Navigation Links
Carriage Services Announces Third Quarter 2009 Results
Date:10/28/2009

HOUSTON, Oct. 28 /PRNewswire-FirstCall/ -- Carriage Services, Inc. (NYSE: CSV) today announced results for the third quarter ended September 30, 2009. Financial highlights from continuing operations for the third quarter of 2009 compared to the third quarter of 2008 were as follows:

    Third Quarter Selected Financial Results
    (amounts in millions, except per share amounts)

                                                              Change
                                                         -----------------
                                Q3 2008(1)   Q3 2009      Amount   Percent
                                ----------   -------     -------   -------
    Total Revenues                  $43.2      $42.2      ($1.0)    (2.4%)
    Consolidated EBITDA              $8.4       $8.7       $0.3      4.3%
    Consolidated EBITDA Margin       19.4%      20.7%       130bp    6.7%
    Net Income                       $0.6       $0.9       $0.3       50%
    Diluted Earnings per Share      $0.03      $0.05      $0.02       67%

    (1) For comparability purposes, Q3 2008 is adjusted to exclude special
        charges totaling $0.8 million

HIGHLIGHTS

Melvin C. Payne, Chairman and Chief Executive Officer, stated, "Given a weak revenue environment, third quarter results were satisfactory primarily because we achieved EPS of $0.05 versus $0.03 on a comparable basis and $0.01 on a GAAP basis last year. Despite the lower funeral volumes and challenging economic conditions, our expense management across all areas of our business has continued to be excellent. The cost control theme was evident in the third quarter of 2009 as we reduced field level expenses by $1.4 million, more than offsetting the $1.0 million reduction in revenue and resulting in an increase of 160 basis points in Total Field EBITDA Margin to 32.2% in the quarter compared to 30.6% last year. As we enter the more seasonably high revenue period, we are well positioned to finish strong in the fourth quarter and to get off to a good start in 2010," concluded Payne.

TREND REPORTING

Management monitors consolidated same store and acquisition field operating and financial results both on a five year and most recent rolling four quarters basis ("Trend Reports") to reflect long term and short term trends and seasonality. "Acquisition" is defined as businesses acquired since January 2005 (date of refinancing the Senior Notes). The Trend Reports highlight trends in volumes, revenues, Field EBITDA (controllable profit), Field EBITDA Margin (controllable profit margin) and the components of overhead. Trend reporting allows management to focus on the key operational and financial drivers relevant to the longer term performance and valuation of the Company's portfolio of deathcare businesses. Please review the table below and visit the Investor Relations homepage of Carriage Services' web site at www.carriageservices.com for a link to the consolidated Annual and Quarterly Trend Reports.

                UNAUDITED INCOME STATEMENT FROM CONTINUING OPERATIONS
                         Period Ended September 30, 2009
                                   ($000's)

                  Three Months    Three Months     Nine Months    Nine Months
                     Ended           Ended           Ended           Ended
                   September 30,   September 30,  September 30,  September 30,
                      2008            2009            2008            2009
                  --------------  --------------  -------------  -------------
    CONTINUING
     OPERATIONS

    Same Store
     Contracts
      Atneed Contracts  3,994           3,795          12,737          11,888
      Preneed
       Contracts          922             861           3,055           2,830
                   ----------      ----------      ----------      ----------
        Total Same
         Store
         Funeral
         Contracts      4,916           4,656          15,792          14,718
                   ----------      ----------      ----------      ----------
    Acquisition
     Contracts
      Atneed Contracts    671             663           2,194           2,075
      Preneed
       Contracts          187             225             656             687
      New Store
       Openings           190             187             632             631
                   ----------      ----------      ----------      ----------

    Total Funeral
     Contracts          5,964           5,731          19,274          18,111
                   ==========      ==========      ==========      ==========

    Funeral Revenue
      Same Store
       Funeral
       Operations
       Revenue        $26,657         $25,912          84,685          82,186
      Preneed
       Commission
       and Other
       Revenue            626             483           2,053           1,573
                   ----------      ----------      ----------      ----------
          Total
           Funeral
           Same
           Store
           Revenue     27,283          26,395          86,738          83,759
       Acquired
        Funeral
        Operations
        Revenue         4,313           4,185          14,026          13,457
                   ----------      ----------      ----------      ----------
          Total
           Funeral
           Home
           Revenue     31,596          30,580         100,764          97,216
    Cemetery Revenue
      Same Store
       Cemetery
       Operations
       Revenue          8,898           8,881          24,478          27,218
      Same Store
       Cemetery
       Financial
       Revenue          1,020             886           3,028           2,820
                   ----------      ----------      ----------      ----------
          Total
           Cemetery
           Same Store
           Revenue      9,918           9,767          27,506          30,038
      Acquired
       Cemetery
       Operations
       Revenue          1,628           1,532           4,632           4,801
      Acquired
       Cemetery
       Financial
       Revenue             70             288             190             465
                   ----------      ----------      ----------      ----------
          Total
           Cemetery
           Acquisition
           Revenue      1,698           1,820           4,822           5,266
                   ----------      ----------      ----------      ----------
          Total
           Cemetery
           Revenue     11,616          11,587          32,328          35,304
                   ----------      ----------      ----------      ----------
    Total Revenue
     from
     Continuing
     Operations       $43,212         $42,167        $133,092        $132,520
                   ==========      ==========      ==========      ==========

    Field EBITDA
     from
     Continuing
     Operations
      Same Store
       Funeral Field
       EBITDA          $8,807          $9,218          31,586          30,970
      Same Store
       Funeral Field
       EBITDA Margin     32.3%           34.9%           36.4%           37.0%

      Acquired
       Funeral Field
       EBITDA           1,259           1,171           4,353           4,302
      Acquired Funeral
       Field EBITDA
       Margin            29.2%           28.0%           31.0%           32.0%
                   ----------      ----------      ----------      ----------

          Total
           Funeral
           Field
           EBITDA      10,066          10,389          35,939          35,272
          Total
           Funeral
           Field
           EBITDA
           Margin        31.9%           34.0%           35.7%           36.3%

      Same Store
       Cemetery Field
       EBITDA           2,594           2,711           7,072           8,832
      Same Store
       Cemetery
       Field EBITDA
       Margin            26.2%           27.8%           25.7%           29.4%

      Acquired
       Cemetery Field
       EBITDA             546             490           1,641           1,579
      Acquired
       Cemetery
       Field EBITDA
       Margin            32.2%           26.9%           34.0%           30.0%
                   ----------      ----------      ----------      ----------

          Total
           Cemetery
           Field
           EBITDA       3,140           3,201           8,713          10,411
          Total
           Cemetery
           Field
           EBITDA
           Margin        27.0%           27.6%           27.0%           29.5%
                   ----------      ----------      ----------      ----------

    Total Field
     EBITDA from
     Continuing
     Operations        13,206          13,590          44,652          45,683
    Total Field
     EBITDA Margin
     from
     Continuing
     Operations          30.6%           32.2%           33.5%           34.5%

    Overhead
      Total Variable
       Overhead           547             784           1,954           2,267
      Total Regional
       Fixed Overhead     831             726           2,497           2,197
      Total Corporate
       Fixed Overhead   3,463           3,355           9,898          10,143
                   ----------      ----------      ----------      ----------
    Total Overhead      4,841           4,865          14,349          14,607
                         11.2%           11.5%           10.8%           11.0%
                   ----------      ----------      ----------      ----------
    Adjusted
     Consolidated
     EBITDA from
     Continuing
     Operations        $8,365          $8,725         $30,303         $31,076
                   ----------      ----------      ----------      ----------
    Adjusted
     Consolidated
     EBITDA Margin
     from
     Continuing
     Operations          19.4%           20.7%           22.8%           23.5%

    Special Charges
    Litigation
     Related Legal
    Costs                 474               -           1,397               -
    Termination
     Expenses             269               -             969               -
    Other Special
     Charges               61               -             254               -
                   ----------      ----------      ----------      ----------
    Sum of Special
     Charges              804               -           2,620               -

    Consolidated
     EBITDA from
     Continuing
     Operations         7,561           8,725          27,683          31,076
                         17.5%           20.7%           20.8%           23.5%

    Property
     Depreciation &
     Amortization       2,670           2,441           7,744           7,840
    Restricted
     Stock
     Amortization         188             241             749             783
    Interest Expense    4,525           4,598          13,701          13,857
    Interest
     (Income) and
     Other                (83)             (1)           (224)           (224)
                   ----------      ----------      ----------      ----------
    Pretax Income         261           1,446           5,713           8,820

    Income tax            103             586           2,256           3,572
                   ----------      ----------      ----------      ----------
    Net income from
     Continuing
     Operations          $158            $860          $3,457          $5,248
                   ==========      ==========      ==========      ==========
                          0.4%            2.0%            2.6%            4.0%

    Diluted EPS from
     Continuing
     Operations         $0.01           $0.05           $0.18           $0.29
    Diluted EPS from
     Continuing
     Operations
     Excluding
     Special Charges    $0.03           $0.05           $0.26           $0.29
    Diluted
     Shares
     Outstanding   19,564,759      17,599,792      19,725,156      17,821,788

CONSOLIDATED RESULTS

Total revenue for the third quarter of 2009 was $42.2 million compared to $43.2 million in last year's third quarter. Carriage earned $0.05 for the third quarter compared to $0.01 per diluted share on a GAAP basis in the same period last year. Consolidated EBITDA in the third quarter increased 4.3% to $8.7 million versus adjusted consolidated EBITDA of $8.4 million in last year's third quarter. Consolidated EBITDA Margin increased in the third quarter of this year by 130 basis points to 20.7% compared to adjusted Consolidated EBITDA Margin of 19.4% in the third quarter last year. Adjusted 2008 Consolidated EBITDA excludes litigation costs, termination charges, and other costs that were nonrecurring.

For the nine months ended September 30, 2009, total revenue was essentially flat at $132.5 million compared to $133.0 million. First nine months 2009 diluted earnings per share was $0.29 compared to diluted earnings per share from continuing operations of $0.18 on a GAAP basis in the same period last year. Excluding special charges in the first nine months of 2008, adjusted diluted earnings per share from continuing operations was $0.26. First nine months 2009 Consolidated EBITDA was $31.1 million and Consolidated EBITDA Margin was 23.5% compared to 2008 adjusted Consolidated EBITDA of $30.3 million and adjusted Consolidated EBITDA Margin of 22.8%.

FUNERAL OPERATIONS

Third quarter Funeral Revenue decreased $1.0 million, or 3.2%, to $30.6 million as the number of contracts declined 3.9% and the average revenue per contract increased 1.1%. The cremation rate for the third quarter of 2009 increased by 2.8 percentage points to 42.6% compared to 39.8% for the third quarter last year. A recent initiative implemented in the third quarter of 2008 to increase the average revenue per cremation contract, largely by converting direct cremations to cremations with services, continues to gain traction and helped not only the cremation average but also customer satisfaction levels with cremation families. As a result of this continuing initiative, which includes new training and new merchandise options for client families, the average revenue per cremation contract in the current quarter increased 6.0% from the third quarter of 2008. Cremations with services have risen from 35% of total cremation contracts in the third quarter of 2008 to 42% for the third quarter of 2009.

Funeral Field EBITDA increased 3.2% to $10.4 million compared to the third quarter of 2008, while the related Field EBITDA Margin increased 210 basis points to 34.0% from 31.9%. The year over year improvement in Funeral Field EBITDA and Funeral Field EBITDA Margin was substantially due to the ability of our Managing Partners to reduce operating costs across almost all expense categories in the current weak revenue environment.

