Carriage Services Announces First Quarter 20...(tion of the contracts qualified for reve...),Health

Date:5/6/2009

tion of the contracts qualified for revenue recognition. Cemetery Financial Revenue from trust funds and finance charges was flat at $1.1 million, as earnings from our cemetery trust funds increased from the improvements to the investment allocations since last year, but were offset by lower finance charges on the preneed receivables. Total Cemetery Same Store Revenue increased $1.0 million or 12.1% in the first quarter of 2009 to $9.4 million compared to $8.4 million in 2008. Same Store Cemetery Field EBITDA increased by $360,000 or 16.6% for the first quarter and resulted in a 100 basis point increase in Field EBITDA Margin to 26.8%.

In order to increase revenues from preneed property sales, we began an initiative in the third quarter of 2008 to increase both the quantity and quality of the cemetery sales counselors at our major parks and subsequently reached our minimum headcount target at the end of January 2009. The combination of more and better preneed sales counselors and greater inventory, largely constructed or acquired in 2008, resulted in higher preneed cemetery sales activity levels in this quarter compared to the first quarter of 2008. In fact, preneed property sales increased each month sequentially starting from November 2008 and continuing through the first quarter of 2009.

Overhead

Total Overhead increased $275,000 to $5.1 million in the first quarter of 2009 from $4.9 million in the first quarter of 2008 due primarily to higher legal fees and preneed administration costs. Total Overhead declined $633,000 sequentially from the fourth quarter of 2008 as costs in almost all departments in the home office trended down.

AdJUSTED CONSOLIDATED EBITDA

Consolidated EBITDA in the first quarter of 2009 was $11.4 million compared to Adjusted Consolidated EBITDA of $13.4 million in the same quarter of 2008. Adjusted Consolidated EBITDA Margin declined to 24
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SOURCE Carriage Services, Inc. Copyright©2009 PR Newswire. All rights reserved

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