6 28594 Diluted Shares 923 918 930 932 937 1231 Price 1286 3109 3984 3984 3984

6 28594 diluted shares 923 918 930 932 937 1231 price

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2,859.4 Diluted Shares92.3 91.8 93.0 93.2 93.7 12/31 Price$12.86$31.09$39.84$39.84$39.84Market Cap1,187.3 2,855.2 3,703.5 3,711.1 3,733.1 Total Cap4,893.2 6,458.5 7,063.7 6,805.7 6,592.5 Equity %24.3%44.2%52.4%54.5%56.6%Debt %75.7%55.8%47.6%45.5%43.4%Preferred %0.0%0.0%0.0%0.0%0.0%WACC5.0%7.2%7.8%7.5%7.6%ROIC - WACC0.3%-3.4%-3.7%-2.1%-2.1%After-tax Extraordinary Losses (lessgains)LessTax Benefit of Interest ExpenseDeferred Tax Liabilities (lessassets)Cum. Extraordinary Losses (lessgains)2008200920102011E2012E0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%5.3%3.7%4.2%5.4%5.5%
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5/1/2016Beneficial OwnerKevin P. Reilly, Jr.Sean E. ReillyClass AAnna ReillyClass AWendell ReillyClass AKeith A. IstreClass AClass AClass AClass AClass A4/16/2015Beneficial OwnerKevin P. Reilly, Jr.Sean E. ReillyClass AAnna ReillyClass AWendell ReillyClass AKeith A. IstreClass AClass ATitle of ClassDirectors, Nominees for Director and Executive OfficersClass AClass B(2)Class B(2)Class B(2)Class B(2)Stephen P. MumblowJohn Maxwell HamiltonThomas V. ReifenheiserJohn E. Koerner, IIIAll Current Directors and Executive Officers as a Group (9 Persons)Class A & BFive Percent StockholdersThe Reilly Family Limited PartnershipClass B(2)Title of ClassDirectors, Nominees for Director and Executive OfficersClass AClass B(2)Class B(2)Class B(2)Class B(2)Stephen P. Mumblow
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Class AClass AClass AJohn Maxwell HamiltonThomas V. ReifenheiserJohn E. Koerner, IIIAll Current Directors and Executive Officers as a Group (9 Persons)Class A & BFive Percent StockholdersThe Reilly Family Limited PartnershipClass B(2)
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less: Reilly familyOwnedpartnershipNinemile LLC303,196303,19611,362,2509,000,000566,2111,796,039105,281105,28110,557,8359,000,0001,557,8358,7958,79510,190,2809,000,0001,190,28017,24517,2459,500,0009,000,000500,000215,11736,79428,56843,58928,35315,397,3039,000,000Owned258,25011,362,25094,06010,557,83516,30510,190,28032,8309,500,000177,50039,895No. of SharesNo. of Shares
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25,99640,77125,53515,321,5079,000,000
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From Lamar's 2008, 2009 & 2010 10K:2008221.3 2009213.5 2010203.0 200820092010201120122013Year 1155.9 149.1 147.9 147.9 147.9 147.9 Year 2136.6 126.4 127.7 127.7 127.7 127.7 Year 3119.2 111.5 112.5 112.5 112.5 112.5 Year 4105.4 97.6 100.7 100.7 100.7 100.7 Year 591.4 85.7 82.6 82.6 82.6 82.6 More than 5 yrs674.0 615.2 589.6 589.6 589.6 589.6 Total$1,282.6 $1,185.5 $1,161.1 $1,161.1 $1,161.1 $1,161.1 PV200820092010201120122013Year 1141.8 135.6 134.5 134.5 134.5 134.5 Year 2112.9 104.5 105.6 105.6 105.6 105.6 Year 389.6 83.8 84.5 84.5 84.5 84.5 Year 472.0 66.6 68.8 68.8 68.8 68.8 Year 556.8 53.2 51.3 51.3 51.3 51.3 More than 5 yrs418.5 382.0 366.1 366.1 366.1 366.1 Total$ 891.5 $ 825.7 $ 810.7 $ 810.7 $ 810.7 $ 810.7 Discount10.0%10.0%10.0%10.0%10.0%10.0%Interest$ 89.2 $ 82.6 $ 81.1 $ 81.1 $ 81.1 $ 81.1 Operating leases expense:
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Supply vs. Demand Relationship20062007200820091Q2Q3Q4QBulletinsNumber of bulletins73,000 73,000 72,500 68,000 67,75067,50067,25067,000Bulletin growth0%0%-1%-6%-5%-4%-3%-1%Occupancy rate79%78%74%71%70%74%75%74%Bulletin price increase-3%4%2%-5%-6%-1%2%2%PostersNumber of posters78,000 78,000 86,500 80,800 80,35079,90079,45079,000Poster growth0%0%11%-7%-6%-5%-3%-2%Occupancy rate69%68%65%62%59%73%70%66%Poster price increase6%4%2%-5%-6%-1%2%2%BulletinOccupancy improvement(decline)-1%-4%-3%vs. Rate increase4%2%-5%1Q'092Q'093Q'094Q'091Q'102Q'103Q'104Q'10Lamar Local Revenue growth2%2%1%3%NFIB Optimism Index Y/Y change-8%-5%-2%2%6%4%2%3%Advertising & marketing spending expected growthnext 12 months3%4%3%2%NFIB Optimism Index84.186.886.589.189.390.688.191.7(Seasonally adjusted 1986 = 100)
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20101Q'112Q3Q4Q201167,00066,975-1%-1%73%72%-1%2%79,00078,925-2%-2%67%58%-1%2%1Q'112Q'113%-5%1%4%3%94.191.2
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200620072008200920102011EDigital Revenues22.4 73.0 97.4 102.5 117.6 138.0 Margin65%65%65%65%65%65%Tax rate50%48%67%38%27%44%Diluted shares outstanding103.5 97.5 92.3 91.8 93.0 93.2 Digital EPS$0.07$0.25$0.23$0.45$0.60$0.5420062007200820092010 2011EDigital Revenues22 73 97 103 118 138 Digital EPS$0.07$0.25$0.23$0.45$0.60$0.542006200720082009- 50 100 150 200 250 22 73 97 103 $0.07$0.25$0.23$0.45Revenue $MRevenue from dbillboards
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2012E2013E200920102011E2012E2013E168.6 194.4 65%65%42%36%93.7 94.7 $0.68$0.852012E2013E169 194 $0.68$0.8520102011E2012E2013E$0.00$0.10$0.20$0.30$0.40$0.50$0.60$0.70$0.80$0.90118 138 169 194 $0.60$0.54$0.68$0.85Di gi tal RevenuesDi gi tal EPSEPSEPS from digital bill-boardsdigital
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