StoneMor Complete $25 Million Purchase of Lohman Funeral Homes and Cemeteries
Article from: MSNBC
LEVITTOWN, Pa., Aug. 1, 2012 (GLOBE NEWSWIRE) — StoneMor Partners L.P. (NYSE:STON) announced today that, on July 31, 2012, it completed the previously announced acquisition of 8 funeral homes, 4 cemeteries, and 2 cremation related facilities in Florida from Lohman Funeral Homes, Cemeteries & Cremation for an aggregate purchase price of $25 million paid as a combination of cash and equity. Founded in 1997, Lohman Funeral Homes, Cemeteries & Cremation is the largest family owned funeral home and cemetery operator in Florida. Lohman family members will continue to manage these facilities, including Nancy R. Lohman, President-Elect of the International Cemetery, Cremation and Funeral Association.
Speaking of the closing, StoneMor’s CEO Larry Miller said, “We’re pleased to see the Lohman transaction completed. This acquisition not only provides us with a top notch operator, but it also gives us a vital presence in Florida where we can now be in an even better position to evaluate other Florida-based acquisition candidates, as they present themselves. We look forward to Lohman facilities’ contributions to StoneMor’s continued growth.”
About StoneMor Partners L.P.
StoneMor Partners L.P., headquartered in Levittown, Pennsylvania, is an owner and operator of cemeteries and funeral homes in the United States, with 276 cemeteries and 85 funeral homes in 28 states and Puerto Rico. StoneMor is the only publicly traded deathcare company structured as a 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 .
Certain statements contained in this press release, including, but not limited to, information regarding the status and progress of our operating activities, the plans and objectives of our management, assumptions regarding our 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 of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “project,” “expect,” “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 effect of the current economic downturn; the impact of our significant leverage on our operating plans; our ability to service our debt and pay distributions; the decline in the fair value of certain equity and debt securities held in our trusts; our 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; increased use of cremation; changes in the death rate; changes in the political or regulatory environments, including potential changes in tax accounting and trusting policies; our ability to successfully implement a strategic plan relating to producing operating improvements, strong cash flows and further deleveraging; our ability to successfully compete in the cemetery and funeral home industry; uncertainties associated with the integration or anticipated benefits of our recent acquisitions or any future acquisitions; our ability to complete and fund additional acquisitions; our ability to maintain effective disclosure controls and procedures and internal control over financial reporting; the effect of cybersecurity attacks due to our significant reliance on information technology; uncertainties relating to the financial condition of third-party insurance companies that fund our pre-need funeral contracts; and various other uncertainties associated with the death care industry and our 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.
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