StoneMor Partners L.P. (NYSE:STON) announced its results of
operations for the three months ended June 30, 2012. Investors are
encouraged to read the Company's quarterly report on Form 10-Q to
be filed with the SEC which contains additional details as well as
financial tables and can be found at www.stonemor.com.
Financial Highlights
- Revenues (GAAP) for the three months ended June 30, 2012
increased by $1.4 million, or 2.3%, to $ 61.5 million from $60.1
million during the three months ended June 30, 2011.
- Production based revenue (non-GAAP) for the three months ended
June 30, 2012 increased by $5.6 million, or 8%, to $75.6 million
from $70.0 million during the prior year period.
- Operating profits (GAAP) decreased during the three months
ended June 30, 2012 to $1.8 million as compared to $3.5 million in
the same period last year.
- Adjusted operating profits (non-GAAP) increased during the
three months ended June 30, 2012 to $12.6 million as compared to
$10.6 million in the same period last year.
- Operating cash flows (GAAP) for the three months ended June 30,
2012 increased to $6 million versus ($3.7 million) in the prior
year period.
- Distributable free cash flow (non-GAAP) for the second quarter
of 2012 was $13.3 million compared to $11.8 million for the same
period last year.
- Distributable cash available during the period (non-GAAP) was
greater than distributions by $10.3 million, or 88%, for the three
months ended June 30, 2012.
- Net loss (GAAP) was $2.1 million versus net income of $815,000
in the prior year period.
"Our second quarter results continue to demonstrate our ability
to perform well in a difficult macro environment," said Lawrence
Miller, President and Chief Executive Officer. "Our cemetery
and funeral home operations both saw strong contributions from
acquisitions made in 2011 and the first half of 2012, as well as an
overall increase in the value of contracts written.
"The gains in production based revenue and adjusted operating
profit underscore our commitment to growth and profitability
despite the economic background. Backlog increased by $10
million to $396.5 million at June 30, 2012 versus $386.5 million at
March 31, 2012 and we continue to be well positioned to take
advantage of acquisition opportunities that present themselves,"
concluded Miller.
The Partnership reports its financial results in accordance with
U.S. GAAP. However, management believes that certain non-GAAP
financial measures used in managing the business may provide
investors with additional information regarding underlying trends
and ongoing results on a comparable basis. Specifically, management
believes that production based revenues and adjusted operating
profit allow the investor to gain insight into the current
operating performance of the company. Please see the section
of this press release "Non-GAAP Financial Measures" to view the
tables previously presented in the body of the press release.
Non-GAAP financial measures used by the company should not be
considered as alternatives to GAAP financial measures, and you
should not consider such non-GAAP financial measures in isolation
or as a substitute for an analysis of the company's results as
reported under U.S. GAAP.
Investor Conference Call
An investors' conference call to review the second quarter 2012
results will be held on Tuesday August 7, 2012 at 11:00 a.m.
Eastern Time. The conference call can be accessed by calling (800)
410-4177. An audio replay of the conference call will be
available by calling (800) 633-8284 through 12:00 a.m. Eastern Time
on August 21, 2012. The reservation number for the audio
replay is as follows: 21600554. The audio replay of the
conference call will also be archived on StoneMor's website at
http://www.stonemor.com.
About StoneMor Partners L.P.
StoneMor Partners L.P., headquartered in Levittown,
Pennsylvania, is an owner and operator of cemeteries and funeral
homes in the United States, with 276 cemeteries and 85 funeral
homes in 28 states and Puerto Rico. StoneMor is the only publicly
traded deathcare 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 Investor Relations section, at
http://stonemor.com.
