SOURCE: StoneMor Partners L.P.

March 16, 2007 07:00 ET

StoneMor Partners L.P. Announces 2006 Year-End Results

BRISTOL, PA -- (MARKET WIRE) -- March 16, 2007 -- StoneMor Partners L.P. (NASDAQ: STON) today announced its operating results for the fourth quarter and year ended December 31, 2006.

The following table summarizes selected comparative items relating to the Partnership's operating performance for the periods presented.

                       Three Months Ended              Year Ended
                          December 31,                December 31,
                    -------------------------  --------------------------
                           2005          2006         2005           2006
                    -----------   -----------  -----------   ------------
                    As restated                As restated
                          (in thousands)             (in thousands)
Total Revenues      $    28,712   $    33,263  $   100,660   $    115,113
Operating Profit          3,931         2,295       12,999         11,958
Net Income (Loss)         1,415          (157)       4,705          3,040
Cash Flow from
 Operations               5,983         1,896       17,589         18,339
Distributable
 Free Cash Flow (a)                     4,166                      16,259

(a)  This is a non-GAAP financial measure, as defined by the Securities
     and Exchange Commission.  Please see the reconciliation to GAAP
     measures within this press release.
2006 was a very good year for the company. Revenues were up in both the fourth quarter (16%) and year (14%). The company acquired a number of cemeteries and funeral homes that will contribute to overall improvements in cash flow and operating results. However, the financial statements indicate increasing revenues for both the 2006 fourth quarter and year, but decreasing operating profits and net income. Cash flow from operations also decreased during the fourth quarter. There are very specific reasons why revenues were up and operating profits and net income were down. These are as follows:
--  During 2006, the company incurred and paid $1 million relating to the
    special investigation of the installation of burial vaults problem that
    occurred during 2005, for which there was no corresponding 2005 expense.
    This $1 million is included within the Corporate Overhead category for
    2006.
--  During the fourth quarter, the company's Compensation Committee
    approved a non-cash equity grant to management and the Board of Directors
    under the company's long-term incentive plan.  The fourth quarter charge
    was $1.2 million.  This grant more closely aligns management with the goals
    of our unit holders.  There will be additional non-cash charges each
    quarter through 2009 relating to the amortization of the charge for this
    grant.
--  A bonus of $2 million (of which $1 million was paid in the fourth
    quarter) was earned by company management and company employees for
    exceeding corporate goals during 2006.  This amount was expensed during the
    fourth quarter.  The 2005 year did not have any similar stock grants or
    bonus charges.
--  Even though revenue increased in both the 2006 fourth quarter and year
    (by 16% and 14%), Cemetery Expenses increased 25% for the fourth quarter
    and 16% for the year; and General & Administrative Expenses increased 22%
    for the fourth quarter and 21% for the year.  The majority of the increase
    in both categories is due to acquisitions that were consummated in the
    fourth quarter of both 2005 and 2006.  The revenues from these acquisitions
    have not yet reached their full financial-reporting operating potential;
    however, the full level of expenses accrued immediately.  These
    acquisitions are operating as expected, with their full operating potential
    anticipated to be achieved during 2007.  As with most acquisitions, it
    takes a short period of time before they are fully integrated.
--  Interest Expense for the 2006 fourth quarter and year is higher than
    the prior year due primarily to acquisitions consummated at the end of 2005
    and in the fourth quarter of 2006 and working capital borrowings related to
    the increased level of maintenance capital expenditures.  Interest Expense
    was $459,000 higher in the fourth quarter than last year and $1 million
    higher for the year.
--  For some time, we have been negotiating with the Board of Directors of
    one of the cemeteries that we manage to terminate our management contract.
    On February 28, 2007, we reached agreement and terminated that management
    contract.  As a result, the company will write off approximately $883,000
    in its non-cash investment in this management contract in the first quarter
    of 2007.  We have recorded a reserve in the 2006 financial statements for
    that amount.  No similar charges are in the 2005 financial statements.
--  Acquisitions played a large part in the improvements in funeral home
    revenues and profitability.  Funeral home revenues doubled during the
    fourth quarter and increased by approximately 119% for the year.  We had
    similar improvements in funeral home operating profits, which increased
    from $120,000 to $574,000 during the fourth quarter and from $416,000 to $1
    million for the year.
--  The effective tax rate is higher because the company received no tax
    benefit from the management contract reserve or the non-cash equity grant
    to management.
--  The decrease in net income for the quarter from $1.4 million to a net
    loss of $0.2 million and the decrease in net income for the year from $4.7
    million to $3.0 million is a result of the previously indicated factors.
    
Operating Statistics

The company uses its operating data as an additional method for evaluating its performance. The following approximate percentage increases relate to the quarter and year ended December 31, 2006.

                                      Fourth Quarter        Year End
                                      --------------     --------------
Number of Interments                             +24%               +17%
Revenue per Interment                             +5%                +3%
Number of Contracts Written                       23%                18%
Average Dollar Amount per Contract                -- (1)             -- (1)
Number of Pre-need Contracts Written             +17%               +17%
Average Dollar Amount per Pre-need
 Contract                                         -- (1)             -- (1)

(1) Not a meaningful change.
All increases pertain to the same period in the prior year and increases in number of interments and number of contracts primarily result from acquisitions.

Distributable Free Cash Flow

The company defines distributable free cash flow as net cash provided by operating activities before appropriate reserves, if any, adjusted for expenditures related to its initial public offering, less maintenance capital expenditures and debt payments not funded by the proceeds of that offering, and other expenditures not related to normal operating activities during the period presented. A reconciliation between net cash provided by operating activities (the GAAP financial measure the company believes is most directly comparable to distributable free cash flow) and distributable free cash flow for the quarter and year ended December 31, 2006 follows:

                                    Three Months Ended      Year Ended
(in thousands)                      December 31, 2006   December 31, 2006
                                    ------------------  ------------------
Net cash provided by operating
 activities                         $            1,896  $           18,339
Maintenance capital expenditures                  (760)             (3,203)
Excess 2005 taxes paid in 2006                                       1,123
Quarterly executive bonus
 adjustment                                        485
Quarterly reserve for the payment
 of income taxes                                  (255)
Trust payments in the fourth
 quarter on account of
 third-quarter receivable
 collection program                              2,800
                                    ------------------  ------------------
Distributable free cash flow        $            4,166  $           16,259
                                    ==================  ==================
The preceding table indicates maintenance capital expenditures of approximately $1 million greater than last year. The company has drawn down on its working capital line to finance certain of these expenditures. The nature of these expenditures is defined as maintenance in our Partnership Agreement, but in many cases results in increased sales through visual improvements in our cemeteries.

The excess 2005 taxes paid in 2006 represent the amount by which federal, state, and franchise taxes on 2005 income that were paid during the first and second quarters of 2006 exceeded those same estimated taxes for 2006 income that will be paid during the first quarter of 2007.

The quarterly excess bonus adjustment represents the difference between the actual bonus charge for the quarter compared to the amount that was paid in the quarter.

The quarterly reserve for the payment of income taxes represents the unaccrued balance of federal, state, and franchise taxes for 2006 not previously deducted in prior quarters' distributable free cash flow calculations.

During the third quarter, the company instituted a special receivable collection program whereby its rate of collection of accounts receivable was significantly greater than normal. Due to these increased collections in the third quarter, the company paid $2.8 million into its perpetual care and merchandise trust funds in the fourth quarter, with the corresponding cash receipt realized in the third quarter.

Acquisitions

During 2006, StoneMor Partners L.P. completed an acquisition of 23 cemeteries and 14 funeral homes for approximately $7 million in cash and $5.9 million in partnership units. Primarily as a result of anticipated acquisition results, the company was able to increase its quarterly distribution per unit from $0.49 to $0.50, which was paid in February 2006. The company believes that the operations of these properties and acquisition of additional properties will enable it to continue increasing unit holder distributions.

Investors' Conference Call

An investors' conference call to review the 2006 fourth quarter and year-end results will be held on Friday, March 16, 2007, at 11:00 AM Eastern Time. The conference call can be accessed by calling (888) 662-9069. An audio replay of the conference call will be available by calling (800) 633-8284 through 1:00 PM Eastern Time on March 30, 2007. The reservation number for the audio replay is as follows: 21326647. The audio replay of the conference call will also be archived on StoneMor's website at http://stonemor.com.

Restatement

During the fourth quarter of 2006, the company determined that its computer processing system for recognizing revenue related to the installation of burial vaults lacked certain functionality. As a result, revenue (in certain situations), including burial vaults installed from storage, was not recognized.

