Park Lawn Corporation

Park Lawn Corporation

May 27, 2015 17:05 ET

Park Lawn Corporation Announces First Quarter Results

TORONTO, ONTARIO--(Marketwired - May 27, 2015) - Park Lawn Corporation (TSX VENTURE:PLC) (the "Company" or "Park Lawn") today announced results for the first quarter ending March 31, 2015. Financial highlights are below:

  • Total revenue for the three month period ending March 31, 2015 was $7,121,354, an increase of $2,166,568, or 43.7% over the same period ended March 31, 2014.
  • Earnings from continuing operations for the three month period ending March 31, 2015 totaled $1,248,966, an increase of $431,625 or 53% over the same period in 2014.
  • After tax earnings from continuing operations for the first quarter totaled $1,041,386 compared to $586,075 for the same period in 2014, an increase of 78%.
  • Basic and fully diluted earnings per common share for the period ending March 31, 2015 was $0.155 compared to $0.096 for the same period in 2014.
  • Adjusted cash flows from continuing operations was $1,678,574 for the three month period ending March 31, 2015 compared with $1,208,914 for the same period in 2014, an increase of 39%.
  • Adjusted cash flow per fully diluted common share was $0.29 for the period ending March 31, 2015 compared to $0.25 for the same period in 2014.

CEO Andrew Clark commented, "We are pleased with our strong first quarter results. Our key measures of performance, namely growth in year-over-year revenue, operating earnings and earnings per share have all yielded robust results in this first quarter."

Clark added, "Today's results reinforce Park Lawn's goals of ensuring stable, consistent organic growth and making strategic investments in attractive markets. We look forward to continuing to move our plans forward in the coming fiscal year by bringing significant projects online, such as the mausoleum at Westminster Cemetery, and continuing to deliver strong results for our investors."

About Park Lawn

Park Lawn Corporation provides goods and services associated with the disposition and memorialization of human remains. Products and services are sold 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 operates Tubman/Cadieux Funeral Homes in the Ottawa region and Parkland Funeral Holdings in Manitoba and Saskatchewan. The Harmonia business of the Company currently operates under license in Quebec City, Laval, Saint-Apollinaire and Saint-Georges. 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 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

  • Park Lawn Corporation
    Andrew Clark
    Chief Executive Officer
    (416) 231-1462