Results show strong operating performance and steady EBITDA margin expansion
TORONTO, Nov. 13, 2018 /CNW/ - Today, Park Lawn Corporation (TSX: PLC) ("PLC") released its third quarter results for 2018 ("Q3 2018"). These results show increased revenue, earnings per share accretion and strong year-over-year growth.
PLC's revenue for Q3 2018 increased by 92.9 % year-over-year to $43,239,963 from $22,418,725 for the same three month period in 2017 ("Q3 2017"). After adjusting for the impact of foreign exchange, the growth from comparable businesses units was 5.0% for the quarter, which is consistent with PLC's stated target range. Net earnings attributable to PLC shareholders was $3,272,770 in Q3 2018, compared to a loss of $(171,116) in Q3 2017.
As with previous reporting periods, net earnings have been impacted by certain one-time, non-recurring or non-cash revenue and expense items. After accounting for the impact of these items:
- Adjusted net earnings attributable to PLC shareholders increased by 103.2% to $4,511,495 in Q3 2018 from $2,220,369 for Q3 2017. This increase resulted in a fully-diluted per share increase of 34.7% to $0.194 for Q3 2018 from $0.144 in Q3 2017.
- Adjusted EBITDA attributable to PLC shareholders showed strong year-over-year growth, increasing to $9,297,070 for Q3 2018 from $4,031,528 in Q3 2017, representing a 130.6% increase. This increase resulted in a fully-diluted per share increase of 53.3% to $0.400 in Q3 2018 from $0.261 in Q3 2017.
- Adjusted EBITDA margin for Q3 2018 was 21.9% compared to 18.4% for Q3 2017.
"We are pleased with the results for the quarter and believe they demonstrate solid progress toward our long term aspirational target. We have made significant progress on all fronts, including investments in organic growth initiatives, margin enhancement and targeted strategic acquisitions," stated Andrew Clark, Chairman & CEO of PLC.
PLC will host a conference call at 9:30 am (EST) on Wednesday, November 14, 2018 to discuss its third quarter financial results. Details of the conference call are as follows:
- Date: Wednesday, November 14 2018
- Time: 9:30am EST
- Dial-in Number: Local (647) 427-7450 | Toll Free (888) 231-8191 | Conference ID 2678728
- To ensure your participation, please join approximately five minutes prior to the scheduled start of the conference call.
About Park Lawn Corporation
PLC 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). PLC and its subsidiaries own and operate businesses including cemeteries, crematoria, funeral homes, chapels, planning offices and a transfer service. PLC has a North American wide platform with operations in five Canadian provinces and twelve US states.
Adjusted net earnings, Adjusted EBITDA attributable to PLC shareholders, Adjusted EBITDA per fully-diluted share and Adjusted EBITDA margin are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS. Such measures are presented in this news release because management of PLC believes that such measures are relevant in evaluating PLC's operating performance. Such measures, as computed by PLC, may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to similar measures reported by such other organizations. Please see the Company's most recent management's discussion and analysis for how the Company reconciles such measures to the nearest IFRS measure.
Cautionary Statement Regarding Forward-Looking Information
This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of PLC and the environment in which it operates. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate", "pro-forma" and other similar expressions. These statements are based on PLC's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the improvement of per share metrics, expected growth in PLC's bottom line and the deployment of capital. The forward-looking statements in this news release are based on certain assumptions, and they are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading "Risk Factors" in PLC's annual information form available at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, PLC assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Park Lawn Corporation
For further information: Andrew Clark, Chairman & Chief Executive Officer, (416) 231-1462; Joseph Leeder, Chief Financial Officer, (416) 231-1462; Suzanne Cowan, VP, Business Development & Corporate Affairs, (416) 231-1462, [email protected]