StoneMor Partners L.P. Issues Distribution Guidance
September 17 2012 - 8:00AM
StoneMor Partners L.P. (NYSE:STON) today stated that it expects to
maintain its distribution of at least $0.585 per unit for the
remainder of 2012 which represents a sustainable level based on
current business conditions. The expected distribution equals the
distribution paid in the second quarter of 2012. Commenting on
the announcement, StoneMor's President and CEO, Lawrence Miller
said, "We recently stated our intention to provide ongoing updates
on the company's progress and to provide additional information to
help investors better understand our company. Affirming our
distribution is a key part of that communication
strategy. Although the quarter is not over, we feel confident
that, based on our results to date we will be able to maintain our
distribution.
"We determine the distribution based on the operating
performance of the company and the resultant Available Cash at the
end of the quarter. StoneMor has consistently paid quarterly
distributions since its initial public offering in September 2004
using this distribution policy and intends to continue this policy
into the future. Given the solid performance this year so far and
what we expect will be continued good performance, we are
comfortable with affirming our distribution of at least $0.585 per
unit through the end of the year.
"Lastly, it's important to remember that acquisitions have
always played a large role in our ability to increase distributions
and to that point the integration of our previously announced
acquisition of Lohman Funeral Homes and Cemeteries is going
well. As we continue the successful integration of Lohman and
other acquisitions, we will strive to increase the distribution in
the future," concluded Miller.
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 26 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.
CONTACT: John McNamara
(215) 826-2800
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