TORONTO, ONTARIO--(Marketwired - April 30, 2014) - Park Lawn Corporation (TSX VENTURE:PLC) (the "Company" or "Park Lawn") today announced results for the fourth quarter and year ended December 31st 2013. Total revenue for the year ended December 31, 2013 was $18,556,773, an increase of $1,338,871 or 7.8% from December 31, 2012 ($17,217,902).
Income from operations for the 12 month period ended December 31, 2013 was $1,705,640 compared to $1,881,744 for the same 12 month period in 2012. In 2013 the Company's income tax expense was $38,431 compared to $202,968 in 2012. As a result, net earnings for the 12 month period ended December 31, 2013 totaled $1,667,209 compared to $1,678,776 in 2012.
Fully diluted earnings per share for fiscal 2013 was $0.46 compared to $0.48 in 2012. In 2013 the weighted average number of common shares outstanding increased to 3,641,140 from 3,505,510 in 2012 as a result of the issuance of shares pursuant to the Employee Share Loan Plan and the prospectus based financing during the 4th quarter of 2013.
Andrew Clark, CEO commented, "We are pleased with our results from 2013, given the headwinds we have faced with declining inventory at Westminster Cemetery and the ongoing restructure of the Harmonia business. The equity financing that was completed in the fourth quarter of 2013, closing of our investment in Tubman Funeral Homes in February 2014 and the commencement of construction at Westminster have positioned the Company well for 2014 and beyond."
The Company is also pleased to announce the appointment of Steven Scott to its Board of Directors, subject to the approval of the TSX Venture Exchange. Mr. Scott has, since August 2000 been the President and Chief Executive Officer of The Access Group of Companies focusing on the ownership, acquisition, development and management of storage, infill residential and commercial real estate in Canada. Mr. Scott is a member of the board and the treasurer of the Canadian Self Storage Association (CSSA). He is an independent director of Timbercreek Senior Mortgage Investment Corp. and Chair of their Audit Committee. Steven is also a director of Storage Capital Inc., a specialized lender to the self storage industry. Mr. Scott worked in public accounting prior to joining ASSI and is a chartered accountant. Mr. Scott holds a Bachelor of Commerce degree from Dalhousie University.
"We are delighted to welcome Steve Scott to the Board at Park Lawn. His knowledge and expertise will be highly valuable as we continue to grow our business, and I very much look forward to working with him," commented Andrew Clark.
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 and Montreal. 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.
This news release contains forward-looking statements regarding the Company's business, growth plans and board composition. 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.