Three Month Results As Reported Daily Revenue Recognition
- Net revenue increased 5.1% to $336.7 million
- Adjusted EBITDA increased 3.8% to $150.6 million
Three Month Results Pro Forma Monthly Revenue Recognition
- Pro forma adjusted net revenue increased 4.4% to $329.2
million
- Pro forma adjusted EBITDA increased 3.5% to $143.1 million
Lamar Advertising Company (Nasdaq:LAMR), a leading owner and
operator of outdoor advertising and logo sign displays, announces
the Company's operating results for the fourth quarter and year
ended December 31, 2014.
"We are pleased with our fourth quarter results, particularly
the acceleration in our billing," said Lamar chief executive, Sean
Reilly. "We are also pleased with our 2015 first quarter revenue
pacings to date. Last year we completed our REIT conversion and
delivered full-year AFFO of $4.08 per share, the midpoint of our
previously provided guidance."
Fourth Quarter Highlights
- Same-unit digital billing grew 4.4%
- Local sales on billboards increased 4.2%
- Pro forma monthly analog poster revenue grew 4%
- Paid quarterly dividend of $0.84 per share
Fourth Quarter Results
Lamar reported net revenues of $336.7 million for the fourth
quarter of 2014 versus $320.4 million for the fourth quarter of
2013, a 5.1% increase. Operating income for the fourth quarter of
2014 was $88.5 million as compared to $63.8 million for the same
period in 2013. Lamar recognized net income of $207.9 million for
the fourth quarter of 2014 compared to net income of $10.2 million
for same period in 2013. The increase in net income reflects a one
time income tax benefit of $120.1 million related to the write off
of a substantial portion of the Company's deferred tax liabilities
as a result of its conversion to a real estate investment trust.
Net income per basic and diluted share was $2.18 per share and
$0.11 per share for the three months ended December 31, 2014 and
2013, respectively.
Adjusted EBITDA for the fourth quarter of 2014 was $150.6
million versus $145.0 million for the fourth quarter of 2013, a
3.8% increase.
Free Cash Flow for the fourth quarter of 2014 was $100.2 million
as compared to $85.0 million for the same period in 2013, a 17.9%
increase.
For the fourth quarter of 2014, Funds From Operations, or FFO,
was $136.8 million versus $86.0 million for the same period of
2013, an increase of 59.1%. Adjusted Funds From Operations, or
AFFO, for fourth quarter of 2014 was $117.3 million compared to
$99.0 million for the same period in 2013, an 18.5% increase.
Diluted AFFO per share, was $1.23 per share and $1.04 per share for
the three months ended December 31, 2014 and 2013,
respectively.
Q4 Pro Forma Results
Pro forma adjusted net revenue for the fourth quarter of 2014
(recognized on a monthly basis) was $329.2 million. This reflects a
4.4% increase over pro forma adjusted net revenue for the fourth
quarter of 2013. Pro forma adjusted EBITDA increased 3.5% as
compared to pro forma adjusted EBITDA for the fourth quarter of
2013. Pro forma adjusted net revenue and pro forma adjusted EBITDA
include adjustments to the 2013 period for acquisitions and
divestitures for the same time frame as actually owned in the 2014
period. Pro forma adjusted net revenue and pro forma adjusted
EBITDA in the 2013 period and adjusted net revenue and Adjusted
EBITDA in the 2014 period have been adjusted to reflect revenue
recognition on a monthly basis over the term of each advertising
contract. See "Reconciliation of Reported Basis to Pro Forma
Basis", which provides reconciliations to GAAP for adjusted and pro
forma measures.
