Finance

Finance

Standard and Poor’s Rates Hillenbrand’s Amended Credit Facility

On December 19 Standard and Poor’s Global Ratings issued a rating on Hillenbrand’s  amended $900 million unsecured revolving credit facility expiring in December 2022.  The rating assigned was BBB.  The company restated that it will use this credit facility for financing working capital needs and general corporate purposes. Standard and Poor’s gave the following reasons for rating the credit facility BBB: Hillenbrand has a good position in the casket business The company has improved geographic diversity following its recent flow […]

Finance

StoneMor 2nd Quarter Results. . .Company Drops Distribution

StoneMor Partners, based in Trevose, Pennsylvania, issued their 2nd Quarter 2017 financials and report on December 12.  We bring them to you today.  You can see their press release on the results here. Here are some of their highlights: Revenues for the quarter were $86 million which represents a $7.0 million increase from the same period one year ago.  For the first six months of 2017 revenues were $168.9 million which is an $11.7 million increase over the same period. […]

Finance

Park Lawn Corporation Resets Credit

Park Lawn Corporation, the funeral industry consolidator out of Toronto, Canada, announced yesterday in this press release that they have obtained additional credit facilities which will poise them for further growth.  The company announced a $125 million facility with the National Bank of Canada as the lead lender and participation from the Bank of Montreal and Toronto Dominion Bank.  The credit is arranged as follows: $75 million in committed credit $50 million in accordian credit All under a 5 year […]

Business Finance

Service Corporation Announces New Debt Arrangement

Service Corporation International (SCI), a funeral care public company and a component of the Funeral Director Daily Death Care Index (DCI), on Tuesday announced a new debt arrangement moving forward.  The company announced that it has priced an underwritten public offering of $550 million Senior Notes due in 2027.  The notes have been priced at 4.625%.  The offering is being underwritten and J.P. Morgan is the lead underwriter.  Part of this issue will be used by SCI to retire approximately […]

Finance

Park Lawn Corporation Makes Strategic Saskatchewan Purchase

Park Lawn Corporation announced last week that they had purchased Christie’s Funeral Home and Crematorium in Yorktown, Saskatchewan.  The announced purchase price was $1.96 million (Canadian).  You can read the press release here. The company announced that it was a strategic fit and will build upon their operations in Manitoba and Saskatchewan.  They also announced that Christie’s Funeral Home and Crematorium had been in business since 1882 and it will be operated locally by Park Lawn’s existing partners in Manitoba […]

Finance

Carriage Services Announces Long Island Acquisition

It was announced at the close of business yesterday that Carriage Services, a publicly traded death care industry consolidator, had acquired the five funeral homes under the ownership of the Thomas F. Dalton Funeral Homes on Long Island, New York.  According to Carriage Services CEO Mel Payne, “The partnership with Thomas F. Dalton Funeral Homes enhances our portfolio of businesses in the strategic market of Long island.” The press release, which you can read here, indicates the the company began […]

Finance

Checking Up on the Death Care Index

It’s been a little over three months since we visited the Death Care Index or DCI.  The DCI is Funeral Director Daily’s gauge for checking up on the investment return of death care companies who operate in the public ownership market.  At the close of business on November 30, a day in which the Dow Jones Industrials reached a new high the DCI stood at $272.76 per share. The DCI is easily calculated as it is the sum of ownership […]

Finance

Matthews Posts Record Revenues — Casket Sales Decline

Matthews International issued a press release last Thursday, November 16, reporting on their 4th quarter and 2017 year end results.  It is a report eerily similar to Hillenbrand’s 2017 year end report in that the report was overall excellent but both companies saw sales in their casket units drop.  You can read Matthews press release here. As you may know, Matthews International has three operating segments – SGK Brand Solutions, the Industrial Technologies segment, and the Memorialization segment.  With record […]

Finance

Not Just an American Phenomena

Over the last week I ran into an article in the Australian news about the funeral service provider Propel Funeral Partners.  You can read the article for yourself here. Propel Funeral Partners has been in business for over five years but just last week took its stock public on the Australian Stock Exchange raising $131 million (Australian).  The equity raise will be used to eliminate any debt the company had in building its business to 80 units from its 2012 […]

Finance

Hillenbrand Reports Record Earnings – Batesville Sales Slide

Last Wednesday Hillenbrand Industries reported 4th quarter 2017 and full year 2017 results.  For both the quarter and the year the company reported that company’s overall revenue had grown about 3% overall. For both the quarter and the year, however, revenue increased in the Process Equipment segment of their business and decreased in the Batesville segment of the business.  As a company, net income increased 12% to $126 million for the year and adjusted EBITDA increased 5% to $281 million. […]