Alderwoods Group, Inc.
NASDAQ : AWGI

Alderwoods Group, Inc.

July 25, 2005 08:30 ET

Alderwoods Group Reports Second Quarter Results

CINCINNATI, OHIO--(CCNMatthews - July 25, 2005) - Alderwoods Group, Inc. (NASDAQ:AWGI) -

Revenue Growth in All Business Segments Improves Net Earnings

Employment Contracts of Senior Executives Extended

Alderwoods Group, Inc. (NASDAQ:AWGI) today announced its second quarter and year-to-date results, representing the 12 weeks and 24 weeks ended June 18, 2005.

For the 12 weeks ended June 18, 2005, the Company reported total net income of $12.1 million, or $0.30 basic and $0.29 diluted earnings per share, on revenues of $176.8 million, compared with total net loss of $6.5 million, or $0.16 basic and diluted loss per share, on revenues of $162.3 million, for the 12 weeks ended June 19, 2004.

From continuing operations, the Company reported net income of $12.9 million, or $0.32 basic and $0.31 diluted earnings per share, for the second quarter of fiscal 2005, compared with net income of $3.2 million, or $0.08 basic and diluted earnings per share, for the same period a year ago.

Highlights of the Second Quarter from Continuing Operations

- Revenue increased 8.9% to $176.8 million

- Number of same site funeral services performed for the quarter increased 1.5% to 26,660

- Same site average revenue per funeral increased 2.8% to $4,142

- Funeral revenue increased 4.0% to $110.5 million

- Cemetery revenue increased 14.6% to $43.9 million

- Insurance revenue increased 26.6% to $22.4 million

- Net income increased to $12.1 million

- Basic earnings per share increased to $0.32; Diluted earnings per share increased to $0.31

- Pre-need funeral contracts written increased 6.6% to $47.0 million

- Pre-need cemetery contracts written increased 18.3% to $24.8 million

- Total debt was reduced by $22.1 million in the quarter

For the 24 weeks ended June 18, 2005, the Company reported total net income of $25.2 million, or $0.63 basic and $0.61 diluted earnings per share, on revenues of $360.6 million, compared with total net loss of $1.6 million, or $0.04 basic and diluted loss per share, on revenues of $339.1 million, for the 24 weeks ended June 19, 2004.

From continuing operations, the Company reported net income of $26.9 million, or $0.67 basic and $0.65 diluted earnings per share, for the year-to-date, compared with net income of $14.5 million, or $0.36 basic and $0.35 diluted earnings per share, for the same period a year ago.

Highlights of the Year-to-Date from Continuing Operations

- Revenue increased 6.3% to $360.6 million

- Number of same site funeral services performed declined 0.2% to 56,451

- Same site average revenue per funeral increased 3.0% to $4,137

- Funeral revenue increased 2.8% to $234.5 million

- Cemetery revenue increased 9.9% to $82.2 million

- Insurance revenue increased 21.6% to $43.9 million

- Net income increased to $26.9 million

- Basic earnings per share increased to $0.67; Diluted earnings per share increased to $0.65

- Pre-need funeral contracts written increased 6.9% to $90.3 million

- Pre-need cemetery contracts written increased 16.8% to $45.8 million

- Total debt was reduced by $53.7 million

"In the second quarter, we turned the trend on funeral service calls to the positive, increased the average revenue per funeral service for the thirteenth consecutive quarter, and grew revenues in each of our three business segments," said Mr. Paul Houston, President and CEO of Alderwoods Group. "At the same time, we continued to focus on Alderwoods' future market share and added to our backlog."

Houston continued, "Our operating performance strongly suggests that we are on course with our objective of improving organic growth for the fiscal year. In the quarter, we continued to execute our strategy of investing in key areas of the business, such as advertising, promotion, training and recruiting, that we believe will drive our future operating performance. Our expenses in the quarter included these investments as well as the costs of improving our operating and financial controls."

Significant Activities in the Quarter

Implemented Alderwoods Rooms: The Company continued its investment in Alderwoods Rooms in the second quarter, implementing 30 of the arrangement rooms in funeral homes throughout its network. Alderwoods Group expects the total number of Alderwoods Rooms across its network to be approximately 344 by the end of fiscal 2005.

Reduced Long-Term Debt: Alderwoods Group took the opportunity to continue its program of debt reduction, reducing its long-term debt by $22.1 million in the quarter and $53.7 million in the year-to-date. At June 18, 2005, total debt was $409.9 million and cash and cash equivalents was $12.0 million.

In fiscal 2005, the Company's capital expenditures will take place predominantly in the second half of the fiscal year. Therefore, debt repayments in the third and fourth quarters are not expected to match the level of the first half of the year.

Discontinued Operations and Assets Held for Sale

Over the previous three fiscal years, the Company has engaged in a strategic market rationalization assessment to dispose of cemetery and funeral operating locations that did not fit into the Company's market or business strategies, as well as under-performing locations and excess cemetery land. As of June 18, 2005, the Company had completed its strategic market rationalization program except for one cemetery which was classified back to continuing operations during the 12 weeks ended June 18, 2005.

The Company will, on a smaller scale and over time, continue to assess the Company's portfolio of funeral and cemetery locations to ensure they continue to fit into the Company's strategy and long-term vision.

Employment Contracts of Senior Executives Extended

The Board of Directors of Alderwoods Group has extended the employment contracts of the Company's Chairman, President and Chief Executive Officer, Chief Financial Officer and Chief Information Officer.



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Name Title New Contract End Date
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John Lacey Chairman July 31, 2008
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Paul Houston President and March 31, 2008
Chief Executive Officer
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Ken Sloan Executive Vice President and March 31, 2009
Chief Financial Officer
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Ross Caradonna Executive Vice President and June 30, 2009
Chief Information Officer
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"Over the past several years, we have witnessed a substantive turnaround in Alderwoods' operating performance and a significant increase in shareholder value," said Mr. Anthony Eames, Director and Chairman of Alderwoods Group's Compensation Committee. "This leadership team has significantly exceeded the net debt reduction targets outlined in the 2003-2005 long-term incentive plan."

"Based on this performance, we now have the opportunity to accelerate the payment of the net debt reduction portion of the long-term incentive plan, sign new multi-year employment contracts for the leadership team, and adopt a new long-term incentive plan in order to maintain continuity of vision, leadership and strategy for Alderwoods. The new contracts continue to align management's goals with those of shareholders and include a stock ownership requirement for each of the executives."

Messrs. Lacey and Houston have each agreed to use some of the after-tax proceeds of the accelerated payments of the net debt reduction portion of the 2003-2005 long-term incentive plan to acquire 100,000 shares of the Company's stock by August 10, 2005, in furtherance of their ownership requirements. Each has also agreed to acquire an additional 100,000 shares of the Company's stock by no later than April 10, 2005, in furtherance of their ownership requirements.

The new contracts will be effective August 1, 2005.

Financial Summary 12 Weeks Ended June 18, 2005

Overview

For the 12 weeks ended June 18, 2005, total net income was $12.1 million, an increase of $18.6 million compared to a loss of $6.5 million for the 12 weeks ended June 19, 2004. Basic earnings per share were $0.30 for the 12 weeks ended June 18, 2005 compared to a loss of $0.16 for the 12 weeks ended June 19, 2004. Diluted earnings per share were $0.29 for the 12 weeks ended June 18, 2005 compared to a loss of $0.16 in the year-ago period.

Continuing Operations

Total revenue for the 12 weeks ended June 18, 2005, was $176.8 million compared to $162.3 million for the 12 weeks ended June 19, 2004, an increase of $14.5 million, or 8.9%. Revenue increased in each of the business segments - funeral, cemetery and insurance.

Funeral revenue was $110.5 million for the 12 weeks ended June 18, 2005, up $4.2 million compared to $106.3 million for the 12 weeks ended June 19, 2004. Same site funeral revenue was $110.4 million for the 12 weeks ended June 18, 2005, up $4.5 million compared to $105.9 million for the 12 weeks ended June 19, 2004. The increase in same site performance was largely due to an increase in the average funeral revenue per service of $112 or 2.8% and an increase of 1.5% in the number of funeral services performed.

Funeral gross margin decreased to 18.1% for the 12 weeks ended June 18, 2005, compared to 21.5% for the 12 weeks ended June 19, 2004. The decrease was primarily due to increased wages, training and advertising costs related to the Company's expanded field management structure and investment in programs designed to build local brand awareness and generate future growth.

Cemetery revenue for the 12 weeks ended June 18, 2005, was $43.9 million, $5.6 million, or 14.6% higher than $38.3 million for the 12 weeks ended June 19, 2004. The increase was due primarily to higher pre-need space sales at the Company's Rose Hills subsidiary, combined with an overall increase in the number of cemetery interments.

