US outdoor advertising company, Lamar, announced that revenues for the first quarter are up 9.1% on the same period last year, to $201 million.
Operating income, for the quarter ending 31st March 2004, rose from $2.3 million in quarter one last year, to £13.4 million.
Commenting on the Lamar results, Merrill Lynch said: “Quarter one results were largely driven by an improvement at the bulletin business, where rates were up 3.5% and occupancy levels climbed 3%.
For the second quarter 2004, Lamar expects net revenue to be around $225 million, up 6% on the same period last year.
Merrill Lynch said that after meeting with Lamar management, it walked away even more bullish about the outdoor advertising business, which should begin to steal advertising share thanks to advertising base expansion, few competitive threats and higher rates for digital billboards.
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