TSX ABO.A and ABO.B
TORONTO, Dec. 18 /CNW/ - Arbor Memorial Services Inc. announced today its
results for the 52 weeks ended October 26, 2008 and October 28, 2007.13 weeks ended 52 weeks ended
($Millions) 2008 2007(1) 2008 2007(1)
---- ---- ---- ----
Revenue 59.4 58.1 236.6 229.3
Earnings before interest
expense and income taxes 6.6 6.8 32.0 32.4
Net earnings from continuing
operations 5.7 3.7 19.7 17.9
Net earnings 5.8 2.2 19.7 16.6
Basic and diluted earnings per
share from continuing
operations ($) 0.53 0.34 1.84 1.69
Basic and diluted earnings per
share ($) 0.53 0.21 1.84 1.57
(1) Restated to conform with the current year's presentation for
obtaining costs.Net earnings in the fourth quarter of 2008 increased by $3.6 million or
163.6% to $5.8 million and earnings per share increased by $0.32 to $0.53 per
share. The increase in earnings was mainly due to a decrease in after-tax
impairment provisions of $2.3 million, a decrease in interest expense of $0.4
million and an improvement in earnings before other income (expenses),
interest expense and income taxes as a result of improved sales in both the
cemetery and funeral divisions.
Net earnings for fiscal 2008 increased by $3.1 million or 18.8% to $19.7
million. However, excluding the effect of a decrease in after-tax termination
expenses of $0.7 million and an improvement in other income (expenses) of $1.8
million, net earnings increased by $0.6 million or 2.7%.
Arbor Memorial Services Inc. owns 41 cemeteries, 26 crematoria, 4
reception centres located on cemetery premises and 87 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
