StoneMor Inc. Announces Date of Conference Call and Webcast to Discuss 2020 Fourth Quarter and Full Year Financial Results
March 04 2021 - 5:21PM
StoneMor Inc. (NYSE: STON), a leading owner and
operator of cemeteries and funeral homes, today announced that it
expects to release full 2020 fourth quarter and full year financial
results on Tuesday, March 23, 2021 after the market closes. In
connection with this announcement, StoneMor plans to hold a
conference call to discuss its results later that day at 4:30 p.m.
eastern time.
This conference call can be accessed by calling (877) 308-6987.
No reservation number is necessary; however, due to the on-going
pandemic, it is advised that interested parties access the call-in
number 5 to 10 minutes prior to the scheduled start time to avoid
delays. 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 www.stonemor.com under Events &
Presentations.
Joe Redling, StoneMor’s President and Chief Executive Officer
said, “Fourth quarter 2020 proved to be another strong quarter that
capped an exceptional year for StoneMor. I’m very proud of the way
our team has weathered the pandemic and the large disruptions to
our business brought about by Covid-19. These coronavirus related
aberrations began in the first quarter where a strong start to the
year was overshadowed by sudden and immediate lockdowns. Since
April, our team has regrouped and recalibrated, pulling together
some of the best performance in Company history.
It’s important to note that all of this happened while we were
initiating and executing on multiple turnaround initiatives and
strategic objectives. Some select examples include divesting most
of our west coast operations (with the handful remaining expected
to be completed in 2021), executing large corporate overhead cost
reduction initiatives and outsourcing most of our maintenance
operations. Through the aforementioned examples (plus many more not
listed), we were able to delever our balance sheet, increase sales,
and materially decrease costs. We now have a sustainable and strong
foundation that is built to last and will provide a platform for
StoneMor to build upon in the years to come.
During the fourth quarter, we experienced double digit
year-over-year growth in cemetery sales production, marking a full
year of consecutive quarterly cemetery sales production growth
versus the prior year, and we see that momentum continuing into the
first quarter of 2021. We look forward to sharing more financial
information in a few weeks when we release our fourth quarter and
full 2020 financial results.”
“With the continued strong performance on both sales production
and our cost reduction initiatives, along with the current capital
market conditions, we have begun exploring refinancing options that
would make sense for the Company and its future,” said Jeff
DiGiovanni, StoneMor’s Senior Vice President and Chief Financial
Officer. “We expect that any refinancing would reduce interest
rates, while providing capital, financial flexibility and
opportunities for the growth phase of our transformation
process.”
About StoneMor Inc.
StoneMor Inc., headquartered in Bensalem, Pennsylvania, is an
owner and operator of cemeteries and funeral homes in the United
States, with 318 cemeteries and 88 funeral homes in 27 states and
Puerto Rico.
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 Inc., 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 anticipated dates for
release of earnings and the related earnings call, completion of
additional divestitures and debt refinancing plans, 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 the actual timing of the release of
earnings and the related earnings call to vary from those stated or
implied in this press release. StoneMor’s major risks that may
impact such timing are related to uncertainties associated with
current business and economic disruptions resulting from the
COVID-19 pandemic, including the effect of government regulations
issued in connection therewith.
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 Quarterly
Reports on Form 10-Q 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.
CONTACTInvestor RelationsStoneMor Inc.(215)
826-4438
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