StoneMor Partners L.P. Announces Third Quarter 2010 Results

LEVITTOWN, Pa., Nov. 9, 2010 (GLOBE NEWSWIRE) -- StoneMor Partners L.P. (Nasdaq:STON) announced its results of operations and various critical financial measures (non-GAAP) today for the three months ended September 30, 2010. Measures released include both critical financial measures utilized by management to manage our business and upon which our decision making is based and GAAP measures as provided for in our quarterly financial statements.

Critical financial measures (non-GAAP):
	Three months ended
	September 30,
	2010	2009
	(In thousands)
Total value of cemetery contracts written, funeral home revenues and investment and other income (a)	$ 64,862	$ 54,513
Adjusted operating profit (a)	10,454	9,582
Adjusted operating cash generated (a)	9,671	8,963
Distributable free cash flow (a)	$ 10,356	$ 8,460
(a) This is a non-GAAP financial measure as defined by the Securities and Exchange Commission. Please see the reconciliation to GAAP measures within this press release.

Financial measures (GAAP):
	Three months ended
	September 30,
	2010	2009
	(In thousands)
Operating cash flows	$ 6,844	$ 6,619
Operating profit	656	4,214
Total revenues	52,130	46,587
Net income	4,645	2,184

Common Unit Offering and Debt Capacity Reinstatement

On September 22, 2010, we completed a public offering of 1,725,000 common units, including an underwriter's overallotment of 225,000 common units, representing limited partner interests in us. Net proceeds, after offering costs and an underwriter's discount were approximately $39.5 million. All of these proceeds were used to pay down amounts due on both our acquisition credit facility and revolving credit facility. Concurrent with the offering and debt pay down, we restructured our acquisition credit facility and revolving credit facility so that amounts paid down were reinstated and made available to us again. As of September 30, 2010, we had approximately $78.0 million available under our credit facilities.