StoneMor Partners L.P. Announces Extension for Filing Form 10-K
March 14 2018 - 5:20PM
StoneMor Partners L.P. (NYSE:STON) (“StoneMor” or the
“Partnership”), a leading owner and operator of cemeteries and
funeral homes, today announced that the Partnership will be filing
a Form 12b-25, on March 19, 2018 to extend to April 2, 2018 the due
date for filing its Annual Report on Form 10-K for the fiscal year
ended December 31, 2017. The Partnership noted that the
time needed to complete the filing of its 2016 Form 10-K and the
Form 10-Q reports for the first three quarters of 2017 had impacted
the preparation of the 2017 Form 10-K.
Mark Miller, Chief Financial Officer and Senior Vice President
of StoneMor, stated, “Despite our best efforts, we were simply not
able to complete the substantial work required to file the 2017
Form 10-K by its original deadline. We fully expect to be able to
file our 10-K by the April 2, 2018 deadline.”
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
316 cemeteries and 93 funeral homes in 27 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
StatementsCertain statements contained in this press
release, including, but not limited to, information regarding the
anticipated filing of the Form 12b-25 and the expectation that the
Form 10-K Report will be filed by April 2, 2018, 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. These
statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995.
Forward-looking statements are based on management’s
current 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, risks and uncertainties related to
the following: the consequences if the Partnership is not able to
file the Form 10-K by April 2, 2018, including that the U.S.
Securities and Exchange Commission could institute an
administrative proceeding seeking the revocation of the
registration of the Partnership’s common units under the Exchange
Act, that the Partnership would be delinquent in its required
filings with the New York Stock Exchange (“NYSE”) and could
ultimately face the possible delisting of its common units from the
NYSE, that the Partnership would be in default under its
senior credit agreement and that there would be a default under the
indenture governing its senior notes if the Form 10-K was not filed
within 120 days after notice from the trustee under the indenture;
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, including but not limited to litigation and
governmental investigations or proceedings arising out of or
related to accounting and financial reporting matters; 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: |
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John
McNamaraDirector - Investor RelationsStoneMor Partners L.P.(215)
826-2945 |
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