Cemetery gross margin was 16.4% for the 12 weeks ended June 18, 2005, compared to 14.1% for the 12 weeks ended June 19, 2004. The increase was due primarily to increased space sales and cemetery interments.

Insurance revenue was $22.4 million for the 12 weeks ended June 18, 2005, compared to $17.7 million for the 12 weeks ended June 19, 2004. Insurance revenue increased primarily due to increases in premiums. Insurance gross margin increased to 3.6% for the 12 weeks ended June 18, 2005, compared to 2.8% for the 12 weeks ended June 19, 2004, primarily as a result of the revenue increase.

General and administrative expenses totaled $1.7 million for the 12 weeks ended June 18, 2005 compared to $9.6 million for the 12 weeks ended June 19, 2004. The decrease is primarily due to the reversal of a $10.9 million allowance for doubtful accounts related to the collection subsequent to June 18, 2005 of notes receivable partially offset by a $1.0 million retirement allowance accrual in the 12 weeks ended June 18, 2005. The amounts in the 12 weeks ended June 19, 2004, include a $0.9 million legal claim accrual reversal and $1.2 million for corporate receivable recoveries that were previously fully reserved against.

For the 12 weeks ended June 18, 2005, interest expense was $7.0 million, a decrease of $6.5 million compared to the 12 weeks ended June 19, 2004, reflecting the effect of principal repayments and lower interest rates compared to the corresponding period in 2004.

For the 12 weeks ended June 18, 2005, net income tax expense was $7.0 million, compared to net income tax expense of $2.2 million for the 12 weeks ended June 19, 2004. The effective tax rate varied from the statutory tax rate in 2005 because in certain jurisdictions, there was a decrease in the valuation allowance for which the benefit has not been recognized in income tax expense.

Net income from continuing operations was $12.9 million, or $0.32 basic and $0.31 diluted earnings per share, for the 12 weeks ended June 18, 2005, compared to net income of $3.2 million, or $0.08 basic and diluted earnings per share, for the 12 weeks ended June 19, 2004.

Pre-need funeral and cemetery contracts written during the 12 weeks ended June 18, 2005, totaled $47.0 million and $24.8 million, respectively. For the 12 weeks ended June 19, 2004, pre-need funeral and cemetery contracts written totaled $44.1 million and $21.0 million, respectively. The Company is continuing its program to increase pre-need sales. The Company believes that pre-need sales are an important part of building the foundation for future revenue.

Discontinued Operations

For the 12 weeks ended June 18, 2005, loss from discontinued operations, net of tax, was $0.8 million, or $0.02 basic and diluted loss per share compared to a loss of $9.7 million or $0.24 basic and diluted loss per share for the 12 weeks ended June 19, 2004.

Financial Summary 24 Weeks Ended June 18, 2005

Overview

For the 24 weeks ended June 18, 2005, total net income was $25.2 million, an increase of $26.8 million compared to a loss of $1.6 million for the 24 weeks ended June 18, 2004. Basic earnings per share were $0.63 for the 24 weeks ended June 18, 2005 compared to a loss of $0.04 for the 24 weeks ended June 19, 2004. Diluted earnings per share were $0.61 for the 24 weeks ended June 18, 2005 compared to a loss of $0.04 in the year-ago period.

Continuing Operations

Total revenue for the 24 weeks ended June 18, 2005, was $360.6 million compared to $339.1 million for the 24 weeks ended June 19, 2004, an increase of $21.5 million, or 6.3%. Revenue increased in each of the business segments - funeral, cemetery and insurance. Funeral revenue was $234.5 million for the 24 weeks ended June 18, 2005, up $6.3 million compared to $228.2 million for the 24 weeks ended June 19, 2004. Same site funeral revenue was $233.5 million for the 24 weeks ended June 18, 2005, up $6.4 million compared to $227.1 million for the 24 weeks ended June 19, 2004. The increase in same site performance was largely due to an increase in the average funeral revenue per service of $122 or 3.0%.

Funeral gross margin decreased to 21.3% for the 24 weeks ended June 18, 2005, compared to 22.7% for the 24 weeks ended June 19, 2004. The decrease was primarily due to increased wages, training and advertising costs related to the Company's expanded field management structure and investment in programs designed to build local brand awareness and generate future growth.

Cemetery revenue for the 24 weeks ended June 18, 2005, was $82.2 million, $7.4 million, or 9.9% higher than $74.8 million for the 24 weeks ended June 19, 2004. The increase was due primarily to higher pre-need space sales at the Company's Rose Hills subsidiary, combined with an overall increase in the number of cemetery interments.