Forward-Looking Statements
Certain statements contained in this press release, including,
but not limited to, information regarding the status and progress
of our operating activities, the plans and objectives of our
management, assumptions regarding our future performance and plans,
and any financial guidance provided, as well as certain information
in other filings with the SEC and elsewhere are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934. The
words "believe," "may," "will," "estimate," "continue,"
"anticipate," "intend," "project," "expect," "predict" and similar
expressions identify these forward-looking statements. These
forward-looking statements are made subject to certain risks and
uncertainties that could cause actual results to differ materially
from those stated, including, but not limited to, the following:
uncertainties associated with future revenue and revenue growth;
the effect of the current economic downturn; the impact of our
significant leverage on our operating plans; our ability to service
our debt and pay distributions; the decline in the fair value of
certain equity and debt securities held in our trusts; our 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; our ability to successfully
implement a strategic plan relating to producing operating
improvements, strong cash flows and further deleveraging; our
ability to successfully compete in the cemetery and funeral home
industry; uncertainties associated with the integration or
anticipated benefits of our recent acquisitions or any future
acquisitions; our ability to complete and fund additional
acquisitions; our ability to maintain effective disclosure controls
and procedures and internal control over financial reporting; the
effect of cybersecurity attacks due to our significant reliance on
information technology; uncertainties relating to the financial
condition of third-party insurance companies that fund our pre-need
funeral contracts; and various other uncertainties associated with
the death care industry and our operations in particular.
When considering forward-looking statements, you should keep in
mind the risk factors and other cautionary statements set forth in
our Annual Report on Form 10-K and our Quarterly Reports on Form
10-Q filed with the SEC. We assume no obligation to publicly
update or revise any forward-looking statements made herein or any
other forward-looking statements made by us, whether as a result of
new information, future events, or otherwise.
Non-GAAP Financial Measures
Production Based Revenue
We present production based revenue because management believes
it provides for a useful measure of both the value of contracts
written and investment and other income generated during a given
period and is a critical component of adjusted operating
profit.
Production based revenue is a non-GAAP financial measure that
may not be consistent with other similar non-GAAP financial
measures presented by other publicly traded companies.
Adjusted Operating Profit
We present Adjusted Operating Profit because management believes
it provides for a useful measure of economic value added by
presenting an effective matching of the value of current and future
revenue sources generated within a given period to the cost of
producing such revenue and managing our day to day operations
within that same period. It is a significant measure that we
believe is an indicator of eventual profit generated within a given
period of time.
Adjusted Operating Profit is a non-GAAP financial measure that
may not be consistent with other similar non-GAAP financial
measures presented by other publicly traded companies.
Adjusted Operating Cash Generated
We present adjusted operating cash generated revenue because
management believes it provides for a useful measure of the amount
of cash generated that is available to make capital expenditures
and partner distributions once all cash flow timing issues have
been settled.
Adjusted operating cash generated is a non-GAAP financial
measure that may not be consistent with other similar non-GAAP
financial measures presented by other publicly traded
companies.
Distributable Free Cash Flow
We present Distributable Free Cash Flow because management
believes this information is a useful adjunct to Net Cash Provided
by (Used in) Operating Activities under GAAP. Distributable
Free Cash Flow is a significant liquidity metric that we believe is
an indicator of our ability to generate cash flow during any
quarter at a level sufficient to pay the [minimum] quarterly cash
distribution to the holders of our common units and for other
purposes, such as repaying debt and expanding through strategic
investments.
Distributable Free Cash Flow is similar to quantitative
standards of free cash flow used throughout the deathcare industry
and to quantitative standards of distributable cash flow used
throughout the investment community with respect to publicly traded
partnerships, but is not intended to be a prediction of the
future. However, our calculation of distributable free cash
flow may not be consistent with calculations of free cash flow,
distributable cash flow or other similarly titled measures of other
companies. Distributable Free Cash Flow should not be used as
a substitute for the GAAP measure of cash flows from operating,
investing, or financing activities.
