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

008, and an additional day due to leap year in the prior year quarter.
  • The comparable average revenue per funeral service grew 0.7% over the prior year quarter. Excluding an unfavorable Canadian currency impact and lower funeral trust fund income, the average revenue per funeral service grew approximately 4.0%.
  • The cremation rate increased 190 basis points to 42.9% in the first quarter of 2009 compared to 41.0% for the same period of 2008, which resulted in lower revenues of approximately $4.7 million, or $70 per funeral service.
  • Comparable funeral gross profit decreased $22.7 million, or 20.9%, due to the impact of lower funeral services performed and a decrease in funeral trust fund income, which were partially offset by lower variable merchandise costs and a decline in personnel costs related to work force initiatives. The gross margin percentage decreased to 23.9% compared to 27.1% in 2008.
  • Preneed funeral sales production increased $1.2 million, or 1.1%. Total funeral contracts sold increased 1.9% while the average revenue per contract sold decreased 0.7%. Excluding an unfavorable Canadian currency impact, the average revenue grew 1.9%. Preneed funeral sales are deferred and recognized in the future when the funeral service is performed.

  • Comparable Cemetery Results

    The table below details comparable cemetery results of operations ("same store") for the three months ended March 31, 2009 and 2008. We consider comparable operations to be those owned for the entire period beginning January 1, 2008 and ending March 31, 2009.

    
        (In millions)                                  Three months ended
                                                            March 31,
                                                       ------------------
                                                          200
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    SOURCE Service Corporation International
    Copyright©2009 PR Newswire.
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