Business
Lamar Advertising Company Announces Second Quarter Ended June 30, 2020 Operating Results
Three Month Results Net revenue was $347.7 millionNet income was $31.4 millionAdjusted EBITDA was $133.2 million Six Month Results Net revenue was $754.2
About this update from Lamar Advertising Company
[{"type":"text","content":"Three Month Results\n Net revenue was $347.7 millionNet income was $31.4 millionAdjusted EBITDA was $133.2 million Six Month Results Net revenue was $754.2 millionNet income was $71.9 millionAdjusted EBITDA was $293.0 million BATON ROUGE, La., Aug. 06, 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 second quarter ended June 30, 2020. “As we anticipated, business picked up during the quarter as stay-at-home orders were lifted, drivers hit the roads and many businesses reopened. As we put concerns about the size of the OOH audience in the rear-view mirror, our customers began to spend again. This recovery in contract activity continued into the third quarter, and although the second surge of COVID-19 cases has taken a little wind out of our sails, we remain cautiously optimistic about the revenue outlook for the balance of 2020,\" said CEO Sean Reilly. \"On the expense side, we are seeing the benefits of our efforts to contain costs and adjust our operations to the current environment.\" Second Quarter Highlights Total operating expenses decreased 7.7%Acquisition-adjusted consolidated expenses decreased 12.2%Total liquidity increased to $1.1 billion Second Quarter Results Lamar reported net revenues of $347.7 million for the second quarter of 2020 versus $448.7 million for the second quarter of 2019, a 22.5% decrease. Operating income for the second quarter of 2020 decreased $77.7 million to $66.5 million as compared to $144.1 million for the same period in 2019. Lamar recognized net income of $31.4 million for the second quarter of 2020 as compared to net income of $118.4 million for same period in 2019, a decrease of $87.0 million. Net income per diluted share was $0.31 and $1.18 for the three months ended June 30, 2020 and 2019, respectively. Adjusted EBITDA for the second quarter of 2020 was $133.2 million versus $207.9 million for the second quarter of 2019, a decrease of 35.9%. Cash flow provided by operating activities was $147.7 million for the three months ended June 30, 2020, a decrease of $28.6 million as compared to the same period in 2019. Free cash flow for the second quarter of 2020 was $88.1 million as compared to $133.0 million for the same period in 2019, a 33.7% decrea...