TORONTO, ONTARIO--(Marketwired - Nov. 26, 2014) - Park Lawn Corporation (TSX VENTURE:PLC) (the "Company" or "Park Lawn") today announced results for the third quarter ended September 30th 2014. A more detailed discussion of financial results is included in the Company's Management's Discussion and Analysis and Unaudited Consolidated Financial Statements, which have been filed on SEDAR and can be viewed at www.sedar.com.
Total revenue from continuing operations for the quarter was $5,468,806 an increase of 37% from the same quarter in 2013. Earnings from continuing operations increased to $642,161 in the quarter ended September 30th 2014, up 24% versus the prior year. For the nine months ended September 30th 2014, earnings from continuing operations were $2,068,398, an increase of 22% over the prior year.
Net earnings from continuing operations for the period were $546,274, down from the prior year's result of $713,940. Due to the additional common shares issued as part of the two equity financings that closed in December 2013 and August 2014 respectively, earnings per share from continuing operations were down from $0.204 in the third quarter of 2013 to $0.112 in the third quarter of 2014.
"During the third quarter of 2014, Park Lawn further improved its balance sheet and positioned itself for future growth with another successful equity offering" commented Andrew Clark, CEO. "While the cemetery business in the Toronto market performed well, the Ottawa business continued to be soft, despite evidence of improved volume at the end of the third quarter and entering the fourth quarter. Our Ottawa operations are being streamlined to enhance our ability to respond to short term softness in the market and to enhance long-term profitability."
About Park Lawn
Park Lawn Corporation provides goods and services associated with the disposition and memorialization of human remains. Products and services are sold to people on a pre-planned basis (pre-need) or at the time of a death (at-need). The Company owns and operates six cemeteries in the Greater Toronto Area and operates the crematorium at the Brampton Crematorium and Visitation Centre. The Company also owns 50% of Amety Ltd, which operates Tubman/Cadieux Funeral Homes in Ottawa and Western Quebec. The Harmonia business of the Company currently operates in Quebec City, Laval, Saint-Apollinaire, Montreal and the Beauce region under license. In October 2014, the Company acquired a 50% stake in six funeral homes in Manitoba and Saskatchewan. Park Lawn's common shares are listed on the TSX Venture Exchange under the symbol "PLC". The Company is the only Canadian publicly listed cemetery, funeral and cremation business. Park Lawn makes monthly dividend payments to its shareholders. The monthly dividend has been paid each month since January, 2011 and is currently $0.038 per share ($0.46 per share on an annual basis).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Statements
This news release contains forward-looking statements regarding the Company's business and growth plans. Although management of the Company believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. By their nature, forward-looking statements are inherently uncertain, are subject to risk and are based on assumptions including those discussed herein. Readers are cautioned to not place undue reliance on forward-looking statements made herein because a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward- looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including, but not limited to, the factors described under the heading "Risk Factors" in the Company's most recent Annual Information Form. Forward-looking statements are provided as of the date hereof and the Company assumes no obligation to update or revise such forward-looking statements to reflect new events or circumstances except as required under applicable securities laws.
Contact Information:
Andrew Clark
Chief Executive Officer
(416) 231-1462