Critical Financial
Measures |
|
|
|
|
Three months
ended |
|
June
30, |
|
2012 |
2011 |
|
(In
thousands) |
|
|
|
Total revenues (a) |
$ 61,508 |
$ 60,107 |
Production based revenue consisting of the
total value of cemetery contracts written, funeral home revenues
and investment and other income (b) |
75,604 |
69,977 |
|
|
|
Operating profit (a) |
1,796 |
3,460 |
Adjusted operating profit (b) |
12,612 |
10,580 |
|
|
|
Net income (loss) (a) |
(2,169) |
815 |
|
|
|
Operating cash flows (a) |
6,005 |
(3,764) |
Adjusted operating cash generated (b) |
13,482 |
12,214 |
Distributable free cash flow generated
(b) |
$ 13,327 |
$ 11,794 |
|
|
|
|
|
|
|
As of |
As of |
|
June 30,
2012 |
December 31,
2011 |
|
|
|
Distribution coverage quarters (b) |
7.80 |
8.62 |
|
|
|
(a) This is a GAAP
financial measure. |
|
(b) This is a non-GAAP
financial measure as defined by the Securities and Exchange
Commission. Please see the reconciliation to GAAP measures or
support calculation within this press release. |
|
The following tables reconcile
GAAP to Non-GAAP Measures: |
|
Production Based
Revenue (non-GAAP) |
|
|
|
|
|
|
Three months
ended June 30, |
Increase |
Increase |
|
2012 |
2011 |
(Decrease)
($) |
(Decrease)
(%) |
|
(In
thousands) |
|
|
|
|
|
Value of pre-need cemetery contracts
written |
$ 33,773 |
$ 32,836 |
$ 937 |
2.9% |
Value of at-need cemetery contracts
written |
20,428 |
20,562 |
(134) |
-0.7% |
Investment income from trusts |
10,542 |
6,977 |
3,565 |
51.1% |
Interest income |
1,799 |
1,596 |
203 |
12.7% |
Funeral home revenues |
8,189 |
7,563 |
626 |
8.3% |
Other cemetery revenues |
873 |
443 |
430 |
97.1% |
|
|
|
|
|
Total production based revenues |
$ 75,604 |
$ 69,977 |
$ 5,627 |
8.0% |
|
|
|
|
|
Less: |
|
|
|
|
Increase in deferred sales revenue and
investment income |
(14,096) |
(9,870) |
(4,226) |
42.8% |
|
|
|
|
|
Total GAAP revenues |
$ 61,508 |
$ 60,107 |
$ 1,401 |
2.3% |
|
Adjusted Operating
Profit (non-GAAP) |
|
|
|
|
Three months
ended June 30, |
|
2012 |
2011 |
|
(In
thousands) |
|
|
|
GAAP operating profit |
$ 1,796 |
$ 3,460 |
|
|
|
Increase in applicable deferred revenues |
14,096 |
9,870 |
Increase in deferred cost of goods sold and
selling and obtaining costs |
(3,280) |
(2,750) |
|
|
|
Adjusted operating profit |
$ 12,612 |
$ 10,580 |
|
Adjusted Operating Cash
Flows and Distributable Free Cash Flow (Non-GAAP) |
|
|
|
|
Three months
ended June 30, |
|
2012 |
2011 |
|
(In
thousands) |
|
|
|
GAAP operating cash flows |
$ 6,005 |
$ (3,764) |
|
|
|
Add: net cash inflows (out of) into the
merchandise trust |
(773) |
2,605 |
Add: net increase in accounts receivable |
6,806 |
6,595 |
Add: net decrease in merchandise
liabilities |
1,715 |
215 |
|
|
|
Deduct: net (increase) decrease in accounts
payable and accrued expenses |
929 |
5,039 |
Other float related changes |
(1,200) |
1,524 |
|
|
|
Adjusted operating cash flow generated |
13,482 |
12,214 |
|
|
|
Less: maintenance capital expenditures |
