Stewart Enterprises Reports Results for the Third Fiscal Quarter of 2009
Stewart Enterprises, Inc.
(Nasdaq:STEI) reported today its results for the fiscal quarter ended July 31,
2009. The Company reported net earnings for the quarter ended July 31, 2009 of
$10.8 million, or $.12 per diluted share, compared to net earnings of $9.1
million, or $.10 per diluted share, for the quarter ended July 31, 2008.
The results for the quarter included an $8.5 million net gain on early
extinguishment of debt ($5.4 million after tax, or $.06 per diluted share)
related to the Company’s purchase of $35.7 million aggregate principal amount of
its senior convertible notes in the open market during the quarter. After
adjusting net earnings for the note purchases and several other unusual items in
the third quarter of 2009, the Company reported adjusted earnings of $4.3
million, or $.05 per diluted share, for the quarter ended July 31, 2009,
compared to adjusted earnings of $9.3 million, or $.10 per diluted share, for
the quarter ended July 31, 2008. See table under “Reconciliation of Non-GAAP
Financial Measures” for further information on adjusted diluted earnings per
share, adjusted net earnings and free cash flow.
Thomas J. Crawford, President and Chief Executive Officer, stated, “While we
can’t control the economy or the number of deaths in our markets, we can control
our costs, continue to prudently invest for the long-term and take strong
actions to effectively manage our cash, liquidity and tax planning strategies.
We have done that in the third quarter and increased both our earnings and cash
flow over the prior year. Some of the highlights for the quarter include:
