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Strategies & Market Trends : Short Selling, Dark Side, Bubble Busting Laboratory

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From: Surfratiam	9/3/2006 11:05:16 AM
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How about LAMR as a short. A ton of debt. High valuation when compared to CCO. As the economy slows it should also have some impact on Lamars pricing of the advertising rates. Even without that the stock is way overvalued. They miss earnings estimates more often than they make them. Constant share holder dilution. These two announcements: Raise 200 million to pay back debt and then possibly borrow cash from the revolving credit facility to buy back shares. Recent announcements: Monday August 14, 3:46 pm ET Lamar Advertising Plans to Raise $200 Million in Private Placement of Senior Notes BATON ROUGE, La. (AP) -- Lamar Advertising Co., which provides billboards and other outdoor advertising displays across the U.S., said Monday it plans to raise about $200 million from senior subordinated notes due 2015 through an institutional private placement by subsidiary Lamar Media Corp. The company plans to use the proceeds to repay part of its bank credit. The offering is expected to close on or about Aug. 18 Then: Friday August 25, 6:50 am ET Lamar Advertising to Repurchase Up to $250M of Its Common Stock Over 18-Month Period BATON ROUGE, La. (AP) -- Lamar Advertising Co., which provides billboards and other outdoor advertising displays across the U.S., said Friday it will repurchase up to $250 million of its common stock over an 18-month period. The buybacks can be made in the open market or through privately negotiated deals, and be suspended or discontinued at any time, the company said. The repurchased shares will be available for general corporate or other purposes. Lamar currently has about 102 million shares outstanding. The company has established a trading plan as part of the buyback program that allows it to repurchase shares in the open market during times when the stock trading window is otherwise closed for the company. The program will be funded with working capital, availability under Lamar's revolving credit facility and future cash flows.

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