TORONTO, ONTARIO--(Marketwired - Nov. 29, 2013) - Park Lawn Corporation (TSX VENTURE:PLC) (the "Company") today announced results for the third quarter ended September 30th 2013. Revenue increased to $4.36 million from $4.11 million a year ago. Income from operations improved to $297,850 versus $152,972 in the prior year. Net income for the period was $550,877 or $0.16 per fully diluted share. This compares favorably to $78,857 or $0.02 for the same period in 2012.
Andrew Clark, CEO of Park Lawn, commented, "We are pleased to announce our strongest Q3 since de-trusting in 2010. All of our properties performed in line with, or ahead of, expectations. In addition, our ongoing restructuring efforts with the Harmonia business are beginning to bear fruit."
During the quarter, The Fox Hat Equities Ltd., in concert with several joint actors (collectively, the "Fox Hat Group"), exercised a Call Option to acquire 990,868 Common Shares in Park Lawn, at a price of $9.07 per share (the "Purchase Price"). As part of this transaction, the Corporation's Board of Directors approved a demand loan of $278,850 to Nine Two Seven Limited (a company controlled by Andrew Clark and his spouse), to acquire 30,000 shares in the Company. The loan bears interest at a rate of 6%, is secured by a share pledge agreement of the acquired 30,000 shares of the Company. The Call Option was contained in a Shareholders' Agreement dated July 4, 2011 among Frank Mills, Patricia Mills, the Frank and Patricia Mills Settlement, Larry Boland through his corporation Micasasuerte Inc. and Tom Falus through Team Capital Corporation (the "Mills/Boland Group"), and the Fox Hat Group. On completion of the transaction, Frank Mills and Larry Boland resigned as CEO and CFO respectively, and Tom Falus and John Mills resigned from the Board of Directors of the Company. On closing, Andrew Clark was appointed CEO of the Company and Joe Leeder was appointed CFO.
About Park Lawn
Park Lawn Corporation provides goods and services associated with the disposition and memorialization of human remains. Products and services are sold to people on a pre-planned basis (pre-need) or at the time of a death (at-need). The Company owns and operates six cemeteries in the Greater Toronto Area, and operates the crematorium at the Brampton Crematorium and Visitor Centre. The Harmonia business of the Company currently operates in Quebec City, Laval, Saint- Apollinaire and Montreal. Park Lawn's common shares are listed on the TSX Venture Exchange under the symbol "PLC". The Company is the only Canadian publicly listed cemetery, funeral and cremation business. Park Lawn makes monthly dividend payments to its shareholders. The monthly dividend has been paid each month since January, 2011 and is currently $0.038 per share ($0.46 per share on an annual basis).
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