Finance

Finance

Park Lawn Reports 3Q Results

Park Lawn Corporation today released the results of their 3rd Quarter operations.  The company reported that their revenue increased by over 29% to a $22.4 million mark in 3Q 2017 as compared to $17.3 million in 3Q 2016.  All dollar figures are reported in Canadian dollar figures. The company had several one time non-recurring expense items that contributed to a loss of of $171,116 for the 3rd quarter of 2017 as compared to a net income in 2016 of $749,000.  […]

Finance

Carriage Services Enters Colorado Market

Late on Thursday Carriage Services issued two press releases indicating that they had closed the purchases of two funeral firms in the corridor between Denver and Fort Collins, Colorado.  The public death care company announced that they had acquired Carroll-Lewellen Funeral and Cremation Services in Longmont, Colorado and also acquired the Viegut Funeral Home in Loveland, Colorado. Mel Payne, Chairman and CEO of Carriage services stated,   ” . . . We have always wanted to enter Colorado but have been […]

Finance

Federal Judge Dismisses Lawsuit against StoneMor

U.S. District Judge Eduardo C. Robreno, of the Eastern District of Pennsylvania has dismissed a class action lawsuit against StoneMor Partners L.P. according to an article in the Delaware County Times.  In this lawsuit, lead plaintiffs Judson Anderson was trying to show that investors were misled and/or materially harmed by statements StoneMor made between March 2012 and October 2016. Judge Robreno dismissed the case on grounds that the plaintiffs failed to state a claim upon which relief could be granted.  […]

Finance

Assurant Posts Operating Loss of $76.3 Million for 3rd Qtr

A net operating loss of $76.3 million was reported by global conglomerate Assurant yesterday.  While two – Global Lifestyle and Global Preneed – of their three operating units posted profits, they were far outweighed by the losses in the Global Housing segment to produce the loss.  The Global Housing unit loss of $110.3 million was principally the result of Hurricanes Harvey, Irma, and Maria and the Mexico City earthquake. Interesting notes that we found in the report from Assurant, which […]

Finance

Stonemor Partners Reports 2017 First Quarter

Last Friday, October 27, StoneMor Partners L.P., finally reported its earnings from the 1st Quarter of 2017 which ended on March 31, 2017.  As reported earlier the Partnership is continuing to work on its delayed filing of periodic reports with the SEC.  You can read the full report of last Friday from StoneMor here. Here are some things that we picked up from reading this report: Revenues were up almost $5 million over the same period in 2016. Revenues were […]

Finance

SCI Reports 3rd Quarter Earnings

Service Corporation International announced their 3Q 2017 results on October 25.  The company, based in Houston, Texas – much like Carriage Services – announced that the results were somewhat skewed by the hurricanes that happened during the quarter and affected some of their locations in Texas and Florida.  In SCI’s case, they announced in their report that they believe the hurricanes caused a probable decrease in funeral production of $5 million for the quarter. You can read about SCI’s results […]

Finance

Carriage Services Announces 3rd Quarter Results

Following the close of business yesterday Carriage Services announced their 3rd quarter results.  After a short note that two of their large market areas, Florida and Texas, were affected greatly by Hurricanes Irma and Harvey – which they contend more than likely affected results. Here are some of the notes from the report, which can be found here, from CEO Mel Payne: Record quarterly revenue of $61.1 million a 1.5% increase over 2016.  This is, however, less than analysts consensus […]

Finance

Assurant Agrees to Buy The Warranty Group

Assurant, a global leader in insurance coverage, covering things as diverse as appliances, autos, mobile devices, electronics, and funeral plans announced today that it will acquire The Warranty Group, a portfolio company of TPG Capital and restructure into a new organization still know as Assurant.  Assurant plans to spend about $2.5 billion in cash, stock, and assumed debt on the purchase. According to a release in Insurance Journal, Assurant said that the acquisition will help it build a greater presence […]

Business Cemetery Finance

StoneMor Amends Credit, Hints at Dividend Cut, Reduction of Units

StoneMor Parnters, LP, a publicly traded death care company that owns and operates both funeral homes and cemeteries announced in a        press release on Friday, October 6, 2017, that they will be amending their secured credit facility.  You can read about the modifications here. In reading the entire release, the Chairman of the Board, Robert B. Hellman, Jr. was quoted, “The decision to reduce our cash distribution for the second quarter is a difficult but necessary decision. […]