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StoneMor Partners L.P. Announces First Quarter 2013 Financial Results

Stocks in this article: STON

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."

Financial Highlights

  • 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.

The Company reports its financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures used in managing the business may provide investors with additional information regarding underlying trends and ongoing results on a comparable basis. Specifically, management believes that production-based revenues and adjusted operating profit allow the investor to gain insight into the current operating performance of the Company. Please see the section of this press release "Non-GAAP Financial Measures" to view the reconciliation tables previously presented in the body of the press release. Non-GAAP financial measures used by the Company should not be considered as alternatives to GAAP financial measures, and you should not consider such non-GAAP financial measures in isolation or as a substitute for an analysis of the Company's results as reported under U.S. GAAP.

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