TORONTO, ONTARIO--(Marketwired - March 30, 2016) - Park Lawn Corporation (TSX VENTURE:PLC) ("Park Lawn Corp.") today announced results for the fourth quarter and year-ended December 31, 2015. The results show significant improvements in operating results with a year-over-year revenue increase of 18.9%. Earnings from continuing operations, before expenses related to business acquisitions and other incomes, increased by 48.1%.
Fully diluted earnings per share increased for fiscal 2015 to $0.512 from $0.352 in 2014.
"Park Lawn Corp. undertook several large expansions of existing assets and operational changes which contributed to the company's strong showing in 2015," stated Andrew Clark, Chairman & CEO of Park Lawn Corp. "We believe that the company is well positioned to continue this growth in 2016."
Factors that contributed to this year-over-year improvement included:
- Completing a new 3,240 crypt mausoleum, as well as refurbishing an out of service crematorium at Westminster Cemetery in the Greater Toronto Area.
- Acquiring Basic Funerals, in late 2015, a lower-cost primarily online funeral operation with a large presence in the Greater Toronto Area, Ottawa Valley Region and Southwestern Ontario.
In 2015 Park Lawn Corp. took additional steps to further significantly expand the company's asset base, including:
- Acquiring Korban Funeral Chapel in Winnipeg, MB and Mundell Funeral Home Limited in Orillia, ON. These acquisitions were completed in January and February 2016, respectively.
- Acquiring Midwest Memorial Group ("MMG"), which owns 26 cemeteries (including nine with crematoria) and manages two cemeteries in the State of Michigan. This acquisition closed in March 2016.
- Beginning an expansion of the Paradise Mausoleum at Park Lawn Cemetery in Toronto, ON. When completed, the expansion is expected to add approximately 2,600 additional crypt spaces to the mausoleum.
"Since 2013, Park Lawn Corp. has become the largest, publicly-traded Canadian company in this industry," added Clark. "With the acquisition of MMG, we have significantly increased the number of cemeteries in the company's portfolio, and geographically diversified the company's assets outside of Canada for the first time."
About Park Lawn Corporation
Park Lawn Corp. 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). The Company and its subsidiaries own and operate 34 cemeteries in Ontario and Michigan and 17 funeral homes in Quebec, Ontario, Manitoba and Saskatchewan. The Company's Harmonia business currently operates under license in the province of Quebec.
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 the Company 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 the Company's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the continued growth of the Company in 2016 and the significant expansion of its asset base. The forward-looking statements in this news release are based on certain assumptions, including without limitation that the Company's business will continue to perform in a manner consistent with past practice. Forward-looking statements 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 the Company'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, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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