Lamar Advertising Company Announces Cash Dividend on Common Stock and Stock Repurchase Program
December 11 2014 - 4:15PM
Lamar Advertising Company (Nasdaq:LAMR), a leading owner and
operator of outdoor advertising and logo sign displays, announces
that its board of directors has declared a quarterly cash dividend
of $0.84 per share payable on December 30, 2014, to stockholders of
record of Lamar's Class A common stock and Class B common
stock on December 22, 2014. Lamar expects to make regular
quarterly distributions to stockholders in 2015 in an aggregate
annual amount of $2.75 per share, a 10% increase over the aggregate
distributions paid or to be paid in 2014 of $2.50.
In addition, Lamar announces that its board of directors has
authorized the repurchase of up to $250 million of the company's
Class A common stock from time to time on the open market or in
privately negotiated transactions. The timing and amount of any
shares repurchased will be determined by the company's management
based on its evaluation of market conditions and other
factors. The repurchase program, which will expire on June 30,
2016 unless extended by the Board of Directors, may be suspended or
discontinued at any time. The company may also establish from
time to time 10b5-1 trading plans that will provide flexibility as
it buys back its shares.
Forward-Looking Statements
This press release contains "forward-looking statements"
concerning Lamar Advertising Company's goals, beliefs,
expectations, strategies, objectives, plans, future operating
results and underlying assumptions and other statements that are
not necessarily based on historical facts. These statements
include, but are not limited to, statements regarding expected
timing and amount of 2015 distributions and the company's intention
to repurchase shares of its common stock from time to time under
the stock repurchase program. Actual results may differ
materially from those indicated in our forward-looking statements
as a result of various factors, including those factors set forth
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 undertake no obligation
to update the information contained in this press release to
reflect subsequently occurring events or circumstances.
The amount, timing and frequency of future distributions to
stockholders will be at the sole discretion of our board of
directors and will be declared based upon various factors, a number
of which may be beyond our control, including our financial
condition and operating cash flows, the amount required to maintain
REIT status and reduce any income and excise taxes that we
otherwise would be required to pay, limitations on distributions in
our existing and future debt instruments, our ability to utilize
NOLs to offset, in whole or in part, our distribution requirements,
and other factors that our board of directors may deem
relevant. There is no certainty as to the timing or amount of
any future distributions.
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.
CONTACT: Company Contact:
Buster Kantrow
Director of Investor Relations
(225) 926-1000
bkantrow@lamar.com
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