TSX ABO.A and ABO.B
TORONTO, Aug. 28 /CNW/ - Arbor Memorial Services Inc. announced today its
results for the three and nine months ended July 31, 2008.Three months ended Nine months ended
July 31 July 31
($000) ($000)
2008 2007 2008 2007
---- ---- ---- ----
Revenue(1) 62,020 57,100 177,307 171,217
Earnings before interest expense
and income taxes(1) 9,070 7,195 27,936 28,198
Net earnings 5,735 4,222 17,574 16,585
Earnings per share - basic
and diluted ($) 0.54 0.40 1.64 1.56
(1) Reclassified to conform with current year's presentation for
discontinued operations.Net earnings and earnings per share in the third quarter of 2008
increased by $1.5 million or 35.8% to $5.7 million and by $0.14 to $0.54 per
share respectively compared to the third quarter of 2007. The increase was
mainly due to the impact of higher revenue of $4.9 million or 8.6% and a
decrease in interest expense of $0.5 million or 30%.
Net earnings and earnings per share in the first nine months of 2008
increased by $1.0 million or 6.0% to $17.6 million and by $0.08 to $1.64 per
share respectively compared to the first nine months of 2007. The increase was
mainly attributable to a decrease in interest expense of $1.1 million and a
decrease in income taxes of $0.4 million, which were partially offset by a
decrease in EBIT and lower earnings from discontinued operations.
Arbor Memorial Services Inc. owns 41 cemeteries, 27 crematoria,
4 reception centres located on cemetery premises and 88 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