Even though the company believes the adjustment to record these additional revenues and additional profits to be immaterial, the company has elected to restate its 2005 and third-quarter 2006 financial statements.

The impact of the restatement on the 2005 financial statements, which is disclosed in more detail in footnote 2 to the audited 2006 financial statements, follows:

                                      Consolidated Statement of Income
                                    (in thousands, except per unit data)
                                  As Previously
                                    Reported     Adjustment    As Restated
                                  ------------- ------------- -------------
Year ended December 31, 2005:

Cemetery revenues                 $      96,927 $         935 $      97,862
Cost of goods sold, merchandise           5,337           126         5,463
Selling expense                          19,878           194        20,072
Operating profit                         12,384           615        12,999
Net income                        $       4,090 $         615 $       4,705
General partners’ interest in net
 income for the period                       82            12            94
Limited partners’ interest in net
 income for the period, common            2,015           303         2,318
Limited partners’ interest in net
 income for the period,
 subordinated                             1,993           300         2,293
Net income per limited partner
 (common) unit (basic and
 diluted)                         $        0.47 $        0.07 $        0.54


Nine months ended September 30,
 2006:

Cemetery revenues                 $      78,025 $         121 $      78,146
Cost of goods sold, merchandise           4,146             2         4,148
Selling expense                          16,689             2        16,691
Operating profit                          9,546           117         9,663
Net income                        $       3,080 $         117 $       3,197
General partners’ interest in net
 income for the period                       62             2            64
Limited partners’ interest in net
 income for the period, common            1,558            59         1,618
Limited partners’ interest in net
 income for the period,
 subordinated                             1,460            55         1,515
Net income per limited partner
 (common) unit (basic and
 diluted)                         $        0.34 $        0.01 $        0.36



                                        Consolidated Balance Sheet
                                              (in thousands)
                                  As Previously
                                    Reported     Adjustment    As Restated
                                  ------------- ------------  -------------
At December 31, 2005:

Deferred selling and obtaining
 costs                            $      30,554  $      (194) $      30,360
Total assets                            550,835         (194)       550,641
Deferred cemetery revenues, net         167,844         (809)       167,035
Total liabilities                       305,131         (809)       304,322
General partners' equity                  1,537           12          1,549
Limited partners' equity, common         72,750          303         73,053
Limited partners' equity,
 subordinated                            34,698          300         34,998
Total liabilities and partners
 equity                           $     550,835  $      (194) $     550,641


At September 30, 2006:

Deferred selling and obtaining
 costs                            $      33,082  $      (196) $      32,886
Total assets                            615,915         (196)       615,719
Deferred cemetery revenues, net         191,396         (928)       190,468
Total liabilities                       349,088         (928)       348,160
General partners' equity                  1,461           15          1,476
Limited partners' equity, common         73,693          362         74,055
Limited partners' equity,
 subordinated                            30,077          355         30,432
Total liabilities and partners
 equity                           $     615,915  $      (196) $     615,719



                                     Consolidated Statement of Cash Flow
                                               (in thousands)
                                  As Previously
                                    Reported     Adjustment   As Restated
                                  ------------- ------------  -------------
Year ended December 31, 2005:

Operating activities
     Net Income                   $       4,090 $        615  $       4,705
     Deferred cemetery revenue
      and deferred
      selling and obtaining costs         3,977         (615)         3,362
Net cash provided in operating
 activities                              17,589          ---         17,589


Nine months ended September 30,
 2006:

Operating activities
     Net Income                   $       3,080 $        117  $       3,197
     Deferred cemetery revenue
      and deferred selling
      and obtaining costs                 6,619         (117)         6,502
  Net cash provided in operating
   activities                            16,443          ---         16,443
About StoneMor Partners L.P.

StoneMor Partners L.P., headquartered in Bristol, Pennsylvania, is an owner and operator of cemeteries in the United States, with 177 cemeteries and 27 funeral homes in 21 states. StoneMor is the only publicly traded deathcare company focused almost exclusively on cemeteries and is the only publicly held deathcare company structured as a master limited partnership. StoneMor's cemetery products and services, which are sold on both a pre-need (before death) and at-need (at death) basis, include: burial lots, lawn and mausoleum crypts, burial vaults, caskets, memorials, and all services which provide for the installation of this merchandise.