For the nine months ended September 30, 2009, total funeral revenue was $97.2 million, just slightly lower year over year. The number of contracts has decreased by 1,163, or 6% compared to the first nine months of 2008, while total Funeral Field EBITDA declined by only 1.8% to $35.3 million and total Funeral Field EBITDA Margin increased 60 basis points to 36.3% because of excellent cost management.

CEMETERY OPERATIONS

Cemetery Revenue totaled $11.6 million in the third quarter of 2009, essentially unchanged compared to the prior year quarter. Cemetery Field EBITDA increased 1.9% to $3.2 million, as Cemetery Field EBITDA Margin increased slightly to 27.6% from 27.0% in the prior year.

Total Cemetery Financial Revenue from trust funds and finance charges increased by approximately $0.1 million compared to the third quarter a year ago. Financial income from the perpetual care trust funds, where current earnings are recognized, increased by $0.2 million. Financial income from merchandise and services trust funds, where cumulative realized earnings are recognized at the point when the merchandise and services are provided, was essentially unchanged from the prior year.

For the nine months ended September 30, 2009 total cemetery revenue increased $3.0 million or 9.2% to $35.3 million compared to the prior year period, driven by an increase in preneed property sales of $3.6 million or 29.2%. Total Cemetery Field EBITDA increased by $1.7 million or 19.5%, as Total Cemetery Field EBITDA Margin increased 250 basis points to 29.5% from 27.0% on the strength of the increase in preneed property sales.

OVERHEAD

Total Overhead of $4.9 million in the third quarter of 2009 was roughly flat compared to the third quarter of 2008 when excluding $0.8 million in nonrecurring special charges in the 2008 period. No special or nonrecurring costs have been incurred in 2009.

SHARE REPURCHASE PROGRAM

During 2008 the Board of Directors approved plans for common stock repurchases totaling $10 million. During the third quarter of 2009 the Company repurchased 108,544 shares of common stock at an average cost per share of $3.77. Through September 30, 2009, we have repurchased a cumulative total of 2,861,897 shares at an average cost of $3.14 per share. Compared to the third quarter of 2008, $0.01 of the improvement in diluted earnings per share for the third quarter of 2009 was due to the lower share count. As of September 30, 2009, the amount available to spend in the future for share repurchases is $1.0 million.

TRUST FUND PERFORMANCE

Over the last year, Carriage has successfully repositioned the investments in its discretionary trust fund accounts by exploiting credit and illiquidity opportunities during the recent capital markets crisis. The Company believes it is well positioned to produce higher amounts of both income and capital gains from trust funds over the next few years in support of its field operations. Shown below are consolidated performance metrics for the combined trust fund portfolios (preneed funeral, cemetery merchandise and services and cemetery perpetual care) at key dates.

    ($in 000's)
                           Discretionary Accounts
                           ----------------------
               CSV Trust Funds Market Value, Income and Yield
               ----------------------------------------------
                                   Est.          Yield       Unrealized
      Date    Market Value     Annual Income    on Cost     Gain / (Loss)
      ----    ------------     -------------    -------     -------------
     9/30/08    $120,407         $3,948          2.85%       ($18,113)
    12/31/08    $101,554         $5,431          5.27%       ($25,753)
      3/9/09     $79,439         $6,611          7.16%       ($40,408)
     3/31/09     $89,249         $7,208          7.52%       ($29,217)
     6/30/09    $120,667         $7,352          7.82%         $7,014
     9/30/09    $145,776         $7,979          7.28%         28,323


    ($in 000's)
                                Total Trust Funds
                                -----------------
                    CSV Trust Funds Cost, Market Value, Gain
                    ----------------------------------------
     Date        Cost Basis        Market Value     Unrealized Gain / (Loss)
     ----        ----------        ------------     ------------------------
     9/30/08      $179,972          $160,956              ($19,016)
    12/31/08      $167,242          $138,476              ($28,766)
      3/9/09      $156,262          $112,114              ($44,148)
     3/31/09      $159,023          $126,324              ($32,699)
     6/30/09      $153,999          $158,928                $4,929
     9/30/09      $159,050          $186,646               $27,596



