<SEC-DOCUMENT>0001193125-16-612231.txt : 20160718
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<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-16-612231
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20160603

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LAMAR ADVERTISING CO/NEW
		CENTRAL INDEX KEY:			0001090425
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				721449411
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		C/O LAMAR ADVERTISING COMPANY
		STREET 2:		5321 CORPORATE BOULEVARD
		CITY:			BATON ROUGE
		STATE:			LA
		ZIP:			70808
		BUSINESS PHONE:		2259261000

	MAIL ADDRESS:	
		STREET 1:		C/O LAMAR ADVERTISING COMPANY
		STREET 2:		5321 CORPORATE BOULEVARD
		CITY:			BATON ROUGE
		STATE:			LA
		ZIP:			70808

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LAMAR NEW HOLDING CO
		DATE OF NAME CHANGE:	19990716
</SEC-HEADER>
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<TYPE>CORRESP
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">2800 JPMorgan Chase Tower, 600 Travis</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Houston, TX 77002</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Telephone:
713-226-1200</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Fax: 713-223-3717</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">www.lockelord.com</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">David F. Taylor</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Direct Telephone:
713-226-1496</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Direct Fax: 713-229-2565</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">dtaylor@lockelord.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;3, 2016 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>BY
EDGAR SUBMISSION </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mail Stop 3233 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top">Lamar Advertising Company </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Form 10-K for the fiscal year ended December&nbsp;31, 2015 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Filed February&nbsp;25, 2016 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">File No.&nbsp;001-36756 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;McPhee:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of Lamar Advertising Company (&#147;Lamar&#148; or the &#147;Company&#148;), we submit this letter in response to the comments provided to
Lamar from the staff of the Securities and Exchange Commission (the &#147;Staff&#148;) in a letter dated June&nbsp;1, 2016 (the &#147;Letter&#148;), relating to Lamar&#146;s Form 10-K for the fiscal year ended December&nbsp;31, 2015 (the &#147;Form
10-K&#148;). Set forth below are the Staff&#146;s comments followed by the Company&#146;s responses. The responses are keyed to the numbering of the comments in the Letter and appear following the comments, which are restated below in italics. The
factual statements and information set forth below are based entirely on information furnished to us by the Company and its representatives, which we have not independently verified. All statements of belief are the belief of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form 8-K filed February&nbsp;23, 2016 </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Item&nbsp;2.02
Results of Operations and Financial Condition. </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>For each non-GAAP measure presented in future filings, please provide a statement disclosing the reasons why your management believes that presentation of the non-GAAP financial measure provides useful information to
investors regarding the registrant&#146;s financial condition and results of operations. Please note that each measure should be discussed separately, and that boilerplate disclosure alone, e.g. measure is useful to analysts, is not sufficient.
</I></TD></TR></TABLE> <P STYLE="font-size:48pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Atlanta | Austin | Boston | Chicago | Dallas | Hartford | Hong Kong | Houston | Istanbul | London | Los Angeles | Miami | Morristown | New
Orleans </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">New York | Providence | Sacramento | San Francisco | Stamford | Tokyo | Washington DC | West Palm Beach </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;3, 2016 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>RESPONSE</B>:<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment. In connection with the non-GAAP financial measures guidance issued by the Commission on May&nbsp;17, 2016,
the Company has been and continues analyzing its use of non-GAAP financial measures in its press releases and filings, the number of such non-GAAP financial measures used by the Company, the reasons management believes such non-GAAP financial
measures provide useful information, and the manner in which the Company discloses and reconciles such non-GAAP financial measures. The Company and its management are still reviewing and analyzing the most appropriate way to present non-GAAP
financial measures in the future. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comments in the Letter and in connection with the Company&#146;s analysis of its use of
non-GAAP financial measures in light of the May&nbsp;17, 2016 guidance from the Commission, for each non-GAAP measure presented in future filings, the Company will provide a statement disclosing the reasons why the Company&#146;s management believes
that presentation of each non-GAAP financial measure provides useful information to investors regarding the Company&#146;s financial condition and results of operations. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>We note that you have presented several non-GAAP measures that you refer to as pro forma, but it does not appear that these are pro forma measures in accordance with GAAP. Please rename these measures in future
filings to avoid confusion. </I></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>RESPONSE</B>:<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As stated above in the response to comment no. 1, the Company has been and continues analyzing its use of non-GAAP financial measures. Specifically as to this
comment from the Staff, the Company acknowledges that the reference to pro forma measures is not consistent with pro forma measures in accordance with GAAP. The Company is reviewing the use of these measures in its press releases and analyzing the
appropriate manner to reference these measures if they are used at all in the future. In future filings, the Company will appropriately name any non-GAAP financial measures to avoid confusion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*** </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with responding to the
Staff&#146;s comment, the Company acknowledges that (i)&nbsp;it is responsible for the adequacy and accuracy of the disclosure in the Reports, (ii)&nbsp;Staff comments or changes to disclosure in response to Staff comments do not foreclose the
Commission from taking any action with respect to the Form 10-K and (iii)&nbsp;the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.
</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;3, 2016 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please contact me at (713)&nbsp;226-1496 if you have any questions or require any additional information.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you for your attention to this matter. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely,
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ David F. Taylor </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">David F. Taylor </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">Keith Istre, Chief Financial Officer </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Lamar Advertising Company </I></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
