LEVITTOWN, Pa., Aug. 9, 2010 (GLOBE NEWSWIRE) -- StoneMor Partners L.P. (Nasdaq:STON) announced its results of operations and various critical financial measures (non-GAAP) today for the three months ended June 30, 2010. Measures released include both GAAP measures as provided for in our quarterly financial statements and other financial measures that we believe help to understand our results of operations, financial position and decision making process:
Critical financial measures (non-GAAP):
| Three months ended | ||
| June 30, | ||
| 2010 | 2009 | |
| (In thousands) | ||
| Adjusted operating profit (a) | $ 11,882 | $ 11,074 |
|
Total value of cemetery contracts written, funeral home revenues and investment and other income (a) |
63,424 | 57,401 |
| Adjusted operating cash generated (a) | 10,249 | 11,591 |
| Distributable free cash flow (a) | 9,646 | 11,448 |
| (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. | ||
Financial measures (GAAP):
| Three months ended | ||
| June 30, | ||
| 2010 | 2009 | |
| (In thousands) | ||
| Operating cash flows (deficits) | $ (1,442) | $ 4,894 |
| Operating profit (loss) | 1,964 | 4,744 |
| Total revenues | 48,737 | 47,802 |
| Net income | 2,821 | 1,639 |
Acquisition
In June, 2010, we completed the purchase of eight cemeteries and five funeral homes for an aggregate price of approximately $32.7 million. This consisted of approximately $23.1 million in cash, of which $12.5 million was to fund merchandise trust shortfalls which will eventually be returned to us as we deliver the underlying merchandise and services that these amounts fund, $5.8 million in common units representing limited partner interests in us, and $4.0 million in liabilities that will be paid in future years. This acquisition is consistent with our growth strategy and provides for further utilization of our national operating platform. These properties are expected to significantly contribute to the value of contracts written and production-based revenue. Although there is no assurance of future performance or increased distributions to unit holders, historically, we have been able to improve revenues and operating profits of acquired properties, and our prior acquisitions have contributed to increases in distributions to its unit holders.
Production Based Revenue
We have presented as a critical financial measure the production-based revenue because we believe it is the best measure of revenues generated during a period and is the measure used by our senior management in evaluating periodic results.
The table below details the components of production based revenue for the three months ended June 30, 2010 and 2009 and reconciles it to GAAP revenues.
| Three months ended June 30, | Increase | Increase | ||||
| 2010 | 2009 | (Decrease) ($) | (Decrease) (%) | |||
| (In thousands) | ||||||
| Value of pre-need cemetery contracts written | $ 29,845 | $ 27,050 | $ 2,795 | 10.3% | ||
| Value of at-need cemetery contracts written | 18,224 | 16,502 | 1,722 | 10.4% | ||
| Investment income from trusts | 7,656 | 5,871 | 1,785 | 30.4% | ||
| Interest income | 1,460 | 1,528 | (68) | -4.5% | ||
| Funeral home revenues | 5,923 | 5,914 | 9 | 0.2% | ||
| Other cemetery revenues | 316 | 536 | (220) | -41.0% | ||
| Total | $ 63,424 | $ 57,401 | $ 6,023 | 10.5% | ||
| Less: | ||||||
| Increase in deferred sales revenue and investment income | 14,687 | 9,599 | $ 5,088 | 53.0% | ||
| Total GAAP revenues | $ 48,737 | $ 47,802 | $ 935 | 2.0% | ||
While GAAP revenues increased by just $0.9 million, or 2.0%, to $48.7 million during the three months ended June 30, 2010, production based revenue increased by $6.0 million, or 10.5%, to $63.4 million. This increase was attributable to an increase in the value of pre-need cemetery contracts written ($2.8 million or 10.3%), the value of at-need cemetery contracts written ($1.7 million or 10.4%) and investment income from trusts ($1.8 million or 30.4%).
Adjusted Operating Profit and Profit Margin
During a period of growth, operating profits as defined by GAAP will tend to lag adjusted operating profits because accounting rules require the deferral of all revenues and a portion of the costs associated with these revenues until such time that merchandise is delivered or services are performed. This creates a non-cash liability on our financial statements and delays the recognition of revenues and profit. Adjusted operating profits ignore these delays and present results based upon economic performance. Over time, operating profits and adjusted operating profits will match.
The table below presents adjusted operating profits and reconciles this amount to GAAP operating profits for the three months ended June 30, 2010:
| Three months ended June 30, | Increase | Increase | ||||
| 2010 | 2009 | (Decrease) ($) | (Decrease) (%) | |||
| (In thousands) | ||||||
| Operating profit | $ 1,964 | $ 4,744 | ||||
| Increase (decrease) in applicable deferred revenues | 14,687 | 9,599 | ||||
|
(Increase) decrease in deferred cost of goods sold and selling and obtaining costs |
(4,769) | (3,269) | ||||
| Adjusted operating profit | $ 11,882 | $ 11,074 | $ 808 | 7.3% | ||
| Adjusted operating profit margin (a) | 18.7% | 19.3% | -2.9% | |||
| (a) Based upon the ratio of adjusted operating profits to production based revenues. | ||||||
Adjusted operating profits increased by $0.8 million, or 7.3%, to $11.9 million during the three months ended June 30, 2010. This increase was caused by the previously discussed increase in production based revenue ($6.0 million) offset by a $5.2 million increase in costs. The ratio of adjusted operating profit to production based revenue declined slightly to 18.7% during the three months ended June 30, 2010 as compared to 19.3% during the same period last year.
Adjusted Operating Cash Flows and Distributable Free Cash Flow
We define adjusted operating cash flows as operating cash flows plus or (minus):
- Net inflows (outflows) to our merchandise trust.
- Increases (decreases) in accounts receivable and other cash flow timing differences.
We define distributable free cash flow as adjusted operating cash flow plus or (minus):
- Acquisition related costs.
- (Maintenance capital expenditures).
- Other investing cash inflows (outflows).
When determining partner distributions we consider operating cash flows, adjusted operating cash flows and distributable free cash flows. Distributions in excess of operating cash flows but less than adjusted operating cash flows and distributable free cash flows recognizes the fact that ultimate cash flows generated are temporarily tied up either in trust or in cash flow timing changes and represents a business decision on our part to not delay partner distributions until such time that these issues have settled.
The table below adjusts operating cash flows to adjusted operating cash flows and ultimately to distributable free cash flows for the three months ended June 30, 2010 and 2009:
| Three months ended June 30, | Increase | Increase | ||
| 2010 | 2009 | (Decrease) ($) | (Decrease) (%) | |
| (In thousands) | ||||
| Operating cash flows (deficits) | $ (1,442) | $ 4,894 | ||
| Add: net cash inflows into the merchandise trust | (45) | 657 | ||
| Add: net increase in accounts receivable | 7,034 | 5,279 | ||
| Add (subtract): net decrease (increase) in merchandise liabilities | (739) | 2,098 | ||
| Add (deduct): net decrease (increase) in accounts payable and accrued expenses | 2,029 | (3,231) | ||
| Other float related changes | 3,412 | 1,893 | ||
| Adjusted operating cash generated | 10,249 | 11,591 | $ (1,342) | -11.6% |
| Less: maintenance capital expenditures | (2,269) | (685) | ||
| Plus: Acquisition related costs paid (a) | 1,666 | 542 | ||
| Less (plus): other investing cash flow items | -- | -- | ||
| Distributable free cash flow generated | 9,646 | 11,448 | $ (1,802) | -15.7% |
| Partner distributions made | $ 7,757 | $ 6,813 | ||
| (a) We maintain an acquisition line of credit from which to make acquisitions and pay acquisition related costs. We utilize this line for these costs. Accordingly, distributable free cash flow is not negatively impacted by amounts spent on acquisitions that are recorded as expenses. | ||||
Adjusted operating cash generated declined by 11.6% to $10.2 million during the three months ended June 30, 2010. A significant contributing factor to this was the increase in interest of approximately $2.0 million.
