This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Stewart Enterprises Reports An 80 Percent Increase In Earnings Per Share To $.18 And $15.5 Million In Earnings From Continuing Operations For The First Quarter Of 2013

NEW ORLEANS, March 11, 2013 (GLOBE NEWSWIRE) -- Stewart Enterprises, Inc. (Nasdaq:STEI) reported today its results for the first quarter of 2013. Earnings from continuing operations were $15.5 million compared to $8.8 million for the first quarter of 2012. On a diluted per share basis for the three months ended January 31, 2013, the Company reported earnings from continuing operations of $.18 and adjusted earnings from continuing operations of $.15 per share, compared to $.10 per share for reported and adjusted earnings per share for the same period of last year.

  Three Months Ended January 31,
  2013 2012
  millions per share millions per share
Net earnings $ 15.5  $ .18  $ 8.5  $ .10 
Net earnings from continuing operations $ 15.5  $ .18  $ 8.8  $ .10 
Adjusted earnings from continuing operations (1) $ 13.1  $ .15  $ 9.1  $ .10 
         
(1) See table "Reconciliation of Non-GAAP Financial Measures" for additional information on adjusted earnings and adjusted earnings per share from continuing operations.

Thomas M. Kitchen, President and Chief Executive Officer, stated, "For the first quarter of 2013, we generated the highest quarterly net earnings and earnings per share in more than 10 years. We are particularly pleased with the balance we achieved between our funeral and cemetery segments. Our funeral businesses turned in a superb performance during the first quarter of 2013, highlighted by a more than 8 percent increase in same-store funeral services. While we believe deaths in our markets increased period-over-period, our increase in funeral services is particularly strong compared to industry-wide data and is the third consecutive quarter of increased funeral services. This improvement in services contributed to an 8.5 percent improvement in funeral revenue, a 14 percent improvement in funeral gross profit and a 140 basis point improvement in funeral gross profit margin. We are also very pleased with the strong performance of our cemetery segment, where we generated a 9 percent increase in cemetery revenue, a 63 percent improvement in cemetery gross profit and a 620 basis point improvement in cemetery gross margin. We have started fiscal 2013 strong by growing first quarter revenue and profitability and continuing the positive momentum we generated during fiscal year 2012. Some highlights of the first quarter of 2013 compared to the prior year include:

  • Improving same-store funeral services by 8.4 percent, resulting in the third consecutive quarter of increased funeral services;  
  • Generating a 9 percent increase in revenue, a 27 percent increase in gross profit, a 76 percent increase in earnings from continuing operations and an 80 percent increase in earnings per share;  
  • Increasing cemetery gross profit by 63 percent and funeral gross profit by 14 percent, while expanding cemetery gross profit margin by 620 basis points and funeral gross profit margin by 140 basis points;  
  • Realizing a 24 percent improvement in adjusted EBITDA to $32.5 million or a 24 percent adjusted EBITDA margin, as discussed in the table "Reconciliation of Non-GAAP Financial Measures;"  
  • Producing total returns for the first three months of fiscal year 2013 of 4.5 percent in our preneed trusts and 3.8 percent in our cemetery perpetual care trusts; and  
  • Generating operating cash flow of $11.9 million, an improvement of $4.1 million, and free cash flow of $6.8 million, an improvement of $3.0 million."

Mr. Kitchen concluded, "Our balance sheet and liquidity remain strong with $78 million in cash and marketable securities on hand and no amounts borrowed on our $150 million credit facility. Overall, we are very pleased to report these strong operating and financial results for the first quarter.   We believe these strong results demonstrate the power of leverage in our business and the importance of continuing to effectively manage our costs. We produced a 9 percent improvement in total revenue, which led to a 27 percent improvement in total gross profit and an 80 percent increase in earnings per share compared to the same period of last year. By continuing to execute our strategic plan and maintaining our focus on employees and customers, we are well positioned to deliver stable, sustainable results over the long-term."

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,880.36 -31.75 -0.19%
S&P 500 1,970.07 +0.12 0.01%
NASDAQ 4,462.9020 +20.2040 0.45%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs