Park Lawn Corporation, the Toronto, Ontario based funeral home and cemetery consolidator and operator announced 2nd Quarter financial results earlier this month. For the company, revenue increased 8.5% to $88.4 million (US $68.9 m) from last year’s 2nd Quarter revenues of $81.5 million (US $63.59 m). Adjusted EBITDA increased for the same time period to $22.7 million (US $17.7 m) as compared to the 2nd Quarter of 2020 Adjusted EBITDA of $19.48 million (US $ 15.19 m). That’s an increase in adjusted EBITDA for the quarter of 16.6% as compared to the year earlier.
Here’s what J. Bradley Green, CEO of Park Lawn Corporation stated in the report, “After a strong second quarter, we have solidified an impressive first half to 2021. Even with the anticipated lessening effect of COVID-19 on the at-need volume of our comparable businesses, we saw the total funeral home call volume increase quarter-over-quarter driven by both our acquisitions and continued improvements in operating performance. Additionally, similar to what we observed in the first quarter, we continued to see an increase in demand for both pre-need cemetery and pre-need funeral products including property, services and merchandise. Moreover, we also were able to sustain an increase in our averages per contract resulting in an all-around solid quarter-over-quarter performance.”
Also included in the report were these highlights:
- The company signed purchase agreements for properties in Nashville, Tennessee, and properties in the state of Mississippi. These business will represent increases of 2,416 calls and 435 interments on a yearly basis and are expected to add US $ 5.84 million in annual EBIDTA. According to the report, these properties are expected to close in August 2021.
- The company also closed three previously announced acquisitions during this reporting period. They include properties in Wisconsin, North Carolina, and Tennessee. The financial reports states that the aggregate purchase price for these properties was US $ 26.07 million.
Disclaimer: The author of this article holds a stock position in Park Lawn Corporation.
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