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StoneMor Inc. (STON)

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Neutralpattern detected
Previous Close1.7100
Open1.7900
Bid2.0900 x 1100
Ask2.1200 x 900
Day's Range1.6500 - 1.7500
52 Week Range0.4600 - 5.3700
Volume228,852
Avg. Volume839,715
Market Cap257.061M
Beta (5Y Monthly)1.04
PE Ratio (TTM)N/A
EPS (TTM)-0.0790
Earnings DateNov 12, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateMay 04, 2017
1y Target EstN/A
  • StoneMor Inc. Announces Agreement to Acquire Four Cemeteries
    GlobeNewswire

    StoneMor Inc. Announces Agreement to Acquire Four Cemeteries

    BENSALEM, Pa., March 24, 2021 (GLOBE NEWSWIRE) -- StoneMor Inc. (NYSE: STON) (“StoneMor” or the “Company”), a leading owner and operator of cemeteries and funeral homes, today announced it has signed a definitive agreement to acquire four cemeteries located within its East Coast geographic footprint for a total purchase price of $5,395,000, subject to customary working capital adjustments. Joe Redling, StoneMor’s President and Chief Executive Officer said, “We are very excited to announce that we have entered into an asset purchase agreement to acquire four cemeteries within our East Coast geographic footprint. While this is a small first step, it represents a very important shift in our strategy from focusing on divesting assets to acquiring new locations that align with our existing portfolio.” The transaction is expected to close by July 2021, subject to customary due diligence and regulatory approval. About StoneMor Inc.StoneMor Inc., headquartered in Bensalem, Pennsylvania, is an owner and operator of cemeteries and funeral homes in the United States, with 313 cemeteries and 80 funeral homes in 26 states and Puerto Rico. StoneMor’s cemetery products and services, which are sold on both a pre-need (before death) and at-need (at death) basis, include: burial lots, lawn and mausoleum crypts, burial vaults, caskets, memorials and all services which provide for the installation of this merchandise. For additional information about StoneMor Inc., please visit StoneMor’s website, and the investors section, at http://www.stonemor.com. CONTACTInvestor RelationsStoneMor Inc.(215) 826-4438 Cautionary Note Regarding Forward-Looking StatementsCertain statements contained in this press release, including, but not limited to, information regarding the anticipated closing date for the sale, are forward-looking statements. Generally, the words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “project,” “expect,” “predict” and similar expressions identify these forward-looking statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management’s current expectations and estimates. These statements are neither promises nor guarantees and are made subject to certain risks and uncertainties that could cause actual results to differ materially from the results stated or implied in this press release. StoneMor’s major risks are related to uncertainties associated with current business and economic disruptions resulting from the recent coronavirus pandemic, including the effect of government regulations issued in connection therewith, its ability to identify, and negotiate acceptable agreements with, purchasers of additional properties, uncertainties associated with the cash flow from pre-need and at-need sales, trusts and financings, which may impact StoneMor’s ability to meet its financial projections and service its debt, as well as with StoneMor’s ability to maintain an effective system of internal control over financial reporting and disclosure controls and procedures. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements set forth in StoneMor’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and the other reports that StoneMor files with the Securities and Exchange Commission, from time to time. Except as required under applicable law, StoneMor assumes no obligation to update or revise any forward-looking statements made herein or any other forward-looking statements made by it, whether as a result of new information, future events or otherwise.

  • StoneMor Partners (STON) Q4 2020 Earnings Call Transcript
    Motley Fool

    StoneMor Partners (STON) Q4 2020 Earnings Call Transcript

    Good afternoon, everyone, and thanks again for joining us on the StoneMor, Inc. conference call to discuss our 2020 fourth quarter and full-year financial results. With us on the call this afternoon are Joe Redling, president and chief executive officer; and Jeff DiGiovanni, senior vice president and chief financial officer. Before we begin, as usual, I would like to remind everyone that this conference call will include certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

  • StoneMor Inc. Reports Fourth Quarter and Full Year Financial Results
    GlobeNewswire

