Park Lawn reports 2019 results, Brad Green named Interim CEO

April 1, 2020/Finance/

Park Lawn Corporation (PLC), the Toronto based funeral home and cemetery consolidator and operator, reported their 2019 financial results on Monday after trading hours. The company showed mixed results by increasing their revenue by 51% to $244 million (all dollar numbers are in Canadian dollars unless otherwise indicated) but only generating an additional 2.3% in Net Earnings for the year.

Brad Green
Park Lawn Interim CEO

You can see a press release on PLC’s 2019 results here. You can access their complete 2019 Financial Report here.

As a matter of fact, because of an increased number of common stock shares outstanding, PLC’s Net Earnings per share dropped to $0.246 per share from 2018’s $0.326 per share. Net Earnings for the year came in at $7.286 million in 2019 as compared to $7.119 million in 2018.

2019 Highlights for the company, according to their report, included the execution of growth strategy with six acquisitions valued at approximately $180 million. The company also says that they made movement towards their “aspirational goal” of $100 million in pro forma adjusted EBITA .

Park Lawn comments about COVID-19 and CEO search — The following statement comes from the Press Release accompanying the 2019 results:

“Appointment of Interim CEO

COVID-19 has transformed North America in a matter of a few short weeks introducing an element of uncertainty which may impact the pace and timing of PLC’s previously announced search for a new Chief Executive Officer (CEO). As described above, PLC is taking active steps to ensure the Company is optimally positioned for long-term success and growth in a challenging time. In the near term, given the current circumstances, this means ensuring stable leadership with a sharp focus on operations and the continuing integration of our existing business operations.

As such, the Board of Directors has appointed Brad Green to serve in the role of Interim CEO effective Tuesday, March 31, 2020. to increase stability during the Company’s leadership transition. Mr. Green has served as the President of PLC since May of 2018 and previously served as the CEO of the Signature Group prior to the company’s acquisition of the business.”

You can access a February 2020 Park Lawn Corporation Investor Presentation here.