TSX ABO.A and ABO.B
TORONTO, Dec. 20 /CNW/ - Arbor Memorial Services Inc. announced today its
results for the year ended October 31, 2007.Three months ended Year ended
October 31 October 31
($Millions) ($Millions)
2007 2006(1) 2007 2006(1)
---- ------- ---- -------
Revenue 58.1 55.2 229.3 213.5
Earnings before interest expense
and income taxes 7.7 8.3 35.9 33.8
Net earnings from continuing
operations 4.3 4.6 20.6 19.3
Net earnings 2.7 4.2 19.3 19.2
Basic and diluted earnings per share
from continuing operations ($) 0.41 0.44 1.94 1.82
Basic and diluted earnings per
share ($) 0.25 0.39 1.82 1.81
(1) Restated to conform with current year's presentation for discontinued
operations.Net earnings in the fourth quarter of 2007 decreased by $1.5 million or
35.7% to $2.7 million and earnings per share decreased by $0.14 to $0.25 per
share. The decrease in earnings was mainly due to an increase in after-tax
impairment provisions of $1.7 million, of which $0.9 million related to
discontinued operations, and an increase in after-tax termination expenses of
$0.5 million.
Net earnings in 2007 increased by 0.9% to $19.3 million and earnings per
share in 2007 increased by $0.01 to $1.82 per share. Net earnings were
affected by an increase in after-tax impairment provisions of $1.7 million, of
which $0.9 million related to discontinued operations, and an increase in
after-tax termination expenses of $1.7 million.
Arbor Memorial Services Inc. owns 41 cemeteries, 27 crematoria, 4
reception centres located on cemetery premises and 91 funeral homes in eight
provinces of Canada.
%SEDAR: 00007478E
For further information: Brian D. Snowdon, President and Chief Executive
Officer, Laurel L. Ancheta, Vice-President and Chief Financial Officer, Phone:
(416) 763-4531