    StoneMor Inc. Reports Fourth Quarter and Full Year Financial Results

    BENSALEM, Pa., March 23, 2021 (GLOBE NEWSWIRE) -- StoneMor Inc. (NYSE: STON) (“StoneMor” or the “Company”), a leading owner and operator of cemeteries and funeral homes, today reported operating and financial results for the fourth quarter and year ended December 31, 2020. Investors are encouraged to read the Company’s annual report on Form 10-K when it is filed with the Securities and Exchange Commission (the “SEC”), which will contain additional details, and will be posted at www.stonemor.com. FOURTH QUARTER AND FULL YEAR 2020 FINANCIAL PERFORMANCE Revenues for the fourth quarter were $74.9 million compared to $58.3 million in the fourth quarter in the prior year. Full year revenues were $279.5 million compared to $257.2 million in the prior year period. Cemetery segment operating income for the fourth quarter was $10.9 million compared to an operating loss of $0.6 million in the fourth quarter in the prior year, representing an increase of $11.5 million. Full year cemetery segment operating income was $35.0 million compared to $8.0 million in the prior year period, representing an increase of $27.0 million. Funeral home segment operating income for the fourth quarter was $1.5 million compared to $0.9 million in the fourth quarter in the prior year, representing an increase of $0.6 million. Full year funeral home segment operating income was $5.0 million compared to $4.0 million in the prior year period, representing an increase of $1.0 million.Corporate overhead expense decreased to $9.0 million in the fourth quarter compared to $13.0 million in the fourth quarter in the prior year. Full year corporate overhead expense decreased to $36.0 million compared to $51.1 million in the prior year period.Fourth quarter operating income was $3.4 million, compared to an operating loss of $17.4 million in the fourth quarter in the prior year. Full year operating income was $3.3 million, compared to an operating loss of $47.9 million in the prior year period.Fourth quarter net loss from continuing operations was $5.7 million compared to $52.4 million in the fourth quarter in the prior year. Full year net loss from continuing operations was $37.3 million compared to $154.7 million in the prior year period. Full year net loss from continuing operations in the prior year period included a loss on impairment of goodwill of $24.9 million and a loss on debt extinguishment of $8.5 million. Joe Redling, StoneMor’s President and Chief Executive Officer said, “The groundwork that was laid with our transformation initiatives, allowed StoneMor to produce another very strong quarter financially, while weathering the surge in the COVID-19 pandemic. We saw 29% year-over-year revenue growth, driven by a strong sales performance including a 20% increase in pre-need sales production. The revenue growth coupled with the continued focus on our operating initiatives and cost structure resulted in Adjusted EBITDA of $5.5 million in the fourth quarter, an improvement of $16.1 million versus the prior year.” LIQUIDITY UPDATE As of December 31, 2020, the Company had $60.1 million of cash, including $20.8 million of restricted cash, and $321.0 million of total debt. “During the fourth quarter of 2020, StoneMor generated unlevered free cash flow of $4.9 million and increased the value of its trust assets by $45.6 million (net of income and principal distributions) resulting in a further deleveraging of our balance sheet,” said Jeff DiGiovanni, StoneMor’s Senior Vice President and Chief Financial Officer. “For 2021, we have set targets of $40 million in unlevered free cash flow and $50 million in growth in our trust assets (net of income and principal distributions). From a financial standpoint, we are focused on cash generation and trust asset growth as our key drivers of long-term stockholder value creation.” Redling added “With the recent financial success, we are excited about our opportunity for future growth. A great deal of thanks and appreciation to the StoneMor team that has persevered through a difficult environment and delivered this high level of performance for the company and the communities and families we serve.” CONFERENCE CALL INFORMATION StoneMor will conduct a conference call to discuss this news release today, March 23, 2021 at 4:30 p.m. Eastern Time. The conference call can be accessed by calling (877) 308-6987. No reservation number is necessary; however, due to the on-going pandemic, it is advised that interested parties access the call-in number 5 to 10 minutes prior to the scheduled start time to avoid delays. StoneMor will also host a live webcast of this conference