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Stewart Enterprises 2nd-quarter Profit Falls

The Associated Press

NEW ORLEANS (AP) — Funeral services provider Stewart Enterprises Inc. said Tuesday its fiscal second-quarter profit fell 5 percent amid the recession, but results beat analyst expectations.

Profit for the quarter ended April 30 slipped to $13.2 million, or 14 cents per share, from $13.9 million, or 15 cents per share last year. Excluding a gain on early debt repayment, hurricane-related charges and other one-time items, net income totaled 11 cents per share.

Analysts polled by Thomson Reuters, on average, predicted a profit of 8 cents per share.

Revenue fell 8 percent to $126.6 million from $136.8 million last year. Funeral revenue fell 7 percent to $71.2 million, while cemetery revenue fell 8 percent to $55.4 million.

Shares closed up 13 cents at $4.81.