Service Corporation International Announces Fourth Quarter 2008 Financial Results and Comments on Outloo...($28.7 $65.7 $355.3 $430.4 (...),Health

Date:2/25/2009

$28.7 $65.7 $355.3 $430.4 (1) Earnings from continuing operations excluding special items, diluted earnings per share from continuing operations excluding special items, and net cash provided by operating activities excluding special items are non-GAAP financial measures. A reconciliation to net income, 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 of $0.09 in the fourth quarter 2008 was at the high end of the Company's recent guidance range of $0.07-$0.09, and declined $.05 from the prior year fourth quarter.
• Funeral operations performed well during the quarter, with comparable gross profit increasing $3.1 million or 4.3% despite lower funeral volumes and lower trust fund income recognized on matured preneed funeral trust contracts.
• Cemetery operations were more susceptible to economic and financial market conditions, with comparable gross profit decreasing $28.4 million or 59%, driven by lower preneed sales, lower trust fund income recognized and less cemetery property construction revenue.
• Net cash provided by operating activities excluding special items of $28.7 million during the quarter was at the high end of the Company's recent guidance range of $20 to $30 million, however decreased $37.0 million from the prior year quarter due primarily to the decline in operating income as well as a slowdown in preneed cash receipts.

Tom Ryan, the Company's President and Chief Executive Officer, commented on the fourth qua
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SOURCE Service Corporation International Copyright©2009 PR Newswire. All rights reserved

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