(937) |
(1,445) |
Plus: growth capital expenditures
reclassified as operating expenses and deducted from adjusted
operating cash generated (a) |
782 |
1,025 |
|
|
|
Distributable free cash flow generated |
13,327 |
11,794 |
Cash on hand - beginning of the period |
8,778 |
27,494 |
|
|
|
Distributable cash available for the
period |
22,105 |
39,288 |
|
|
|
Partner distributions made |
$ 11,783 |
$ 11,763 |
|
|
|
(a) We maintain a line of
credit from which to make acquisitions and pay acquisition related
costs. We utilize this line for these costs. Accordingly,
distributable free cash flow is not negatively impacted by amounts
spent on acquisitions that are recorded as expenses. |
|
|
|
|
Six months |
|
|
ended June 30, |
|
|
2012 |
|
|
(in thousands) |
|
|
|
|
GAAP operating cash flows |
$ 14,195 |
|
|
|
|
Add: net cash inflows into the merchandise
trust |
1,917 |
|
Add: net increase in accounts receivable |
8,180 |
|
Add: net decrease in merchandise
liabilities |
4,451 |
|
Add (deduct): net decrease in accounts
payable and accrued expenses |
(348) |
|
Other float related changes |
(527) |
|
|
|
|
Adjusted operating cash generated |
27,868 |
|
|
|
|
Less: maintenance capital expenditures |
(1,835) |
|
|
|
|
Plus: growth capital expenditures
reclassified as operating expenses and deducted from adjusted
operating cash generated (a) |
1,113 |
|
|
|
|
Distributable free cash flow generated |
27,146 |
|
Cash on hand - beginning of the period |
12,058 |
|
|
|
|
Distributable cash available for the
period |
39,204 |
|
|
|
|
Partner distributions made |
$ 23,563 |
|
|
Other
Information |
Capital
Base |
|
|
|
|
|
|
As of |
As of |
|
|
June 30,
2012 |
December 31,
2011 |
|
|
(in
thousands) |
|
|
|
|
Debt on lines of credit |
|
$ 61,950 |
$ 43,750 |
Debt due within three years |
(a) |
5,091 |
4,792 |
Debt due between three and five years |
|
- |
- |
Debt due between five and ten years |
|
150,000 |
150,000 |
|
|
|
|
Availability under credit lines: |
|
|
|
Availability under the acquisition line of
credit |
|
- |
54,250 |
Availability under the revolving line of
credit |
|
$ 68,050 |
$ 22,000 |
|
|
|
|
(a) Debt due within three
years includes smaller notes payable related to recent
acquisitions. |
|
|
|
|
The combined long and short-term
debt on the balance sheet at June 30, 2012 and December 31, 2011
includes an unamortized bond discount of $3,015 and $3,220,
respectively, which is not reflected in the table above. |
|
Selected Net
Assets |
|
|
|
|
As of |
As of |
|
June 30,
2012 |
December 31,
2011 |
|
(In
thousands) |
|
|
|
Selected assets: |
|
|
|
|
|
Cash and cash equivalents |
$ 7,787 |
$ 12,058 |
Accounts receivable, net of allowance |
51,908 |
48,837 |
Long-term accounts receivable, net of
allowance |
71,098 |
68,394 |
Merchandise trusts, restricted, at fair
value |
345,884 |
344,515 |
|
|
|
Total selected assets |
476,677 |
473,804 |
|
|
|
Selected liabilities: |
|
|
|
|
|
