XML 75 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net income $ 40,139 $ 7,890 $ 6,858
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 300,579 296,083 299,639
Non-cash compensation 24,936 14,466 11,650
Amortization included in interest expense 14,667 17,741 18,517
Gain on disposition of assets and investments (3,804) (13,817) (10,548)
Loss on extinguishment of debt 14,345 41,632 677
Deferred income tax expense 18,749 6,316 2,621
Provision for doubtful accounts 6,034 5,484 7,591
(Increase) decrease in:      
Receivables (6,663) (13,783) (14,622)
Prepaid expenses 788 1,903 1,201
Other assets (4,970) (2,876) (1,863)
Increase (decrease) in:      
Trade accounts payable (89) (127) (489)
Accrued expenses (6,371) 2,259 (630)
Other liabilities (3,635) 12,738 (1,781)
Cash flows provided by operating activities 394,705 375,909 318,821
Cash flows from investing activities:      
Capital expenditures (105,650) (105,570) (107,070)
Acquisitions (92,248) (206,068) (23,497)
(Increase) decrease in notes receivable (840) 122 166
Proceeds from disposition of assets and investments 6,869 8,117 13,146
Cash flows used in investing activities (191,869) (303,399) (117,255)
Cash flows from financing activities:      
Net proceeds from issuance of common stock 20,893 13,855 5,457
Cash used for purchase of treasury shares (4,200) (1,113) (3,481)
Proceeds received under revolving credit facility 184,000 15,000  
Payments on revolving credit facility (34,000) (15,000)  
Payments under credit agreement (33,051) (311,275) (213,866)
Net proceeds from senior credit facility   100,000  
Debt issuance costs (89) (22,500)  
Net proceeds from note offering   1,035,000  
Net payment on senior subordinated notes (360,383) (861,019) (47,187)
Dividends (365) (365) (365)
Cash flows used in financing activities (227,195) (47,417) (259,442)
Effect of exchange rate changes in cash and cash equivalents (1,340) 315 (300)
Net (decrease) increase in cash and cash equivalents (25,699) 25,408 (58,176)
Cash and cash equivalents at beginning of period 58,911 33,503 91,679
Cash and cash equivalents at end of period 33,212 58,911 33,503
Supplemental disclosures of cash flow information:      
Cash paid for interest 140,048 143,589 153,800
Cash paid for state and federal income taxes 4,096 2,392 2,651
LAMAR MEDIA CORP [Member]
      
Cash flows from operating activities:      
Net income 40,338 8,115 6,920
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 300,579 296,083 299,639
Non-cash compensation 24,936 14,466 11,650
Amortization included in interest expense 14,667 17,741 18,517
Gain on disposition of assets and investments (3,804) (13,817) (10,548)
Loss on extinguishment of debt 14,345 41,632 677
Deferred income tax expense 18,885 6,426 2,916
Provision for doubtful accounts 6,034 5,484 7,591
(Increase) decrease in:      
Receivables (6,663) (13,233) (14,622)
Prepaid expenses 788 1,903 1,201
Other assets (4,970) (2,876) (1,863)
Increase (decrease) in:      
Trade accounts payable (89) (127) (489)
Accrued expenses (6,371) 2,259 (630)
Other liabilities (21,300) 5,301 (10,611)
Cash flows provided by operating activities 377,375 369,357 310,348
Cash flows from investing activities:      
Capital expenditures (105,650) (105,570) (107,070)
Acquisitions (92,248) (206,068) (23,497)
(Increase) decrease in notes receivable (840) 122 166
Proceeds from disposition of assets and investments 6,869 8,117 13,146
Cash flows used in investing activities (191,869) (303,399) (117,255)
Cash flows from financing activities:      
Proceeds received under revolving credit facility 184,000 15,000  
Payments on revolving credit facility (34,000) (15,000)  
Payments under credit agreement (33,051) (311,275) (213,866)
Net proceeds from senior credit facility   100,000  
Debt issuance costs (89) (22,500)  
Net proceeds from note offering   1,035,000  
Net payment on senior subordinated notes (360,383) (861,019) (47,187)
Dividends to parent (4,200) (1,113) (3,481)
Contributions from parent 37,858 19,668 16,553
Cash flows used in financing activities (209,865) (41,239) (247,981)
Effect of exchange rate changes in cash and cash equivalents (1,340) 315 (300)
Net (decrease) increase in cash and cash equivalents (25,699) 25,034 (55,188)
Cash and cash equivalents at beginning of period 58,411 33,377 88,565
Cash and cash equivalents at end of period 32,712 58,411 33,377
Supplemental disclosures of cash flow information:      
Cash paid for interest 140,048 143,589 153,800
Cash paid for state and federal income taxes $ 4,096 $ 2,392 $ 2,651