Canada NewsWire
TORONTO, Aug. 12, 2019
PLC continues to show strong revenue & per share growth for the first half of 2019
TORONTO, Aug. 12, 2019 /CNW/ - Today, Park Lawn Corporation (TSX: PLC) ("PLC" or the "Company") released its second quarter results for 2019 ("Q2 2019").
Three Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | ||||||||||
2019 | 2018 | % Change | 2019 | 2018 | % Change | ||||||
Revenue | $ | 58,570,919 | $ | 40,349,440 | 45.2% | $ | 108,723,904 | $ | 67,555,680 | 60.9% | |
Net earnings, PLC shareholders | $ | 1,458,782 | $ | (435,849) | $ | 4,784,029 | $ | 1,237,129 | |||
Adjusted Net Earnings, PLC shareholders | $ | 5,658,024 | $ | 3,712,472 | 52.4% | $ | 11,000,918 | $ | 6,547,347 | 68.0% | |
Adjusted EBITDA, PLC shareholders | $ | 13,013,852 | $ | 8,321,069 | 56.4% | $ | 24,750,249 | $ | 14,124,557 | 75.2% | |
Per share amounts attributable to: | |||||||||||
Net Earnings - diluted | $ | 0.049 | $ | (0.021) | $ | 0.180 | $ | 0.069 | |||
Adjusted Net Earnings - diluted | $ | 0.190 | $ | 0.182 | 4.4% | $ | 0.414 | $ | 0.365 | 13.4% | |
Adjusted EBITDA - diluted | $ | 0.438 | $ | 0.409 | 7.1% | $ | 0.932 | $ | 0.788 | 18.3% |
"PLC delivered strong per share growth for our shareholders through solid operating results for the first half of 2019. PLC continues the successful execution of its business plan focusing on acquisitions and organic growth initiatives, while maintaining its focus on the integration of its US businesses," said Andrew Clark, PLC's Chairman & Chief Executive Officer.
During and subsequent to the second quarter of 2019, PLC executed on important milestones:
Important Reminder:
PLC will host a conference call to discuss its Q2 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 fourteen U.S. states.
Non‐IFRS Measures
Adjusted Net Earnings, 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 Net Earnings, 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
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