20 results of operations the following table presents certain items in the consolidated statements of operations as a percentage of net revenues for the years ended december 31 , 2013 , 2012 and 2011 : replace_table_token_5_th year ended december 31 , 2013 compared to year ended december 31 , 2012 net revenues increased $ 66.1 million or 5.6 % to $ 1.25 billion for the year ended december 31 , 2013 from $ 1.18 billion for the same period in 2012. this increase was attributable primarily to an increase in billboard net revenues of $ 52.1 million or 5.0 % over the prior period , an increase in logo sign revenue of $ 6.0 million , which represents an increase of 9.5 % over the prior period , and an $ 8.0 million increase in transit revenue , which represents an increase of 11.8 % over the prior period . for the year ended december 31 , 2013 , there was a $ 26.9 million increase in net revenues as compared to acquisition-adjusted net revenue for the year ended december 31 , 2012. the $ 26.9 million increase in revenue primarily consists of a $ 19.4 million increase in billboard revenue , a $ 3.6 million increase in logo revenue and a $ 4.0 million increase in transit revenue over the acquisition-adjusted net revenue for the comparable period in 2012. this increase in revenue represents an increase of 2.2 % over the comparable period in 2012. see reconciliations below . operating expenses , exclusive of depreciation and amortization and gain on sale of assets , increased $ 42.7 million or 6.2 % to $ 725.6 million for the year ended december 31 , 2013 , which includes a $ 10.5 million increase in non-cash compensation . excluding non-cash compensation , operating expenses related to the operations of our outdoor advertising assets increased $ 28.3 million and corporate expenses increased $ 3.9 million , of which $ 2.1 million is related to the company 's evaluation of an election to real estate investment trust status . depreciation and amortization expense increased $ 4.5 million for the year ended december 31 , 2013 as compared to the year ended december 31 , 2012 , primarily due to the company 's capital expenditures . during the year ended december 31 , 2013 , gain on disposition of assets decreased $ 10.0 million over the comparable period ended december 31 , 2012 , primarily due to a gain of $ 9.8 million related to two asset swap transactions , which occurred in 2012. due to the above factors , operating income increased $ 8.9 million to $ 223.4 million for the year ended december 31 , 2013 compared to $ 214.5 million for the same period in 2012. during the year ended december 31 , 2013 , the company recognized a $ 14.3 million loss on debt extinguishment related to the early extinguishment of lamar media 's 9 3/4 % senior notes due 2014. approximately $ 4.0 million of the loss is a non-cash expense attributable to the write off of unamortized debt issuance fees and unamortized discounts associated with the retired debt . see  uses of cash  tender offers and debt repayment for more information . interest expense decreased approximately $ 10.8 million from $ 157.1 million for the year ended december 31 , 2012 to $ 146.3 million for the year ended december 31 , 2013 , due to the reduction in total debt outstanding as well as a decrease in interest rates resulting from the company 's 2012 refinancing transactions . see  uses of cash  tender offers and debt repayment for more information . the increase in operating income , decrease in interest expense and decrease in loss on extinguishment of debt over the comparable period in 2012 resulted in a $ 46.8 million increase in net income before income taxes . the company recorded income tax expense of $ 22.8 million for the year ended december 31 , 2013. the effective tax rate for the year ended december 31 , 2013 was 36.3 % , which is lower than the statutory rates primarily due to an increase in the corporate income tax rate in puerto rico from 30 % to 39 % , which resulted in a change to the carrying value of net operating loss carryforwards during the period . 21 as a result of the above factors , the company recognized net income for the year ended december 31 , 2013 of $ 40.1 million , as compared to net income of $ 7.9 million for the same period in 2012. reconciliations : because acquisitions occurring after december 31 , 2011 ( the acquired assets ) have contributed to our net revenue results for the periods presented , we provide 2012 acquisition-adjusted net revenue , which adjusts our 2012 net revenue for the year ended december 31 , 2012 by adding to it the net revenue generated by the acquired assets prior to our acquisition of these assets for the same time frame that those assets were owned in the year ended december 31 , 2013. we provide this information as a supplement to net revenues to enable investors to compare periods in 2013 and 2012 on a more consistent basis without the effects of acquisitions . management uses this comparison to assess how well we are performing within our existing assets . acquisition-adjusted net revenue is not determined in accordance with gaap . for this adjustment , we measure the amount of pre-acquisition revenue generated by the assets during the period in 2012 that corresponds with the actual period we have owned the acquired assets in 2013 ( to the extent within the period to which this report relates ) . story_separator_special_tag the amount of cost savings , operating expense reductions and other operating improvements or synergies projected by the lamar media in good faith to be realized as a result of any acquisition , investment , merger , amalgamation or disposition within 12 months of any such acquisition , investment , merger , amalgamation or disposition , net of the amount of actual benefits realized during such period from such action : provided , ( a ) the aggregate amount for all such cost savings , operating expense reductions and other operating improvements or synergies shall not exceed an amount equal to15 % of ebitda for the applicable four quarter period and ( b ) any such adjustment to ebitda may only take into account cost savings , operating expense reductions and other operating improvements synergies that are ( i ) directly attributable to such acquisition , investment , merger , amalgamation or disposition , ( ii ) expected to have a continuing impact on the lamar media and its restricted subsidiaries and ( iii ) factually supportable , in each case all as certified by the chief financial officer of the lamar media on behalf of the lamar media , and ( ix ) any loss or gain relating to amounts paid or earned in cash prior to the stated settlement date of any swap agreement that has been reflected in operating income for such period ) and ( except to the extent received or paid in cash by the company and its restricted subsidiaries income or loss attributable to equity in affiliates for such period ) , excluding any extraordinary and unusual gains or losses during such period and excluding the proceeds of any casualty events whereby insurance or other proceeds are received and certain dispositions . for purposes of calculating ebitda , the effect on such calculation of any adjustments required under statement of financial accounting standards no . 141r is excluded . excess cash flow payments . the requirement to make certain mandatory prepayments on loans outstanding under the senior credit facility under certain circumstances was eliminated in conjunction with the second amendment and restatement of the senior credit agreement in february 2014. the company will not be required to make a mandatory prepayment in respect of consolidated excess cash flow for the fiscal year ended december 31 , 2013 pursuant to the terms of the senior credit agreement . the company believes that its current level of cash on hand , availability under the senior credit facility and future cash flows from operations are sufficient to meet its operating needs through fiscal 2014. all debt obligations are reflected on the company 's balance sheet . story_separator_special_tag font-size:10pt ; font-family : times new roman `` > the company 's cash flows provided by operating activities increased by $ 18.8 million for the year ended december 31 , 2013 primarily resulting from an increase in operating income of $ 8.9 million as described in results of operations and by a decrease in changes to operating net assets of $ 20.9 million , offset by a increase in non-cash compensation of $ 10.5 million over the comparable period in 2012. cash flows used in investing activities decreased $ 111.5 million from $ 303.4 million in 2012 to $ 191.9 million in 2013 primarily due to a decrease in acquisition activity of $ 113.8 million as compared to the same period in 2012. cash flows used in financing activities increased to $ 227.2 million for the year ended december 31 , 2013 , primarily due to the redemption of lamar media 's 9 3/4 % senior notes as discussed above . see  liquidity and capital resourcesuses of cash . critical accounting estimates our discussion and analysis of our results of operations and liquidity and capital resources are based on our consolidated financial statements , which have been prepared in accordance with gaap . the preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets , liabilities , revenues and expenses . on an ongoing basis , we evaluate our estimates and judgments , including those related to long-lived asset recovery , intangible assets , goodwill impairment , deferred taxes , asset retirement obligations , stock-based compensation and allowance for doubtful accounts . we base our estimates on historical and anticipated results and trends and on various other assumptions that we believe are reasonable under the circumstances , including assumptions as to future events and , where applicable , established valuation techniques . these estimates form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources . by their nature , estimates are subject to an inherent degree of uncertainty . actual results may differ from our estimates . we believe that the following significant accounting policies and assumptions may involve a