This Day On The Street
Continue to site
ADVERTISEMENT
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

Stewart Enterprises Reports Results For The Third Quarter Of 2013

JEFFERSON, La., Sept. 9, 2013 (GLOBE NEWSWIRE) -- Stewart Enterprises, Inc. (Nasdaq:STEI) reported today its results for the third quarter of 2013.
  Three Months Ended July 31, Nine Months Ended July 31,
  2013 2012 2013 2012
  millions per diluted share millions per diluted share millions per diluted share millions per diluted share
Net earnings $ 8.3  $ .10  $ 9.6  $ .11  $ 35.6  $ .41  $ 26.9  $ .31 
Net earnings from continuing operations $ 8.3  $ .10  $ 9.9  $ .11  $ 35.6  $ .41  $ 28.3  $ .32 
Adjusted earnings from continuing operations (1) $ 8.0  $ .09  $ 9.6  $ .11  $ 33.9  $ .39  $ 30.1  $ .34 
                 
(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, "The third quarter of 2013 proved to be a challenging period for the Company, with the pending merger with SCI and continued refinements to our sales initiatives. When we started our new sales initiatives, we expected it would be a process that while beneficial in the long-term, would cause short-term disruptions.  In July 2013, we experienced the best month of cemetery property sales since the implementation of the new sales initiatives earlier this year, which we believe indicates that the initiatives are generating positive momentum. We continue to believe that the new structure will improve customer service and increase preneed sales over time.   Operating results were also impacted adversely by the timing of revenue recognition for cemetery construction projects and for cemetery property sales.  As construction occurs and additional payments are received, these contracts will be recognized as revenue in the future.  Additionally, margins for the quarter were negatively impacted due to expenses that exceeded the prior year quarter, particularly increased selling expenses for sales of preneed funerals, which are recognized currently while the related revenue is deferred to a future period. We are continuing to refine the overall sales compensation program."

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs