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

ry revenues declined $6.7 million, or 10.3%, which we believe was primarily driven by a decline in deaths in our markets.
  • Comparable recognized preneed cemetery revenues declined $10.5 million, which was in line with our expectations and continued to be impacted by negative consumer sentiment resulting from the difficult economic environment.
  • Other revenue decreased by $6.2 million, or 27.9%, as cemetery trust fund income recognized from our preneed merchandise and service trust declined $5.5 million due to negative market returns experienced in late 2008 and early 2009. Cemetery trust fund income from our preneed merchandise and service trust as well as our endowment care trust was in line with our expectations for the first quarter of 2009.
  • Cemetery gross profit decreased $13.8 million, due to the revenue declines described above which were partially offset by lower variable selling compensation expenses and a decline in personnel costs related to work force initiatives. The cemetery gross profit in the quarter exceeded our expectations as cost control initiatives helped to offset lower than expected atneed revenues due to a reduced number of deaths in our markets during the quarter.
  • As anticipated, comparable preneed and atneed cemetery sales production declined $18.1 million primarily due to lower cemetery property sales production.

    • Other Financial Results

    • General and administrative expenses decreased $3.3 million primarily due to lower incentive compensation expense.
    • Gain on divestitures and impairment charges, net of $7.2 million in the first quarter of 2009 included the release of $14.1 million of tax and litigation indemnifications related to our former French operations, partially offset by losses from impairment charges and asset divestitures in North America.


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    SOURCE Service Corporation International
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