For additional information about StoneMor Partners L.P., please visit StoneMor's website, and the Investor Relations section, at http://stonemor.com.

Forward-looking Statements

Certain statements contained in this press release, including, but not limited to, information regarding the status and progress of StoneMor's operating activities, the plans and objectives of StoneMor's management, assumptions regarding StoneMor's future performance and plans, and any financial guidance provided, as well as certain information in other filings with the SEC and elsewhere, are forward-looking statements within the meaning of Section 27A(i) of the Securities Act of 1933 and Section 21E(i) of the Securities Exchange Act of 1934. The words "believe," "may," "will," "estimate," "continues," "anticipate," "intend," "project," "expect," "anticipate," "predict," and similar expressions identify these forward-looking statements. These forward-looking statements are made subject to certain risks and uncertainties that could cause actual results to differ materially from those stated, including, but not limited to, the following: uncertainties associated with future revenue and revenue growth; the impact of StoneMor's significant leverage on its operating plans; the ability of StoneMor to service its debt; StoneMor's ability to attract, train, and retain an adequate number of sales people; uncertainties associated with the volume and timing of pre-need sales of cemetery services and products; variances in death rates; variances in the use of cremation; changes in the political or regulatory environments, including potential changes in tax accounting and trusting policies; StoneMor's ability to successfully implement a strategic plan relating to producing operating improvement, strong cash flows and further deleveraging; uncertainties associated with the integration or the anticipated benefits of the acquisition of assets from Service Corporation International, disclosed within this press release; and various other uncertainties associated with the deathcare industry and StoneMor's operations in particular.

When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements set forth in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q filed with the SEC. We assume no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by us, whether as a result of new information, future events or otherwise.

                          StoneMor Partners L.P.
                        Consolidated Balance Sheets
                              (in thousands)


                                              December 31,   December 31,
                                                  2005           2006
                                              -------------- --------------
                                              (as restated,
                                               see Note 2)

ASSETS
CURRENT ASSETS:
   Cash and cash equivalents                  $        6,925 $        9,914
   Accounts receivable, net of allowance              29,991         22,968
   Prepaid expenses                                    2,420          2,801
   Other current assets                                1,316          2,535
                                              -------------- --------------
     Total current assets                             40,652         38,218

LONG-TERM ACCOUNTS RECEIVABLE - net of
 allowance                                            33,672         36,878
CEMETERY PROPERTY                                    164,772        171,714
PROPERTY AND EQUIPMENT, net                           27,091         29,027
MERCHANDISE TRUSTS, restricted, at fair value        113,432        147,788
PERPETUAL CARE TRUSTS, restricted, at fair
 value                                               136,719        168,631
DEFERRED FINANCING COSTS - net of accumulated
 amortization                                          1,985          1,242
DEFERRED SELLING AND OBTAINING COSTS                  30,360         33,478
OTHER ASSETS                                           1,958             50
                                              -------------- --------------
TOTAL ASSETS                                  $      550,641 $      627,026
                                              ============== ==============

LIABILITIES and PARTNERS' EQUITY
CURRENT LIABILITIES:
   Accounts payable and accrued liabilities   $        7,461 $       11,345
   Accrued interest                                      260            361
   Current portion, long-term debt                       641          1,388
                                              -------------- --------------
     Total current liabilities                         8,362         13,094

LONG-TERM DEBT                                        86,304        102,104
DEFERRED CEMETERY REVENUES, net                      167,035        196,103
MERCHANDISE LIABILITY                                 42,621         45,805
                                              -------------- --------------
     Total liabilities                               304,322        357,106
                                              -------------- --------------

COMMITMENTS AND CONTINGENCIES
NON-CONTROLLING INTEREST IN PERPETUAL CARE
 TRUSTS                                              136,719        168,631

PARTNERS' EQUITY
   General partner                                     1,549          1,382
   Limited partners:
     Common                                           73,053         71,690
     Subordinated                                     34,998         28,217
                                              -------------- --------------
       Total partners' equity                        109,600        101,289
                                              -------------- --------------

TOTAL LIABILITIES AND PARTNERS' EQUITY        $      550,641 $      627,026
                                              ============== ==============



