Lamar Advertising had an $11.9 million second-quarter loss as the recession cut into the demand for its billboards and transit advertisement spaces.
For the three months ending June 30, the Baton Rouge based billboard company had a 13-cents-per-share loss on revenue of $274.7 million. In the second quarter of 2008, Lamar earned $12.5 million, or 14 cents per share, on revenue of $323.8 million.
Analysts surveyed by Thomson Reuters, on average, had forecast a per-share loss of 13 cents and revenue of $275 million.
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Lamar said it expected third-quarter revenue to total $264 million, a 15% decline from the year-ago third quarter. Thomson Reuters-surveyed analysts have forecast third-quarter revenues of $270.4 million.