                      CSV Trust Funds:  Market Value Performance (Gain)
                      ------------------------------------------------
                          Discretionary
                             Accounts           Total Trust Funds
                        ------------------     ------------------
    Timeframe           Amount     Percent     Amount     Percent
    ----------          -------    -------     -------    -------
    1 year ending
     9/30/09            $25,369     21.1%      $25,690     16.0%
    9 months ending
     9/30/09            $44,222     43.5%      $48,170     34.8%
    3/9/09 to 9/30/09   $66,337     83.5%      $74,532     66.5%
    3 months ending
     9/30/09            $25,109     20.8%      $27,718     17.4%


                      CSV Trust Funds:  Market Value Performance (Gain)
                      ------------------------------------------------
                                  Equity Index Performance
                                  ------------------------
    Timeframe                     DJIA   S&P 500    NASDAQ
    ---------                     ----   -------    ------
    1 year ending 9/30/09        -10.5%    -9.2%      1.9%
    9 months ending 9/30/09       10.7%    17.0%     35.2%
    3/9/09 to 9/30/09             48.3%    56.3%     68.1%
    3 months ending 9/30/09       15.0%    15.0%     16.2%



                      CSV Trust Funds:  Portfolio Profile
                      -----------------------------------
                          9/30/2008      9/30/2009
                       --------------  --------------
                         Total Trust     Total Trust
                            Funds           Funds
                       --------------  --------------
    Asset Class           MV       %      MV      %
    -----------        --------   ---  --------  ---
    Equities            $83,325    52%  $73,443   39%
    Fixed Income        $46,563    29%  $94,971   51%
    Cash                $31,068    19%  $18,232   10%
    ----               --------   ---  --------  ---
    Total Portfolios   $160,956   100% $186,646  100%
    -----------        --------   ---  --------  ---

Management believes the financial revenue to be derived from its cemetery perpetual care trusts and the maturing contracts in its preneed funeral and cemetery trusts will increase earnings compared to prior periods, and will have an increasingly positive earnings impact in future years from maturing contracts with higher levels of accumulated income.

CASH FLOW

Carriage Services generated negative Free Cash Flow (defined as cash flow from operations less maintenance capital expenditures) of $0.7 million during the third quarter of 2009, compared to negative Free Cash Flow of $0.8 million in the third quarter of 2008. It is common for Free Cash Flow to be low in the third quarter because we pay the semiannual cash interest payment of $5.1 million on the Senior Notes in the third quarter and because seasonally the third quarter is the lowest revenue period of the year. The sources and uses of cash for the first nine months of 2009 consist of the following (in millions):

    Adjusted cash provided by operations(1)               $11.2
    Cash used for maintenance capital expenditures         (3.3)
                                                          -----
    Adjusted Free Cash Flow for First Nine Months of
     2009                                                  $7.9
    Cash at beginning of year                               5.0
    Proceeds from sales of assets                           0.1
    Cash used for growth capital expenditures -
     funeral homes                                         (0.4)
    Cash used for growth capital expenditures -
     cemeteries                                            (2.4)
    Cash used for litigation settlement                    (3.3)
    Share repurchase program                               (3.2)
    Other financing activities                             (0.4)
                                                          -----
    Cash at September 30, 2009                             $3.3
                                                          =====

    (1) Cash provided by operations excludes the $3.3 million litigation
        settlement reported in the fourth quarter of 2008 and paid in the
        first quarter of 2009.

BANK CREDIT FACILITY

The Company is in the process of amending and extending its bank credit facility with its lenders, Bank of America Merrill Lynch and Wells Fargo. The Company's current credit facility in the amount of $20 million expires in April 2010 and as of September 30, 2009 had no borrowings outstanding. The new credit facility is contemplated to be in the amount of $40 million with an accordion provision in the amount of $20 million and is expected to have a maturity date in the fourth quarter of 2012. The primary purpose of the new bank credit facility is to provide acquisition financing.

