Finance

Billboard Condemnation. Fair Market Value for Eminent Domain Takings

By Paul Wright, ASA Have you ever had a sign taken by a government agency?  If it happens, don’t worry, it’s not the end of the world. First, keep in mind that the government has the power of Eminent Domain, which means that they can take private property for public use.  However, just like Uncle Ben told Peter Parker (Spiderman) “with great power, comes great responsibility.”   Over the last 40 years, we have seen Right of Way professionals (government agencies […]

by billboardinsider· · 0 comments · Finance

Landmark US outdoor purchases slowing.

Landmark Infrastructure’s domestic US outdoor assets purchases are slowing. Here are the highlights from Landmark’s first quarter 2017 financials and the earnings call transcript. Revenue increased 57% to $12.2 million during the first quarter of 2017,  due to the impact of acquisitions during the past 12 months. Cashflow increased 56% to $11.2 million during the first quarter of 2017. Landmark acquired 11 outdoor advertising leases and easements during the first quarter of 2017.  The firm had 531 outdoor leases and […]

by billboardinsider· · 0 comments · Finance

Lamar Revenue up, cashflow down in 1Q 2017

Lamar Announced first quarter results.   Here are the highlights from the financials and the earning call. Revenue increased $8 million (2.3%) to $346 million for the quarter.  Organic revenues grew 1.3%.  The rest of the increase was due to the impact of the Clear Channel Outdoor acquisitions last year.  Revenues are 79% local, 21% national.  Compare that to Outfront’s mix of 50% local, 50% national.  CEO Sean Reilly said on the conference call that Lamar’s national revenues actually increased […]

by billboardinsider· · 0 comments · Finance

Clear Channel Outdoor Revenue and Cashflow Down in 1Q 2017

Clear Channel Outdoor released 1Q 2017 financials yesterday.  Revenue and cashflow declined,  Here are links to the Seeking Alpha earnings call transcript and the first quarter investor powerpoint.  Insider’s analysis focuses on Clear Channel Outdoor Americas, which includes the company’s North American billboards. Americas Outdoor Revenue declined by $3 million (1%) to $279 million due to assets sales.  Organic revenues were up 0.2% when adjusted for divestitures.   Americas Outdoor Expenses increased $3 million (2%) to $197 million during the […]

by billboardinsider· · 0 comments · Finance

Outfront 1Q 2017: Live by National, Die By National

Outfront CEO Jeremy Male summarized first quarter 2017 performance with this quip:  “Everything in our business is going well with the exception of national billboard advertising.”  Outfront is more dependent on national advertising than Clear Channel or Lamar.  National advertising accounts for 50% of Outfront’s business so a drop in national advertising has a big impact.    Here are the highlights from the earnings call: Organic revenue declined $7 million (2.2%) to $328 million during the first quarter of 2017 […]

by billboardinsider· · 0 comments · Finance

Outfront Organic Revenue Down 2% in First Quarter 2017

NEW YORK, May 3, 2017 /PRNewswire/ — OUTFRONT Media Inc. (NYSE: OUT) today reported results for the quarter ended March 31, 2017. “As anticipated, first quarter revenues came in down 2.2% as a result of a challenging national advertising market, particularly in the automotive category,” said Jeremy Male, Chairman and Chief Executive Officer of OUTFRONT Media. “While we are seeing some continued national softness in the second quarter, our local business is solid, our expense control is good, and we’re investing strategically in […]

by billboardinsider· · 0 comments · Finance

Update on iHeart Media, CCO Parent Company

Billboard Insider reported on April 24th of Clear Channel Outdoor’s parent company, iHeart Media and their current effort at restructuring their $20 billion in debt and extension of the offer until today, March 28th. Yesterday, the company extended for the third time the deadline to its lenders and bondholders for its debt-exchange offer after less than 1 percent of bonds have been tendered so far. The company said it was extending the deadlines for both parts of the debt-exchange offer “to […]

by John Weller· · Comments are Disabled · Finance

Marty Williamson Sells Outdoor Assets and Starts Brokerage Business

Experienced out of home advertising executive and independent operator, Marty Williamson just sold the out of home assets of American Outdoor and USA Outdoor to Horton Outdoor.  Williamson is a 34 year veteran of the out of home business.  He began his career in 1983 as an Account Executive with Georgia Outdoor Advertising, Inc.  In 1997 he went into business for himself and has since founded 5 companies. Marty tell us about your sale. Horton Outdoor (the company which bought […]

by billboardinsider· · Comments are Disabled · Finance

Seeking Alpha bullish on Outfront

Seeking Alpha has published a bullish article on Lamar titled: “This Billboard REIT Has Plenty of Buzz.”  Analyst Brad Thomas gives the company a buy rating due to superior assets in prime, iconic locations and upside from potential cell/data leases . Thomas notes that one of the benefits of out of home is modest capex.  He estimates that even with digital sign conversions, capexp is 3-5% of revenue for out of home versus 6-13% of revenue for most other forms […]

by billboardinsider· · Comments are Disabled · Finance

iHeartMedia Creditors Move to Block Debt Restructuring

Reuters reported on Friday the 21st that a group of iHeartMedia lenders have signed a cooperation agreement to oppose the debt overhaul of the largest owner of U.S. radio stations and the parent company of Clear Channel Outdoor. Insider has previously reported  on iHeart and their proposed debt swap. The proposal was originally contingent on a three tier participation scenario providing potential discounts to iHeart on the existing debt of 12-25%, extending the maturity date of the notes and reducing the […]

by John Weller· · Comments are Disabled · Finance