call. Investors may access the live webcast via the Investors page of the StoneMor website www.stonemor.com under Events & Presentations. About StoneMor Inc. StoneMor Inc., headquartered in Bensalem, Pennsylvania, is an owner and operator of cemeteries and funeral homes in the United States, with 313 cemeteries and 80 funeral homes in 26 states and Puerto Rico. StoneMor’s cemetery products and services, which are sold on both a pre-need (before death) and at-need (at death) basis, include: burial lots, lawn and mausoleum crypts, burial vaults, caskets, memorials, and all services which provide for the installation of this merchandise. For additional information about StoneMor Inc. please visit StoneMor’s website, and the investors section, at http://www.stonemor.com. CONTACTInvestor RelationsStoneMor Inc.(215) 826-4438 Cautionary Note Regarding Forward-Looking Statements Certain statements contained in this press release, including, but not limited to, information regarding unlevered free cash flow and trust asset growth targets, are forward-looking statements. Generally, the words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “project,” “expect,” “predict” and similar expressions identify these forward-looking statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management’s current expectations and estimates. These statements are neither promises nor guarantees and are made subject to certain risks and uncertainties that could cause actual results to differ materially from the results stated or implied in this press release. StoneMor’s major risks are related to uncertainties associated with current business and economic disruptions resulting from the recent coronavirus pandemic, including the effect of government regulations issued in connection therewith, its ability to identify, and negotiate acceptable agreements with, purchasers of additional properties, uncertainties associated with the cash flow from pre-need and at-need sales, trusts and financings, which may impact StoneMor’s ability to meet its financial projections and service its debt, as well as with StoneMor’s ability to maintain an effective system of internal control over financial reporting and disclosure controls and procedures. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements set forth in StoneMor’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and the other reports that StoneMor files with the Securities and Exchange Commission, from time to time. Except as required under applicable law, StoneMor assumes no obligation to update or revise any forward-looking statements made herein or any other forward-looking statements made by it, whether as a result of new information, future events or otherwise. Non-GAAP Financial Measures This release includes certain non-GAAP financial measures, including adjusted operating income, EBITDA, adjusted EBITDA, field EBITDA, unlevered cash provided by operating activities and unlevered free cash flow, which are intended as supplemental measures of the Company’s performance that are not required by or presented in accordance with GAAP. All business results presented in this release are not prepared in accordance with Article 11 of Regulation S-X. Management uses these non-GAAP measures internally to evaluate and manage the Company’s operations and to better understand its business because they facilitate a comparative assessment of the Company's operating performance relative to its performance based on results calculated under GAAP. These non-GAAP measures also isolate the effects of some items that vary from period to period without any correlation to core operating performance and eliminate certain charges that management believes do not reflect the Company's operations and underlying operational performance. The Compensation, Nominating and Governance Committee of the Company’s board of directors also uses certain of these measures to evaluate management's performance and set its compensation. The Company believes that these non-GAAP measures also provide useful information to investors regarding certain financial and business trends relating to the Company’s financial condition and operating results facilitates an evaluation of the financial performance of the Company and its operations on a consistent basis. Providing this information therefore allows investors to make independent assessments of the Company’s financial performance, results of operation and trends while viewing the information through the eyes of management. These non-GAAP measures are subject to limitations. The non-GAAP measures presented in this release may not be comparable to similarly titled measures used by other companies because other