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Service Corporation International Announces Third Quarter 2009 Financial Results
Date:11/4/2009

initiatives, and a reduction in our self-insurance reserves, partially offset by lower atneed revenues.
  • Preneed and atneed cemetery sales production increased $12.4 million, or 8.5%, primarily due to higher property sales resulting from new company sales initiatives coinciding with an overall improvement in the general economic climate.
  • Other Financial Results

    • General and administrative expenses of $21.0 million in the third quarter of 2009 increased $4.9 million compared to the third quarter of 2008 primarily because the prior year quarter reflected a $4.0 million reduction in corporate bonuses and long-term incentive plans.
    • We recognized a $2.2 million net pretax loss on divestitures and impairment charges in the third quarter of 2009 compared to $12.8 million in 2008. These losses were due primarily to impairment charges on various locations in North America.
    • Prior year results included Hurricane expenses of $4.3 million reflecting estimated property damages incurred at various locations caused by Hurricane Ike in September 2008, net of estimated insurance recoveries.
    • Interest expense decreased to $29.4 million in the third quarter of 2009, compared to $33.2 million in the third quarter of 2008. The decrease was primarily due to lower average levels of debt.
    • During the third quarter of 2009, we purchased $17.2 million of our senior notes and debentures on the open market. As a result of these transactions, we recognized a gain of $0.5 million, which represents a $0.8 million discount to early extinguish the debt, partially offset by the write-off of unamortized deferred loan costs of $0.3 million.
    • Our income tax rate was 38.8% in the third quarter of 2009 compared to 7.3% in the third quarter of 2008. The low tax rate in 2008 reflects discrete items, including the release of tax reserves due to the expiration of statutory limitations and state tax planni
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    SOURCE Service Corporation International
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