BATON ROUGE, Louisiana — Baton Rouge-based Lamar Advertising Co. reported net income dropped to $15.4 million, or 16 cents per share, compared to $23.1 million, or 24 cents per share, compared to the second quarter of 2013.
However, the 2014 results included a $20.8 million loss for retiring debt, which was partially offset by lower interest expenses.
The Advocate reports (http://bit.ly/1mpIuOe ) the results fell short of Wall Street's expectations.
Lamar is converting to a real estate investment trust. The trusts don't have to pay corporate income taxes on profits if at least 90 percent of profits go to shareholders.
Lamar said it expects third-quarter revenue in the range of $330 million to $334 million, an increase of 1.5 percent to 2.5 percent over the same period in 2013.
Information from: The Advocate, http://theadvocate.com