OUTLOOK

The Four Quarter Outlook ranges for the rolling four quarter period ending September 30, 2010 are intended to approximate what the Company believes will be the sustainable earning power of its portfolio of deathcare assets over the next four quarters as its three models are effectively executed. Performance drivers include funeral contract volumes, cremation mix, preneed sales, preneed maturities and deliveries, average revenue per service and overhead items. Other variables include the effective tax rate, which is currently estimated to be in the range of 39% to 41% and the estimated number of diluted shares outstanding which is currently estimated to be approximately 17.5 million and is subject to change based on changes in the share price and activity in the share repurchase plan. Though we expect to acquire businesses in the future, we have not forecast any acquisitions in the Four Quarter Outlook ending September 30, 2010, because of the uncertainty as to the timing and size of acquisitions.

    ROLLING FOUR QUARTER OUTLOOK - Period Ending September 30, 2010
    (amounts in millions, except per share amounts)

                                        Range
                                    ---------------
    Revenues                        $177.0 - $182.0
    Field EBITDA                     $62.0 - $64.5
    Field EBITDA Margin              35.0% - 35.5%
    Total Overhead                   $21.0 - $22.2

    Consolidated EBITDA              $41.0 - $42.3
    Consolidated EBITDA Margin           23.2%

    Interest                             $18.1
    Depreciation & Amortization          $12.0
    Income Taxes                      $4.3 - $4.9
    Net Income                        $6.6 - $7.3
    Diluted Earnings Per Share       $0.38 - $0.42
    Free Cash Flow                   $14.5 - $16.0

Earnings for this period are expected to increase relative to 12 months ended September 30, 2009 for the following reasons:

  • Increase in Funeral Field EBITDA with better execution of the Standards Operating Model
  • Increase in Same Store Cemetery EBITDA with higher preneed sales and lower bad debt expense
  • Higher cemetery financial revenue
  • Tighter management of overhead expenses
  • No special charges

             Long Term Outlook - Through 2013 (Base Year 2008)
    -------------------------------------------------------------------------
    Revenue growth of 6-7% annually, including acquisitions

    Consolidated EBITDA growth of 9-11% annually, including acquisitions

    Consolidated EBITDA Margin range of 23-26%

    Delever the Company relative to debt to EBITDA by increasing earnings and
     Free Cash Flow
    -------------------------------------------------------------------------


CONFERENCE CALL

Carriage Services has scheduled a conference call for tomorrow, Thursday, October 29, 2009 at 10:30 a.m. eastern time. To participate in the call, please dial 480-629-9869 at least ten minutes before the conference call begins and ask for the Carriage Services conference call. A telephonic replay of the conference call will be available through November 5, 2009 and may be accessed by dialing 303-590-3030 and using pass code 4173929#. An audio archive will also be available on the company's website at www.carriageservices.com shortly after the call and will be accessible for approximately 90 days. For more information, please contact Karen Roan at DRG&E at 713-529-6600 or email kcroan@drg-e.com.

Carriage Services is a leading provider of death care services and products. Carriage operates 134 funeral homes in 25 states and 32 cemeteries in 11 states.

USE OF NON-GAAP FINANCIAL MEASURES

This press release uses the following Non-GAAP financial measures "free cash flow" and "EBITDA". Both free cash flow and EBITDA are used by investors to value common stock. The Company considers free cash flow to be an important indicator of its ability to generate cash for acquisitions and other strategic investments. The Company has included EBITDA in this press release because it is widely used by investors to compare the Company's financial performance with the performance of other deathcare companies. The Company also uses Field EBITDA and Field EBITDA Margin to monitor and compare the financial performance of the individual funeral and cemetery field businesses. EBITDA does not give effect to the cash the Company must use to service its debt or pay its income taxes and thus does not reflect the funds actually available for capital expenditures. In addition, the Company's presentation of EBITDA may not be comparable to similarly titled measures other companies report. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported operating results or cash flow from operations or any other measure of performance as determined in accordance with GAAP.