Distributable free cash flow decreased by 15.7% to $9.6 million during the three months ended June 30, 2010. This was primarily attributable to the aforementioned decline in adjusted operating cash flow and a $1.6 million increase in maintenance capital expenditures.
Both our adjusted operating cash flow and distributable free cash flow exceeded partnership distributions made during the three months ended June 30, 2010.
Discussion of GAAP Results
GAAP accounting requires that we defer the value of contracts written and investment income earned from trusts until such time as the underlying merchandise is delivered or service is performed. Accordingly, periodic changes in GAAP revenue are not necessarily indicative of changes in either the volume or pricing on contracts originated during the period, but rather changes in the timing of when merchandise is delivered or services are performed.
Revenues
Revenues increased by $0.9 million, or 2.0%, to $48.7 million during the three months ended June 30, 2010. The increase was primarily attributable to a $4.5 million increase in the value of cemetery contracts written and a $1.8 million increase in trust revenue as measured before deferral offset by a $5.1 million increase in the amount of revenue deferred.
Operating Profit
Operating profit declined by $2.8 million, or 58.6%, to $2.0 during the three months ended June 30, 2010. The decline was primarily related to a $3.7 million increase in expenses offset by the previously mentioned $0.9 million revenue increase.
Net Income (Loss)
Net income increased 72.1%, to $2.8 million during the second quarter of 2010.
The primary reason for the increase was the recognition of a gain on an acquisition ($4.2 million) that we made in the second quarter of 2009 for which we finalized the accounting during this quarter. Also contributing to the change was a $1.6 million increase in the value of our interest rate swaps offset by the previously mentioned $2.8 million decline in operating profits.
Backlog
Backlog is a measurement of the future operating profit benefit that will be derived from customer contracts that have been executed for which we have not as of yet met the GAAP-based revenue recognition criteria and is equal to:
- deferred cemetery revenues and investment income;
- less deferred selling and obtaining costs.
Backlog does not include deferred unrealized gains and losses on merchandise trust assets.
We believe there are no material costs or significant uncertainties remaining to be determined or accrued for us to be able to realize the cash benefit of this future operating profit.
At June 30, 2010 our backlog was $279.7 million. This is an increase of $43.2 million from $236.5 million at December 31, 2009. $30.4 million of this increase was related to our 2010 acquisitions, while the remainder was related to ongoing operations. This build up in backlog will be reflected in GAAP revenue as we deliver the underlying merchandise and perform the underlying services
Investor Conference Call
An investors' conference call to review the second quarter 2010 results (which will be released before this call) will be held on Monday, August 9, 2010, at 11:00 a.m. Eastern Time. The conference call can be accessed by calling (800) 895-8134. An audio replay of the conference call will be available by calling (800) 633-8284 through 1:00 p.m. Eastern Time on August 23, 2010. The reservation number for the audio replay is as follows: 21477466. The audio replay of the conference call will also be archived on StoneMor's website at http://www.stonemor.com.
About StoneMor Partners L.P.
StoneMor Partners L.P., headquartered in Levittown, Pennsylvania, is an owner and operator of cemeteries and funeral homes in the United States, with 255 cemeteries and 63 funeral homes. StoneMor is the only publicly traded deathcare company structured as a partnership. 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.P., please visit StoneMor's website, and the Investor Relations section, at http://stonemor.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. The words "believe," "may," "will," "estimate," "continues," "anticipate," "intend," "project," "expect," "predict," and similar expressions identify these forward-looking statements. 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 effect of the current economic downturn; the impact of the company's significant leverage on its operating plans; the ability of the company to service its debt; the decline in the fair value of certain equity and debt securities held in the company's merchandise trust; 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 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; uncertainties associated with the integration or the anticipated benefits of the acquisition of assets in September 2006; and various other uncertainties associated with the deathcare industry and the company's operations in particular.
When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements set forth in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q filed with the SEC. 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.