companies may not calculate one or more in the same manner. Additionally, the non-GAAP performance measures exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements; do not reflect changes in, or cash requirements for, working capital needs; and do not reflect interest expense, or the requirements necessary to service interest or principal payments on debt. Further, our historical adjusted results are not intended to project our adjusted results of operations or financial position for any future period. To compensate for these limitations, management presents and considers these non-GAAP measures in conjunction with the Company’s GAAP results; no non-GAAP measure should be considered in isolation from or as alternatives to net income, earnings per share or any other measure determined in accordance with GAAP. Readers should review the reconciliations included below, and should not rely on any single financial measure to evaluate the Company’s business. A reconciliation of each non-GAAP measure to the most directly comparable GAAP measure is set forth below (in thousands): ADJUSTED OPERATING INCOME (LOSS) Three Months Ended December 31, Year Ended December 31, 2020 2019 2020 2019 Operating income (loss) from continuing operations $3,386 $(17,374) $3,341 $(47,928)Less: Other gains (losses), net 129 (4,355) 129 (7,913)Adjusted operating income (loss) $3,257 $(13,019) $3,212 $(40,015) EBITDA, ADJUSTED EBITDA AND FIELD EBITDA Three Months Ended December 31, Year Ended December 31, 2020 2019 2020 2019 Net loss from continuing operations $(5,677) $(52,373) $(37,341) $(154,718)Income tax benefit (expense) (1,522) 23,363 (4,855) 28,204 Interest expense 10,585 11,636 45,537 45,246 Depreciation and amortization 2,277 2,498 9,152 10,154 EBITDA 5,663 (14,876) 12,493 (71,114)Less: Other gains (losses), net 129 (4,355) 129 (7,913)Less: Loss on debt extinguishment — — — (8,478)Less: Loss on impairment of goodwill — — — (24,862)Adjusted EBITDA 5,534 (10,521) 12,364 (29,861)Less: Investment and other income 14,168 10,072 43,732 36,998 Plus: Corporate overhead 8,956 12,962 35,975 51,107 Field EBITDA $322 $(7,631) $4,607 $(15,752) UNLEVERED CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES AND UNLEVERED FREE CASH FLOW Three Months Ended December 31, Year Ended December 31, 2020 2019 2020 2019 Net cash provided by (used in) operating activities $(2,425) $(11,231) $1,360 $(37,986)Cash interest payments 8,851 7,795 29,212 32,239 Unlevered cash provided by (used in) operating activities 6,426 (3,436) 30,572 (5,747)Less: cash paid for capital expenditures 1,576 675 6,360 6,418 Unlevered free cash flow $4,850 $(4,111) $24,212 $(12,165) STONEMOR INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)(in thousands, except share and per share data) December 31, December 31, 2020 2019 Assets Current assets: Cash and cash equivalents, excluding restricted cash $39,244 $34,867 Restricted cash 20,846 21,900 Accounts receivable, net of allowance 57,869 54,014 Prepaid expenses 5,290 4,619 Assets held for sale 28,575 136,695 Other current assets 16,884 16,882 Total current assets 168,708 268,977 Long-term accounts receivable, net of allowance 75,301 72,808 Cemetery property 299,526 300,486 Property and equipment, net of accumulated depreciation 83,496 91,611 Merchandise trusts, restricted, at fair value 501,453 477,165 Perpetual care trusts, restricted, at fair value 312,228 314,400 Deferred selling and obtaining costs 116,900 110,684 Deferred tax assets 9 81 Intangible assets, net 55,094 56,246 Other assets 22,248 26,910 Total assets $1,634,963 $1,719,368 Liabilities and Owners' Equity Current liabilities: Accounts payable and accrued liabilities $51,718 $54,854 Liabilities held for sale 23,406 101,704 Accrued interest 95 125 Current portion, long-term debt 317 374 Total current liabilities 75,536 157,057 Long-term debt, net of deferred financing costs 320,715 367,963 Deferred revenues 949,164 899,989 Deferred tax liabilities 29,652 34,613 Perpetual care trust corpus 312,228 314,400 Other long-term liabilities 40,081 47,836 Total liabilities 1,727,376 1,821,858 Commitments and contingencies Owners' equity: Common stock, par value $0.01 per share, 200,000,000 shares authorized, 117,871,141 and 94,447,356 shares issued and outstanding, respectively 1,178 944 Paid-in capital in excess of par value (85,232) (103,434)Accumulated deficit (8,359) — Total owners' equity (92,413) (102,490)Total liabilities and owners' equity $1,634,963 $1,719,368 STONEMOR INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)(in thousands, except per share data) Three Months Ended December 31, Year Ended December 31, 2020 2019 2020 2019 Revenues: Cemetery: Interments $16,311 $12,345 $67,853 $57,010 Merchandise 15,682 11,497 60,600 59,938 Services 18,045 14,361 65,701 62,676 Investment and other 14,168 10,072 43,732 36,998 Funeral home: Merchandise 5,536 4,792 21,637 19,682 Services 5,164 5,213 20,016 20,938 Total revenues 74,906 58,280 279,539 257,242 Costs and Expenses: Cost of goods sold 11,812 8,216 40,119 37,088 Cemetery expense 18,279 16,010 68,654 69,828 Selling expense 12,292 13,279 49,668 53,710 General and administrative expense 9,298 9,764 37,970 40,830 Corporate overhead 8,956 12,962 35,975 51,107 Depreciation and amortization 2,277 2,498 9,152 10,154 Funeral home expenses: Merchandise 1,602 1,418 5,872 5,725 Services 4,398 4,255 18,078 17,144 Other 2,735 2,897 10,839 11,671 Total costs and expenses 71,649 71,299 276,327 297,257 Other gains (losses), net 129 (4,355) 129 (7,913)Operating income (loss) 3,386 (17,374) 3,341 (47,928)Interest expense (10,585) (11,636) (45,537) (45,246)Loss on debt extinguishment — — — (8,478)Loss on goodwill impairment — — — (24,862)Loss from continuing operations before income taxes (7,199) (29,010) (42,196) (126,514)Income tax benefit (expense) 1,522 (23,363) 4,855 (28,204)Net loss from continuing operations (5,677) (52,373) (37,341) (154,718)Discontinued operations: Income from operations of discontinued businesses 86 15 28,982 2,776 Income tax expense — — — — Net income from discontinued operations 86 15 28,982 2,776 Net loss $(5,591) $(52,358) $(8,359) $(151,942) Net loss from continuing operations per common share (basic) $(0.05) $(1.24) $(0.35) $(3.91)Net income from discontinued operations per common share (basic) 0.00 0.00 0.27 0.07 Net loss per common share (basic) $(0.05) $(1.23) $(0.08) $(3.84) Net loss from continuing operations per common share (diluted) $(0.05) $(1.24) $(0.35) $(3.90)Net income from discontinued operations per common share (diluted) 0.00 0.00 0.27 0.07 Net loss per common share (diluted) $(0.05) $(1.23) $(0.08) $(3.83) Weighted average number of common shares outstanding - basic 117,862 42,401 106,991 39,614 Weighted average number of common shares outstanding - diluted 117,955 42,401 107,001 39,677 STONEMOR INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) Year Ended December 31, 2020 2019 Cash Flows From Operating Activities: Net loss $(8,359) $(151,942)Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Cost of lots sold 5,796 7,027 Depreciation and amortization 9,395 10,782 Provision for bad debt 6,275 7,559 Non-cash compensation expense 1,481 3,623 Loss on debt extinguishment — 8,478 Loss on goodwill impairment — 24,862 Non-cash interest expense 17,884 18,095 Gain on sale of businesses (29,429) — Other (gains) losses, net (129) 8,106 Changes in assets and liabilities: Accounts receivable, net of allowance (20,453) (8,633) Merchandise trust fund (25,988) (17,916) Other assets 1,675 (56) Deferred selling and obtaining costs (6,376) (3,598) Deferred revenues 61,611 36,656 Deferred taxes, net (4,888) 27,943 Payables and other liabilities (7,135) (8,972) Net cash provided by (used in) operating activities 1,360 (37,986)Cash Flows From Investing Activities: Cash paid for capital expenditures (6,360) (6,418)Proceeds from divestitures 57,343 6,255 Net cash provided by (used in) investing activities 50,983 (163)Cash Flows From Financing Activities: Proceeds from issuance of Series A Preferred Stock - related party 8,800 — Proceeds from issuance of Common Stock - related party 8,200 — Proceeds from issuance of redeemable convertible preferred units — 12,500 Proceeds from issuance of redeemable convertible preferred units - related party — 45,000 Proceeds from borrowings 3,672 406,087 Repayments of debt (63,915) (366,905)Principal payment on finance leases (1,561) (1,464)Cost of financing activities (4,170) (17,396)Reduction to GP Holdings' Merger consideration due to SEC settlement - related party — (250)Units repurchased related to unit-based compensation (46) (803) Net cash (used in) provided by financing activities (49,020) 76,769 Net increase in cash, cash equivalents and restricted cash 3,323 38,620 Cash, cash equivalents and restricted cash—Beginning of period 56,767 18,147 Cash, cash equivalents and restricted cash—End of period $60,090 $56,767 Supplemental disclosure of cash flow information: Cash paid during the period for interest $29,212 $32,239 Cash paid during the period for income taxes 1,154 1,419 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $3,187 $3,638 Operating cash flows from finance leases 421 495 Financing cash flows from finance leases 1,561 1,464 Non-cash investing and financing activities: Acquisition of assets by financing $62 $2,277 Accrued paid-in-kind interest on Senior Secured Notes (defined within) 10,572 7,867