Business
Lamar Advertising Company Announces First Quarter Ended March 31, 2020 Operating Results
Three Month Results Net revenue increased 5.8% to $406.6 millionNet income was $40.5 millionAdjusted EBITDA increased 9.4% to $159.8 million Three Month
About this update from Lamar Advertising Company
[{"type":"text","content":"Three Month Results\n Net revenue increased 5.8% to $406.6 millionNet income was $40.5 millionAdjusted EBITDA increased 9.4% to $159.8 million Three Month Acquisition-Adjusted Results Acquisition-adjusted net revenue increased 4.4%Acquisition-adjusted EBITDA increased 8.7% BATON ROUGE, La., May 07, 2020 (GLOBE NEWSWIRE) -- 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 first quarter ended March 31, 2020. \"As our first quarter results indicate, we were off to a strong start to 2020. Then, of course, the coronavirus pandemic adversely affected us and our customers in late March and through April. We have used that time to prepare the company for the downturn and ensure we emerge even stronger on the other side,\" said CEO Sean Reilly. \"While we do not yet have sufficient visibility to reissue guidance for 2020, I am encouraged by several signs we are seeing. First, traffic is rebounding rapidly across the vast majority of our markets. Second, business activity has picked up. Cancellations have slowed, and we’ve begun to write new business again. And finally, while it is clear that a few of our verticals will remain challenged, we are optimistic based on our conversations with customers that many categories will rebound soon.\" “Meanwhile, I’ve never been prouder of the out-of-home industry, as we’ve donated unprecedented amounts of our inventory in communities across the country to support front-line health-care workers and first responders and to encourage safe practices. I’ve also never been prouder of the people of Lamar as they continue to selflessly support each other, our clients and our communities through these challenging times.” COVID-19 Updates Our audience is the driving public, and in markets representing approximately 80% of our 2019 billboard revenues, travel activity is back to at least 75% of last year’s average.1April 2020 acquisition-adjusted net revenues were down approximately 20% from April 2019.Our liquidity position is strong. We ended the first quarter with approximately $497 million of cash on hand and $112 million in additional revolver capacity.Categories showing signs of renewed activity include services, quick service restaurants, health care, financial institutions, education and...