Non-GAAP Financial Measures
Adjusted Operating Profit
We present Adjusted Operating Profit because management believes it provides for a useful measure of economic value added by presenting an effective matching of the value of current and future revenue sources generated within a given period to the cost of producing such revenue and managing our day to day operations within that same period. It is a significant measure that we believe is an indicator of eventual profit generated within a given period of time.
Adjusted Operating Profit is a non-GAAP financial measure that may not be consistent with other similar non-GAAP financial measures presented by other publicly traded companies.
Distributable Free Cash Flow
We present Distributable Free Cash Flow because management believes this information is a useful adjunct to Net Cash Provided by (Used in) Operating Activities under GAAP. Distributable Free Cash Flow is a significant liquidity metric that we believe is an indicator of our ability to generate cash flow during any quarter 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.
Distributable Free Cash Flow is similar to quantitative standards of free cash flow used throughout the deathcare 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. 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. 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.
Production Based Revenue
We present production based revenue because management believes it provides for a useful measure of both the value of contracts written and investment and other income generated during a given period and is a critical component of adjusted operating profit.
Production based revenue is a non-GAAP financial measure that may not be consistent with other similar non-GAAP financial measures presented by other publicly traded companies.
Adjusted Operating Cash Generated
We present adjusted operating cash generated revenue because management believes it provides for a useful measure of the amount of cash generated that is available to make capital expenditures and partner distribution once all cash flow timing issues have been settled.
Adjusted operating cash generated is a non-GAAP financial measure that may not be consistent with other similar non-GAAP financial measures presented by other publicly traded companies.
| StoneMor Partners L.P. | ||
| Condensed Consolidated Balance Sheets | ||
| (in thousands) | ||
| June 30, | December 31, | |
| 2010 | 2009 | |
| (unaudited) | ||
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $ 13,450 | $ 13,479 |
| Accounts receivable, net of allowance | 43,102 | 37,113 |
| Prepaid expenses | 3,477 | 3,531 |
| Other current assets | 9,815 | 4,502 |
| Total current assets | 69,844 | 58,625 |
| Long-term accounts receivable - net of allowance | 59,685 | 48,015 |
| Cemetery property | 294,120 | 235,357 |
| Property and equipment, net of accumulated depreciation | 85,448 | 52,265 |
| Merchandise trusts, restricted, at fair value | 266,909 | 203,885 |
| Perpetual care trusts, restricted, at fair value | 215,429 | 196,295 |
| Deferred financing costs - net of accumulated amortization | 10,697 | 12,020 |
| Deferred selling and obtaining costs | 55,759 | 49,782 |
| Deferred tax assets | 519 | 451 |
| Fair value of interest rate swap | 559 | -- |
| Other assets | 5,847 | 2,194 |
| Total assets | $ 1,064,816 | $ 858,889 |
| Liabilities and partners' capital | ||
| Current liabilities | ||
| Accounts payable and accrued liabilities | $ 24,190 | $ 26,574 |
| Accrued interest | 1,546 | 1,829 |
| Current portion, long-term debt | 523 | 378 |
| Total current liabilities | 26,259 | 28,781 |
| Other long-term liabilities | 5,731 | 2,912 |
| Fair value of interest rate swap | -- | 2,681 |
| Long-term debt | 237,186 | 182,821 |
| Deferred cemetery revenues, net | 313,301 | 258,978 |
| Deferred tax liabilities | 28,348 | 5,290 |
| Merchandise liability | 104,076 | 65,883 |
| Perpetual care trust corpus | 215,429 | 196,295 |
| Total liabilities | 930,330 | 743,641 |
| Partners' capital | ||
| General partner | 2,155 | 1,904 |
| General partner incentive distribution rights | 6,199 | -- |
| Common partner | 126,132 | 113,344 |
| Total partners' capital | 134,862 | 115,248 |
| Total liabilities and partners' capital | $ 1,064,816 | $ 858,889 |
See accompanying notes to the Consolidated Financial Statements on the Quarterly Report filed on Form 10-Q for the quarter ended June 30, 2010.
