Canada NewsWire
TORONTO, May 14, 2019
Strong operating results in a busy quarter translate to solid per share growth
TORONTO, May 14, 2019 /CNW/ - Today, Park Lawn Corporation (TSX: PLC) ("PLC") released its first quarter results for 2019 ("Q1 2019").
PLC's revenue increased year-over-year by 84.3% to $50,152,985 in Q1 2019, as compared to $27,206,240 in the first quarter of 2018 ("Q1 2018").
At the same time, net earnings attributable to PLC shareholders increased to $3,325,247 in Q1 2019 from $1,672,978 in Q1 2018. On a fully-diluted per share basis, net earnings attributable to PLC shareholders was $0.141 in Q1 2019 compared with $0.108 for the same period in 2018.
As with previous reporting periods, net earnings have been impacted by certain one-time, non-recurring or non-cash revenue and expense items. After accounting for the impact of these one-time items:
"PLC continued to show strong operating results for the first quarter of 2019, which were in line with management's expectations. PLC had a very busy and productive start to the year on the acquisition front and at the same time we continued to improve our margins and delivered strong per share growth for our shareholders," said Andrew Clark, PLC's Chairman & Chief Executive Officer.
During the first part of the 2019, including both Q1 and the subsequent period, PLC executed on a number of important milestones, including:
Important Reminder
PLC will host a conference call to discuss its Q1 2019 financial results. Details of the conference call are as follows:
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 thirteen U.S. states.
Non‐IFRS Measures
Adjusted Net Earnings, Adjusted EBITDA, and their related per share amounts, and Adjusted EBITDA margins 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 Net Earnings, Adjusted EBITDA and their related per share amount, and Adjusted EBITDA margins 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
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