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Carriage Services Announces Fourth Quarter 2008 Results
Date:2/26/2009

fective tax rate for the year 2008 from approximately 39.5% to 48.8%. This change in estimate was due to the lower taxable income compared to that estimated earlier in the year. The lower taxable income was due primarily to the litigation charge previously discussed. A portion ($0.5 million) of the income tax expense recorded in the fourth quarter represents the additional amount that would have been recorded during the first three quarters of 2008 had the revised rate been used.

CASH FLOW

Carriage produced Free Cash Flow (defined as cash flow from continuing operations less maintenance capital expenditures) of $5.6 million during the fourth quarter of 2008 compared to $8.0 million for the corresponding 2007 period. The sources and uses of cash for 2008 consisted of the following (in millions):


    Cash flow from continuing operations                       $19.5
    Cash used for maintenance capital expenditures              (6.0)
    Free Cash Flow for 2008                                     13.5
    Cash and liquid investments at beginning of year             3.4
    Cash flow from discontinued operations                       0.2
    Proceeds from sales of businesses                            1.0
    Cash used for growth capital expenditures - funeral homes   (3.5)
    Cash used for growth capital expenditures - cemeteries      (3.4)
    Financing activities, primarily share repurchases
     and debt reduction                                         (6.2)
    Cash at December 31, 2008                                   $5.0

SHARE REPURCHASE PROGRAM

During June 2008, the Board of Directors approved the repurchase of $5.0 million of the Company's common stock. During October 2008 Carriage completed the $5.0 million repurchase program for which it acquired a total of 1,347,469 shares of common stock and an average cost per share of $3.71.


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SOURCE Carriage Services, Inc.
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