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 $.10 per share for reported and adjusted earnings per share for the same period of last year.
|Three Months Ended January 31,|
|millions||per share||millions||per share|
|Net earnings||$ 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.|
- 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."