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Carriage Services Announces Third Quarter 2008 Results
Date:11/4/2008

PURCHASE PROGRAM

During June 2008 the Board of Directors approved the repurchase of up to an aggregate of $5 million of the Company's common stock. The repurchases were executed in the open market and through privately negotiated transactions. Through September 30, 2008, the Company repurchased 854,700 shares of common stock at an aggregate cost of $3,381,631 and an average cost per share of $3.93. During October 2008 Carriage completed its $5.0 million repurchase program by acquiring an additional 492,769 shares for a total of 1,347,469 shares of common stock and an average cost per share of $3.68.

OVERHEAD

Total overhead increased $0.3 million to $5.8 million as the Company experienced an increase in legal costs and termination costs in the quarter of $0.2 million each.

CASH FLOW

Carriage experienced negative free cash flow (defined as cash flow from continuing operations less maintenance capital expenditures) of $1.0 million during the third quarter of 2008 compared to negative free cash flow of $3.3 million during the same period in 2007. In addition to being seasonally the lowest quarter for deaths, the semiannual interest payments on the Senior debt of $5.1 million are payable in the third quarter. The elements of Cash Flow for the first nine months of 2008 consisted of the following (in millions):

Cash flow from continuing operations $12.1

Cash used for maintenance capital expenditures (4.6)

Free Cash Flow for first nine months of 2008 7.5

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 (2.4)

Cash used for growth capital expenditures - cemeteries (2.6)

Financing activities, primarily share repurchases
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SOURCE Carriage Services, Inc.
Copyright©2008 PR Newswire.
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