Park Lawn Corporation
TSX VENTURE : PLC

Park Lawn Corporation

May 26, 2016 16:00 ET

Park Lawn Corporation Continues Strong Growth in 2016

Releases First Quarter Financial Statements

TORONTO, ONTARIO--(Marketwired - May 26, 2016) - Park Lawn Corporation (TSX VENTURE:PLC) ("PLC") today announced its financial results for the three-month period ending March 31, 2016 ("Q1") showing significant improvements in operating results with a year‐over‐year revenue growth of 58.3%.

PLC's strong Q1 performance resulted in earnings per share for the quarter increasing by 40.3% from $0.155 in 2015 to $0.217 in 2016. EBITDA attributed to equity holders of PLC also increased by 29.5% for the same three-month period from $1,207,940 in 2015 to $1,563,899 this year.

"Park Lawn Corporation undertook several large expansions of existing assets, as well as new acquisitions in both Canada and the US in the latter half of 2015 and early in 2016," stated Andrew Clark, Chairman & CEO of PLC. "We are pleased that the initial integration of these new assets has created positive results for our bottom line which in turn have contributed to increased earnings for PLC shareholders."

Factors that contributed to this year-over‐year improvement included:

  • Acquiring Midwest Memorial Group ("MMG"), which owns 26 cemeteries (including nine with crematoria) and manages two cemeteries in the State of Michigan.
  • Acquiring Korban Funeral Chapel in Winnipeg, MB and Mundell Funeral Home Limited in Orillia, ON.
  • Completing a new 3,240 crypt mausoleum, as well as refurbishing an out of service crematorium at Westminster Cemetery in the Greater Toronto Area.
  • Acquiring Basic Funerals, a lower‐cost primarily online funeral operation with a large presence in the Greater Toronto Area, Ottawa Valley Region and Southwestern Ontario.

"Since 2013, PLC has become the largest, publicly‐traded Canadian company in this industry, expanding from six cemeteries in the GTA to 56 cemeteries and funeral home operations across Canada and in the US," added Clark. "We believe the company is well positioned to continue the strong performance shown in Q1 through 2016."

About Park Lawn Corporation

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). PLC and its subsidiaries own and operate 34 cemeteries in Ontario and Michigan and 22 funeral homes, chapels and planning offices in Quebec, Ontario, Manitoba and Saskatchewan. PLC's Harmonia business currently operates under license in the province of Quebec.

Cautionary Statement Regarding ForwardLooking Information

This news release may contain forward‐looking statements (within the meaning of applicable securities laws) relating to the business of PLC and the environment in which it operates. Forward‐looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate", "pro‐forma" and other similar expressions. These statements are based on PLC's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the continued growth of PLC in 2016. The forward‐ looking statements in this news release are based on certain assumptions, including without limitation that PLC's business will continue to perform in a manner consistent with past practice. Forward‐looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward‐looking statements, including, but not limited to, the factors discussed under the heading "Risk Factors" in PLC's annual information form available at www.sedar.com. There can be no assurance that forward‐looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward‐ looking statements. Readers, therefore, should not place undue reliance on any such forward‐looking statements. Further, these forward‐looking statements are made as of the date of this news release and, except as expressly required by applicable law, PLC assumes no obligation to publicly update or revise any forward‐ looking statement, whether as a result of new information, future events or otherwise. Neither the TSX Venture Exchange (the "TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Andrew Clark
    Chief Executive Officer
    416-231-1462

    Joseph Leeder
    Chief Financial Officer
    416-231-1462

    Suzanne Cowan
    VP, Business Development & Corporate Affairs
    416-231-1462
    scowan@parklawncorp.com