LEVITTOWN, Pa., July 25, 2014 (GLOBE NEWSWIRE) -- StoneMor Partners L.P. (NYSE:STON) announced today an increase of its cash distribution to $0.61 per unit from $0.60. The distribution is payable on August 14, 2014 to common unit holders of record as of the close of business on August 5, 2014.
"The increased distribution is a reflection of the strong performance we have generated and expect to continue generating as a result of the recent transactions we have closed," said Larry Miller, President and Chief Executive Officer. "As we previously disclosed, the acquisition of funeral homes and cemeteries from Service Corporation International was immediately accretive, and the integration of, and build-out of our sales force from the properties we manage under a long term arrangement with the Archdiocese of Philadelphia is proceeding according to plan.
"With the strong performance of our base operations and the results we're beginning to see from these two transactions, we believe we should be able to increase distributions by at least $.01 per unit each quarter through 2015. Lastly, although we can make no assurances, with the addition of the recently announced investment from a private equity firm, we hope to continue the upward trajectory of the distribution beyond that timeframe."
StoneMor also announced that on August 8, 2014 at 10:00 am ET it will be holding a conference call to discuss financial results for the 2014 second quarter period ended June 30, 2014. Investors may access this call by dialing (800) 741-4871. An audio replay of the conference call will be available by calling (800) 633-8284 through 12:00 PM EST on August, 22, 2014. The reservation number for the audio replay is as follows: 21728932. The audio replay of the conference call will also be archived on StoneMor's website at www.stonemor.com.
StoneMor will also host a live webcast of this conference call. Investors may access the live webcast via the Investors page of the StoneMor website under Events & Presentations.
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 303 cemeteries and 99 funeral homes in 28 states and Puerto Rico. StoneMor is the only publicly traded death care 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.
Certain statements contained in this press release, including, but not limited to, information regarding the status and progress of StoneMor's operating activities, the plans and objectives of its management, assumptions regarding its future performance and plans, and any financial guidance provided, as well as certain information in other filings with the Securities and Exchange Commission and elsewhere, are forward-looking statements. The words "believe (including but not limited to belief in maintenance or future increases in StoneMor's distributions," "may," "will," "estimate," "continue," "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 StoneMor's actual results of operations to differ materially from those expressed or implied by forward-looking statements, including, but not limited to, the following: uncertainties associated with future revenue and revenue growth; the effect of economic downturns; the impact of StoneMor's significant leverage on its operating plans; StoneMor's ability to service its debt and pay distributions; StoneMor's ability to increase its distributions; the decline in the fair value of certain equity and debt securities held in its trusts; StoneMor'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; increased use of cremation; changes in the death rate; changes in the political or regulatory environments, including potential changes in tax accounting and trusting policies; StoneMor's ability to successfully implement a strategic plan relating to achieving operating improvements, strong cash flows and further deleveraging; StoneMor's ability to successfully compete in the cemetery and funeral home industry; uncertainties associated with the integration or anticipated benefits of StoneMor's recent acquisitions and any future acquisitions; StoneMor's ability to complete and fund additional acquisitions; litigation or legal proceedings that could expose StoneMor to significant liabilities and damage its reputation; the effects of cyber security attacks due to StoneMor's significant reliance on information technology; uncertainties relating to the financial condition of third-party insurance companies that fund StoneMor's pre-need funeral contracts; and various other uncertainties associated with the death care industry and StoneMor's operations in particular.
When considering forward-looking statements, the reader should keep in mind the risk factors and other cautionary statements set forth in StoneMor's Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission. Except as required by federal and state securities laws, StoneMor assumes no obligation to update or revise any forward-looking statements made herein or any other forward-looking statements made by StoneMor, whether as a result of new information, future events, or otherwise.
John McNamara 215-826-2800