Stewart Enterprises Reports Results For Fiscal Year 2010

NEW ORLEANS, Dec. 15, 2010 (GLOBE NEWSWIRE) -- Stewart Enterprises, Inc. (Nasdaq:STEI) reported today its results for the fourth quarter and fiscal year ended October 31, 2010.

The Company reported net earnings from continuing operations for fiscal year 2010 of $30.6 million, or $.33 per diluted share, compared to net earnings from continuing operations of $23.2 million, or $.25 per diluted share, for fiscal year 2009. For the quarter ended October 31, 2010, the Company reported net earnings from continuing operations of $8.7 million, or $.09 per diluted share, compared to net earnings from continuing operations of $3.5 million, or $.04 per diluted share, for the quarter ended October 31, 2009.

After adjusting earnings from continuing operations for certain items as discussed in the tables "Reconciliation of Non-GAAP Financial Measures," the Company reported adjusted earnings from continuing operations of $32.1 million, or $.34 per diluted share, for fiscal year 2010, compared to adjusted earnings from continuing operations of $25.5 million, or $.28 per diluted share, for fiscal year 2009. For the quarter ended October 31, 2010, the Company reported adjusted earnings from continuing operations of $8.4 million, or $.09 per diluted share, compared to adjusted earnings from continuing operations of $4.5 million, or $.05 per diluted share, for the quarter ended October 31, 2009. Free cash flow, used later in this release, is also defined in the tables "Reconciliation of Non-GAAP Financial Measures," included herein.

Thomas J. Crawford, President and Chief Executive Officer, stated, "Fiscal year 2010 was a successful year for the Company and our shareholders. I am pleased to report our employees produced a 3 percent growth in revenue, a 10 percent increase in gross profit, a 22 percent increase in operating earnings and a 32 percent increase in earnings from continuing operations. This achievement is due to our continual emphasis on the execution of our 'Best in Class' initiative, better systems and processes which reduced costs, and the dedication of our employees to serve families with the best possible care during their time of need. Additionally, we are very pleased with the results of our cremation initiative which focused on better serving our cremation families."