Carriage Services, Inc. (NYSE: CSV) today announced results for the third quarter ended September 30, 2009. Financial highlights from continuing operations for the third quarter of 2009 compared to the third quarter of 2008 were as follows:
Third Quarter Selected Financial Results: (amounts in millions, except per share amounts)
Change
—————–
Q3 2008(1) Q3 2009 Amount Percent
———- ——- ——- ——-
Total Revenues $43.2 $42.2 ($1.0) (2.4%)
Consolidated EBITDA $8.4 $8.7 $0.3 4.3%
Consolidated EBITDA Margin 19.4% 20.7% 130bp 6.7%
Net Income $0.6 $0.9 $0.3 50%
Diluted Earnings per Share $0.03 $0.05 $0.02 67%
(1) For comparability purposes, Q3 2008 is adjusted to exclude special
charges totaling $0.8 million
HIGHLIGHTS
Melvin C. Payne, Chairman and Chief Executive Officer, stated, “Given a weak revenue environment, third quarter results were satisfactory primarily because we achieved EPS of $0.05 versus $0.03 on a comparable basis and $0.01 on a GAAP basis last year. Despite the lower funeral volumes and challenging economic conditions, our expense management across all areas of our business has continued to be excellent. The cost control theme was evident in the third quarter of 2009 as we reduced field level expenses by $1.4 million, more than offsetting the $1.0 million reduction in revenue and resulting in an increase of 160 basis points in Total Field EBITDA Margin to 32.2% in the quarter compared to 30.6% last year. As we enter the more seasonably high revenue period, we are well positioned to finish strong in the fourth quarter and to get off to a good start in 2010,” concluded Payne.
TREND REPORTING
Management monitors consolidated same store and acquisition field operating and financial results both on a five year and most recent rolling four quarters basis (“Trend Reports”) to reflect long term and short term trends and seasonality. “Acquisition” is defined as businesses acquired since January 2005 (date of refinancing the Senior Notes). The Trend Reports highlight trends in volumes, revenues, Field EBITDA (controllable profit), Field EBITDA Margin (controllable profit margin) and the components of overhead. Trend reporting allows management to focus on the key operational and financial drivers relevant to the longer term performance and valuation of the Company’s portfolio of deathcare businesses. Please review the table below and visit the Investor Relations homepage of Carriage Services’ web site at www.carriageservices.com for a link to the consolidated Annual and Quarterly Trend Reports.
For full report please visit: www.carriageservices.com
SOURCE: Carriage Services, Inc.
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