higher degree of judgment and complexity than others . long-lived asset recovery . long-lived assets , consisting primarily of property , plant and equipment and intangibles comprise a significant portion of the company 's total assets . purchases of property , plant and equipment are recorded at purchase cost , while acquired property , plant and equipment is recorded at fair value determined primarily through estimates of replacement costs . property , plant and equipment of $ 1.1 billion and intangible assets of $ 419.4 million are reviewed for impairment whenever events or changes in circumstances have indicated that their carrying amounts may not be recoverable . recoverability of assets is measured by a comparison of the carrying amount of an asset or asset group to future undiscounted net cash flows expected to be generated by that asset or asset group before interest expense . these undiscounted cash flow projections are based on management 's assumptions surrounding future operating results and the anticipated future economic environment . if actual results differ from management 's assumptions , an impairment of

uses of cash capital expenditures . capital expenditures excluding acquisitions were approximately $ 105.7 million for the year ended december 31 , 2013. we anticipate our 2014 total capital expenditures will be approximately $ 100 million . acquisitions . during the year ended december 31 , 2013 , the company financed its acquisition activity of approximately $ 92.2 million with cash on hand . tender offers and debt repayment . on december 4 , 2013 , lamar media redeemed in full all $ 350 million in aggregate principal amount of its 9 3/4 % senior notes due 2014 at a redemption price equal to 100 % of the aggregate principal amount of outstanding notes plus a make whole amount and accrued and unpaid interest up to but not including the redemption date . the total amount paid to redeem the notes was approximately $ 366.4 million , which was funded by using cash on hand of $ 182.4 million and $ 184.0 million of borrowings under our senior credit facility . on january 26 , 2012 , lamar media commenced a tender offer to purchase for cash , up to $ 700 million in aggregate principal amount of its outstanding 6 5/8 % senior subordinated notes . on february 9 , 2012 , lamar media accepted tenders for approximately $ 483.7 million in aggregate principal amount of the 6 5/8 % senior subordinated notes , out of approximately $ 582.9 million tendered , in connection with the early settlement date of the tender offer . on february 27 , 2012 , lamar media accepted tenders for approximately $ 99.2 million previously tendered and not accepted for payment and an additional $ 220 thousand tendered following the early settlement date . the holders of the notes tendered on or before midnight on february 8 , 2012 received a total consideration of $ 1,025.83 per $ 1,000 principal amount of the notes tendered ; holders of notes tendered after such date received a total consideration of $ 1,005.83 per $ 1,000 principal amount of the notes tendered .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```uses of cash capital expenditures . capital expenditures excluding acquisitions were approximately $ 105.7 million for the year ended december 31 , 2013. we anticipate our 2014 total capital expenditures will be approximately $ 100 million . acquisitions . during the year ended december 31 , 2013 , the company financed its acquisition activity of approximately $ 92.2 million with cash on hand . tender offers and debt repayment . on december 4 , 2013 , lamar media redeemed in full all $ 350 million in aggregate principal amount of its 9 3/4 % senior notes due 2014 at a redemption price equal to 100 % of the aggregate principal amount of outstanding notes plus a make whole amount and accrued and unpaid interest up to but not including the redemption date . the total amount paid to redeem the notes was approximately $ 366.4 million , which was funded by using cash on hand of $ 182.4 million and $ 184.0 million of borrowings under our senior credit facility . on january 26 , 2012 , lamar media commenced a tender offer to purchase for cash , up to $ 700 million in aggregate principal amount of its outstanding 6 5/8 % senior subordinated notes . on february 9 , 2012 , lamar media accepted tenders for approximately $ 483.7 million in aggregate principal amount of the 6 5/8 % senior subordinated notes , out of approximately $ 582.9 million tendered , in connection with the early settlement date of the tender offer . on february 27 , 2012 , lamar media accepted tenders for approximately $ 99.2 million previously tendered and not accepted for payment and an additional $ 220 thousand tendered following the early settlement date . the holders of the notes tendered on or before midnight on february 8 , 2012 received a total consideration of $ 1,025.83 per $ 1,000 principal amount of the notes tendered ; holders of notes tendered after such date received a total consideration of $ 1,005.83 per $ 1,000 principal amount of the notes tendered .
