Security National Financial Corporation, the Utah based financial and death care company showed a total company decrease in revenue for the 2019 1st Quarter as compared to the same quarter in 2018. You can see their 1st Quarter report here which was made public on May 16.
However, even as the company experienced a decrease in total revenue and income they did show solid year over year gains, both in revenue and earnings, in their Memorial segment, which consists of funeral homes and cemeteries – predominantly in the state of Utah.
The Memorial segment showed revenues for 1Q 2019 of $4.35 million as compared to sales of $3.77 million for the same period last year. That equates to a 15.4% increase. In addition to funeral services and cemetery services the company also serves the preneed funeral industry. We have not been told, but do believe, that those sales would be reported in the Life Insurance segment, and not in the Memorial segment, of their business report.
SNFC reported 1st Quarter 2019 earnings in their Memorial segment of $1.18 million as compared to earnings of $0.861 million for the 1st Quarter of 2018. . . that is an over 37% increase in profitability for the quarter.
President of the company, Scott M. Quist commented, “Even recognizing the decrease in net income (for the entire company), I must say that I am pleased with our Company’s First Quarter performance.. . . . Our Memorial segment delivered a stellar quarter with a 15% increase in revenue which translated into a 38% improvement in profitability.”
Finally, it was noted that SNFC completed the acquisition of two funeral homes during the quarter – the Probst Family Funeral Home and Heber Valley Funeral Home. That brings their ownership to 10 funeral homes and five cemeteries in Utah.