Accounts payable and accrued liabilities |
25,663 |
26,428 |
Accrued interest |
1,654 |
1,632 |
Current portion, long-term debt |
2,035 |
1,487 |
Other long-term liabilities |
1,977 |
2,830 |
Long-term debt |
211,991 |
193,835 |
Deferred tax liabilities |
16,347 |
16,968 |
Merchandise liability |
125,024 |
129,109 |
|
|
|
Total selected liabilities |
384,691 |
372,289 |
|
|
|
Total selected net assets |
$ 91,986 |
$ 101,515 |
|
|
|
Distribution coverage quarters (a) |
7.80 |
8.62 |
|
|
|
(a) This is a measure of
the ratio of selected net assets to a quarterly distribution
amount. The quarterly distribution amount is calculated by taking
the end of the period outstanding common units (19,394,036 at June
30, 2012 and 19,368,261 at December 31, 2011, respectively) and
multiplying these units by the declared distribution. This total is
then added to the distribution due to the General Partner based
upon the same variables. |
|
StoneMor Partners
L.P. |
Condensed Consolidated
Balance Sheets |
(in
thousands) |
(unaudited) |
|
|
|
|
June 30, |
December 31, |
|
2012 |
2011 |
|
|
|
Assets |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ 7,787 |
$ 12,058 |
Accounts receivable, net of
allowance |
51,908 |
48,837 |
Prepaid expenses |
5,899 |
4,266 |
Other current assets |
15,990 |
16,670 |
Total current assets |
81,584 |
81,831 |
|
|
|
Long-term accounts receivable, net of
allowance |
71,098 |
68,394 |
Cemetery property |
302,986 |
298,938 |
Property and equipment, net of accumulated
depreciation |
72,948 |
73,777 |
Merchandise trusts, restricted, at fair
value |
345,884 |
344,515 |
Perpetual care trusts, restricted, at fair
value |
269,223 |
254,679 |
Deferred financing costs, net of accumulated
amortization |
9,667 |
8,817 |
Deferred selling and obtaining costs |
71,921 |
68,542 |
Deferred tax assets |
420 |
415 |
Goodwill |
34,091 |
32,299 |
Other assets |
13,608 |
16,918 |
Total assets |
$ 1,273,430 |
$ 1,249,125 |
|
|
|
Liabilities and partners'
capital |
|
|
Current liabilities: |
|
|
Accounts payable and accrued
liabilities |
$ 25,663 |
$ 26,428 |
Accrued interest |
1,654 |
1,632 |
Current portion, long-term debt |
2,035 |
1,487 |
Total current liabilities |
29,352 |
29,547 |
|
|
|
Other long-term liabilities |
1,977 |
2,830 |
Long-term debt |
211,991 |
193,835 |
Deferred cemetery revenues, net |
462,088 |
441,878 |
Deferred tax liabilities |
16,347 |
16,968 |
Merchandise liability |
125,024 |
129,109 |
Perpetual care trust corpus |
269,223 |
254,679 |
Total liabilities |
1,116,002 |
1,068,846 |
|
|
|
Commitments and contingencies |
|
|
|
|
|
Partners' capital |
|
|
General partner |
1,288 |
2,192 |
Common partners |
156,140 |
178,087 |
Total partners' capital |
157,428 |
180,279 |
|
|
|
Total liabilities and partners' capital |
$ 1,273,430 |
$ 1,249,125 |
See accompanying notes to the Condensed
Consolidated Financial Statements on the Quarterly Report to be
filed on Form 10-Q for the quarter ended June 30, 2012.
