Tough Q3 for Lamar
Gail Chiasson, North American Editor
Lamar Advertising Company, headquartered in Baton Rouge, Louisiana, reported a 13% decrease in net revenues in its third quarter results, going from $312.5 million for the third quarter of 2008 to net revenues of $271.8 million for the third quarter of 2009.
Lamar Advertising Company operates over 150 outdoor advertising companies in 44 states, Canada and Puerto Rico, logo businesses in 21 states and in Ontario, Canada, and over 60 transit advertising franchises in the United States, Canada and Puerto Rico. The company gave no breakdown in its report in terms of revenues and other data regarding its digital properties, other than regarding capital expenditures on digital billboards which, like capital expenditures on all properties, was significantly down.
Overall, Lamar’s operating income for the third quarter of 2009 was $39.3 million as compared to $53.2 million for the same period in 2008. There was a net loss of $4.8 million for the third quarter of 2009 compared to net income of $1.8 million for the third quarter of 2008. Adjusted EBITDA for the third quarter of ‘09 was $122.5 million versus $134.5 million for the third quarter of ‘08, an 8.9% decrease.
Lamar reported net revenues of $793.8 million for the nine months ended Sept. 30/0- versus $919.1 million for the same period in ‘08, a 13.6% decrease. Operating income for the nine months ended Sept. 30/09 was $77.2 million as compared to $155.0 million for the same period in 2008. EBITDA decreased to $334.6 million for the nine months ended Sep. 30/09 versus $397.7 million for the same period in ‘08. There was a net loss of $38.4 million for the nine months ended September 30, 2009 as compared to net income of $10.8 million for the same period in 2008.
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