Lamar Advertising Company Announces Cash Dividend on Common Stock

Lamar Advertising Company Announces Cash Dividend on Common Stock

BATON ROUGE, La., May 22, 2014 (GLOBE NEWSWIRE) -- 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 $0.83 per share payable on June 30, 2014 to stockholders of
record of Lamar's Class A common stock and Class B common stock on June 1,
2014.

As previously announced, Lamar expects to elect to be treated as a real estate
investment trust ("REIT") for federal income tax purposes effective January 1,
2014. To qualify for REIT status commencing with its 2014 taxable year, Lamar
must distribute to its stockholders by the end of 2014 all of its pre-REIT
accumulated earnings and profits, if any. In addition, as a REIT, Lamar will
be required to distribute annually to its stockholders an amount equal to at
least 90% of its REIT taxable income (determined without regard to the
dividends paid deduction and by excluding net capital gain).Our REIT taxable
income generally does not include income earned by our taxable REIT
subsidiaries, or TRSs, except to the extent the TRSs pay dividends to the
REIT.We expect to have net operating loss carry forwards, or NOLs, as of the
effective time of our REIT conversion.To the extent we use these NOLs to
offset our REIT taxable income, the required distributions to stockholders
would be reduced.However, in this case, we may be subject to the alternative
minimum tax.

As a result of its expected REIT election and introduction of a quarterly
distribution, Lamar previously provided its expectations for the aggregate
amount of its pre-REIT accumulated earnings and profits of approximately $40
million.Currently, Lamar's board of directors does not expect to make a
special distribution to its stockholders on account of its pre-REIT
accumulated earnings and profits.We plan to distribute this amount in 2014
along with the regular quarterly distributions to stockholders of our REIT
taxable income, commencing with the dividend announced hereby.We expect and
intend that the June distribution will satisfy the requirement to distribute
our pre-REIT accumulated earnings and profits.

The amount, timing and frequency of future distributions will be at the sole
discretion of Lamar's 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, limitations on our ability to fund distributions
using cash generated through our TRSs and other factors that Lamar's board of
directors may deem relevant.There is no certainty as to the timing or amount
of any future distributions.

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. Examples of
these statements include, but are not limited to, statements regarding the
current estimate of pre-REIT accumulated earnings and profits, the expectation
to elect REIT status, the expected timing and effect of that election and the
expected timing and amount of distributions. These statements are subject to
risks and uncertainties that could cause actual results to differ materially
from those projected in these forward-looking statements. For additional
information regarding factors that may cause actual results to differ
materially from those indicated in our forward-looking statements, we refer
you to the risk factors included 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 caution investors not to
place undue reliance on the forward-looking statements contained in this
document. These statements speak only as of the date of this document, and we
undertake no obligation to update or revise the statements, except as may be
required by law.

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: Buster Kantrow
         Director of Investor Relations
         (225) 926-1000
         bkantrow@lamar.com
 
Press spacebar to pause and continue. Press esc to stop.