Cemetery gross margin was 15.1% for the 24 weeks ended June 18, 2005, compared to 13.9% for the 24 weeks ended June 19, 2004. The increase was due primarily to increased space sales and cemetery interments.

Insurance revenue was $43.9 million for the 24 weeks ended June 18, 2005, compared to $36.1 million for the 24 weeks ended June 19, 2004. Insurance revenue increased primarily due to increases in premiums. Insurance gross margin increased to 4.8% for the 24 weeks ended June 18, 2005, compared to 3.9% for the 24 weeks ended June 19, 2004, primarily as a result of the revenue increase.

General and administrative expenses totaled $12.3 million for the 24 weeks ended June 18, 2005 compared to $21.3 million for the 24 weeks ended June 19, 2004. The decrease is primarily due to the reversal of a $10.9 million allowance for doubtful accounts related to the collection subsequent to June 18, 2005 of notes receivable and a $0.9 million reduction of an accrual on the settlement of a legal matter relating to a trustee fee dispute, partially offset by a $1.0 million retirement allowance accrual in the 24 weeks ended June 18, 2005. The amounts in the 24 weeks ended June 19, 2004 include a $0.9 million legal claim accrual reversal and $1.2 million for corporate receivable recoveries that were previously fully reserved against.

For the 24 weeks ended June 18, 2005, interest expense was $14.5 million, a decrease of $4.3 million compared to the 24 weeks ended June 19, 2004, reflecting the effect of principal repayments and lower interest rates compared to the corresponding period in 2004.

For the 24 weeks ended June 18, 2005, net income tax expense was $18.2 million, compared to net income tax expense of $7.8 million for the 24 weeks ended June 19, 2004. The effective tax rate varied from the statutory tax rate in 2005 because in certain jurisdictions, there was a decrease in the valuation allowance for which the benefit has not been recognized in income tax expense.

Net income from continuing operations was $26.9 million or $0.67 basic and $0.65 diluted earnings per share, for the 24 weeks ended June 18, 2005, compared to net income of $14.5 million, or $0.36 basic and $0.35 diluted earnings per share, for the 24 weeks ended June 19, 2004.

Pre-need funeral and cemetery contracts written during the 24 weeks ended June 18, 2005, totaled $90.3 million and $45.8 million, respectively. For the 24 weeks ended June 19, 2004, pre-need funeral and cemetery contracts written totaled $84.4 million and $39.2 million, respectively. The Company is continuing its program to increase pre-need sales. The Company believes that pre-need sales are an important part of building the foundation for future revenue.

Discontinued Operations

For the 24 weeks ended June 18, 2005, loss from discontinued operations, net of tax, was $1.7 million, or $0.04 basic and diluted loss per share compared to a loss of $16.1 million or $0.40 basic and diluted loss per share for the 24 weeks ended June 19, 2004.

Company Overview

Alderwoods Group is the second largest operator of funeral homes and cemeteries in North America, based upon total revenue and number of locations. As of June 18, 2005, the Company operated 623 funeral homes, 73 cemeteries and 60 combination funeral home and cemetery locations throughout North America. The Company provides funeral and cemetery services and products on both an at-need and pre-need basis. In support of the pre-need business, the Company operates insurance subsidiaries that provide customers with a funding mechanism for the pre-arrangement of funerals.

For more information about the Company's results, readers are directed to the Company's Form 10-Q for the quarter ended June 18, 2005, which will be filed with the United States Securities and Exchange Commission (SEC) on July 25, 2005, and will be available in PDF format through the Company's website (www.alderwoods.com).

Basis of Presentation

The Company's financial results discussed in this media release are presented in U.S. dollars, and all accounting information is presented on the basis of United States generally accepted accounting principles. The Company's fiscal year ends on the Saturday nearest to the last day of December in each year (whether before or after such date). During 2005, the Company's first, second and fourth fiscal quarters each consist of 12 weeks and the third fiscal quarter consists of 16 weeks. The second fiscal quarter of 2005 ended on June 18, 2005.