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 Suspicious Activity Report : 20 results of operations the following table presents certain items in the consolidated statements of operations as a percentage of net revenues for the years ended december 31 , 2013 , 2012 and 2011 : replace_table_token_5_th year ended december 31 , 2013 compared to year ended december 31 , 2012 net revenues increased $ 66.1 million or 5.6 % to $ 1.25 billion for the year ended december 31 , 2013 from $ 1.18 billion for the same period in 2012. this increase was attributable primarily to an increase in billboard net revenues of $ 52.1 million or 5.0 % over the prior period , an increase in logo sign revenue of $ 6.0 million , which represents an increase of 9.5 % over the prior period , and an $ 8.0 million increase in transit revenue , which represents an increase of 11.8 % over the prior period . for the year ended december 31 , 2013 , there was a $ 26.9 million increase in net revenues as compared to acquisition-adjusted net revenue for the year ended december 31 , 2012. the $ 26.9 million increase in revenue primarily consists of a $ 19.4 million increase in billboard revenue , a $ 3.6 million increase in logo revenue and a $ 4.0 million increase in transit revenue over the acquisition-adjusted net revenue for the comparable period in 2012. this increase in revenue represents an increase of 2.2 % over the comparable period in 2012. see reconciliations below . operating expenses , exclusive of depreciation and amortization and gain on sale of assets , increased $ 42.7 million or 6.2 % to $ 725.6 million for the year ended december 31 , 2013 , which includes a $ 10.5 million increase in non-cash compensation . excluding non-cash compensation , operating expenses related to the operations of our outdoor advertising assets increased $ 28.3 million and corporate expenses increased $ 3.9 million , of which $ 2.1 million is related to the company 's evaluation of an election to real estate investment trust status . depreciation and amortization expense increased $ 4.5 million for the year ended december 31 , 2013 as compared to the year ended december 31 , 2012 , primarily due to the company 's capital expenditures . during the year ended december 31 , 2013 , gain on disposition of assets decreased $ 10.0 million over the comparable period ended december 31 , 2012 , primarily due to a gain of $ 9.8 million related to two asset swap transactions , which occurred in 2012. due to the above factors , operating income increased $ 8.9 million to $ 223.4 million for the year ended december 31 , 2013 compared to $ 214.5 million for the same period in 2012. during the year ended december 31 , 2013 , the company recognized a $ 14.3 million loss on debt extinguishment related to the early extinguishment of lamar media 's 9 3/4 % senior notes due 2014. approximately $ 4.0 million of the loss is a non-cash expense attributable to the write off of unamortized debt issuance fees and unamortized discounts associated with the retired debt . see  uses of cash  tender offers and debt repayment for more information . interest expense decreased approximately $ 10.8 million from $ 157.1 million for the year ended december 31 , 2012 to $ 146.3 million for the year ended december 31 , 2013 , due to the reduction in total debt outstanding as well as a decrease in interest rates resulting from the company 's 2012 refinancing transactions . see  uses of cash  tender offers and debt repayment for more information . the increase in operating income , decrease in interest expense and decrease in loss on extinguishment of debt over the comparable period in 2012 resulted in a $ 46.8 million increase in net income before income taxes . the company recorded income tax expense of $ 22.8 million for the year ended december 31 , 2013. the effective tax rate for the year ended december 31 , 2013 was 36.3 % , which is lower than the statutory rates primarily due to an increase in the corporate income tax rate in puerto rico from 30 % to 39 % , which resulted in a change to the carrying value of net operating loss carryforwards during the period . 21 as a result of the above factors , the company recognized net income for the year ended december 31 , 2013 of $ 40.1 million , as compared to net income of $ 7.9 million for the same period in 2012. reconciliations : because acquisitions occurring after december 31 , 2011 ( the acquired assets ) have contributed to our net revenue results for the periods presented , we provide 2012 acquisition-adjusted net revenue , which adjusts our 2012 net revenue for the year ended december 31 , 2012 by adding to it the net revenue generated by the acquired assets prior to our acquisition of these assets for the same time frame that those assets were owned in the year ended december 31 , 2013. we provide this information as a supplement to net revenues to enable investors to compare periods in 2013 and 2012 on a more consistent basis without the effects of acquisitions . management uses this comparison to assess how well we are performing within our existing assets . acquisition-adjusted net revenue is not determined in accordance with gaap . for this adjustment , we measure the amount of pre-acquisition revenue generated by the assets during the period in 2012 that corresponds with the actual period we have owned the acquired assets in 2013 ( to the extent within the period to which this report relates ) . story_separator_special_tag the amount of cost savings , operating expense reductions and other operating improvements or synergies projected by the lamar media in good faith to be realized as a result of any acquisition , investment , merger , amalgamation or disposition within 12 months of any such acquisition , investment , merger , amalgamation or disposition , net of the amount of actual benefits realized during such period from such action : provided , ( a ) the aggregate amount for all such cost savings , operating expense reductions and other operating improvements or synergies shall not exceed an amount equal to15 % of ebitda for the applicable four quarter period and ( b ) any such adjustment to ebitda may only take into account cost savings , operating expense reductions and other operating improvements synergies that are ( i ) directly attributable to such acquisition , investment , merger , amalgamation or disposition , ( ii ) expected to have a continuing impact on the lamar media and its restricted subsidiaries and ( iii ) factually supportable , in each case all as certified by the chief financial officer of the lamar media on behalf of the lamar media , and ( ix ) any loss or gain relating to amounts paid or earned in cash prior to the stated settlement date of any swap agreement that has been reflected in operating income for such period ) and ( except to the extent received or paid in cash by the company and its restricted subsidiaries income or loss attributable to equity in affiliates for such period ) , excluding any extraordinary and unusual gains or losses during such period and excluding the proceeds of any casualty events whereby insurance or other proceeds are received and certain dispositions . for purposes of calculating ebitda , the effect on such calculation of any adjustments required under statement of financial accounting standards no . 141r is excluded . excess cash flow payments . the requirement to make certain mandatory prepayments on loans outstanding under the senior credit facility under certain circumstances was eliminated in conjunction with the second amendment and restatement of the senior credit agreement in february 2014. the company will not be required to make a mandatory prepayment in respect of consolidated excess cash flow for the fiscal year ended december 31 , 2013 pursuant to the terms of the senior credit agreement . the company believes that its current level of cash on hand , availability under the senior credit facility and future cash flows from operations are sufficient to meet its operating needs through fiscal 2014. all debt obligations are reflected on the company 's balance sheet . story_separator_special_tag font-size:10pt ; font-family : times new roman `` > the company 's cash flows provided by operating activities increased by $ 18.8 million for the year ended december 31 , 2013 primarily resulting from an increase in operating income of $ 8.9 million as described in results of operations and by a decrease in changes to operating net assets of $ 20.9 million , offset by a increase in non-cash compensation of $ 10.5 million over the comparable period in 2012. cash flows used in investing activities decreased $ 111.5 million from $ 303.4 million in 2012 to $ 191.9 million in 2013 primarily due to a decrease in acquisition activity of $ 113.8 million as compared to the same period in 2012. cash flows used in financing activities increased to $ 227.2 million for the year ended december 31 , 2013 , primarily due to the redemption of lamar media 's 9 3/4 % senior notes as discussed above . see  liquidity and capital resourcesuses of cash . critical accounting estimates our discussion and analysis of our results of operations and liquidity and capital resources are based on our consolidated financial statements , which have been prepared in accordance with gaap . the preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets , liabilities , revenues and expenses . on an ongoing basis , we evaluate our estimates and judgments , including those related to long-lived asset recovery , intangible assets , goodwill impairment , deferred taxes , asset retirement obligations , stock-based compensation and allowance for doubtful accounts . we base our estimates on historical and anticipated results and trends and on various other assumptions that we believe are reasonable under the circumstances , including assumptions as to future events and , where applicable , established valuation techniques . these estimates form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources . by their nature , estimates are subject to an inherent degree of uncertainty . actual results may differ from our estimates . we believe that the following significant accounting policies and assumptions may involve a higher degree of judgment and complexity than others . long-lived asset recovery . long-lived assets , consisting primarily of property , plant and equipment and intangibles comprise a significant portion of the company 's total assets . purchases of property , plant and equipment are recorded at purchase cost , while acquired property , plant and equipment is recorded at fair value determined primarily through estimates of replacement costs . property , plant and equipment of $ 1.1 billion and intangible assets of $ 419.4 million are reviewed for impairment whenever events or changes in circumstances have indicated that their carrying amounts may not be recoverable . recoverability of assets is measured by a comparison of the carrying amount of an asset or asset group to future undiscounted net cash flows expected to be generated by that asset or asset group before interest expense . these undiscounted cash flow projections are based on management 's assumptions surrounding future operating results and the anticipated future economic environment . if actual results differ from management 's assumptions , an impairment of

