- Continued efforts to strengthen salesforce and drive pre-need billings
- Declared a quarterly cash distribution of $0.33 per limited partner unit
- Conference call scheduled at 11 a.m. ET on Wednesday, November 9, 2016
|As of & for the Three Months Ended|
|(in thousands, except per unit data)|
|Distributable Cash Flow (1)||$||11,071||$||18,811|
|Distributable Available Cash (1)||$||20,507||$||32,214|
- On a GAAP basis, the Partnership generated a net loss of $11.6 million for the third quarter 2016 compared with a net loss of $3.3 million for the prior year third quarter, an unfavorable change of $8.3 million. The change in earnings is primarily attributable to a $1.2 million decrease in cemetery revenue, a $1.7 million increase in cemetery expense, a $1.3 million increase in selling expense, and a $2.6 million increase in funeral home expenses.
- Distributable cash flow (1), a non-GAAP measure, was $11.1 million for the third quarter 2016 compared with $14.0 million for the prior year third quarter, a decrease of $2.9 million. The change in distributable cash flow was primarily attributable to a $2.2 million increase in non-GAAP funeral home expenses, a $1.7 million increase in non-GAAP cemetery expense, a $1.4 million increase in non-GAAP selling expense, a $0.9 million increase in non-GAAP cost of goods sold, and a $1.1 million decrease in cemetery billings (2), partially offset by a $1.9 million increase in non-GAAP investment income from trusts.
- As previously announced, the Partnership declared a $0.33 distribution for the third quarter. Management of the Partnership believes that the reduced cash distribution, along with previously announced cost savings measures of approximately $6.0 million annually, will enhance StoneMor's liquidity by approximately $12.0 million in quarterly cash savings.