Funeral Industry News

Stewart Enterprises Reports Results for the Third Fiscal Quarter of 2009

September 11, 2009

Ryan Thogmartin is the CEO of DISRUPT Media | Follower of Christ | Husband | Father | Entrepreneur | Host of #DISRUPTu! and #FUNERALnationtv | Lover of Skittles DISRUPT Media is a social media content agency that focuses on storytelling for funeral companies. We use real stories to build creative strategies that achieve actual business goals.


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:

Read Full Article Here