StoneMor Partners
L.P. |
Condensed Consolidated
Statement of Operations |
(in thousands, except
unit data) |
|
|
|
|
|
|
Three months ended June
30, |
Six months ended June
30, |
|
2012 |
2011 |
2012 |
2011 |
|
(Unaudited) |
(Unaudited) |
Revenues: |
|
|
|
|
Cemetery |
|
|
|
|
Merchandise |
$ 30,337 |
$ 31,104 |
$ 57,481 |
$ 52,539 |
Services |
11,265 |
11,604 |
23,347 |
22,402 |
Investment and other |
12,051 |
10,036 |
23,475 |
19,702 |
Funeral home |
|
|
|
|
Merchandise |
3,569 |
2,957 |
7,587 |
6,096 |
Services |
4,286 |
4,406 |
9,205 |
8,599 |
Total revenues |
61,508 |
60,107 |
121,095 |
109,338 |
|
|
|
|
|
Costs and Expenses: |
|
|
|
|
Cost of goods sold (exclusive of
depreciation shown separately below): |
|
|
|
|
Perpetual care |
1,415 |
1,399 |
2,782 |
2,724 |
Merchandise |
5,821 |
5,817 |
10,874 |
9,485 |
Cemetery expense |
14,775 |
15,462 |
27,567 |
27,548 |
Selling expense |
13,123 |
12,187 |
24,910 |
21,731 |
General and administrative expense |
7,195 |
7,031 |
14,388 |
13,458 |
Corporate overhead (including $210 and
$191 in unit-based compensation for the three months ended
June 30, 2012 and 2011, and $409 and $381 for the six months ended
June 30, 2012 and 2011, respectively) |
7,756 |
5,986 |
14,359 |
11,944 |
Depreciation and amortization |
2,230 |
2,042 |
4,560 |
4,488 |
Funeral home expense |
|
|
|
|
Merchandise |
1,107 |
1,009 |
2,530 |
2,215 |
Services |
3,302 |
2,803 |
6,707 |
5,349 |
Other |
2,206 |
1,886 |
4,134 |
3,443 |
Acquisition related costs |
782 |
1,025 |
1,113 |
1,958 |
Total cost and expenses |
59,712 |
56,647 |
113,924 |
104,343 |
|
|
|
|
|
Operating profit |
1,796 |
3,460 |
7,171 |
4,995 |
|
|
|
|
|
Expenses related to refinancing |
- |
- |
- |
453 |
Gain (loss) on termination of operating
agreement |
(83) |
- |
1,737 |
- |
Gain on acquisition |
122 |
- |
122 |
- |
Early extinguishment of debt |
- |
- |
- |
4,010 |
Interest expense |
4,870 |
4,352 |
9,836 |
9,442 |
|
|
|
|
|
Net income (loss) before income taxes |
(3,035) |
(892) |
(806) |
(8,910) |
|
|
|
|
|
Income tax expense (benefit) |
|
|
|
|
State |
97 |
(902) |
242 |
(898) |
Federal |
(963) |
(805) |
(909) |
(1,613) |
Total income tax expense (benefit) |
(866) |
(1,707) |
(667) |
(2,511) |
|
|
|
|
|
Net income (loss) |
$ (2,169) |
$ 815 |
$ (139) |
$ (6,399) |
|
|
|
|
|
General partner's interest in net income
(loss) for the period |
$ (43) |
$ 16 |
$ (3) |
$ (128) |
Limited partners' interest in net income
(loss) for the period |
$ (2,126) |
$ 799 |
$ (136) |
$ (6,271) |
|
|
|
|
|
Net income (loss) per limited partner unit
(basic and diluted) |
$ (.11) |
$ .04 |
$ (.01) |
$ (.34) |
|
|
|
|
|
Weighted average number of limited partners'
units outstanding (basic and diluted) |
19,375 |
19,341 |
19,372 |
18,529 |
|
|
|
|
|
Distributions declared per unit |
$ .585 |
$ .585 |
$ 1.17 |
$ 1.17 |
See accompanying notes to the Condensed
Consolidated Financial Statements on the Quarterly Report to be
filed on Form 10-Q for the quarter ended June 30, 2012.
