LEVITTOWN, Pa., May 7, 2013 (GLOBE NEWSWIRE) -- StoneMor Partners L.P. (NYSE:STON) ("StoneMor") announced its results of operations for the three months ended March 31, 2013. Investors are encouraged to read the Company's quarterly report on Form 10-Q to be filed with the SEC, which contains additional details, as well as financial tables, and can be found at www.stonemor.com .
Larry Miller, StoneMor's President and CEO commented, "StoneMor performed extremely well in the first quarter. Our GAAP results were impacted, as they often are, by the timing of the recognition of certain revenues, which in turn impacted GAAP operating profit. Production-based revenues however, as well as adjusted operating profits and distributable free cash flow each showed impressive growth. We feel that our performance in the first quarter places us in a good position to steadily increase value for our unitholders."
- Revenues (GAAP) for the three months ended March 31, 2013 and 2012 were $59.6 million.
- Production-based revenue (non-GAAP) for the three months ended March 31, 2013 increased by $7.9 million, or 11%, to $80.2 million from $72.3 million during the prior-year period.
- Operating profits (GAAP) decreased by $4.0 million, or 74%, to $1.4 million for the three months ended March 31, 2013, as compared to $5.4 million in the prior-year period.
- Adjusted operating profits (non-GAAP) increased by $2.9 million, or 20%, to $17.7 million for the three-month period ended March 31, 2013 from $14.8 million in the same period last year.
- Operating cash flows (GAAP) decreased by $1.3 million, or 16%, to $6.9 million in the three months ended March 31, 2013, as compared to $8.2 million in the prior-year period.
- Distributable free cash flow (non-GAAP) for the three-month period ended March 31, 2013 increased to $17.6 million from $13.8 million for the same period last year, a 28% increase.
- Net loss (GAAP) for the three months ended March 31, 2013 was $2.2 million, as compared to net income of $2.0 million in the prior-year period.
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