Twelve Months Results
Lamar reported net revenues of $1.29 billion for the twelve
months ended December 31, 2014 versus $1.25 billion for the same
period in 2013, a 3.3% increase. Operating income for the twelve
months ended December 31, 2014 was $278.7 million as compared to
$223.4 million for the same period in 2013. Adjusted EBITDA for the
twelve months ended December 31, 2014 was $558.0 million versus
$545.1 million for the same period in 2013, a 2.4% increase. In
addition, Lamar recognized net income of $253.5 million for the
twelve months ended December 31, 2014 as compared to net income of
$40.1 million for the same period in 2013. The increase in net
income reflects a one time income tax benefit of $120.1 million
related to the write off of a substantial portion of the Company's
deferred tax liabilities as a result of its conversion to a real
estate investment trust. Net income per basic and diluted share was
$2.66 per share and $0.42 per share for the twelve months ended
December 31, 2014 and 2013, respectively.
Free Cash Flow for the twelve months ended December 31, 2014
increased 11.2% to $337.7 million as compared to $303.6 million for
the same period in 2013.
For the twelve months ended December 31, 2014, FFO was $372.7
million versus $322.5 million for the same period of 2013, a 15.6%
increase and AFFO for the twelve months ended December 31, 2014 was
$388.5 million compared to $346.2 million for the same period in
2013, a 12.2% increase. Diluted AFFO per share increased to $4.08
per share as compared to $3.65 per share in the comparable period
in 2013.
Please refer to "Use of Non GAAP Financial Measures" for
definitions of Adjusted EBITDA, Free Cash Flow, Funds From
Operations, Adjusted Funds From Operations, Diluted AFFO per share
and outdoor operating income. For additional information, including
reconciliations to GAAP measures, please refer to the unaudited
selected financial information and supplemental schedules.
Liquidity
As of December 31, 2014, Lamar had $354.2 million in total
liquidity that consisted of $328.2 million available for borrowing
under its revolving senior credit facility and approximately $26.0
million in cash and cash equivalents.
Recent Events
Distributions. On December 30, 2014, Lamar made its third
quarterly dividend distribution of $0.84 per share, or a total of
approximately $80.2 million, to common stockholders of record on
December 22, 2014. For the year ended December 31, 2014, Lamar's
distributions to common stockholders were $2.50 per share in the
aggregate.
Stock Repurchase Program. In December 2014, Lamar announced that
its board of directors authorized the repurchase of up to $250
million of the Company's Class A common stock.
REIT Conversion. As part of its reorganization to qualify as a
real estate investment trust for U.S. federal income tax purposes
for the taxable year commencing January 1, 2014, Lamar merged with
and into its wholly owned subsidiary Lamar Advertising REIT Company
on November 18, 2014.
Guidance
In connection with our conversion to a REIT, Lamar does not
intend to provide quarterly pro forma revenue guidance for future
periods, as it has in the past. As a REIT, we plan to provide
annual guidance for Adjusted Funds From Operations, a widely
recognized metric of operating performance for REITs. We anticipate
AFFO for fiscal year 2015 will be between $417 million and $427
million, representing growth of approximately 7.5% to 10.0% over
2014. This equates to full year AFFO per share of $4.34 to $4.45.
Projected 2015 net income will be between $243 million and $253
million, or $2.53 to $2.64 per share.
Forward Looking Statements
This press release contains forward-looking statements,
including statements regarding guidance for fiscal year 2015 and
sales trends. These statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those projected in these forward-looking statements. These
risks and uncertainties include, among others: (1) our significant
indebtedness; (2) the state of the economy and financial markets
generally and the effect of the broader economy on the demand for
advertising; (3) the continued popularity of outdoor advertising as
an advertising medium; (4) our need for and ability to obtain
additional funding for operations, debt refinancing or
acquisitions; (5) our ability to continue to qualify as a REIT and
maintain our status as a REIT; (6) the regulation of the outdoor
advertising industry by federal, state and local governments; (7)
the integration of companies that we acquire and our ability to
recognize cost savings or operating efficiencies as a result of
these acquisitions; (8) changes in accounting principles, policies
or guidelines; (9) changes in tax laws applicable to REITs or in
the interpretation of those laws; (10) our ability to renew
expiring contracts at favorable rates; (11) our ability to
successfully implement our digital deployment strategy; and (12)
the market for our Class A common stock. For additional information
regarding factors that may cause actual results to differ
materially from those indicated in our forward-looking statements,
we refer you to the risk factors included in Item 1A of our Annual
Report on Form 10-K for the year ended December 31, 2013, as
supplemented by any risk factors contained in our Quarterly Reports
on Form 10-Q. We caution investors not to place undue reliance on
the forward-looking statements contained in this document. These
statements speak only as of the date of this document, and we
undertake no obligation to update or revise the statements, except
as may be required by law.