                          StoneMor Partners L.P.
                  Consolidated Statements of Operations
                   (in thousands, except per unit data)




                         StoneMor Partners L.P.
                             Unaudited              StoneMor Partners L.P.
                        ------------------------  -------------------------
                        Three Months Three Months
                           Ended        Ended
                          December     December   Year Ended   Year Ended
                            31,          31,      December 31, December 31,
                        -----------  -----------  ------------ ------------
                            2005         2006         2005         2006
                        -----------  -----------  ------------ ------------
                       (as restated,             (as restated,
                        see Note 2)               see Note 2)

Revenues:
   Cemetery             $    27,576  $    30,849  $     97,862 $    108,995
   Funeral home               1,136        2,414         2,798        6,118
                        -----------  -----------  ------------ ------------
     Total revenues          28,712       33,263       100,660      115,113
                        -----------  -----------  ------------ ------------

Costs and Expenses:
  Cost of goods sold
   (exclusive of
   depreciation shown
   seperately below):
     Land and crypts          1,651        1,146         5,860        5,287
     Perpetual care             481          732         2,575        3,109
     Merchandise              1,541        2,148         5,463        6,296
 Cemetery expense             5,070        6,359        20,942       24,344
 Selling expense              5,283        6,495        20,072       23,186
 General and
  administrative
  expense                     2,896        3,546        10,553       12,801
 Corporate overhead
  (including $1,212 in
  stock-based
  compensation in 2006)       5,913        7,789        16,304       19,795
 Depreciation and
  amortization                  930          913         3,510        3,501
 Funeral home expense         1,016        1,840         2,382        4,836
                        -----------  -----------  ------------ ------------
    Total cost and
     expenses                24,781       30,968        87,661      103,155
                        -----------  -----------  ------------ ------------

OPERATING PROFIT              3,931        2,295        12,999       11,958

EXPENSE RELATED TO
 REFINANCING                      -            -             -            -

INTEREST EXPENSE              1,657        2,116         6,457        7,491
                        -----------  -----------  ------------ ------------

INCOME / (LOSS) BEFORE
 INCOME TAXES                 2,274          179         6,542        4,467

INCOME TAXES (BENEFIT):
   State                        (33)          53           587          438
   Federal                      892          283         1,250          989
                        -----------  -----------  ------------ ------------
     Total income taxes
      (benefit)                 859          336         1,837        1,427
                        -----------  -----------  ------------ ------------

NET INCOME (LOSS)       $     1,415  $      (157) $      4,705 $      3,040
                        ===========  ===========  ============ ============


Supplemental
 Information:
General partner's
 interest in net income
 for the period         $        29  $        (4) $         94 $         61

Limited partners'
 interest in net income
 for the period
   Common               $       707  $       (78) $      2,318 $      1,538
   Subordinated         $       682  $       (74) $      2,293 $      1,441

Net income per limited
 partner (common) unit
 (basic
 and diluted)           $       .16  $      (.02) $        .54 $        .34

Weighted average number
 of limited partners'
 units outstanding
 (basic and diluted)          8,844        8,760         8,526        8,760



                          StoneMor Partners L.P.
                  Consolidated Statements of Cash Flows
                              (in thousands)


                         StoneMor Partners L.P.
                                Unaudited          StoneMor Partners L.P.
                        ------------------------  ------------------------
                        Three Months Three Months
                           Ended        Ended     Year Ended   Year Ended
                          December     December     December     December
                            31,          31,          31,          31,
                        -----------  -----------  -----------  -----------
                            2005         2006         2005         2006
                        -----------  -----------  -----------  -----------
                       (as restated,             (as restated,
                        see Note 2)               see Note 2)

