JEFFERSON, La., June 10, 2013 (GLOBE NEWSWIRE) -- Stewart Enterprises, Inc. (Nasdaq:STEI) reported today its results for the second quarter of 2013. Earnings from continuing operations were $11.9 million compared to $9.6 million for the second quarter of 2012. On a diluted per share basis for the three months ended April 30, 2013, the Company reported earnings from continuing operations of $.14 and adjusted earnings from continuing operations of $.15 per share, compared to $.11 per share for reported earnings and $.13 per share for adjusted earnings for the same period of last year.
|Three Months Ended April 30,||Six Months Ended April 30,|
|millions||per share||millions||per share||millions||per share||millions||per share|
|Net earnings||$ 11.9||$ .14||$ 8.7||$ .10||$ 27.4||$ .32||$ 17.3||$ .20|
|Net earnings from continuing operations||$ 11.9||$ .14||$ 9.6||$ .11||$ 27.4||$ .32||$ 18.5||$ .21|
|Adjusted earnings from continuing operations (1)||$ 12.9||$ .15||$ 11.4||$ .13||$ 26.0||$ .30||$ 20.5||$ .23|
|(1) See table "Reconciliation of Non-GAAP Financial Measures" for additional information on adjusted earnings and adjusted earnings per share from continuing operations.|
- Improving overall revenue, gross profit and earnings from continuing operations for the fifth consecutive quarter and improving same-store funeral services for the fourth consecutive quarter;
- Generating operating cash flow of $33.2 million, an improvement of $12.5 million, and free cash flow of $29.9 million, an improvement of $13.0 million;
- Realizing an 8 percent improvement in adjusted EBITDA to $32.3 million or a 24.1 percent adjusted EBITDA margin, as discussed in the table "Reconciliation of Non-GAAP Financial Measures;"
- Producing total returns for the quarter of 6 percent in our preneed trusts and 5 percent in our cemetery perpetual care trusts; and
- Announcing a 12.5 percent increase in the Company's quarterly dividend to $.045 per share and returning $3.8 million in dividends to our shareholders."