Use of Non-GAAP Financial Measures
The Company has presented the following measures that are not
measures of performance under accounting principles generally
accepted in the United States of America (GAAP): Adjusted EBITDA,
Free Cash Flow, Funds From Operations, Adjusted Funds From
Operations, (AFFO), Diluted AFFO per share, adjusted pro forma
results and outdoor operating income. Adjusted EBITDA is defined as
net income before income tax expense (benefit), interest expense
(income), gain (loss) on extinguishment of debt and investments,
non-cash compensation, depreciation and amortization and gain on
disposition of assets. Free Cash Flow is defined as Adjusted EBITDA
less interest, net of interest income and amortization of financing
costs, current taxes, preferred stock dividends and total capital
expenditures. Funds From Operations is defined as net income before
real estate depreciation and amortization, gains or loss from
disposition of real estate assets and investments and an adjustment
to eliminate non‑controlling interest, which is the definition used
by the National Association of Real Estate Investment Trusts
(NAREIT). Adjusted Funds From Operations is defined as Funds From
Operations adjusted for straight‑line (revenue) expense,
stock‑based compensation expense, non‑cash tax expense (benefit),
non‑real estate related depreciation and amortization, amortization
of deferred financing and debt issuance costs, loss on
extinguishment of debt, non-recurring, infrequent or unusual losses
(gains), less maintenance capital expenditures and an adjustment
for non‑controlling interest. Diluted AFFO per share is defined as
AFFO divided by the weighted average diluted common shares
outstanding. Outdoor operating income is defined as operating
income before corporate expenses, non‑cash compensation,
depreciation and amortization and gain on disposition of assets.
These measures are not intended to replace financial performance
measures determined in accordance with GAAP and should not be
considered alternatives to operating income, net income, cash flows
from operating activities, or other GAAP figures as indicators of
the Company's financial performance or liquidity. The Company's
management believes that Adjusted EBITDA, Free Cash Flow, Funds
From Operations, Adjusted Funds From Operations, Diluted AFFO per
share, Adjusted pro forma results and Outdoor operating income are
useful in evaluating the Company's performance and provide
investors and financial analysts a better understanding of the
Company's core operating results. The pro forma acquisition
adjustments are intended to provide information that may be useful
for investors when assessing period to period results. Management
also deems the presentation of monthly revenue recognition useful
to allow investors to see the impact of an immaterial change to its
revenue recognition policy and to provide pro forma results that
are comparable with prior periods and in line with the Company's
historical presentation of market guidance. Our presentation
of these non-GAAP measures, including AFFO and FFO, may not be
comparable to similarly titled measures used by similarly situated
companies. See "Supplemental Schedules—Unaudited Reconciliation of
Non-GAAP Measures" and "Supplemental Schedules—Unaudited REIT
Measures and Reconciliations to GAAP Measures," which provides a
reconciliation of each of these measures to the most directly
comparable GAAP measure.
Conference Call Information
A conference call will be held to discuss the Company's
operating results on Wednesday, February 25, 2015 at 8:00 a.m.
central time. Instructions for the conference call and Webcast
are provided below:
Conference
Call |
|
|
All Callers: |
1-334-323-0520 or
1-334-323-9871 |
Pass Code: |
Lamar |
|
|
Replay: |
1-334-323-0140 or
1-877-919-4059 |
Pass Code: |
19157472 |
|
Available through Wednesday, March 4,
2015 at 11:59 p.m. eastern time |
|
|
Live Webcast: |
www.lamar.com |
|
|
Webcast Replay: |
www.lamar.com |
|
Available through Wednesday, March 4, 2015 at
11:59 p.m. eastern time |
General Information
Lamar Advertising Company is a leading outdoor advertising
company currently operating over 150 outdoor advertising companies
in 44 states, Canada and Puerto Rico, logo businesses in 23 states
and the province of Ontario, Canada and over 60 transit advertising
franchises in the United States, Canada and Puerto Rico.
LAMAR ADVERTISING COMPANY AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS |
(UNAUDITED) |
(IN THOUSANDS, EXCEPT SHARE AND
PER SHARE DATA) |
|
|
Three months ended |
Twelve months ended |
|
December 31, |
December 31, |
|
2014 |
2013 |
2014 |
2013 |
|
|
|
|
|
Net revenues |
$ 336,696 |
$ 320,352 |
$ 1,287,060 |
$ 1,245,842 |
|
|
|
|
|
Operating expenses (income) |
|
|
|
|
Direct advertising expenses |
115,096 |
109,962 |
453,269 |
436,844 |
General and administrative expenses |
55,575 |
52,880 |
219,792 |
213,087 |
Corporate expenses |
15,434 |
12,468 |
55,966 |
50,763 |
Non-cash compensation |
8,133 |
1,829 |
24,120 |
24,936 |
Depreciation and amortization |
55,185 |
81,087 |
258,435 |
300,579 |
Gain on disposition of assets |
(1,191) |
(1,710) |
(3,192) |
(3,804) |
|
248,232 |
256,516 |
1,008,390 |
1,022,405 |
Operating income |
88,464 |
63,836 |
278,670 |
223,437 |
|
|
|
|
|
Other expense (income) |
|
|
|
|
Interest income |
(3) |
(44) |
(102) |
(165) |
Loss on extinguishment of debt |
— |
14,345 |
26,023 |
14,345 |
Other-than-temporary impairment of
investment |
— |
— |
4,069 |
— |
Interest expense |
24,482 |
34,013 |
105,254 |
146,277 |
|
24,479 |
48,314 |
135,244 |
160,457 |
Income before income tax expense |
63,985 |
15,522 |
143,426 |
62,980 |
Income tax (benefit) expense |
(143,898) |
5,336 |
(110,092) |
22,841 |
|
|
|
|
|
Net income |
207,883 |
10,186 |
253,518 |
40,139 |
Preferred stock dividends |
92 |
92 |
365 |
365 |
Net income applicable to common stock |
$ 207,791 |
$ 10,094 |
$ 253,153 |
$ 39,774 |
|
|
|
|
|
Earnings per share: |
|
|
|
|
Basic earnings per share |
$ 2.18 |
$ 0.11 |
$ 2.66 |
$ 0.42 |
Diluted earnings per share |
$ 2.18 |
$ 0.11 |
$ 2.66 |
$ 0.42 |
|
|
|
|
|
Weighted average common shares
outstanding: |
|
|
|
|
- basic |
95,454,224 |
94,697,622 |
95,218,083 |
94,387,230 |
- diluted |
95,522,205 |
95,091,780 |
95,284,126 |
94,745,515 |
OTHER DATA |
|
|
|
|
Free Cash Flow Computation: |
|
|
|
|
Adjusted EBITDA |
$ 150,591 |
$ 145,042 |
$ 558,033 |
$ 545,148 |
Interest, net |
(23,325) |
(30,656) |
(100,375) |
(131,445) |
Current tax expense |
(3,281) |
(1,339) |
(12,045) |
(4,092) |
Preferred stock dividends |
(92) |
(92) |
(365) |
(365) |
Total capital expenditures |
(23,697) |
(27,973) |
(107,573) |
(105,650) |
Free cash flow |
$ 100,196 |
$ 84,982 |
$ 337,675 |
$ 303,596 |
|
|
|
|
|
OTHER DATA (continued): |
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
December 31, |
Selected Balance Sheet Data: |
|
|
2014 |
2013 |
Cash and cash equivalents |
|
|
$ 26,035 |
$ 33,212 |
Working capital |
|
|
$ 47,803 |
$ 36,705 |
Total assets |
|
|
$ 3,318,818 |
$ 3,401,618 |
Total debt (including current
maturities) |
|
|
$ 1,899,895 |
$ 1,938,802 |
Total stockholders' equity |
|
|
$ 981,466 |
$ 932,946 |
|
|
|
|
|
|
Three months ended |
Twelve months ended |
|
December 31, |
December 31, |
|
2014 |
