|By Marketwired .||
|May 28, 2014 05:06 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 05/28/14 -- Park Lawn Corporation (TSX VENTURE:PLC) (the "Company" or "Park Lawn") today announced results for the first quarter ended March 31, 2014. Total revenue for the quarter was $5,190,777, an increase of 18% from the same quarter in 2013.
Earnings from operations more than doubled in the most recent quarter to $674,177, from $307,366 in the quarter ended March 31, 2013. This increase in operating results was driven largely by continued cost reductions in the Company's Harmonia business and growth in profit margins in the cemetery business.
Net earnings for the period were $480,133, an increase of 51% from the prior year. Due to the additional common shares issued as part of the equity financing, however, earnings per share were up only modestly this quarter to $0.096 from $0.09 in the same period in 2013.
The first quarter also saw Park Lawn close its investment in Amety Ltd., and commence construction of the new mausoleum at Westminster Cemetery. Once completed, the three-story mausoleum will provide 3,240 new crypt spaces.
"This was a very busy first quarter for Park Lawn and we are pleased with the results," commented Andrew Clark, Chief Executive Officer. "We addressed our key priorities and made traction in all segments of the business."
About Park Lawn
Park Lawn Corporation provides goods and services associated with the disposition and memorialization of human remains. Products and services are sold to people 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 owns 50% of Amety Ltd, which operates Tubman/Cadieux Funeral Homes in Ottawa and Western Quebec. The Harmonia business of the Company currently operates in Quebec City, Laval, Saint-Apollinaire and Montreal. 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 the 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.
This news release contains forward-looking statements regarding the Company's business, growth plans and board composition. 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.
Park Lawn Corporation
Chief Executive Officer