The Company categorizes its general and administrative expenses into three categories of overhead: (1) variable overhead, (2) regional fixed overhead and (3) corporate fixed overhead. Variable overhead consists of cost and expense such as incentive compensation which will vary with profitability and legal expense unrelated to day to day operations. Regional fixed overhead and corporate fixed overhead represent the cost and expenses of regional operations leaders and the home office and will not vary as a result of profitability. Special charges are considered by management to be unusual in nature, unique and not expected to occur in the normal course of business.

FORWARD-LOOKING STATEMENTS

Certain statements made herein or elsewhere by, or on behalf of, the Company that are not historical facts are intended to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on assumptions that the Company believes are reasonable; however, many important factors, as discussed under "Forward-Looking Statements and Cautionary Statements" in the Company's Annual Report and Form 10-K for the year ended December 31, 2008, could cause the Company's results in the future to differ materially from the forward-looking statements made herein and in any other documents or oral presentations made by, or on behalf of, the Company. The Company assumes no obligation to update or publicly release any revisions to forward-looking statements made herein or any other forward-looking statements made by, or on behalf of, the Company. A copy of the Company's Form 10-K, and other Carriage Services information and news releases, are available at www.carriageservices.com.

    Contacts:  Terry Sanford, SVP & CFO
               Carriage Services, Inc.
               713-332-8400
               Ken Dennard / ksdennard@drg-e.com
               Kip Rupp / krupp@drg-e.com
               DRG&E / 713-529-6600

                             - Tables to Follow -



                             CARRIAGE SERVICES, INC.
                             Selected Financial Data
                                September 30, 2009
                                    (unaudited)

    Selected Balance Sheet Data (in 000's):      12/31/2008     9/30/2009
                                                 ----------- -------------
    Cash and short-term investments                 $5,007        $3,256
    Total Senior Debt (a)                         $137,732      $137,095
    Common shares outstanding                       17,835        17,340

    Ratios and other data
    Days sales in funeral accounts receivable         21.3          20.3
    Senior Debt to total capitalization               41.1          40.6
    Senior Debt to adjusted EBITDA from
     continuing operations
     (rolling twelve months)                           3.6           3.4

    a) - Senior debt does not include the convertible junior subordinated
         debentures.

Reconciliation of Non-GAAP Financial Measures:

This press release includes the use of certain financial measures that are not GAAP measures. The non-GAAP financial measures are presented for additional information and are reconciled to their most comparable GAAP measures below.

    Reconciliation of Net Income from continuing operations to adjusted EBITDA
    from continuing operations for the three months ended September 30, 2008
    and 2009 and the estimated rolling four quarters ended September 30, 2010
    (presented at the midpoint of the range identified in the release)(in
    000's):

                                                               Rolling Four
                                   Three months   Three months   Quarter
                                     ended(1)        ended       Outlook
                                     9/30/2008     9/30/2009    9/30/2010 E
                                     ---------- -------------   -----------
    Net income from continuing
     operations                          $158          $860        $6,800
    Provision for income taxes            103           586         3,100
                                       ------        ------       -------
    Pre-tax earnings from
     continuing operations                261         1,446         9,900
    Net interest expense, including
     loan cost amortization             4,442         4,597        18,100
    Special charges                       804             -             -
    Restricted stock amortization         188           241         1,000
    Depreciation                        2,670         2,441        10,000
                                       ------        ------       -------
    Consolidated  EBITDA from
      continuing operations            $8,365        $8,725       $39,000
                                       ======        ======       =======
    Revenue from continuing
     operations                       $43,212       $42,167      $177,500
    Adjusted EBITDA margin from
     continuing operations               19.4%         20.7%         22.0%

    (1) For comparability purposes, Q3 2008 is adjusted to add back special
        charges.

