StoneMor Partners L.P. Announces Delayed Filing of Quarterly Report
October 17 2018 - 4:10PM
StoneMor Partners L.P. (NYSE: STON) (“StoneMor” or the
“Partnership”) today announced it is experiencing
additional delays filing its 2018 Form 10-Q for the period ending
March 31, 2018 due primarily to the implementation and application
of new Accounting Standard Codification (“ASC”) 606, Revenue from
Contracts with Customers. As previously disclosed, the
Partnership received a waiver and amendment from its lenders
extending the date by which it needed to file its Form 10-Q
to October 15, 2018. StoneMor is engaged in active
discussions with its lenders to obtain an additional waiver and the
Partnership will update unitholders as soon as it is able.
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 91 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 Statements
Certain statements contained in this press
release, including, but not limited to, information regarding the
expected timing of filings are forward-looking statements.
Generally, the words “believe,” “may,” “will,” “estimate,”
“continue,” “anticipate,” “intend,” “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 of the Partnership’s delinquent
filing of its Quarterly Report on Form 10-Q for the fiscal quarters
ended March 31, 2018 (the “First Quarter 10-Q”) and June 30,
2018 (the “Second Quarter 10-Q” and, collectively with the First
Quarter 10-Q, the “Late Reports”), 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, and that the Partnership remains 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; the existence of a default under the Partnership’s
amended credit facility because the First Quarter 10-Q was not
filed by October 15, 2018; the potential for an additional default
under that amended credit facility if the Second Quarter 10-Q is
not filed by the required date; the potential for a default
under the indenture governing its senior notes if the Partnership
fails to file the Late Reports within 120 days after notice
from the trustee under the indenture; the Partnership’s ability to
obtain relief from its creditors, the terms on which such relief
might be granted and any restrictions that might be imposed in
connection with any relief that might be obtained; 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:John McNamara Director - Investor
Relations StoneMor Partners L.P. (215) 826-2945
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