Company has completed its share repurchase program
HOUSTON, Nov. 4 /PRNewswire-FirstCall/ -- Carriage Services, Inc.
(NYSE: CSV) today announced results for the third quarter ended September
30, 2008. Highlights from continuing operations for the third quarter of
2008 compared to the third quarter of 2007 were as follows:
Third Quarter Selected Financial Results
(amounts in millions, except per share amounts)
Q3 Q3
2007 2008 Change
Total Revenues $40.4 $43.2 $2.8
Consolidated EBITDA $8.1 $7.4 $ (0.7)
Diluted Earnings per Share $0.04 $0.01 $ (0.03)
THIRD QUARTER HIGHLIGHTS
Melvin C. Payne, Chairman and Chief Executive Officer, stated, "Net income from continuing operations was $158,000, or $0.01 diluted earnings per share, compared to $703,000, or $0.04 diluted earnings per share, in the third quarter of 2007. While revenues for our third quarter increased as a result of increases in both volumes and average revenue per contract, we experienced a decline in Consolidated EBITDA, Consolidated EBITDA Margin and Net Income due to higher costs and expenses.
"Consolidated EBITDA Margin was 17.1% compared to 20% in the third
quarter last year, largely due to higher self-insurance costs, labor costs
and bad debt expense. We are diligently working to lower our costs as well
as improve the leadership and sales staff at several of our cemeteries to
drive good quality sales and increase margins."
UNAUDITED INCOME STATEMENT FROM CONTINUING OPERATIONS
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