Reconciliation of Non-GAAP Financial Measures, Continued:

    Reconciliation of cash provided by operating activities from continuing
    operations to free cash flow (in 000's):

                                              Three months    Three months
                                                  ended           ended
                                                9/30/2008       9/30/2009
                                              --------------  --------------
    Cash provided by operating activities
     from continuing  operations                    $201            $966
    Less maintenance capital expenditures
     from continuing  operations                    (965)         (1,674)
                                                   -----          ------
    Negative free cash flow from
     continuing operations                         $(764)          $(708)
                                                   =====          ======



                                                                  Rolling Four
                                        Nine months  Nine months    Quarter
                                           ended        ended       Outlook
                                         9/30/2008   9/30/2009(1)  9/30/2010 E
                                         ---------   ------------  -----------
    Cash provided by operating
     activities from continuing
     operations                           $12,211     $11,218       $21,000
    Less maintenance capital
     expenditures from continuing
     operations                            (4,188)     (3,320)       (7,000)
                                           ------      ------        ------
    Free cash flow from continuing
     operations                            $8,023      $7,898       $14,000
                                           ======      ======       =======

    (1)  Excluded from free cash flow for the nine months ended 9/30/2009 is
         the $3.3 million litigation settlement payment made in the first
         quarter of 2009.

SOURCE Carriage Services, Inc.


'/>"/>
SOURCE Carriage Services, Inc.
Copyright©2009 PR Newswire.
All rights reserved


Related medicine news :

1. Carriage Services Announces Third Quarter Earnings Release and Conference Call Schedule
2. Miscarriage myths persist despite prevalence of medical information
3. Miscarriage of Justice: A Statement by Judie Brown of the American Life League
4. Prior Miscarriage Raises Risk for Low-Birthweight Infant
5. Kaiser Permanente study shows link between caffeine and miscarriage
6. New Kaiser Permanente study fortifies caffeines link to miscarriage
7. Once Again, Caffeine Linked to Miscarriage
8. Carriage Services Announces Fourth Quarter and Year-End Earnings Release and Conference Call Schedule
9. Carriage Services Reports 2007 Full Year Results
10. Leicester medical team announces predictor for pregnant women who may have miscarriages
11. Women Veterinarians Face Higher Miscarriage Risk
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/12/2016)... (PRWEB) , ... February 12, 2016 , ... Healthcare careers ... the five most searched jobs via the website of healthcare staffing leader Aureus Medical ... travel nurse jobs , travel therapy positions and in travel and ...
(Date:2/12/2016)... ... February 12, 2016 , ... The aging population ... of long term care. With that, says Patrick Loughney, president of Longtree ... roles in long term care environments. His company, which offers prep courses and ...
(Date:2/12/2016)... ... ... Basketball is a game for everyone, not just those who can hear! ... translation is featured in the top right of the screen. Every technique that is ... sign language translator to teach kids the game and how to be as active ...
(Date:2/12/2016)... ... February 12, 2016 , ... With the exception of restorative dentistry, to date there has been ... the recent approval by the FDA, there is a now a new protocol in stopping ... is very simple and quick to apply. The application is as simple as drying ...
(Date:2/11/2016)... ... ... Fitbody Personal Training offers outdoor training classes which includes an equestrian boot camp ... Located in Phoenixville, PA, the classes are structured as fun and friendly. , Fitbody ... to lose weight and tone up. This class offers a balance of exercises which ...
Breaking Medicine News(10 mins):
(Date:2/12/2016)... February 12, 2016 ... titled Chronic Inflammation Global Clinical Trials Review, H2, ... the global clinical trials landscape along with top ... Region, Country (G7 & E7), Trial Status, Trial ... reviews top companies involved and enlists all trials ...
(Date:2/11/2016)... (NasdaqCM: PDEX) today announced financial results for its fiscal 2016 ... its Quarterly Report on Form 10-Q for the second quarter ... today. --> --> Quarter ... --> Net sales for the three months ended December ... from $2.8 million for the three months ended December 31, ...
(Date:2/11/2016)... -- Governor Andrew M. Cuomo today announced a major expansion ... Western New York . This announcement, made ... includes a major expansion of Athenex,s North American headquarters ... , as well as the creation of a state-of-the-art, ... . The combined projects are expected to yield ...
Breaking Medicine Technology: