Exhibit 99.1

5321 Corporate Boulevard
Baton Rouge, LA 70808

Lamar Advertising Company Announces
First Quarter 2011 Operating Results

Baton Rouge, LA — May 4, 2011 — Lamar Advertising Company (Nasdaq: LAMR), a leading owner and operator of outdoor advertising and logo sign displays, announces the Company’s operating results for the first quarter ended March 31, 2011.

First Quarter Results
Lamar reported net revenues of $255.2 million for the first quarter of 2011 versus $244.1 million for the first quarter of 2010, a 4.5% increase. Operating income for the first quarter of 2011 was $25.6 million as compared to $10.8 million for the same period in 2010. There was a net loss of $13.2 million for the first quarter of 2011 compared to a net loss of $24.8 million for the first quarter of 2010.

Adjusted EBITDA, (defined as operating income before non-cash compensation, depreciation and amortization and gain on disposition of assets — see reconciliation to net loss at the end of this release) for the first quarter of 2011 was $95.2 million versus $90.8 million for the first quarter of 2010, a 4.8% increase.

Free cash flow (defined as Adjusted EBITDA less interest, net of interest income and amortization of financing costs, current taxes, preferred stock dividends and total capital expenditures — see reconciliation to cash flows provided by operating activities at the end of this release) for the first quarter of 2011 was $26.7 million as compared to $36.4 million for the same period in 2010, a decrease of 26.8%. The decrease in free cash flow for the first quarter of 2011 is a result of the Company’s $20.5 million increase in capital expenditures for the quarter over the comparable period in 2010.

Pro forma net revenue for the first quarter of 2011 increased 4.2% and pro forma Adjusted EBITDA increased 5.3% as compared to the first quarter of 2010. Pro forma net revenue and Adjusted EBITDA include adjustments to the 2010 period for acquisitions and divestitures for the same time frame as actually owned in the 2011 period. Tables that reconcile reported results to pro forma results and operating income to outdoor operating income are included at the end of this release.

Liquidity
As of March 31, 2011, Lamar had $272.8 million in total liquidity that consists of $240.4 available for borrowing under its revolving credit facility and $32.4 million in cash on hand.

Guidance
For the second quarter of 2011 the Company expects net revenue to be approximately $296 million. On a pro forma basis this represents an increase of approximately 3%.

Forward Looking Statements
This press release contains forward-looking statements, including the statements regarding guidance for the second quarter of 2011. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in these forward-looking statements. These risks and uncertainties include, among others, (1) our significant indebtedness; (2) the length and severity of the current recession and the effect that it has on the demand for advertising; (3) the continued popularity of outdoor advertising as an advertising medium; (4) our need for and ability to obtain additional funding for operations, debt refinancing or acquisitions; (5) the regulation of the outdoor advertising industry; (6) the integration of companies that we acquire and our ability to recognize cost savings or operating efficiencies as a result of these acquisitions; (7) the market for our Class A common stock and (8) other factors described in our filings with the Securities and Exchange Commission, including the risk factors in Item 1A of our 2010 Annual Report on Forms 10-K, as supplemented by any risk factors contained in our Quarterly Reports on Form 10-Q. We caution investors not to place undue reliance on the forward-looking statements contained in this document. These statements speak only as of the date of this document, and we undertake no obligation to update or revise the statements, except as may be required by law.

Use of Non-GAAP Measures
Adjusted EBITDA, free cash flow, pro forma results and outdoor operating income are not measures of performance under accounting principles generally accepted in the United States of America (“GAAP”) and should not be considered alternatives to operating income, net loss, cash flows from operating activities, or other GAAP figures as indicators of the Company’s financial performance or liquidity. The Company’s management believes that Adjusted EBITDA, free cash flow, pro forma results and outdoor operating income are useful in evaluating the Company’s performance and provide investors and financial analysts a better understanding of the Company’s core operating results. The pro forma acquisition adjustments are intended to provide information that may be useful for investors when assessing period to period results. Our presentations of these measures may not be comparable to similarly titled measures used by other companies. Reconciliations of these measures to GAAP are included at the end of this release.

Conference Call Information
A conference call will be held to discuss the Company’s operating results on Wednesday, May 4, 2011 at 8:30 a.m. central time. Instructions for the conference call and Webcast are provided below:

Conference Call

All Callers:		1-334-323-0520 or 1-334-323-9871
Passcode:		Lamar
Replay:		1-334-323-7226
Passcode:		68683765
		Available through Monday, May 9, 2011 at 11:59 p.m. eastern time
Live Webcast:		www.lamar.com
Webcast Replay:		www.lamar.com
		Available through Monday, May 9, 2011 at 11:59 p.m. eastern time

General Information
Lamar Advertising Company is a leading outdoor advertising company currently operating over 150 outdoor advertising companies in 44 states, Canada and Puerto Rico, logo businesses in 22 states and the province of Ontario, Canada and over 60 transit advertising franchises in the United States, Canada and Puerto Rico.

