TORONTO, ONTARIO -- (Marketwired) -- 08/21/15 -- Park Lawn Corporation (TSX VENTURE: PLC) (the "Company" or "Park Lawn") today announced results for the second quarter ending June 30, 2015. Financial highlights are below:
-- Total revenue for the three month period ending June 30, 2015 totaled
$6,846,344, an increase of $570,949 or 9.1% over the same period in
2014. Total revenue for the six month period increased 24.4% over the
same period ending June 30, 2014.
-- Gross profit for the three month period ending June 30, 2105 was
$4,662,643 compared to $4,341,231 for the same period in 2014, an
increase of 7.4%.
-- Earnings from continuing operations for the three month period ending
June 30, 2015 totaled $914,220, an increase of $305,323 or 50.1% over
the same three month period ending June 30, 2014.
-- After tax earnings from continuing operations for the first quarter
totaled $733,882 compared to $504,268 for the same period in 2014, an
increase of 45.5%
-- Fully diluted earnings per common share for the three month period
ending June 30, 2015 was $0.119 compared to $0.064 for the same period
in 2014.
"Park Lawn's second quarter results once again demonstrate our commitment to measured and stable growth," commented CEO Andrew Clark. "Our earnings from continuing operations in the second quarter outpaced last year's performance by over 50%."
Clark added, "We were pleased to open the new Mausoleum of Faith at Westminster Cemetery near the end of the quarter and look forward to converting all remaining sales from the reservation program in Q3, in addition to making new crypt sales in the building. This new facility, coupled with our strong second quarter results, will help to ensure our plans for a balanced growth of new acquisitions and organic growth from our existing assets."
About Park Lawn
Park Lawn Corporation 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). The Company owns and operates six cemeteries in the Greater Toronto Area and operates the crematorium at the Brampton Crematorium and Visitation Centre. The Company also operates Tubman/Cadieux Funeral Homes in the Ottawa region and Parkland Funeral Holdings in Manitoba and Saskatchewan. The Harmonia business of the Company currently operates under license in Quebec City, Laval, Saint-Apollinaire and Saint-Georges. Park Lawn's common shares are listed on the TSX Venture Exchange under the symbol "PLC". The Company is the only Canadian publicly listed cemetery, funeral and cremation business. Park Lawn makes monthly dividend payments to its shareholders. The monthly dividend has been paid each month since January, 2011 and is currently $0.038 per share ($0.46 per share on an annual basis).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Statements
This news release contains forward-looking statements regarding the Company's business and growth plans. Although management of the Company believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. By their nature, forward-looking statements are inherently uncertain, are subject to risk and are based on assumptions including those discussed herein. Readers are cautioned to not place undue reliance on forward-looking statements made herein because a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including, but not limited to, the factors described under the heading "Risk Factors" in the Company's most recent Annual Information Form. Forward-looking statements are provided as of the date hereof and the Company assumes no obligation to update or revise such forward-looking statements to reflect new events or circumstances except as required under applicable securities laws.
Contacts:
Andrew Clark
Chief Executive Officer
Park Lawn Corporation
2323 Yonge Street, Suite 400
Toronto, Ontario M4P 2C9
(416) 231-1462
