Carriage Services Announces First Quarter 20...(.9% in the 2009 first quarter compared t...),Health

SHARE REPURCHASE PROGRAM

During November 2008 the Board of Directors approved a new $5.0 million share repurchase plan. During the first quarter of 2009, we purchased 349,390 shares of common stock at an average cost per share of $2.07. Through April 30, 2009, we had repurchased a total of 893,929 shares of common stock at an average cost per share of $2.05 under the new plan, and a cumulative total of 2,341,398 shares at an average cost of $3.01 per share under both repurchase plans during the last twelve months.

Cash FloW

We had negative Free Cash Flow (defined as cash flow from continuing operations less maintenance capital expenditures) of $1.2 million during the first quarter of 2009 compared to positive Free Cash Flow of $2.1 million for the corresponding 2008 period. It is common for Free Cash Flow to be low in the first quarter of a year because we pay our semiannual cash interest payment of $5.1 million on our senior notes in the first quarter. Additionally, cash used by operations in the first quarter of 2009 includes the $3.3 million litigation settlement reported in the fourth quarter of 2008. The sources and uses of cash for the first quarter of 2009 consisted of the following (in millions):

    Cash used by operations                               $(0.6)
    Cash used for maintenance capital expenditures         (0.6)
                                                           ----
    Free Cash Flow for First Quarter of 2009              $(1.2)
    Cash and liquid investments at beginning of year        5.0
    Cash used for growth capital expenditures -
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SOURCE  Carriage Services, Inc.
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