Park Lawn Corp T.PLC

Consumer Cyclical Personal Services

Park Lawn Corporation is engaged in providing goods and services associated with the disposition and memorialization of human remains. The Company and its subsidiaries own and operate businesses, including cemeteries, crematoria, funeral homes, chapels, planning offices and a transfer service. Its primary products and services are cemetery lots, crypts, niches, monuments, caskets, urns and other merchandise, funeral services, after-life celebration services and cremation services. Its products and services are sold on a pre-planned basis or at the time of death. It has one stand-alone funeral home located in Durham, North Carolina; one stand-alone funeral home and one on-site funeral home and cemetery located in Abingdon, Virginia; eight stand-alone funeral homes, two stand-alone cemeteries and one on-site funeral home and cemetery located in and around the Savannah, Tennessee area; three stand-alone funeral homes located in Brampton, Woodbridge and Toronto, Ontario and more.

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Park Lawn Corp > Continues Excellent Operating Trends with Q3 2021 Results

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Comment by KozmoTon Nov 12, 2021 11:04am

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RE:Continues Excellent Operating Trends with Q3 2021 Results

Some more cut n paste detail ...

Highlights from Q3 2021 include:

For the three-month period ended September 30, 2021, net revenue grew by 14.7%, (19.6% excluding the impact of foreign exchange) over the comparable prior period, primarily due to increased revenue averages per service, demand for pre-need property sales, as well as strong sales performance from acquisitions made during the first three quarters of 2021.
For the three-month period ended September 30, 2021, net revenue growth from Comparable Operations increased by 3.2% (8.1% excluding the impact of foreign exchange), over the three-month period ended September 30, 2020.
For the three-month period ended September 30, 2021, Adjusted Net Earnings attributable to PLC shareholders grew approximately 56.0%, and Diluted Adjusted Net Earnings per share attributable to PLC shareholders grew 48.3% to $0.384 per share, over the three-month period ended September 30, 2020.
For the three-month period ended September 30, 2021, Adjusted EBITDA attributable to PLC shareholders grew 23.1%, over the three-month period ended September 30, 2020, to $23.5 million.
PLC achieved an Adjusted EBITDA margin of 25.6% for the three-month period ended September 30, 2021, an increase of 160 basis points over the three-month period ended September 30, 2020.
PLC's consolidated results faced headwind from foreign exchange as the average USD/CAD exchange rate decreased 5.4% compared to the three-month period ended September 30, 2020.
PLC completed a public offering of common shares whereby a total of 4,081,000 common shares were issued at a price of $36.40 per common share for total gross proceeds of approximately $148.5 million, which includes proceeds from the full exercise of an over-allotment option to purchase an additional 371,000 common shares.
PLC amended its credit facility to increase its overall borrowing capacity to $300 million on a cost neutral basis and extended the term to maturity to August 31, 2026.