Forward-Looking Statements

Certain statements contained in this press release, including, but not limited to, information regarding the status and progress of the Company's operating activities, the plans and objectives of the Company's management, assumptions regarding the Company's future performance and plans, and any financial guidance provided, as well as certain information in other filings with the SEC and elsewhere are forward-looking statements within the meaning of Section 27A(i) of the Securities Act of 1933 and Section 21E(i) of the Securities Exchange Act of 1934. The words "believe," "may," "will," "estimate," "continues," "anticipate," "intend," "expect" and similar expressions identify these forward-looking statements. These forward-looking statements are made subject to certain risks and uncertainties that could cause actual results to differ materially from those stated, including the following: uncertainties associated with future revenue and revenue growth; the impact of the Company's significant leverage on its operating plans; the ability of the Company to service its debt; the Company'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 funeral and cemetery services and products; variances in death rates; variances in the use of cremation; and various other uncertainties associated with the funeral service industry and the Company's operations in particular, which are referred to in the Company's periodic reports filed with the SEC, especially under the heading "Forward-Looking Statements and Risk Factors" in the Company's Quarterly Report on Form 10-Q for the 12 weeks ended June 18, 2005. The Company undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Conference Call

Alderwoods Group will host a conference call today, Monday, July 25, 2005, at 11:00 a.m. eastern time. A question and answer session will follow brief remarks by Paul Houston, President and CEO, and Ken Sloan, Executive Vice President and Chief Financial Officer. The toll-free conference dial-in number for U.S. and Canadian listeners is 1.800.428.5596 and for local or international participants is 1.416.641.6659. Interested parties may listen to the audio webcast via the Alderwoods Group website at http://www.alderwoods.com. A telephone replay will be accessible until midnight on August 8, 2005, by dialing 1.800.558.5253 or 1.416.626.4100 and quoting reservation number 21251530. An archived replay of the webcast will also be available through the Alderwoods Group website at http://www.alderwoods.com.



ALDERWOODS GROUP, INC.

Consolidated Statements of Operations (Unaudited)
Expressed in thousands of dollars except per share amounts and number
of shares
12 Weeks Ended 24 Weeks Ended
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June 18, June 19, June 18, June 19,
2005 2004 2005 2004
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Revenue
Funeral $ 110,501 $ 106,306 $ 234,514 $ 228,247
Cemetery 43,914 38,271 82,218 74,827
Insurance 22,363 17,704 43,931 36,110
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176,778 162,281 360,663 339,184
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Costs and expenses
Funeral 90,416 83,443 184,529 176,500
Cemetery 36,640 32,834 69,824 64,384
Insurance 21,532 17,219 41,818 34,723
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148,588 133,496 296,171 275,607
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28,190 28,785 64,492 63,577

General and
administrative expenses 1,702 9,559 12,346 21,257
Provision for asset
impairment (408) (1,499) (1,627) 572
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Income from operations 26,896 20,725 53,773 41,748

Interest on
long-term debt 7,013 13,499 14,528 18,763
Other expense (income), net (44) 1,776 (5,843) 678
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Income before income
taxes 19,927 5,450 45,088 22,307
Income taxes 7,001 2,185 18,193 7,773
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Net income from
continuing operations 12,926 3,265 26,895 14,534
Discontinued operations
loss from discontinued
operations (579) (8,116) (1,412) (17,218)
Income taxes 266 1,625 266 (1,046)
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loss from discontinued
operations (845) (9,741) (1,678) (16,172)
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Net income (loss) $ 12,081 $ (6,476) $ 25,217 $ (1,638)
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Basic earnings per
Common share:
Net income from
continuing operations $ 0.32 $ 0.08 $ 0.67 $ 0.36
Income (loss) from
discontinued operations (0.02) (0.24) (0.04) (0.40)
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Net income (loss) $ 0.30 $ (0.16) $ 0.63 $ (0.04)
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Diluted earnings per
Common share:
Net income from
continuing operations $ 0.31 $ 0.08 $ 0.65 $ 0.35
Income (loss) from
discontinued operations (0.02) (0.24) (0.04) (0.39)
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Net income (loss) $ 0.29 $ (0.16) $ 0.61 $ (0.04)
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Basic weighted average
number of shares
outstanding (thousands) 40,108 39,997 40,078 39,993
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Diluted weighted average
number of shares
outstanding (thousands) 41,390 41,297 41,375 41,169
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ALDERWOODS GROUP, INC.
Consolidated Balance Sheets
Expressed in thousands of dollars
June 18, January 1,
2005 2005
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(unaudited)
ASSETS
Current assets
Cash and cash equivalents $ 11,990 $ 9,379
Receivables, net of allowances 72,510 66,445
Inventories 16,914 16,730
Other 9,416 27,622
Assets held for sale - 82,056
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110,830 202,232