OPERATING ACTIVITIES:
  Net Income (Loss)     $     1,415  $      (157) $     4,705  $     3,040
  Adjustments to
   reconcile net loss
   to net cash (used
   in) provided by
   operating
   activities:
    Cost of lots sold         1,418        1,347        4,274        4,605
    Depreciation and
     amortization               930          913        3,510        3,501
    Stock-based
     compensation                 -        1,212            -        1,212
    Deferred income tax
     (benefit)                 (459)           -            -            -
    Other non cash                -           77            -          453
    Changes in assets
     and liabilities
     that provided
     (used) cash:
      Accounts
       receivable            (1,886)      (3,838)      (1,565)       5,990
      Allowance for
       doubtful accounts          -          725            -        1,225
      Merchandise trusts      3,735       (2,098)      10,473       (3,517)
      Prepaid expenses          224          198         (642)        (385)
      Other current
       assets                   202         (214)         (54)      (1,299)
      Other assets             (266)         919         (274)         862
      Accounts payable
       and accrued and
       other liabilities      2,782        4,475        1,024        2,720
      Deferred cemetery
       revenue and
       deferred selling
       and obtaining
       costs                   (237)       1,539        3,362        8,041
      Merchandise
       liability             (1,875)      (3,202)      (7,224)      (8,109)
                        -----------  -----------  -----------  -----------
        Net cash
         provided
         by operating
         activities           5,983        1,896       17,589       18,339
                        -----------  -----------  -----------  -----------
INVESTING ACTIVITIES:
   Costs associated
    with potential
    acquisitions              1,563         (199)        (143)        (219)
   Additions to
    cemetery property          (763)        (478)      (2,850)      (3,398)
   Purchase of
    subsidiaries, net
    of common units
    issued                  (10,101)      (1,826)     (10,101)     (11,040)
   Divestiture of
    Funeral Home                  -            -            -        2,091
   Acquisitions of
    property and
    equipment                  (349)        (281)      (2,192)      (2,059)
                        -----------  -----------  -----------  -----------
      Net cash used in
       investing
       activities            (9,650)      (2,784)     (15,286)     (14,625)
                        -----------  -----------  -----------  -----------
FINANCING ACTIVITIES:
   Cash distribution         (4,001)      (4,518)     (16,442)     (17,346)
   Additional
    borrowings on
    long-term debt            5,648        1,298        8,048       17,522
   Repayments of
    long-term debt           (1,400)        (360)      (1,400)      (1,021)
   Sale of limited
    partner units               120            -          120          120
   Purchase of CFSI LLC
    common units                  -            -            -            -
   Cost of financing
    activities                    -            -         (178)           -
                        -----------  -----------  -----------  -----------
      Net cash provided
       by (used in)
       financing
       activities               367       (3,580)      (9,852)        (725)
                        -----------  -----------  -----------  -----------
NET INCREASE (DECREASE)
 IN CASH AND CASH
 EQUIVALENTS                 (3,300)      (4,468)      (7,549)       2,989
CASH AND CASH
 EQUIVALENTS -
 Beginning of period         10,225       14,382       14,474        6,925
                        -----------  -----------  -----------  -----------
CASH AND CASH
 EQUIVALENTS - End of
 period                 $     6,925  $     9,914  $     6,925  $     9,914
                        ===========  ===========  ===========  ===========

SUPPLEMENTAL DISCLOSURE
 OF CASH FLOW
 INFORMATION
   Cash paid during the
    period for interest $     1,619  $     2,060  $     6,354  $     7,390
                        ===========  ===========  ===========  ===========
   Cash paid during the
    period for income
    taxes               $        98  $      (527) $     1,068  $     2,508
                        ===========  ===========  ===========  ===========
NON-CASH INVESTING AND
 FINANCING ACTIVITIES
  Issuance of limited
   partner units to
   fund cemetery
   acquisition          $     5,900  $         -  $     5,900  $     5,875
                        ===========  ===========  ===========  ===========
Non-GAAP Financial Measures

Distributable Free Cash Flow

We present distributable free cash flow because management believes this information is a useful adjunct to net cash provided by operating activities under GAAP. Distributable free cash flow is a significant liquidity metric that we believe is an indicator of our ability to generate cash flow during any quarter at a level sufficient to pay the minimum quarterly cash distribution to the holders of our common units and subordinated units and for other purposes such as repaying debt and expanding through strategic investments.

Distributable free cash flow is similar to quantitative standards of free cash flow used throughout the deathcare industry and to quantitative standards of distributable cash flow used throughout the investment community with respect to publicly traded partnerships, but is not intended to be a prediction of the future. However, our calculation of distributable free cash flow may not be consistent with calculations of free cash flow, distributable cash flow or other similarly titled measures of other companies. Distributable free cash flow is not a measure of financial performance and should not be considered as an alternative to cash flows from operating, investing, or financing activities.

Contact Information

  • Contact:
    Tim Yost
    215-826-2800