Quarter shows steady organic growth and solid
overall results
TORONTO, Nov. 12, 2019 /CNW/ - Today, Park Lawn
Corporation (TSX: PLC) ("PLC" or the "Company")
released its third quarter results for 2019 ("Q3 2019").
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Three Months Ended
September 30, 2019
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Nine Months Ended
September 30, 2019
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|
|
|
|
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2019
|
2018
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%
Change
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2019
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2018
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%
Change
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Revenue
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$
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66,578,738
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$
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43,239,963
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54.0%
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$
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175,302,642
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$
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110,795,643
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58.2%
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Net earnings, PLC
shareholders
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$
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1,579,106
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$
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3,272,770
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|
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$
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6,363,135
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$
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4,509,899
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Adjusted Net
Earnings, PLC
shareholders
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$
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6,581,920
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$
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4,588,241
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43.5%
|
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$
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17,582,838
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$
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11,135,588
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57.9%
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|
|
|
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Adjusted EBITDA, PLC
shareholders
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$
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15,106,997
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$
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9,297,070
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62.5%
|
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$
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39,857,246
|
$
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23,421,627
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70.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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Per share amounts
attributable to:
PLC
shareholders
|
|
|
|
|
|
|
|
|
|
|
Net Earnings -
diluted
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$
|
0.053
|
$
|
0.141
|
|
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$
|
0.231
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$
|
0.229
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Adjusted Net Earnings
- diluted
|
$
|
0.221
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$
|
0.197
|
12.2%
|
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$
|
0.637
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$
|
0.565
|
12.7%
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Adjusted EBITDA -
diluted
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$
|
0.507
|
$
|
0.400
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26.8%
|
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$
|
1.445
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$
|
1.188
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21.6%
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- After adjusting for the impact of foreign exchange, revenue
growth from comparable business units increased by 3.1% year over
year and 3.7% for the quarter.
- Adjusted EBITDA margin increased to 22.9% in Q3 2019 from 21.9%
for the same period in 2018.
"PLC had a steady quarter, with strong organic growth and margin
expansion. We remain focused on integration of the US
platform as well as continuing to look for both organic growth and
acquisition opportunities in both the US and Canada to further expand our operational
footprint," said Andrew Clark, PLC's
Chairman & Chief Executive Officer.
During and subsequent to the Q3 2019, PLC executed on important
milestones, including:
- On July 1, 2019, the Company
completed its previously announced acquisition of Horan &
McConaty Funeral Services, Inc. ("Horan"). Horan operates
two cemeteries and 11 funeral homes (including two on-sites) in
Denver and Aurora, Colorado.
- During the quarter the Company completed construction of the
third floor of the Mausoleum of Faith at Westminster Cemetery in
Toronto, Ontario. The third floor
added approximately 1,080 additional crypt spaces to the
mausoleum.
- On October 24, 2019, the Company
held the ground breaking ceremony for the new Westminster
Visitation Centre at Westminster Cemetery in Toronto, Ontario. This "on-site" is the
Company's first visitation centre located on a cemetery property in
the Canadian market.
- On October 25, 2019 the Company
signed a definitive agreement to acquire the assets of two U.S.
businesses: Journey Group Texas One and Journey Group Texas Two,
LLC ("Journey Group"). The Journey Group adds 5 cemeteries and 5
funeral homes, including two "on-sites", located on cemetery land,
to PLC's portfolio in the state of Texas. The transaction is expected to close in
the fourth quarter of 2019.
PLC will host a conference call to discuss its Q3 2019 financial
results on Wednesday, November 13,
2019. Details of the conference call are as follows:
- Time: 9:30AM (EST)
- Dial-in Number: Local (647) 427-7450
- Toll Free: (888) 231-8191
- Conference ID: 1283838
About PLC
PLC provides goods and services associated with the disposition
and memorialization of human remains. Products and services are
sold on a pre-planned basis (pre-need) or at the time of a death
(at-need). PLC and its subsidiaries own and operate businesses
including cemeteries, crematoria, funeral homes, chapels, planning
offices and a transfer service. PLC has a North American wide
platform with operations in five Canadian provinces and fourteen
U.S. states.
Non‐IFRS Measures
Adjusted EBITDA, and their related per share amounts, and
Adjusted EBITDA margin are not measures recognized under IFRS and
do not have standardized meanings prescribed by IFRS. Such measures
are presented in this news release because management of PLC
believes that such measures are relevant in evaluating PLC's
operating performance. Such measures, as computed by PLC, may
differ from similar computations as reported by other similar
organizations and, accordingly, may not be comparable to similar
measures reported by such other organizations. Please see PLC's
most recent Management's Discussion and Analysis for how the
Company reconciles Adjusted EBITDA and their related per share
amount, and Adjusted EBITDA margin to the nearest IFRS measure.
Cautionary Statement Regarding Forward‐Looking
Information
This news release may contain forward-looking statements (within
the meaning of applicable securities laws) relating to the business
of PLC and the environment in which it operates. Forward-looking
statements are identified by words such as "believe", "anticipate",
"project", "expect", "intend", "plan", "will", "may", "estimate",
"pro-forma" and other similar expressions. These statements are
based on PLC's expectations, estimates, forecasts and projections
and include, without limitation, statements regarding PLC future
growth initiatives. The forward-looking statements in this news
release are based on certain assumptions, including those regarding
present and future business strategies, the environment in which
the PLC will operate in the future, expected revenues, expansion
plans and the PLC's ability to achieve its goals. Forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties that are difficult to control or predict. A
number of factors could cause actual results to differ materially
from the results discussed in the forward-looking statements,
including, but not limited to, the factors discussed under the
heading "Risk Factors" in PLC's Annual Information Form available
at www.sedar.com. There can be no assurance that forward-looking
statements will prove to be accurate as actual outcomes and results
may differ materially from those expressed in these forward-looking
statements. Readers, therefore, should not place undue reliance on
any such forward-looking statements. Further, these forward-looking
statements are made as of the date of this news release and, except
as expressly required by applicable law, PLC assumes no obligation
to publicly update or revise any forward-looking statement, whether
as a result of new information, future events or otherwise.
SOURCE Park Lawn Corporation