StoneMor Partners
L.P. |
Condensed Consolidated
Statement of Cash Flows |
(in
thousands) |
|
|
Three months ended June
30, |
Six months ended June
30, |
|
2012 |
2011 |
2012 |
2011 |
|
(Unaudited) |
(Unaudited) |
Operating activities: |
|
|
|
|
Net income (loss) |
$ (2,169) |
$ 815 |
$ (139) |
$ (6,399) |
Adjustments to reconcile net income
(loss) to net cash provided by operating activities: |
|
|
|
|
Cost of lots sold |
2,146 |
1,803 |
3,979 |
3,281 |
Depreciation and amortization |
2,230 |
2,042 |
4,560 |
4,488 |
Unit-based compensation |
211 |
192 |
409 |
381 |
Accretion of debt discount |
287 |
242 |
723 |
625 |
Gain on acquisition |
(122) |
- |
(122) |
- |
Gain on termination of operating
agreement |
83 |
- |
(1,737) |
- |
Write-off of deferred financing fees |
- |
- |
- |
453 |
Fees paid related to early extinguishment
of debt |
- |
- |
- |
4,010 |
Changes in assets and liabilities that
provided (used) cash: |
|
|
|
|
Accounts receivable |
(6,806) |
(6,595) |
(8,180) |
(9,430) |
Allowance for doubtful accounts |
1,930 |
1,802 |
3,293 |
2,473 |
Merchandise trust fund |
773 |
(2,605) |
(1,917) |
(11,217) |
Prepaid expenses |
302 |
(1,002) |
(1,169) |
(331) |
Other current assets |
(2,041) |
(1,395) |
(860) |
(1,505) |
Other assets |
1,967 |
1 |
139 |
198 |
Accounts payable and accrued and other
liabilities |
(929) |
(5,039) |
348 |
(7,549) |
Deferred selling and obtaining costs |
(1,192) |
(1,984) |
(3,380) |
(5,263) |
Deferred cemetery revenue |
12,081 |
9,039 |
23,699 |
25,358 |
Deferred taxes (net) |
(1,031) |
(865) |
(1,000) |
(1,745) |
Merchandise liability |
(1,715) |
(215) |
(4,451) |
(954) |
Net cash provided by (used in) operating
activities |
6,005 |
(3,764) |
14,195 |
(3,126) |
Investing activities: |
|
|
|
|
Cash paid for cemetery property |
(2,383) |
(1,564) |
(3,600) |
(2,270) |
Purchase of subsidiaries |
(1,774) |
(2,150) |
(3,426) |
(3,850) |
Cash paid for property and equipment |
(937) |
(1,445) |
(1,835) |
(3,204) |
Net cash used in investing
activities |
(5,094) |
(5,159) |
(8,861) |
(9,324) |
Financing activities: |
|
|
|
|
Cash distribution |
(11,783) |
(11,763) |
(23,563) |
(21,056) |
Additional borrowings on long-term
debt |
21,850 |
8,000 |
29,200 |
12,300 |
Repayments of long-term debt |
(12,136) |
(607) |
(13,422) |
(73,924) |
Proceeds from public offering |
- |
(357) |
- |
103,207 |
Proceeds from general partner
contribution |
- |
4 |
- |
2,246 |
Fees paid related to early extinguishment
of debt |
- |
- |
- |
(4,010) |
Cost of financing activities |
167 |
(1,114) |
(1,820) |
(1,114) |
Net cash provided by (used in) financing
activities |
(1,902) |
(5,837) |
(9,605) |
17,649 |
Net increase (decrease) in cash and
cash equivalents |
(991) |
(14,760) |
(4,271) |
5,199 |
Cash and cash equivalents - Beginning
of period |
8,778 |
27,494 |
12,058 |
7,535 |
Cash and cash equivalents - End of
period |
$ 7,787 |
$ 12,734 |
$ 7,787 |
$ 12,734 |
|
|
|
|
|
Supplemental disclosure of cash flow
information |
|
|
|
|
Cash paid during the period for
interest |
$ 8,425 |
$ 8,080 |
$ 9,048 |
$ 9,552 |
Cash paid during the period for income
taxes |
$ 3,552 |
$ 1,623 |
$ 3,655 |
$ 1,710 |
|
|
|
|
|
Non-cash investing and financing
activities |
|
|
|
|
Acquisition of assets by financing |
$ 25 |
$ 91 |
$ 53 |
$ 143 |
Issuance of limited partner units for
cemetery acquisition |
$ 603 |
$ 264 |
$ 603 |
$ 264 |
Acquisition of assets by assumption of
directly related liability |
$ 544 |
$ - |
$ 544 |
$ - |
See accompanying notes to the Condensed Consolidated Financial
Statements on the Quarterly Report to be filed on Form 10-Q for the
quarter ended June 30, 2012.
CONTACT: John McNamara
(215) 826-2800
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