2013 |
2014 |
2013 |
Selected Cash Flow Data: |
|
|
|
|
Cash flows provided by operating
activities |
$ 149,325 |
$ 100,021 |
$ 452,529 |
$ 394,705 |
Cash flows used in investing activities |
$ (33,061) |
$ (34,826) |
$ (163,997) |
$ (191,869) |
Cash flows used in financing activities |
$ (117,529) |
$ (213,902) |
$ (294,315) |
$ (227,195) |
|
|
|
|
|
SUPPLEMENTAL SCHEDULES |
UNAUDITED RECONCILIATIONS OF
NON-GAAP MEASURES |
(IN THOUSANDS) |
|
|
Three months ended |
Twelve months ended |
|
December 31, |
December 31, |
Reconciliation of Free Cash Flow to Cash
Flows Provided by Operating Activities: |
2014 |
2013 |
2014 |
2013 |
|
|
|
|
|
Cash flows provided by operating
activities |
$ 149,325 |
$ 100,021 |
$ 452,529 |
$ 394,705 |
Changes in operating assets and
liabilities |
(23,850) |
14,111 |
(969) |
20,940 |
Total capital expenditures |
(23,697) |
(27,973) |
(107,573) |
(105,650) |
Preferred stock dividends |
(92) |
(92) |
(365) |
(365) |
Other |
(1,490) |
(1,085) |
(5,947) |
(6,034) |
Free cash flow |
$ 100,196 |
$ 84,982 |
$ 337,675 |
$ 303,596 |
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted EBITDA to Net
Income: |
|
|
|
|
Adjusted EBITDA |
$150,591 |
$145,042 |
$558,033 |
$545,148 |
Less: |
|
|
|
|
Non-cash compensation |
8,133 |
1,829 |
24,120 |
24,936 |
Depreciation and amortization |
55,185 |
81,087 |
258,435 |
300,579 |
Gain on disposition of assets |
(1,191) |
(1,710) |
(3,192) |
(3,804) |
Operating Income |
88,464 |
63,836 |
278,670 |
223,437 |
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
Interest income |
(3) |
(44) |
(102) |
(165) |
Loss on extinguishment of debt |
— |
14,345 |
26,023 |
14,345 |
Other-than-temporary impairment of
investment |
— |
— |
4,069 |
— |
Interest expense |
24,482 |
34,013 |
105,254 |
146,277 |
Income tax (benefit) expense |
(143,898) |
5,336 |
(110,092) |
22,841 |
Net income |
$ 207,883 |
$ 10,186 |
$ 253,518 |
$ 40,139 |
|
|
|
|
|
|
|
|
|
|
Capital expenditure detail by category: |
|
|
|
|
Billboards - traditional |
$ 6,765 |
$ 2,024 |
$ 25,829 |
$ 21,295 |
Billboards - digital |
11,726 |
15,268 |
53,536 |
50,233 |
Logo |
2,202 |
4,025 |
9,747 |
11,182 |
Transit |
116 |
114 |
425 |
168 |
Land and buildings |
1,166 |
3,435 |
8,668 |
9,471 |
Operating Equipment |
1,722 |
3,107 |
9,368 |
13,301 |
Total capital expenditures |
$ 23,697 |
$ 27,973 |
$ 107,573 |
$ 105,650 |
|
|
|
|
|
SUPPLEMENTAL SCHEDULES |
UNAUDITED RECONCILIATIONS OF
NON-GAAP MEASURES |
(IN THOUSANDS) |
|
|
Three months ended |
|
|
December 31, |
|
|
2014 |
2013 |
% Change |
Reconciliation of Reported Basis to Pro
Forma(a) Basis: |
|
|
|
Net revenue (daily basis) |
$ 336,696 |
$ 320,352 |
5.1% |
Conversion from daily to monthly |
(7,483) |
(7,005) |
|
Adjusted net revenue |
$ 329,213 |
$ 313,347 |
5.1% |
Acquisitions and divestitures |
— |
2,103 |
|
Pro forma adjusted net revenue (monthly
basis) |
