----StoneMor Partners
L.P. These operating results for both the fourth quarter and 2004
year indicate that the Company
is succeeding in its business
strategies.0 million in 2003.
Total revenues for the fourth quarter
2004 increased by $1.2%, as
compared to the same period in 2003, while operating profit decreased
slightly. 31,
------------- --------- ------------- ---------
2003 2004 2003 2004
----------
--- --------- ------------- ---------
OPERATING ACTIVITIES:
Net Loss $36
$1,476 $(6,009) $(3,838)
Adjustments to
reconcile net loss
to net cash (used
in) provided by
operating activity:
Cost of lots sold 1,263 1,192
5,141 5,071
Depreciation and
amortization 1,334 993
5,001 4,547
Expenses related to
refinancing - -
3,889
Stock-based
compensation 1,178 - 1,178
433
Deferred income tax
(benefit) (1,824) 268 (138)
(1,415)
Changes in assets
and liabilities
that provided
(used) cash:
- -
Accounts receivable 361 (506) (1,900) (2,388)
Merchandise trust
receivable (159) - (128) -
Due from
merchandise trusts 2,486 - (170) -
Merchandise
trusts - 3,013 - (1,333)
Prepaid expenses 469
(199) (49) (237)
Other current
assets (341) (16)
(168) (75)
Other assets (1,237) 482 (1,674) 450
Accounts payable
and accrued and
other liabilities 1,821 (2,493)
(2,367) (440)
Deferred cemetery
revenue 1,761 2,544 11
,653 10,218
Merchandise
liability (2,060) (2,781) (3,224)
(7,397)
------------- --------- ------------- ---------
Net cash provided
by operating
activities 5,088 3,973 7,146 7,485
------------- --------- ------------- ---------
INVESTING ACTIVITIES:
Additions
to cemetery
property 14 (457) (1,945) (3,267)
Acquisitions
of
property and
equipment (395) (1,341) (1,184) (2,620)
------------- --------- ------------- ---------
Net cash used in
investing
activities (381) (1,798) (3,129) (5,887)
------------- --------- ------------- ---------
FINANCING ACTIVITIES:
Additional
borrowings
on long-term debt - 48 1,543 85,048
Repayments
of long-
term debt (1,393) (217) (5,565) (135,763)
Sale of limited
partner units - - - 81,383
Cost of financing
activities - (1,169) - (23,346)
---
---------- --------- ------------- ---------
Net cash provided
by (used in)
financing
activities (1,393) (1,338) (4,022) 7,322
------------- --------- ------------- ---------
NET INCREASE (DECREASE)
IN CASH AND
CASH
EQUIVALENTS 3,314 837 (5) 8,920
CASH AND CASH
EQUIVALENTS
-
Beginning of period 2,240 13,637 5,559 5,554
------------- --------- ------------- ---------
CASH AND CASH
EQUIVALENTS - End of
period
$5,554 $14,474 $5,554 $14,474
=============
========= ============= =========
SUPPLEMENTAL DISCLOSURE
OF CASH FLOW
INFORMATION
Cash paid during the
period for interest $5,179 $2,205 $12,918 $9,980
============= ========= ============= =========
Cash paid during the
period for income
taxes $221 $(55) $814 $777
============= ========= ============= =========
See accompanying notes
to the Consolidated Financial Statements in
Form 10-K Report for the year ended December 31, 2004
.
1877 guarded
"By partnering with state veterans cemeteries, the Department of Veterans
Affairs is able
to honor our commitment to the men and women who have served
in uniform," said the Honorable R."
At a ceremony in Columbia, William F.cem. We completed a public equity offering that served to
reduce
our leverage and debt rates, establish working capital and acquisition
lines of credit
, and provide us with an acquisition currency that will
allow us to grow through acquisitions. The
audio replay of the conference call will
be archived on StoneMor's website at http://stonemor. L
. 31, Dec.
453 scattering
"This partnership provides a final resting place for South Carolina
veterans that
meets the high standards of a national shrine. and its
subsidiaries was contributed to StoneMor Partners
L.7%, while the average revenue per contract increased 5. Net cash provided by
operations in 2004
was $7.P.com
Forward-Looking Statements
Certain statements contained in this press release
, including, but
not limited to, information regarding the status and progress of the
Company's
operating activities, the plans and objectives of the
Company's management, assumptions regarding
the Company's future
performance and plans, and any financial guidance provided, as well as
certain
information in other filings with the SEC and elsewhere are
forward-looking statements within the
meaning of Section 27A(i) of the
Securities Act of 1933 and Section 21E(i) of the Securities Exchange
Act of 1934. 31, Dec. 31, Dec.1877 interment
James Nicholson, Secretary of Veterans
Affairs.
