Lamar Advertising Announces Correction to Press Release Concerning Tax Reporting Information For 2021 Distributions on Common Stock

Rhea-AI Summary

Lamar Advertising Company announced a correction to its January 20, 2022 press release regarding federal tax reporting for 2021 distributions on its Class A and Class B common stock. The initial release erroneously classified the qualified taxable dividends and Sec. 199A dividends of the regular distribution and special dividend paid on December 30, 2021. Shareholders are advised to consult tax professionals for the accurate treatment of these distributions.

Positive

• Correction of previous tax reporting improves clarity for investors.
• Lamar continues to provide regular dividends, sustaining shareholder returns.

Negative

• Initial error in tax classification may lead to confusion among shareholders.

BATON ROUGE, La., Feb. 15, 2022 (GLOBE NEWSWIRE) -- Lamar Advertising Company (“Lamar”) (Nasdaq: LAMR) today announced a correction to its press release dated January 20, 2022, related to certain year-end federal income tax reporting information for its 2021 distributions on its Class A and Class B common stock (“Common Stock”).

The table included in the January 20, 2022 release incorrectly characterized the portions of the regular distribution and special dividend paid on December 30, 2021 that will be considered qualified taxable dividends and Sec. 199A dividends.

The corrected information is below.

The following tables summarize, for federal income tax purposes, the nature of distributions paid to holders of Lamar Common Stock, presented on a per share basis, during the calendar year ended December 31, 2021. Stockholders are encouraged to consult with their tax advisors as to the specific tax treatment of Lamar’s 2021 distributions.

Lamar Advertising Company Common Stock
Ticker Symbol: LAMR
				Ordinary		Qualified
		Cash		Taxable		Taxable		Sec. 199A		Return of
		Distribution		Dividend		Dividend		Dividend		Capital
Record Date	Payable Date	(per share)		(per share)		(per share)*		(per share)*		(per share)
3/22/2021	3/31/2021	$0.7500		$0.7500		$0.0369		$0.7131		$0.0000
6/21/2021	6/30/2021	$0.7500		$0.7500		$0.0369		$0.7131		$0.0000
9/20/2021	9/30/2021	$1.0000		$1.0000		$0.0492		$0.9508		$0.0000
12/20/2021	12/30/2021	$1.0000		$1.0000		$0.0492		$0.9508		$0.0000
**12/20/2021	**12/30/2021	$0.5000		$0.5000		$0.0246		$0.4754		$0.0000
*Qualified taxable dividend and Sec.199A dividend amounts included in ordinary taxable dividend amount.
**Special dividend

About Lamar Advertising Company
Founded in 1902, Lamar Advertising Company is one of the largest outdoor advertising companies in North America, with more than 352,000 displays across the United States and Canada. Lamar offers advertisers a variety of billboard, interstate logo, transit and airport advertising formats, helping both local businesses and national brands reach broad audiences every day. In addition to its more traditional out of home inventory, Lamar is proud to offer its customers the largest network of digital billboards in the United States with over 3,800 displays.

Company Contact:

Buster Kantrow
Lamar Advertising Company
(225) 926-1000
bkantrow@lamar.com

FAQ

What correction did Lamar Advertising Company announce on February 15, 2022?

Lamar corrected the classification of its 2021 distributions for federal tax reporting, clarifying the portions considered qualified taxable dividends and Sec. 199A dividends.

How should shareholders treat the corrected distribution information for 2021?

Shareholders are encouraged to consult with their tax advisors regarding the specific tax treatment of the corrected distributions.

What was the impact of the tax reporting error on Lamar's stockholders?

The error could potentially cause confusion regarding the tax implications of the distributions for stockholders.

What is the ticker symbol for Lamar Advertising Company?

The ticker symbol for Lamar Advertising Company is LAMR.