TORONTO, ONTARIO--(Marketwired - Aug. 11, 2016) - Park Lawn Corporation (TSX VENTURE:PLC) ("PLC") today announced its financial results for the three-months ending June 30, 2016 ("Q2") which shows a year-over-year increase in revenue of 172.8% and earnings from operations of 71.2% respectively, driven in large part from the acquisition of Midwest Memorial Group ("MMG") in March 2016.
Q2 results also saw EBITDA attributed to equity holders of PLC increase by 92.7% from $994,691 in 2015 to $1,916,781 for same three-month period in 2016.
PLC's earnings per share ("EPS") was $0.130 for Q2, up from $0.119 for the same period in 2015. When adjusted to account for non-cash and one-time income or expense items ("Adjusted net EPS"), the EPS was $0.168 representing a 32.3% increase over the same period in 2015.
"Though we did see some softness in our Toronto cemetery operations this quarter, this was more than offset by the strong performance of MMG," stated Andrew Clark, Chairman and CEO of PLC. "MMG, which reported as part of PLC for the first full quarter in Q2, exceeded our expectations with a very strong showing."
Factors that contributed to PLC's year-over-year improvement included:
- Revenue growth and successful cost control measures at Midwest Memorial Group in Michigan.
- Continued growth and expansion of Basic Funerals, PLC's lower cost, primarily online funeral business.
- First full quarter of results for Korban Funeral Chapel in Winnipeg, Manitoba and Mundell Funeral Home Limited in Orillia, Ontario.
"We have diversified our portfolio of businesses over the last 18 months and increased the capacity of our management team within the PLC group of companies. We will continue to focus on the integration of our new assets in Canada and the US while we explore opportunities to expand our North American footprint," added Clark.
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, 16 crematoria 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.
Adjusted net EPS is not a measure recognized under IFRS and does not have a standardized meaning prescribed by IFRS. Such measure is presented in this news release because management of PLC believes that such measure is relevant in evaluating PLC's operating performance. Such measure, as computed by PLC, may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable similar measures reported by such other organizations. Please see the Company's most recent management's discussion and analysis for how the Company reconciles Adjusted Net EPS to the nearest IFRS measure.
Cautionary Statement Regarding Forward‐Looking 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.