It will come as no secret to anybody that Canadian funeral home and cemetery operator Park Lawn Corporation increased their revenue in the First Quarter of 2019 over that of the same period in 2018. Due to the number, size, and scope of their acquisition activity it was not a matter of increasing revenue, it was a matter of how much.
Park Lawn Corporation, in a press release that you can read here, announced that their 1Q revenues for 2019 were slightly over CAN$ 50 million as compared to 2018’s 1Q revenues of slightly over CAN$ 27 million. That is an increase of 84.3%.
The company also announced that net earnings increased to CAN$ 3.3 million as compared to 2018’s CAN $1.67 million and that net earnings per share came in at CAN$ 0.141 per share as compared to CAN$ 0.108 in 2018.
The company also listed in their press release the following milestones that have been completed so far in 2019 (some of this activity extends out of the 1st Quarter):
- Park Lawn amended their credit facility from $150 million to $225 million.
- They completed a purchase of Madison, Wisconsin based Cress Funeral Service for US$ 20.3 million.
- They completed a “bought offering” common stock sale at CAN$ 25.65 per share that resulted in $143 million.
- They purchased the St. Louis based John L. Ziegenhein & Sons Undertaking, Inc for US$ 4.2 million.
- Park Lawn recently reached a definitive agreement to acquire Horan & McConaty Funeral Services, Inc. of Colorado and The Baue Funeral Home Company of Missouri. The aggregate purchase price of these two firms was announced at US$ 101.5 million.