THUNDER BAY, ONTARIO--(Marketwired - Aug. 27, 2014) - Family Memorials Inc. (TSX VENTURE:FAM), a consolidator of businesses that sell monuments and memorials in the death care industry, reports record second quarter results.
Family Memorials Inc. is pleased to report second quarter sales of $4,282,640 a 314% increase over prior year. In addition to a record net income of $442,767, the Corporation has a positive EBITDA (Earnings before Interest, Taxes and Depreciation) of $956,758.
Scott Kellaway, President and CEO said, "I am very pleased with our second quarter results. In addition to our record earnings and EBITDA we increased our gross margin from 40.28% to 52.67% for the quarter. I attribute this to the synergies acquired with the acquisition and restructuring of Remco Memorials, coupled with our focus on reducing operating expenditures."
About Family Memorials
The Corporation is a Canadian public company operating in the death care industry retailing monuments and memorials through wholly owned subsidiaries and with agency and sales agreements with funeral homes. The Corporation currently trades on the TSX venture exchange under the symbol "FAM".
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.