BATON ROUGE, Louisiana — Lamar Advertising Co., a Baton Rouge-based outdoor advertising giant, reports its fourth-quarter profit rocketed to $207.9 million, or $2.18 per share, roughly 20 times the $10.1 million, or 11 cents per share, reported a year ago.
The company reports the results were boosted by a $120.1 million, one-time gain related to the company's conversion to a real estate investment trust. The move allowed Lamar to write off a big chunk of its deferred tax liabilities. The trusts don't pay corporate income taxes on profits if at least 90 percent of profits go to shareholders.
For the year, The Advocate reports (http://bit.ly/1DZjJG0 ) Lamar recorded earnings of $253.2 million, or $2.66 per share, compared with $39.8 million, or 42 cents per share, the prior year.
Information from: The Advocate, http://theadvocate.com
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