StoneMor Partners L.P. Announces Increased Distribution and Date for Conference Call to Discuss 2014 Second Quarter Financial...
July 25 2014 - 7:00AM
StoneMor Partners L.P. (NYSE:STON) announced today an increase of
its cash distribution to $0.61 per unit from $0.60. The
distribution is payable on August 14, 2014 to common unit holders
of record as of the close of business on August 5, 2014.
"The increased distribution is a reflection of the strong
performance we have generated and expect to continue generating as
a result of the recent transactions we have closed," said Larry
Miller, President and Chief Executive Officer. "As we previously
disclosed, the acquisition of funeral homes and cemeteries from
Service Corporation International was immediately accretive, and
the integration of, and build-out of our sales force from the
properties we manage under a long term arrangement with the
Archdiocese of Philadelphia is proceeding according to plan.
"With the strong performance of our base operations and the
results we're beginning to see from these two transactions, we
believe we should be able to increase distributions by at least
$.01 per unit each quarter through 2015. Lastly, although we can
make no assurances, with the addition of the recently announced
investment from a private equity firm, we hope to continue the
upward trajectory of the distribution beyond that timeframe."
StoneMor also announced that on August 8, 2014 at 10:00 am ET it
will be holding a conference call to discuss financial results for
the 2014 second quarter period ended June 30, 2014. Investors may
access this call by dialing (800) 741-4871. An audio replay of the
conference call will be available by calling (800) 633-8284 through
12:00 PM EST on August, 22, 2014. The reservation number for
the audio replay is as follows: 21728932. The audio replay of
the conference call will also be archived on StoneMor's website at
www.stonemor.com.
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 under Events & Presentations.
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 303 cemeteries and 99 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.
Forward-Looking Statements
Certain statements contained in this press release,
including, but not limited to, information regarding the status and
progress of StoneMor's operating activities, the plans and
objectives of its management, assumptions regarding its future
performance and plans, and any financial guidance provided, as well
as certain information in other filings with the Securities and
Exchange Commission and elsewhere, are forward-looking
statements. The words "believe (including but not limited to
belief in maintenance or future increases in StoneMor's
distributions," "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 StoneMor's actual results of
operations to differ materially from those expressed or implied by
forward-looking statements, including, but not limited to, the
following: uncertainties associated with future revenue and
revenue growth; the effect of economic downturns; the impact of
StoneMor's significant leverage on its operating plans; StoneMor's
ability to service its debt and pay distributions; StoneMor's
ability to increase its distributions; the decline in the fair
value of certain equity and debt securities held in its 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, strong cash flows and further deleveraging;
StoneMor's ability to successfully compete in the cemetery and
funeral home industry; uncertainties associated with the
integration or anticipated benefits of StoneMor's recent
acquisitions and any future acquisitions; StoneMor's ability to
complete and fund additional acquisitions; litigation or legal
proceedings that could expose StoneMor to significant liabilities
and damage its 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, the
reader should keep in mind the risk factors and other cautionary
statements set forth in StoneMor's Annual Report on Form 10-K and
other reports filed with the Securities and Exchange Commission.
Except as required by federal and state securities laws, StoneMor
assumes no obligation to update or revise any forward-looking
statements made herein or any other forward-looking statements made
by StoneMor, whether as a result of new information, future events,
or otherwise.
CONTACT: John McNamara
215-826-2800
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