TORONTO, ONTARIO--(Marketwired - Nov. 17, 2015) - Park Lawn Corporation (TSX VENTURE:PLC) (the "Company" or "Park Lawn") today announced results for the third quarter ending September 30, 2015. Financial highlights are below:
CEO Andrew Clark stated, "Our third quarter results demonstrate the strength of our strategy of delivering both organic and acquisitive growth. Despite the short-term dilution that occurred following the most recent equity offerings, we have now deployed the capital and our shareholders are beginning to see the benefits. Earnings from continuing operations for this quarter outpaced last year's results by over 80%, driven largely by the sale of new inventory at the Westminster location, improved operating performance in our Ottawa locations and the successful integration of our Manitoba and Saskatchewan operations."
Clark continued, "We were also pleased to announce in this past quarter the expansion of the Paradise Mausoleum at the Park Lawn site adding 20 years of crypt inventory and 30 years of niche inventory. Park Lawn Corporation continues to identify organic growth through increased inventory at our existing facilities while seeking new and strategic acquisitions."
About Park Lawn
Park Lawn Corporation 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). 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 operates Tubman/Cadieux Funeral Homes in the Ottawa region and Parkland Funeral Holdings in Manitoba and Saskatchewan. The Harmonia business of the Company currently operates under license in Quebec City, Laval, Saint-Apollinaire and Saint-Georges. 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 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 and growth plans. 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.
Description of Non-IFRS Measures
Management uses both International Financial Report Standards ("IFRS") and Non-IFRS Measures to monitor and assess the operating performance of the Company's operations. In this news release, management uses adjusted cash flows which does not have standardized meaning under IFRS and is unlikely to be comparable to similar measures presented by other organizations. This Non-IFRS Measure is further described in the Company's Management's Discussion and Analysis available on SEDAR at www.sedar.com.