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Service Corporation International Announces First Quarter 2009 Financial Results
Date:5/6/2009

y operating activities excluding special items are non-GAAP financial measures. A reconciliation to net income attributable to common stockholders, diluted earnings per share, and net cash provided by operating activities computed in accordance with GAAP can be found later in this press release under the heading "Non-GAAP Financial Measures" or "Cash Flow and Capital Spending".

Highlights:

  • Diluted earnings per share from continuing operations excluding special items was $0.12 in the first quarter 2009 compared to $0.20 in the prior year first quarter. These results were in line with our expectations as cost reduction initiatives and a better than expected tax rate offset lower than expected funeral services performed.
  • Funeral gross profit decreased $24.3 million as decreases in funeral services performed were partially offset by lower variable costs. Excluding an unfavorable Canadian currency impact and lower funeral trust fund income, the average revenue per funeral service grew approximately 4.0%.
  • Cemetery gross profit decreased $13.2 million due to a decline in cemetery property sales and lower cemetery trust fund income, which were partially offset by lower variable costs. Cemetery gross profit exceeded our expectations as cost control initiatives helped to offset expected cemetery revenue declines.
  • Net cash provided by operating activities excluding special items was $141.4 million during the quarter. This $1.8 million increase compared to the prior year primarily resulted from cost control and working capital initiatives, which were partially offset by declines in atneed customer cash receipts attributable to lower revenues as compared to 2008 levels.

Tom Ryan, the Company's President and Chief Executive Officer, commented on the f
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SOURCE Service Corporation International
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