Information
on VA burial benefits can be obtained from national cemetery
offices, from the VA Web site on the
Internet at http://www. On September 20,
2004, the business of Cornerstone Family Services, Inc.
The nature of
GAAP revenue recognition accounting principles for cemeteries makes it
possible
for us to generate operating losses because of our inability
to record revenues from pre-need sales
until the merchandise is
delivered or the services are performed.9 million made in the fourth quarter
of 2003
to reduce the estimated provision for cancellations, and increased
employee medical benefit
costs experienced in 2004.
The net loss for the year ended December 31, 2004, even though
significantly
improved from 2003, included $4.2 million attributable
to the non-recurring expenses of restructuring
our credit facility,
$0.4 million in stock-based compensation paid to certain officers and
directors
, and the higher interest expense of our old credit facility
for the first nine months of 2004.
The
Company defines distributable free cash flow as net cash
provided by operating activities before
appropriate reserves, if any,
adjusted for expenditures related to its initial public offering less
maintenance capital expenditures and debt payments not funded by the
proceeds of that offering
.
Successor to Cornerstone Family Services, Inc.
-- Increase (decrease) in deferred cemetery
revenues, net, which
represents the net change in pre-need cemetery products and
services sold
that have not been delivered or performed during
the period presented and therefore not recognized
as revenues. Distributable free cash flow is a
significant liquidity metric that we believe is an
indicator of our
ability to generate cash flow at a level sufficient to pay the minimum
quarterly
cash distribution to the holders of our common units and
subordinated units and for other purposes
such as repaying debt and
expanding through strategic investments.funeral death
Tuerk, VA Under Secretary for
Memorial Affairs, presented a symbolic check for $5,183,850 to Gov.P. The number of contracts written
decreased in 2004 from 2003 by
3. Additionally, the
Company generated a $2. (Predecessor)
Consolidated Statement of Operations
(in thousands, except unit
data)
Cornerstone StoneMor
Family Partners
Services Inc. Cornerstone StoneMor
Family Partners
Unaudited Services Inc.17
(1)
Weighted average number
of limited partners'
units outstanding
(basic and diluted) 8,480 8,480
(1) StoneMor completed
its initial public offering on September 20,
2004. Data for the period from September 20, 2004
through December
31, 2004 is as follows:
General partner's interest in net income $47
, Limited partners'
(common) interest in net income $1,159, Limited partners'
(subordinated
) interest in net income $1,159, and Net income per
limited partner (common) unit (basic and diluted
) $.453 dying
The access number for the audio
replay is as follows: (800) 633-8284. 31, Dec.curiosity guarded
In its initial
development of 22 acres, the
cemetery will provide more than 6,800 casket gravesites, 740 cremation
burial
sites and 800 columbarium niches for cremated remains.5128 per unit) was adjusted to cover
the
period from September 20, 2004 (the completion date of our initial
public offering) to December
31, 2004 and was paid out of operating
cash flow.
Cemetery revenues per interment performed, however
, increased $448 or
12. This account increased $12. Both the 2003 and 2004 cash flows
have been
negatively affected by costs associated with the Company's
public offering. (Predecessor)
Consolidated Balance Sheets
(in thousands, except share data)
December 31, December 31,
2003 2004
---
--------- ------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$5,554 $14,474
Accounts receivable, net of allowance 22,447 25,479
Prepaid expenses 1,476 1,778
Merchandise trust receivable
1,861 -
Other current assets 779
861
------------ ------------
Total
current assets 32,117 42,592
LONG-TERM ACCOUNTS RECEIVABLE - net of
allowance 33,720 32,402
CEMETERY PROPERTY
151,200 150,215
PROPERTY AND EQUIPMENT 23
,411 22,616
DUE FROM MERCHANDISE TRUSTS 109,785 -
MERCHANDISE
TRUSTS, restricted, at fair value - 114,798
PERPETUAL CARE TRUSTS, restricted, at fair
value - 127,949
DEFERRED FINANCING COSTS
- net of accumulated
amortization 3,450 2,551
OTHER
ASSETS 2,002 1,344
------------ ------------
TOTAL ASSETS 355,685
494,467
============ ============
LIABILITIES
, PREFERRED STOCK AND COMMON
STOCKHOLDERS' / PARTNERS' EQUITY
CURRENT LIABILITIES:
Accounts
payable and accrued liabilities 5,988 6,136
Accrued interest
735 162
Current portion of long-term debt 7,814
-
------------ ------------
Total current
liabilities 14,537 6,298
LONG-TERM DEBT
122,894 80,000
DEFERRED INCOME TAXES 1,415 -
DEFERRED
CEMETERY REVENUES, net 115,233 127,426
MERCHANDISE LIABILITY
44,112 37,477
------------ ----
--------
Total liabilities 298,191 251,201
------------ ------------
COMMITMENTS AND CONTINGENCIES
NON-CONTROLLING
INTEREST IN PERPETUAL CARE
TRUSTS - 127,949
REDEEMABLE PREFERRED STOCK (par value $0.(2)
----------------------
- ----------------------
Three Three
Months
Months
Ended Ended Year Ended Year Ended
Dec. L.death cruse
WASHINGTON, To help ensure that South Carolina
veterans have a final resting
place that honors their service, the Department
of Veterans Affairs (VA) today awarded a grant of
more than $5 million to the
state to establish a new veterans cemetery in Anderson., stated: "We
are pleased to
announce our results for the fourth quarter and year ended December
31, 2004.
Cash
flow results were also positive.5 million, an increase of $0. The reservation number for the
audio
replay is 21235224.01;
15,514 shares issued and outstanding at
December 31, 2003)
15,514 -
COMMON STOCKHOLDERS' / PARTNERS' EQUITY
Common
stock (par value $0. 31,
-------------------------------------------
2003 2004 2003 2004
--------
--- --------- ----------- ---------
Revenues:
Cemetery $22,239 $23,515
$77,978 $87,305
Funeral home 440 546 1,724 1,953
----------- --------- ----------- ---------
Total revenues 22,679
24,061 79,702 89,258
----------- --------- ----------- ---------
Costs and Expenses:
Cost of goods sold
(exclusive of
depreciation shown
seperately
below):
Land and crypts 468 917 4,346 4,539
Perpetual care
664 656 2,585 2,692
Merchandise 830 1,509
3,123 5,143
Cemetery expense 4,644 4,883 17,732 19,648
Selling expense
3,975 5,200 15,584 19,158
General and
administrative expense 2
,497 2,444 9,407 9,797
Corporate overhead
(including $1,178 in
stock-based
compensation in 2003
and $433 in 2004) 5,055 4,499 12,579 12,458
Depreciation
and
amortization 1,334 993 5,001 4,547
Funeral home expense
413 403 1,513 1,712
----------- --------- ------
----- ---------
Total cost and
expenses 19,880 21,504 71,870 79
,694
----------- --------- ----------- ---------
OPERATING PROFIT
2,799 2,557 7,832 9,564
EXPENSE RELATED TO
REFINANCING
- - - 4,200
INTEREST EXPENSE 2,680 1,573
11,376 9,480
----------- --------- ----------- ---------
INCOME
/ (LOSS) BEFORE
INCOME TAXES AND 119 984 (3,544) (4,116)
INCOME
TAXES (BENEFIT):
State and franchise
taxes 49 656 1,455
863
Federal 34 (1,148) 1,010 (1,141)
----------- --------- ----------- ---------
Total income taxes
(benefit)
83 (492) 2,465 (278)
----------- --------- -
---------- ---------
NET INCOME / (LOSS) 36 1,476 (6,009) (3,838)
----------- --------- ----------- ---------
Supplemental
Information:
-----------------------
General partner's
interest in net income
for the period
$30 (1)
Limited partners'
interest in net income
for the period
Common $723 (1)
Subordinated
$723 (1)
Net income per limited
partner (common
) unit
(basic and diluted) $. Cornerstone StoneMor
Family Partners
Unaudited
Services Inc. 31, Dec. 31, Dec.coffin bereavement
Mark
Sanford covering the cost of the facility. Since the
program began in 1980, VA has awarded
149 grants totaling $245 million.5%.6 million due to a reduction
in stock-based
compensation partially offset by increases in salaries and medical
benefits, and
lower income taxes as a result of the Company now being
a master limited partnership.1 million in
2003.m.
