CORRECTING and REPLACING - StoneMor Partners L.P. Issues Update on Sales Team Development
December 08 2016 - 1:17PM
In a release issued under the same headline earlier today by
StoneMor Partners L.P. (NYSE:STON), please note that in the two
figures given for the Partnership's salesforce, "As of October
31, 2015" and "Month of October, 2015" refer to the respective
periods of 2016, not 2015 as previously stated. The corrected
release follows:
StoneMor Partners L.P.
(NYSE:STON) (“StoneMor” or the “Partnership”)
today provided additional data on the ongoing restructuring of its
sales force.
Larry Miller, StoneMor President and CEO,
commented, “We continue to make progress with the rebuilding of our
sales force. As of November 30, 2016, we employed a total of
768 salespeople including those in training. That number is
up from 704 last year and up from the 764 we reported in October.
The number of salespeople who made a sale during the month of
November, 2016 was 661 compared to 668 in November, 2015. The
number is down from last year, but up from the 632 we reported in
October, so we are moving in the right direction.
“In addition, with respect to recent announcements
of securities class action litigation lawsuits involving the
company, we intend to defend vigorously against these claims to
prove they are without merit. As outlined in our recent
conference call to discuss third quarter financial results, we are
taking the necessary steps to position the business for future
success and have full confidence in the company’s
fundamentals.”
Salespeople within total
salesforce: |
|
|
|
|
|
As of November 30,
2016 |
|
|
768 |
|
|
As of November 30,
2015 |
|
|
704 |
|
|
Increase/(decrease) |
|
|
64 |
|
|
|
|
|
|
As of October 31,
2016 |
|
|
764 |
|
|
Increase/(decrease) |
|
|
4 |
|
|
|
|
|
Salespeople that made a sale: |
|
|
|
|
|
Month of November,
2016 |
|
|
661 |
|
|
Month of November,
2015 |
|
|
668 |
|
|
Increase/(decrease) |
|
|
(7 |
) |
|
|
|
|
|
Month of October,
2016 |
|
|
632 |
|
|
Increase/(decrease) |
|
|
29 |
|
|
|
|
|
About StoneMor Partners L.P.
StoneMor Partners L.P., headquartered in Trevose,
Pennsylvania, is an owner and operator of cemeteries and funeral
homes in the United States, with 317 cemeteries and 105 funeral
homes in 28 states and Puerto Rico.
StoneMor is the only publicly traded death care
company structured as a partnership. 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 Partners L.P., please
visit StoneMor’s website, and the investors section, at
http://www.stonemor.com.
Cautionary Note Regarding
Forward-Looking Statements
Certain statements contained in this press
release, including, but not limited to, information regarding the
restatement of StoneMor’s consolidated financial statements, status
and progress of StoneMor’s operating activities, the plans and
objectives of StoneMor’s management, assumptions regarding
StoneMor’s future performance and plans, and any financial guidance
provided or guidance related to StoneMor’s future distributions, as
well as certain information in StoneMor’s other filings with the
SEC and elsewhere, are forward-looking statements. Generally, the
words “believe,” “may,” “will,” “estimate,” “continue,”
“anticipate,” “intend (including, but not limited to StoneMor’s
intent to maintain or increase its distributions),” “project,”
“expect,” “predict” and similar expressions identify these
forward-looking statements.
Forward-looking statements are based on
management’s 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 the cash flow from pre-need and at-need sales,
trusts and financings, which may impact StoneMor’s ability to meet
its financial projections, service its debt, pay distributions, and
increase its distributions, as well as with StoneMor’s ability to
maintain an effective system of internal control over financial
reporting and disclosure controls and procedures.
StoneMor’s additional risks and uncertainties
include, but are not limited to, the following: uncertainties
associated with future revenue and revenue growth; uncertainties
associated with the integration or anticipated benefits of recent
acquisitions or any future acquisitions; StoneMor’s ability to
complete and fund additional acquisitions; the effect of economic
downturns; the impact of StoneMor’s significant leverage on its
operating plans; the decline in the fair value of certain equity
and debt securities held in StoneMor’s trusts; StoneMor’s ability
to attract, train and retain an adequate number of sales people;
uncertainties associated with the volume and timing of pre-need
sales of cemetery services and products; increased use of
cremation; changes in the death rate; changes in the political or
regulatory environments, including potential changes in tax
accounting and trusting policies; StoneMor’s ability to
successfully implement a strategic plan relating to achieving
operating improvements, including improving sales productivity and
reversing negative trends in costs of goods sold, certain expenses,
cemetery billings and investment income from trusts, strong
cash flows, further deleveraging and liquidity enhancement;
StoneMor’s ability to successfully compete in the cemetery and
funeral home industry; litigation or legal proceedings that could
expose StoneMor to significant liabilities and damage StoneMor’s
reputation; the effects of cyber security attacks due to StoneMor’s
significant reliance on information technology; uncertainties
relating to the financial condition of third-party insurance
companies that fund StoneMor’s pre-need funeral contracts; and
various other uncertainties associated with the death care industry
and StoneMor’s operations in particular.
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
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.
CONTACT:
John McNamara
Director - Investor Relations
StoneMor Partners L.P.
(215) 826-2945
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