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

LEVITTOWN, Pa., Aug. 7, 2013 (GLOBE NEWSWIRE) -- StoneMor Partners L.P. (NYSE:STON) ("StoneMor") announced its results of operations for the three months ended June 30, 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 .

Financial Highlights
  • Revenues (GAAP) for the three months ended June 30, 2013 were $62.4 million compared to $61.5 million for the three months ended June 30, 2012, a 1.5% increase.  
  • Production-based revenue (non-GAAP) for the three months ended June 30, 2013 increased by $4.0 million, or 5.3%, to $79.6 million from $75.6 million during the prior-year period.   
  • Operating profits (GAAP) increased by $0.5 million, or 29.4%, to $2.3 million for the three months ended June 30, 2013, as compared to $1.8 million in the prior-year period.  
  • Adjusted operating profits (non-GAAP) increased by $1.1 million, or 8.2%, to $13.7 million for the three-month period ended June 30, 2013 from $12.6 million in the same period last year.  
  • Operating cash flows (GAAP) increased by $3.6 million, or 60.1%, to $9.6 million in the three months ended June 30, 2013, as compared to $6.0 million in the prior-year period.  
  • Distributable free cash flow (non-GAAP) for the three-month period ended June 30, 2013 increased to $24.9 million from $13.3 million for the same period last year, an 86.8 % increase.  
  • Net loss (GAAP) for the three months ended June 30, 2013 was $11.8 million, as compared to a loss of $2.2 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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