$ 329,213 |
$ 315,450 |
4.4% |
|
|
|
|
Reported direct advertising and G&A
expenses |
$ 170,671 |
$ 162,842 |
4.8% |
Acquisitions and divestitures |
— |
1,865 |
|
Pro forma direct advertising and G&A
expenses |
$ 170,671 |
$ 164,707 |
3.6% |
|
|
|
|
Outdoor operating income (daily basis) |
$ 166,025 |
$ 157,510 |
5.4% |
Conversion from daily to monthly |
(7,483) |
(7,005) |
|
Adjusted outdoor operating income |
$ 158,542 |
$ 150,505 |
5.3% |
Acquisitions and divestitures |
— |
238 |
|
Pro forma adjusted outdoor operating income
(monthly basis) |
$ 158,542 |
$ 150,743 |
5.2% |
|
|
|
|
Reported corporate expenses |
$ 15,434 |
$ 12,468 |
23.8% |
Acquisitions and divestitures |
— |
— |
|
Pro forma corporate expenses |
$ 15,434 |
$ 12,468 |
23.8% |
|
|
|
|
Adjusted EBITDA (daily basis) |
$ 150,591 |
$ 145,042 |
3.8% |
Conversion from daily to monthly |
(7,483) |
(7,005) |
|
Adjusted EBITDA (monthly basis) |
$ 143,108 |
$ 138,037 |
3.7% |
Acquisitions and divestitures |
— |
238 |
|
Pro forma adjusted EBITDA (monthly
basis) |
$ 143,108 |
$ 138,275 |
3.5% |
|
|
|
|
(a) Pro forma adjusted net
revenue, direct advertising and general and administrative
expenses, outdoor operating income, corporate expenses and Adjusted
EBITDA include adjustments to 2013 for acquisitions and
divestitures for the same time frame as actually owned in
2014. Pro forma adjusted net revenue, outdoor operating income
and Adjusted EBITDA have also been adjusted to reflect revenue
recognition on a monthly basis in both the 2013 and 2014
periods. |
|
|
Three months ended |
|
December 31, |
|
2014 |
2013 |
Reconciliation of
Outdoor Operating Income to Operating Income: |
|
Outdoor operating income |
$ 166,025 |
$ 157,510 |
Less: Corporate expenses |
15,434 |
12,468 |
Non-cash compensation |
8,133 |
1,829 |
Depreciation and amortization |
55,185 |
81,087 |
Plus: Gain on disposition of assets |
1,191 |
1,710 |
Operating income |
$ 88,464 |
$ 63,836 |
|
|
|
SUPPLEMENTAL SCHEDULES |
UNAUDITED REIT MEASURES |
AND RECONCILIATIONS TO GAAP
MEASURES |
(IN THOUSANDS, EXCEPT SHARE AND
PER SHARE DATA) |
|
Adjusted Funds From
Operations |
|
|
|
|
|
|
Three months ended |
Twelve months ended |
|
December 31, |
December 31, |
|
2014 |
2013 |
2014 |
2013 |
|
|
|
|
|
Net income |
$ 207,883 |
$ 10,186 |
$ 253,518 |
$ 40,139 |
Depreciation and amortization related to
advertising structures |
50,533 |
76,256 |
241,294 |
283,424 |
Gain from disposition of real estate
assets |
(1,762) |
(575) |
(2,681) |
(1,949) |
One time adjustment to taxes related to
REIT conversion |
(120,081) |
— |
(120,081) |
— |
Adjustment for minority interest –
consolidated affiliates |
264 |
125 |
695 |
915 |
Funds From Operations |
$ 136,837 |
$ 85,992 |
$ 372,745 |
$ 322,529 |
Straight-line expense |
(472) |
(163) |
(841) |
(1,212) |
Stock-based compensation expense |
8,133 |
1,829 |
24,120 |
24,936 |
Non-cash tax (benefit) expense |
(27,098) |
3,997 |
(2,056) |
18,749 |
Non-real estate related depreciation and
amortization |
4,652 |
4,831 |
17,141 |
17,155 |
Amortization of deferred financing and
debt issuance costs |
1,154 |
3,313 |
4,777 |
14,667 |
Loss on extinguishment of debt |
— |
14,345 |
26,023 |
14,345 |
Loss from other-than-temporary impairment
of investment |
— |
— |
4,069 |
— |
Capitalized expenditures—maintenance |
(5,658) |
(15,043) |
(56,820) |
(64,073) |
Adjustment for minority interest –
consolidated affiliates |
(264) |
(125) |
(695) |
(915) |
|
|
|
|
|
Adjusted Funds From Operations |
$ 117,284 |
$ 98,976 |
$ 388,463 |
$ 346,181 |
Divided by weighted average diluted
shares outstanding |
95,522,205 |
95,091,780 |
95,284,126 |
94,745,515 |
Diluted AFFO per share |
$ 1.23 |
$ 1.04 |
$ 4.08 |
$ 3.65 |
|
|
|
|
|
SUPPLEMENTAL SCHEDULES |
UNAUDITED REIT MEASURES |
AND RECONCILIATIONS TO GAAP
MEASURES |
(IN THOUSANDS, EXCEPT SHARE AND
PER SHARE DATA) |
|
Projected Adjusted Funds From
Operations |
|
|
Year ended December 31,
2015 |
|
Low |
High |
|
|
|
Net income |
$ 243,000 |
$ 253,000 |
Depreciation and amortization related to
advertising structures |
186,000 |
186,000 |
Gain from disposal of real estate
assets |
(3,000) |
(3,000) |
Adjustment for minority interest -
consolidated affiliates |
900 |
900 |
Funds From Operations |
$ 426,900 |
$ 436,900 |
|
|
|
Straight-line expense |
1,000 |
1,000 |
Stock-based compensation expense |
25,000 |
25,000 |
Non-cash tax (benefit) expense |
(1,000) |
(1,000) |
Non-real estate related depreciation and
amortization |
16,000 |
16,000 |
Amortization of debt issuance fees |
5,000 |
5,000 |
Capitalized expenditures—maintenance |
(55,000) |
(55,000) |
Adjustment for minority interest -
consolidated affiliates |
(900) |
(900) |
|
|
|
Adjusted Funds From Operations |
$ 417,000 |
$ 427,000 |
|
|
|
|
|
|
Weighted average diluted shares
outstanding (1) |
96,000,000 |
96,000,000 |
|
|
|
Diluted earnings per share |
$ 2.53 |
$ 2.64 |
|
|
|
Diluted AFFO per share |
$ 4.34 |
$ 4.45 |
|
|
|
(1) The weighted average diluted
shares outstanding does not assume the repurchase of shares under
the Company's previously announced stock repurchase program, which
may be made from time to time by the Company's management based on
its evaluation of market conditions and other factors. |
|
The guidance provided above is
based on a number of assumptions that management believes to be
reasonable and reflect our expectations as of February
2015. Actual results may differ materially from these
estimates as a result of various factors, and we refer to the
cautionary language regarding "forward looking" statements included
in the press release when considering this information. |
CONTACT: Buster Kantrow
Director of Investor Relations
(225) 926-1000
bkantrow@lamar.com
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