| StoneMor Partners L.P. | ||||
| Condensed Consolidated Statement of Operations | ||||
| (in thousands, except unit data) | ||||
| (unaudited) | ||||
| Three months ended June 30, | Six months ended June 30, | |||
| 2010 | 2009 | 2010 | 2009 | |
| Revenues: | ||||
| Cemetery | ||||
| Merchandise | $ 24,031 | $ 23,456 | $ 42,826 | $ 42,732 |
| Services | 10,034 | 9,534 | 18,025 | 18,772 |
| Investment and other | 8,898 | 9,049 | 16,905 | 16,865 |
| Funeral home | ||||
| Merchandise | 2,363 | 2,320 | 4,862 | 4,929 |
| Services | 3,411 | 3,443 | 6,789 | 7,102 |
| Total revenues | 48,737 | 47,802 | 89,407 | 90,400 |
| Costs and Expenses: | ||||
| Cost of goods sold (exclusive of depreciation shown separately below): | ||||
| Perpetual care | 1,270 | 1,423 | 2,357 | 2,428 |
| Merchandise | 4,077 | 4,736 | 7,422 | 8,531 |
| Cemetery expense | 12,086 | 10,412 | 21,333 | 19,851 |
| Selling expense | 9,467 | 8,618 | 17,083 | 16,444 |
| General and administrative expense | 6,161 | 5,411 | 11,759 | 10,890 |
| Corporate overhead (including $177 and $383 in unit-based compensation for the three months ended June 30, 2010 and 2009 and $353 and $757 for the six months ended June 30, 2010 and June 30, 2009) | 5,605 | 5,497 | 10,694 | 10,863 |
| Depreciation and amortization | 1,799 | 1,708 | 3,657 | 3,018 |
| Funeral home expense | ||||
| Merchandise | 953 | 944 | 1,866 | 1,911 |
| Services | 2,247 | 2,296 | 4,335 | 4,702 |
| Other | 1,442 | 1,471 | 2,872 | 2,899 |
| Acquisition related costs | 1,666 | 542 | 2,656 | 2,128 |
| Total cost and expenses | 46,773 | 43,058 | 86,034 | 83,665 |
| Operating profit (loss) | 1,964 | 4,744 | 3,373 | 6,735 |
| Other income and expense | ||||
| Gain on sale of funeral homes | -- | -- | -- | 475 |
| Gain on acquisitions | 4,173 | -- | 27,485 | -- |
| Increase in fair value of interest rate swap | 1,568 | -- | 3,239 | -- |
| Interest expense | 5,238 | 3,202 | 10,097 | 6,371 |
| Income before income taxes | 2,467 | 1,542 | 24,000 | 839 |
| Income taxes: | ||||
| State | 27 | 39 | 55 | 201 |
| Federal | (381) | (136) | (909) | (136) |
| Total income taxes | (354) | (97) | (854) | 65 |
| Net income | $ 2,821 | $ 1,639 | $ 24,854 | $ 774 |
| General partner's interest in net income for the period | $ 56 | $ 33 | $ 369 | $ 15 |
| General partner's IDR interest in net income for the period | $ -- | $ -- | $ 6,382 | $ -- |
| Limited partners' interest in net income for the period | ||||
| Common | $ 2,765 | $ 1,320 | $ 18,103 | $ 623 |
| Subordinated | $ -- | $ 286 | $ -- | $ 136 |
| Net income per limited partner unit (basic and diluted) | $ .23 | $ .14 | $ 1.35 | $ .06 |
| Weighted average number of limited partners' units outstanding (basic and diluted) | ||||
| 13,537 | 11,891 | 13,448 | 11,891 | |
See accompanying notes to the Consolidated Financial Statements on the Quarterly Report filed on Form 10-Q for the quarter ended June 30, 2010.
| StoneMor Partners L.P. | ||||
| Condensed Consolidated Statement of Cash Flows | ||||
| (in thousands) | ||||
| (unaudited) | ||||
| Three months ended June 30, | Six months ended June 30, | |||
| 2010 | 2009 | 2010 | 2009 | |
| Operating activities: | ||||
| Net income (loss) | $ 2,821 | $ 1,639 | $ 24,854 | $ 774 |
|
Adjustments to reconcile net income to net cash provided by operating activity: |
||||
| Cost of lots sold | 1,559 | 1,432 | 3,030 | 2,616 |
| Depreciation and amortization | 1,799 | 1,708 | 3,657 | 3,018 |
| Unit-based compensation | 178 | 383 | 353 | 757 |
| Accretion of debt discount | 84 | -- | 166 | -- |
| Previously capitalized acquisition costs | -- | -- | -- | 1,365 |
| Previously capitalized financing fees | -- | 141 | -- | 141 |
| Gain on sale of funeral home | -- | -- | -- | (475) |
| Increase in value of interest rate swap | (1,568) | -- | (3,239) | -- |
| Gain on acquisition | (3,790) | -- | (27,485) | -- |
| Changes in assets and liabilities that provided (used) cash: | ||||
| Accounts receivable | (7,352) | (5,691) | (14,656) | (11,361) |
| Allowance for doubtful accounts | 318 | 412 | 1,481 | 1,649 |
| Merchandise trust fund | 45 | (657) | (3,981) | (2,119) |
| Prepaid expenses | (801) | (1,442) | 54 | (431) |
| Other current assets | (2,726) | (193) | (2,767) | 320 |
| Other assets | 115 | (258) | 234 | (414) |
| Accounts payable and accrued and other liabilities | (2,029) | 3,231 | 640 | 460 |
| Deferred selling and obtaining costs | (2,668) | (2,185) | (5,977) | (4,745) |
| Deferred cemetery revenue | 12,641 | 8,679 | 26,101 | 17,626 |
| Deferred taxes (net) | (425) | (207) | (996) | (207) |
| Merchandise liability | 739 | (2,098) | 1,116 | (870) |
| Net cash provided by operating activities | (1,442) | 4,894 | 2,587 | 8,104 |
| Investing activities: | ||||
| Additions to cemetery property | (488) | (1,209) | (903) | (2,240) |
| Purchase of subsidiaries, net of common units issued | (22,947) | (2,727) | (36,962) | (2,727) |
| Divestiture of funeral home | -- | -- | 475 | |
| Additions of property and equipment | (2,269) | (685) | (2,657) | (1,061) |
| Net cash used in investing activities | (25,704) | (4,621) | (40,522) | (5,553) |
| Financing activities: | ||||
| Cash distribution | (7,757) | (6,813) | (15,410) | (13,626) |
| Additional borrowings on long-term debt | 35,689 | 92,852 | 53,889 | 101,667 |
| Repayments of long-term debt | (527) | (80,497) | (684) | (81,053) |
| General partner contribution | 118 | -- | 186 | -- |
| Cost of financing activities | (6) | (4,947) | (75) | (5,332) |
| Net cash provided by (used in) financing activities | 27,517 | 595 | 37,906 | 1,656 |
| Net increase (decrease) in cash and cash equivalents | 371 | 868 | (29) | 4,207 |
| Cash and cash equivalents - Beginning of period | 13,079 | 10,407 | 13,479 | 7,068 |
| Cash and cash equivalents - End of period | $ 13,450 | $ 11,275 | $ 13,450 | $ 11,275 |
| Supplemental disclosure of cash flow information | ||||
| Cash paid during the period for interest | $ 9,423 | $ 2,410 | $ 10,380 | $ 5,587 |
| Cash paid during the period for income taxes | $ 1,349 | $ 1,240 | $ 1,530 | $ 1,520 |
| Non-cash investing and financing activities | ||||
| Issuance of note payable for acquisition | $ 1,305 | $ -- | $ 1,305 | $ -- |
| Issuance of limited partner units for cemetery acquisition | $ 5,785 | $ -- | $ 5,785 | $ -- |
See accompanying notes to the Consolidated Financial Statements on the Quarterly Report filed on Form 10-Q for the quarter ended June 30, 2010.