Outdoor advertising and logo sign displays company Lamar Advertising Co. (LAMR) reported Thursday a loss for the second quarter, reflecting over 15% drop in revenues. The company also projects a decline in revenue for the third quarter.
For the second quarter, net loss applicable to common stock was $11.91 million or $0.13 per share, compared to net income of $12.55 million or $0.14 per share in the previous year. The results of the latest quarter included gain on extinguishment of debt of $3.54 million.
On average, 15 analysts polled by Thomson Reuters expected the company to report loss of $0.12 per share in the second quarter. Analysts' estimates typically exclude special items.
Net revenues for the period plunged 15.2% to $274.74 million from $323.82 million. Twelve analysts were expecting revenue of $275.01 million in the second quarter.
Interest expense swelled year-over-year to $56.64 million from $41.94 million. Total operating expenses decreased to $240.74 million from $257.21 million. Direct advertising expenses came down to $99.41 million from $110.10 million, while general and administrative expenses decreased to $44.28 million from $50.14 million and corporate expenses slid to $9.54 million from $13.78 million in the year-ago quarter.
For the first six months of the year, net loss applicable to common stock was $33.33 million or $0.36 per share, compared to profit of $9.25 million or $0.10 per share in corresponding period of fiscal 2008. Revenues dropped 13.9% to $521.98 million from $606.59 million.
Looking ahead, for the third quarter, the company expects to record net revenue of about $264.0 million. Analysts are currently looking for revenue of $270.36 million in the penultimate quarter.
LAMR closed Wednesday's regular trading hours at $21.90 on the NASDAQ.
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