Lamar Advertising Company (NASDAQ: LAMR) reported strong sales and earnings for the second quarter ending June 30, 2004. In a conference call with securities analysts on August 5, 2004, the company reported that revenue on signs owned for one year or more rose 7.7%. When signs acquired through acquisitions since last year are included, revenue
Revenue and earnings at Obie Media Corporation (Nasdaq: OBIE) were strong in the second fiscal quarter ending May 31, 2004. In a conference call with securities analysts on July 15, 2004, the company reported billboard revenue for the quarter at $2,092,556, compared to $1,581,634 in the same quarter last year. Management attributes the 32% increase
According to our database of transactions in billboards, prices declined for the second straight year in 2003. The average multiple of gross effective income dropped from 5.73X in 2002 to 5.12X last year. Declines were also observed for the past two years in the median multiples. Billboard prices peaked in 1998 according most measures, but
By Jeffrey P. Wright, ASA, CFA Abstract Billboard companies are usually worth surprisingly high prices in the market. Buyers and sellers rely almost exclusively on market multiples that are widely recognized as the best measures of fair market value. Discount rates and capitalization rates in this industry are more closely aligned with real estate yields
