EX-99.(A) 3 d68511exv99wxay.htm EX-99.(A) exv99wxay
Exhibit 99.(a)
ITEM 6. SELECTED FINANCIAL DATA
Lamar Advertising Company
     The selected consolidated statement of operations, statement of cash flows and balance sheet data presented below are derived from the audited consolidated financial statements of the Company, which are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The data presented below should be read in conjunction with the audited consolidated financial statements, related notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations included herein.
                                         
    2008     2007     2006     2005     2004  
    (Dollars in Thousands)  
Statement of Operations Data:
                                       
Net revenues
  $ 1,198,419     $ 1,209,555     $ 1,120,091     $ 1,021,656     $ 883,510  
 
                             
Operating expenses:
                                       
Direct advertising expenses
    436,556       408,397       390,561       353,139       302,157  
General and administrative expenses
    257,621       270,390       248,937       212,727       188,320  
Depreciation and amortization
    331,654       306,879       301,685       290,089       294,056  
Gain on disposition of assets
    (7,363 )     (3,914 )     (10,862 )     (1,119 )     (1,067 )
 
                             
Total operating expenses
    1,018,468       981,752       930,321       854,836       783,466  
 
                             
Operating income
    179,951       227,803       189,770       166,820       100,044  
 
                             
Other expense (income):
                                       
Loss on extinguishment of debt
                      3,982        
Gain on disposition of investment
    (1,814 )     (15,448 )                  
Interest income
    (1,202 )     (2,598 )     (1,311 )     (1,511 )     (495 )
Interest expense
    170,352       168,601       112,955       90,671       76,079  
 
                             
Total other expense
    167,336       150,555       111,644       93,142       75,584  
 
                             
Income before income taxes
    12,615       77,248       78,126       73,678       24,460  
Income tax expense
    9,776       34,816       34,227       31,899       11,305  
 
                             
Net income
    2,839       42,432       43,899       41,779       13,155  
Preferred stock dividends
    365       365       365       365       365  
 
                             
Net income applicable to common stock
  $ 2,474     $ 42,067     $ 43,534     $ 41,414     $ 12,790  
 
                             
Net income per share
  $ 0.03     $ 0.43     $ 0.42     $ 0.39     $ 0.12  
 
                             
Cash dividends declared per common share
  $     $ 3.25                    
 
                             
 
                                       
Statement of Cash Flow Data:
                                       
Cash flows provided by operating activities(1)
  $ 346,520     $ 354,469     $ 364,517     $ 347,257     $ 323,164  
Cash flows used in investing activities(1)
  $ 437,419     $ 341,081     $ 438,896     $ 267,970     $ 263,747  
Cash flows provided by (used in) financing activities(1)
  $ 30,002     $ 39,277     $ 66,973     $ (104,069 )   $ (23,013 )
 
                                       
Balance Sheet Data(1)(2)
                                       
Cash and cash equivalents
  $ 14,139     $ 76,048     $ 11,796     $ 19,419     $ 44,201  
Working capital
    84,105       155,229       119,791       93,816       34,476  
Total assets
    4,117,025       4,081,763       3,924,228       3,741,234       3,692,282  
Total debt (including current maturities)
    2,814,449       2,692,667       1,990,468       1,576,326       1,659,934  
Total long-term obligations
    3,066,422       2,972,760       2,274,716       1,826,138       1,805,021  
Stockholders’ equity
    873,725       951,365       1,538,533       1,817,482       1,736,347  
 
(1)   As of the end of the period.
 
(2)   Certain balance sheet reclassifications were made in order to be comparable to the current year presentation.

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