Non-GAAP Financial Measures
Calculation of EBITDA, as Adjusted
We present
EBITDA, as adjusted, because this information is
relevant to our business. Management considers this
expense to
represent the depletion of our interment spaces that are
available for sale.
cruse mourning
VA Awards $5 Million for South Carolina Veterans Cemetery
The following table summarizes selected
comparative items that the
Partnership believes is representative of its operating performance
for
the periods presented. This year was an extremely important year in our company's
history. The Partnership
recognized a net loss of $3. As previously
indicated, many of these contracts can be fully paid,
as cash
collected is not a factor in revenue recognition.
Investors' Conference Call
An
investors' conference call to review the 2004 fourth quarter
and year end results will be held on
Monday, March 28, 2005, at 11:00
a.
StoneMor's cemetery products and services, which are sold
on both a
pre-need (before death) and at-need (at death) basis, include: burial
lots, lawn and
mausoleum crypts, burial vaults, caskets, memorials and
all services which provide for the installation
of this merchandise.
For additional information about StoneMor Partners L. The words "believe,"
"may," "will," "estimate,"
"continues," "anticipate," "intend," "project," "expect,"
"anticipate
," "predict" and similar expressions identify these
forward-looking statements.
When considering
forward-looking statements, you should keep in
mind the risk factors and other cautionary statements
set forth in our
SEC filings.P. We define EBITDA, as adjusted, as net income
(loss) before:
interest;
taxes;
depreciation and amortization;
cost of land and crypts sold;
change in deferred cemetery revenues, net; and
one-time items relating to our September
2004 refinancing. Also included are establishments primarily engaged in operating sites or structures
reserved for the interment of human or animal remains and/or cremating the dead.
453 coffin
"
Mr. We manage primarily
for cash flows that
generate Operating Surplus, as defined in our Partnership Agreement,
which
are used primarily to pay distributions to our unitholders, and
secondarily for operating profits
and revenues."
William R. Please see the
discussion of non-GAAP financial measures within this
press release. In 2004, accounts payable
decreased for the payments of legal and accounting fees
accrued in
2003, but paid in 2004.P.
In our presentation of EBITDA, as adjusted, we adjusted
EBITDA
(defined as earnings before interest, taxes, depreciation and
amortization) for the following
items:
-- Cost of land and crypts sold, an expense item resulting from
our sales of burial
lots, lawn crypts and mausoleum crypts,
which is based on the historical allocation of our original
cemetery acquisition and construction costs to individual
burial lots and crypts., providing facilities
for wakes, arranging transportation for the dead, selling caskets and related merchandise).
1877 expressing
com
About
StoneMor Partners L.01; 880,000
shares issued and outstanding at
December 31, 2003)
9 -
Additional paid-in capital 91
,213 -
Accumulated other comprehensive income - -
Employee
stock loans (150) -
Retained deficit
(49,092) -
General partner - 1,663
Limited partners:
Common - 72,892
Subordinated - 40,762
------------ ------------
Total common stockholders' /
partners
' equity 41,980 115,317
------------ ------------
TOTAL LIABILITIES, PREFERRED STOCK AND COMMON
STOCKHOLDERS' /
PARTNERS' EQUITY $355,685 $494,467
============ ============
See accompanying notes to the Consolidated Financial Statements
in
Form 10-K Report for the year ended December 31, 2004. (Predecessor)
Consolidated
Statement of Cash Flows
(in thousands)
Cornerstone StoneMor
Family Partners
Services
Inc.guarded excerpted
, the predecessor to StoneMor
Partners L. Miller continued: "Our company has a focus different
than the
other deathcare companies. We have paid our
initial distribution for the period ended
December 31, 2004 on
February 14, 2005 to both our common and subordinated unitholders. These
results
are consistent with the company's strategy of employing more
experienced sales personnel.interment dying
in connection
with the initial public offering of common units representing limited
partner interests in StoneMor
Partners L.4 million distribution ($0. L.boylston cremation
Design costs and equipment to operate the cemetery also
are funded.
Distributable free cash flow is similar to quantitative standards
of free cash flow
used throughout the death care industry and to
quantitative standards of distributable cash flow
used throughout the
investment community with respect to publicly traded partnerships, but
is
not intended to be a prediction of the future. Distributable free cash
flow is not a measure of financial
performance and should not be
considered as an alternative to cash flows from operating, investing
or financing activities.cruse excerpted
(NASDAQ:STON) today announced its operating results for the
fourth quarter
and year ended December 31, 2004.
(in thousands)
Three Months Ended Year Ended
December
31, December 31,
----------------- -----------------
2003 2004 2003 2004
-------- ----------------- --------
Total Revenues $22,679 $24,061
$79,702 $89,258
Operating Profit $2,799 $2,557 $7,832 $9,564
Net Income
(Loss) $36 $1,476 ($6,009) ($3,838)
EBITDA, as Adjusted (a)
$7,157 $7,287 $29,627 $29,400
(a) This is a non-GAAP financial measure, as defined by
the Securities
and Exchange Commission. Please see the reconciliation to GAAP
measures
within this press release.
Lawrence Miller, Chief Executive Officer of StoneMor GP LLC, the
general
partner of StoneMor Partners L. The
$4.6%, from $7. L.
Management compensates for these limitations
in considering EBITDA, as
adjusted, in conjunction with its analysis of other GAAP financial
measures
, such as net income (loss) and net cash provided by (used in)
operating activities.cruse reserved
Information
about the South Carolina veterans cemetery can be obtained
from the Governor's Office of Veterans
Affairs at (803) 734-0200. Shane, Executive Vice President and Chief Financial
Officer of StoneMor
GP LLC, stated: "The improvements in revenues,
operating profit and net loss for the year ended December
31, 2004 are
attributable to the Partnership's continuing commitment to its
business strategy
of purchasing and delivering products and performing
services in advance of the time of need. We
assume no obligation to publicly update or revise any
forward-looking statements made herein or any
other forward-looking
statements made by us, whether as a result of new information, future
events
or otherwise.
Management and external users of our financial statements, such as
our investors
, use EBITDA, as adjusted, as an important financial
measure to assess the ability of our assets to
generate cash
sufficient to pay interest on our indebtedness, meet capital
expenditure and working
capital requirements, pay quarterly
distributions on the common and subordinated units and otherwise
meet
our obligations as they become due.This category comprises establishments primarily engaged
in preparing the dead for burial or interment and conducting funerals (i.
cruse mourning
The grants have helped to
establish, expand or improve 68 state
veterans cemeteries in 36 states and Guam that provided more
than 20,000
burials in fiscal year 2005.
Business Editors
BRISTOL, Pa.
Operating results for the
year ended December 31, 2004 include the operating results of
Cornerstone
Family Services, Inc.1 million resulting from the pay-off of our old
credit facility with a portion
of the net proceeds of our initial
public offering and senior secured note offering, reduced home
office
expenses of $0.P.
----------------------- ---------------------
--
Three
Three Months Months
Year
Ended Ended Year Ended Ended
Dec.
Because it includes the change in deferred cemetery revenues,
net, EBITDA
, as adjusted, is able to reflect the deferred
revenues from contracts written and their related expenses
generated in a particular period. However, our
calculation of distributable free cash flow may
not be consistent with
calculations of free cash flow, distributable cash flow or other
similarly
titled measures of other companies.e.
reserved guarded
, up to September 20, 2004, at which time StoneMor
Partners
L."
The Company closely monitors its revenue and other operating data.4
million (as a result of
increased contract servicing), or 6.
Net earnings for the fourth quarter of 2004 increased by $1
.2 million during 2004 and represents a
backlog of cemetery revenue less costs of sales and direct
selling
expenses to be recognized as contracts are serviced.excerpted mourning
The grant will pay 100 percent
of the cost to build the 57-acre cemetery
in the western part of the state.va.P.
The Company continues
to monitor its deferred cemetery revenue,
net. StoneMor is the only publicly traded death
care
company focused almost exclusively on cemeteries and is the only
publicly held death care company
structured as a Partnership. These forward-looking statements are made
subject to certain risks and
uncertainties that could cause actual
results to differ materially from those stated, including,
but not
limited to, the following: uncertainties associated with future
revenue and revenue growth;
the impact of the Company's significant
leverage on its operating plans; the ability of the Company
to service
its debt; the Company's ability to attract, train and retain an
adequate number of
sales people; uncertainties associated with the
volume and timing of pre-need sales of cemetery services
and products;
variances in death rates; variances in the use of cremation; changes
in the political
or regulatory environments, including potential
changes in tax accounting and trusting policies;
the Company's ability
to successfully implement a strategic plan relating to producing
operating
improvement, strong cash flows and further deleveraging; and
various other uncertainties associated
with the death care industry
and the Company's operations in particular.P.
StoneMor Partners L.
(2) Represents the operations of Cornerstone Family Servuces
, Inc.
The following table presents a reconciliation of EBITDA, as
adjusted, to net cash provided
by operating activities, its most
directly comparable GAAP financial measure, on a historical basis
, for
the periods presented (in thousands):
Three months
ended Year ended
December 31, December 31,
----------------- -----------------
2003 2004 2003 2004
-------- -------- -----
--- --------
Reconciliation of "EBITDA, as
adjusted" to "Net cash provided by
operating
activities":
Net cash provided by (used in)
operating activities $5,088 $3,973
$7,146 $7,485
Interest paid 5,179 2,205 12,918 9,980
Income
taxes paid 221 (55) 814 777
Refinancing expense
--- --- --- 311
Stock compensation (1,178) --- (1,178)
(433)
Changes in operating working
capital:
Accounts receivable (361)
506 1,900 2,388
Deferred income taxes
(benefit) 1,824
(268) 138 1,415
Merchandise trusts receivable (2,528) --- 128 ---
Due from merchandise trust 201 --- 170 ---
Merchandise trust
--- (3,013) --- 1,333
Prepaid expenses (469) 199
49 237
Other current assets 341 16 168 75
Other
assets 1,237 (482) 1,674 (450)
Accounts payable and other
liabilities (4,458) 1,425 2,476 (1,115)
Merchandise liability
2,060 2,781 3,224 7,397
-------- -------- -
------- --------
EBITDA, as adjusted $7,157 $7,287 $29,627 $29,400
======== ======== ======== ========
Distributable Free Cash Flow
We present distributable free cash flow because management
believes this information is a useful
adjunct to net cash provided by
operating activities under GAAP.guarded curiosity
5 million increase in mausoleum sales
during
the fourth quarter of 2004, which changed sales mix and resulted in a
lower net sales income
margin (cemetery revenues less cost of sales
and selling expenses). A reconciliation between net
cash provided
by operating activities (the GAAP financial measure the Company
believes is most
directly comparable to distributable free cash flow)
and distributable free cash flow for the quarter
ended December 31,
2004 follows:
Net cash provided by operating activities
$3,973
Public offering expenditures included in the 2004
fourth quarter reduction of accounts
payable 1,837
Maintenance capital expenditures not funded by the
public offering
proceeds (238)
Debt payments not funded by the public offering
proceeds ---
------------
Distributable free cash flow
$5,572
============
Distributable
free cash flow is a non-GAAP financial measure, as
defined by the Securities and Exchange Commission
.
StoneMor Partners L.P.
from January 31, 2004 through September
19, 2004.esrc bereavement
P.8%. In 2003, among other effects, other assets increased
due to capitalized legal fees
paid in 2003., please
visit StoneMor's website, and the Investor Relations section, at
http:/
/stonemor.27.
StoneMor Partners L.cfr wakes
gov or by
calling VA regional
offices toll-free at (800) 827-1000.StoneMor Partners L.P. Announces 2004 Fourth Quarter and Year-End
Results
4 million or
5. The conference call can be accessed by calling
(888) 662-9069.P., headquartered
in Bristol, Pennsylvania, is
an owner and operator of cemeteries in the United States, with 132
cemeteries
in 12 states. Management considers these
charges to represent full amortization of these items.cruse funeral
The grant also
provides cemetery infrastructure, including roads, administration and
maintenance
buildings, an assembly area and a committal service shelter.P.P. The two primary reasons for the decrease
in operating profit
are: an adjustment of $0.5
million from the fourth quarter of 2003 as a result
of decreased
interest expense of $1. An audio replay of the conference call will be
available
through April 11, 2004.
StoneMor Partners L.
Successor to Cornerstone Family Services
, Inc.
See accompanying notes to the Consolidated Financial Statements in
Form 10-K
Report for the year ended December 31, 2004.P.P.
-- One-time items relating to the September
2004 refinancing
reflect loan acquisition costs and other charges of the debt
paid off on September
20, 2004.
There are material limitations to using a measure such as EBITDA,
as adjusted, including
the difficulty associated with using it as the
sole measure to compare the results of one company
to another and the
inability to analyze significant items that directly affect a
company's net
income (loss) or operating income.morbid cremation
VA's State Cemetery Grants Program complements VA's 122 national
cemeteries. commenced operations.8 million in
2004 as compared to a net loss of $6. The company
generated
adequate cash to pay its first unitholder distribution and has not as
of yet borrowed
from its working capital facility.
Interments performed for the year were essentially the same as
2003. Eastern Time.
Successor to Cornerstone Family Services, Inc.P. In addition, our
calculation
of EBITDA, as adjusted, may not be consistent with
similarly titled measures of other companies and
should be viewed in
conjunction with measures that are computed in accordance with GAAP.interment funeral
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