016Q1 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
51489000
CY2016Q1 us-gaap Interest Expense
InterestExpense
30068000
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-517553000
CY2016Q1 us-gaap Costs And Expenses
CostsAndExpenses
251703000
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
471003000
CY2016Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
400000000
CY2016Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-182000
CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
7909000
CY2016Q1 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
720000
CY2016Q1 us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
300000000
CY2016Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
5196000
CY2016Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-14211000
CY2016Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-780000
CY2016Q1 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.
CY2016Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
66790000
CY2016Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1382000
CY2016Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
1106000
CY2016Q1 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
1605000
CY2016Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
280000000
CY2016Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1709000
CY2016Q1 us-gaap Advertising Revenue Cost
AdvertisingRevenueCost
128725000
CY2016Q1 lamr Preferred Stock Dividend Shares
PreferredStockDividendShares
15.95
CY2016Q1 lamr Repayment On Senior Secured Credit Facility
RepaymentOnSeniorSecuredCreditFacility
300000000
CY2016Q1 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.
CY2016Q1 lamr Business Acquisition Gain Loss Recognized
BusinessAcquisitionGainLossRecognized
8599000
CY2016Q1 lamr Payments Of Revolving Credit Facility
PaymentsOfRevolvingCreditFacility
125000000

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