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Park Lawn Corporation Releases Q2 2019 Results

PLC continues to show strong revenue & per share growth for the first half of 2019

TORONTO , Aug. 12, 2019 /CNW/ - Today, Park Lawn Corporation (PLC.TO) ("PLC" or the "Company") released its second quarter results for 2019 ("Q2 2019").



Three Months Ended June 30, 2019



Six Months Ended June 30, 2019



2019


2018

% Change



2019


2018

% Change

Revenue

$

58,570,919

$

40,349,440

45.2%


$

108,723,904

$

67,555,680

60.9%

Net earnings, PLC shareholders

$

1,458,782

$

(435,849)



$

4,784,029

$

1,237,129


Adjusted Net Earnings, PLC shareholders

$

5,658,024

$

3,712,472

52.4%


$

11,000,918

$

6,547,347

68.0%

Adjusted EBITDA, PLC shareholders 

$

13,013,852

$

8,321,069

56.4%


$

24,750,249

$

14,124,557

75.2%

























Per share amounts attributable to:
PLC shareholders












Net Earnings - diluted

$

0.049

$

(0.021)



$

0.180

$

0.069


Adjusted Net Earnings - diluted

$

0.190

$

0.182

4.4%


$

0.414

$

0.365

13.4%

Adjusted EBITDA - diluted 

$

0.438

$

0.409

7.1%


$

0.932

$

0.788

18.3%

Park Lawn Corporation (CNW Group/Park Lawn Corporation)

 

  • After adjusting for the impact of foreign exchange, revenue growth from comparable business units increased by 3.2 % year over year and 3.5% for the quarter.

  • Adjusted EBITDA margin increased to 22.6% in Q2 2019 from 21.1% for the same period in 2018.


"PLC delivered strong per share growth for our shareholders through solid operating results for the first half of 2019. PLC continues the successful execution of its business plan focusing on acquisitions and organic growth initiatives, while maintaining its focus on the integration of its US businesses," said Andrew Clark , PLC's Chairman & Chief Executive Officer.

During and subsequent to the second quarter of 2019, PLC executed on important milestones:

  • On April 1, 2019 , PLC completed the previously announced acquisition of Cress Funeral Service Inc., an eight-location funeral business in Madison, Wisconsin .

  • On April 23, 2019 , PLC completed a $143,770,815 bought deal offering of common shares at $25.65 per share (the "Offering").

  • On May 2, 2019 , PLC completed the acquisition of John L. Ziegenhein & Sons Undertaking Inc., a two-location funeral business in St Louis, Missouri .

  • On June 4, 2019 , the Company completed its previously announced acquisition of The Baue Funeral Home Company ("Baue"). Baue operates a large cemetery and three funeral homes (including one on-site) in St. Charles, Missouri .

  • On June 27, 2019 , the Company completed the acquisition of Integrity Funeral Care Inc. a funeral business located in Houston, Texas .

  • On July 2, 2019 , the Company completed its previously announced acquisition of Horan & McConaty Funeral Services, Inc. ("Horan"). Horan operates two cemeteries and 11 funeral homes (including two on-sites) in Denver and Aurora, Colorado .

  • On August 2, 2019 , the Company's Board of Directors approved the listing of an additional 300,000 common shares issuable pursuant to the Company's amended and restated dividend reinvestment plan. The increase was approved by the TSX on August 7, 2019 .


Important Reminder:

PLC will host a conference call to discuss its Q2 2019 financial results. Details of the conference call are as follows:

  • Date: Tuesday August 13th, 2019
  • Time: 9:30AM (EST)
  • Dial-in Number: Local (647) 427-7450
  • Toll Free: (888) 231-8191
  • Conference ID: 3658707


About PLC

PLC provides goods and services associated with the disposition and memorialization of human remains. Products and services are sold on a pre-planned basis (pre-need) or at the time of a death (at-need). PLC and its subsidiaries own and operate businesses including cemeteries, crematoria, funeral homes, chapels, planning offices and a transfer service. PLC has a North American wide platform with operations in five Canadian provinces and fourteen U.S. states.

Non‐IFRS Measures

Adjusted Net Earnings, Adjusted EBITDA, and their related per share amounts, and Adjusted EBITDA margin are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS. Such measures are presented in this news release because management of PLC believes that such measures are relevant in evaluating PLC's operating performance. Such measures, as computed by PLC, may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to similar measures reported by such other organizations. Please see PLC's most recent Management's Discussion and Analysis for how the Company reconciles Adjusted Net Earnings, Adjusted EBITDA and their related per share amount, and Adjusted EBITDA margin to the nearest IFRS measure.

Cautionary Statement Regarding Forward‐Looking Information

This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of PLC and the environment in which it operates. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate", "pro-forma" and other similar expressions. These statements are based on PLC's expectations, estimates, forecasts and projections and include, without limitation, statements regarding PLC future growth initiatives. The forward-looking statements in this news release are based on certain assumptions, including those regarding present and future business strategies, the environment in which the PLC will operate in the future, expected revenues, expansion plans and the PLC's ability to achieve its goals. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading "Risk Factors" in PLC's Annual Information Form available at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, PLC assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

SOURCE Park Lawn Corporation


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