Canadian public company Park Lawn Corporation announced their 2nd quarter financial results this week. You can see the company’s press release here. According to the company, “The results show solid operating performance across the majority of the business, particularly in the CMS Mid-Atlantic and Saber business segments of the company.
Here are some of the highlights of the report:
- Revenue (including acquisitions) increased 100% from the 2nd quarter of 2017 to $ 40.3 million as compared to lat year’s $20.1 million.
- Comparable revenue for 2018 as compared to the “same store” revenue of 2017 also increased 5.2%.
- Net earnings show a loss of $(435,849) as compared to a Q2 2017 net earnings of $812,444.
- Adjusted EBITDA for Q2 2018 was $8.3 million as compared to 2017 Q2 Adjusted EBITDA of $3.68 million.
- According to the release issued by the company, Park Lawn Corporation now operates 144 businesses including funeral homes, cemeteries, and crematories.
Funeral Director Daily take: We have anxiously awaited the financial performance of Park Lawn. In our opinion, they are an aggressive acquisition company bent on growth. However their model, in our opinion, believes it can pay for the best funeral and cemetery properties while continuing to show financial profit growth to its shareholders. We are interested, because that can be a tough balancing act.
In addition, Park Lawn Corporation is like a lot of Canadian companies in that it pays a monthly dividend to shareholders. That makes it an even tougher balancing act. According to a statement from CEO Andrew Clark they are still very bullish on the industry. In the release Clark stated, “We believe the deathcare sector continues to exhibit highly attractive growth characteristics.”