HOUSTON, Aug. 21, 2017 /PRNewswire/ -- Carriage
Services, Inc. (NYSE: CSV) (the "Company") announced today that it
purchased 100,000 shares of its common stock on Friday, August 18, 2017 from Melvin C. Payne, Chairman of its Board of
Directors and Chief Executive Officer. These shares were issued and
outstanding and had been held by Mr. Payne prior to such repurchase
for over 1 year. The purchase of these shares was made
pursuant to a privately negotiated transaction at a price of
$23.85 per share. The purchase
price was the stock's trading price at the time of the
transaction. The repurchase of the shares held by Mr. Payne
was approved in advance by the Company's Board of Directors, with
Mr. Payne abstaining.
Commenting on the announcement, Mr. Payne, Chief Executive
Officer, stated, "After almost seventy-five years and with all of
my 'net worth eggs' in my Carriage shareholdings, last year I
began to diversify into other securities with a bias toward
recurring income. To fund this diversification program, I
used a margin line of credit secured by my CSV shares. On
Friday, August 18, 2017 I sold 100,000 shares of CSV
to Carriage through a private transaction, thereby substantially
reducing my margin line of credit and providing personal financial
flexibility regardless of the future market environment. The
shares sold represented only about 6% of my total CSV holdings
(directly owned and via stock options)."
Certain statements made herein or elsewhere by, or on behalf of,
the Company that are not historical facts are intended to be
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements are
based on assumptions that the Company believes are reasonable;
however, many important factors, as discussed under
"Forward-Looking Statements and Cautionary Statements" in the
Company's Annual Report and Form 10-K for the year ended
December 31, 2016, could cause the
Company's results in the future to differ materially from the
forward-looking statements made herein and in any other documents
or oral presentations made by, or on behalf of, the Company. The
Company assumes no obligation to update or publicly release any
revisions to forward-looking statements made herein or any other
forward-looking statements made by, or on behalf of, the Company. A
copy of the Company's Form 10-K, and other Carriage Services
information and news releases, are available at
http://www.carriageservices.com.
Carriage Services is a leading provider of deathcare services
and merchandise in the United
States. Carriage operates 171 funeral homes in 28 states and
32 cemeteries in 11 states.
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SOURCE Carriage Services, Inc.