Pre-need funeral receivables and trust
investments 333,931 336,030
Pre-need cemetery receivables and trust
investments 307,354 311,654
Cemetery property 117,589 119,042
Property and equipment 534,200 540,255
Insurance invested assets 271,663 250,785
Deferred income tax assets 7,536 8,161
Goodwill 321,075 321,134
Cemetery perpetual care trust investments 245,930 246,052
Other assets 42,593 37,082
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$ 2,292,701 $ 2,372,427
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued
liabilities $ 129,995 $ 140,662
Current maturities of long-term debt 2,620 9,083
Liabilities associated with assets held
for sale - 61,428
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132,615 211,173


Long-term debt 407,247 454,557
Deferred pre-need funeral and cemetery
contract revenue 88,966 82,971
Non-controlling interest in funeral and
cemetery trusts 547,999 553,617
Insurance policy liabilities 238,164 214,745
Deferred income tax liabilities 32,503 20,357
Other liabilities 20,899 21,954
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1,468,393 1,559,374
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Non-controlling interest in perpetual care
trusts 244,604 257,141

Stockholders' equity
Common stock 402 400
Capital in excess of par value 741,648 740,210
Accumulated deficit (188,371) (213,588)
Accumulated other comprehensive income 26,025 28,890
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579,704 555,912
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$ 2,292,701 $ 2,372,427
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ALDERWOODS GROUP, INC.
Consolidated Statements of Cash Flows (Unaudited)
Expressed in thousands of dollars

12 Weeks Ended 24 Weeks Ended
---------------------------------------------------------------------
June 18, June 19, June 18, June 19,
2005 2004 2005 2004
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CASH PROVIDED BY
(APPLIED TO)
Operations
Net income (loss) $ 12,081 $ (6,476) $ 25,217 $ (1,638)
loss from
discontinued
operations, net
of tax 845 9,741 1,678 16,172
Items not affecting cash
Depreciation and
amortization 10,958 8,947 21,095 18,100
Amortization of debt
issue costs 745 777 1,650 1,420
Insurance policy
benefit reserves 12,088 9,076 22,652 17,587
Provision for asset
impairment (408) (1,499) (1,627) 572
Gain on disposal of
business assets (72) (409) (5,903) (1,495)
Deferred income taxes 6,303 (619) 12,749 4,953
Premium on long-term
debt repurchase - 1,110 282 1,110
Other, including net
changes in other
non-cash balances (13,824) 12,998 (6,852) (18,232)
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Net cash provided by
continuing operations 28,716 33,646 70,941 38,549
Net cash provided by
(used in) discontinued
operations (811) 6,488 (601) 7,367
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27,905 40,134 70,340 45,916
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Investing
Proceeds on disposition
of business assets 670 1,374 11,158 12,088
Purchase of property
and equipment (11,709) (5,310) (16,314) (9,279)
Purchase of insurance
invested assets (17,170) (12,793) (65,231) (36,857)
Proceeds on disposition
and maturities of
insurance invested
assets 9,712 7,952 47,491 23,602
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Net cash provided
by continuing
operations (18,497) (8,777) (22,896) (10,446)
Net cash provided
by (used in)
discontinued
operations 6,744 751 7,906 (126)
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(11,753) (8,026) (14,990) (10,572)
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Financing
Increase in
long-term debt - - 5,151 24,675
Repayment of
long-term debt (22,136) (19,272) (59,208) (53,296)
Issuance of common
stock 1,107 9 1,375 9
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Net cash provided by
continuing
operations (21,029) (19,263) (52,682) (28,612)
Net cash provided by
discontinued
operations (11) (48) (57) (138)
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(21,040) (19,311) (52,739) (28,750)
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Increase (decrease)
in cash and cash
equivalents (4,888) 12,797 2,611 6,594
Cash and cash
equivalents, beginning
of period 16,878 35,409 9,379 41,612
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Cash and cash
equivalents, end of
period $ 11,990 $ 48,206 $ 11,990 $ 48,206
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Contact Information

  • Alderwoods Group, Inc.
    Kenneth A. Sloan
    Executive Vice President, Chief Financial Officer
    (416) 498-2455
    (416) 498-2449 (FAX)
    ken.sloan@alderwoods.com
    or
    Alderwoods Group, Inc.
    Chaya Cooperberg
    Director, Investor Relations and Communications
    (416) 498-2802
    (416) 498-2449 (FAX)
    chaya.cooperberg@alderwoods.com