		Company Contact:		Keith A. Istre
				Chief Financial Officer
				(225) 926-1000
				KI@lamar.com

LAMAR ADVERTISING COMPANY AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

		Three months ended
		March 31,
		2011				2010
Net revenues		$	255,202			$	244,103
Operating expenses (income)
Direct advertising expenses			99,551				98,552
General and administrative expenses			49,353				44,760
Corporate expenses			11,133				10,022
Non-cash compensation			2,132				2,761
Depreciation and amortization			73,873				78,342
Gain on disposition of assets			(6,447	)			(1,173	)
			229,595				233,264
Operating income			25,607				10,839
Other expense (income)
Loss on extinguishment of debt			—				261
Interest income			(32	)			(89	)
Interest expense			43,620				49,330
			43,588				49,502
Loss before income tax			(17,981	)			(38,663	)
Income tax benefit			(4,741	)			(13,836	)
Net loss			(13,240	)			(24,827	)
Preferred stock dividends			91				91
Net loss applicable to common stock		$	(13,331	)			($24,918	)
Earnings per share:
Basic and diluted loss per share		$	(0.14	)		$	(0.27	)
Weighted average common shares outstanding:
- basic			92,681,351				91,983,549
- diluted			93,157,052				92,498,159
OTHER DATA
Free Cash Flow Computation:
Adjusted EBITDA		$	95,165			$	90,769
Interest, net			(39,054				(45,292	)
Current tax expense			(534	)			(611	)
Preferred stock dividends			(91	)			(91	)
Total capital expenditures (1)			(28,813	)			(8,341	)
Free cash flow		$	26,673			$	36,434

⁽¹⁾ See the capital expenditures detail included below for a breakdown by category.

		March 31,				December 31,
		2011				2010
Selected Balance Sheet Data:
Cash and cash equivalents			32,441				91,679
Working capital			125,603				155,829
Total assets			3,577,463				3,648,961
Total debt (including current maturities)			2,356,580				2,409,140
Total stockholders’ equity		$	806,097			$	818,523

		Three months ended
		March 31,
		2011				2010
Other Data:
Cash flows provided by operating activities		$	25,826			$	7,651
Cash flows used in investing activities			28,335				8,042
Cash flows used in financing activities			57,005				79,131
Reconciliation of Free Cash Flow to Cash Flows Provided by Operating Activities:
Cash flows provided by operating activities		$	25,826			$	7,651
Changes in operating assets and liabilities			30,926				39,226
Total capital expenditures			(28,813	)			(8,341	)
Preferred stock dividends			(91	)			(91	)
Other			(1,175	)			(2,011	)
Free cash flow		$	26,673			$	36,434
Reconciliation of Adjusted EBITDA to Net loss:
Adjusted EBITDA		$	95,165			$	90,769
Less:
Non-cash compensation			2,132				2,761
Depreciation and amortization			73,873				78,342
Gain on disposition of assets			(6,447	)			(1,173	)
Operating Income			25,607				10,839
Less:
Loss on extinguishment of debt			—				261
Interest income			(32	)			(89	)
Interest expense			43,620				49,330
Income tax benefit			(4,741	)			(13,836	)
Net loss		$	(13,240	)		$	(24,827	)

		Three months ended
		March 31,
		2011				2010				% Change
Reconciliation of Reported Basis to Pro Forma (a) Basis:
Net revenue		$	255,202			$	244,103				4.5	%
Acquisitions and divestitures			—				910
Pro forma net revenue		$	255,202			$	245,013				4.2	%
Direct advertising and G&A expenses		$	148,904			$	143,312				3.9	%
Acquisitions and divestitures			—				1,299
Pro forma direct advertising and G&A expenses		$	148,904			$	144,611				3.0	%
Outdoor operating income		$	106,298			$	100,791				5.5	%
Acquisitions and divestitures			—				(389	)
Pro forma outdoor operating income		$	106,298			$	100,402				5.9	%
Corporate expenses		$	11,133			$	10,022				11.1	%
Acquisitions and divestitures			—				—
Pro forma corporate expenses		$	11,133			$	10,022				11.1	%
Adjusted EBITDA		$	95,165			$	90,769				4.8	%
Acquisitions and divestitures			—				(389	)
Pro forma Adjusted EBITDA		$	95,165			$	90,380				5.3	%

(a) Pro forma net revenues, direct advertising and general and administrative expenses, outdoor operating income, corporate expenses and Adjusted EBITDA include adjustments to 2010 for acquisitions and divestitures for the same time frame as actually owned in 2011.

		Three months ended
		March 31,
		2011				2010
Reconciliation of Outdoor Operating Income to Operating Income:
Outdoor operating income		$	106,298			$	100,791
Less: Corporate expenses			11,133				10,022
Non-cash compensation			2,132				2,761
Depreciation and amortization			73,873				78,342
Plus: Gain on disposition of assets			6,447				1,173
Operating income		$	25,607			$	10,839

		Three months ended
		March 31,
		2011				2010
Capital expenditure detail by category
Billboards — traditional		$	8,681			$	1,636
Billboards — digital			8,433				1,733
Logo			2,158				2,087
Transit			208				636
Land and buildings			599				579
Operating equipment			8,734				1,670
Total capital expenditures		$	28,813			$	8,341