Park Lawn Corporation Releases – GuruFocus.com

TORONTO, ON/ACCESSWIRE/May 12, 2022/ Today, Park Lawn Corporation (TSX: PLC, Financial)(TSX:PLC.U, Financial) (“APIs“or the”Company“) announced its first quarter results (“Q1“) ended March 31, 2022. The Company delivered a strong performance with strong growth in net sales, net earnings and adjusted net earnings¹and adjusted EBITDA¹:

* Attributable to PLC shareholders

“We are pleased with our first quarter results and performance compared to a very difficult comparison in the first quarter of 2021. As we predicted and previously communicated, we are seeing less impact from the pandemic on our business. Regardless of the lower impact, we will continue to see strong operating performance from our comparable businesses as well as through our portfolio of active acquisitions,” said J. Bradley Green, Chairman and Chief Executive Officer. “Specifically, during of this quarter, although we saw a slight decrease in our call volume, as we had expected, this was offset by an increase in our average revenue per call. We also experienced strong property sales in our cemeteries as the pandemic continues to spread to act as a trigger event,” Green said.

First Quarter 2022 Highlights

• For the three-month period ended March 31, 2022, net revenues increased by approximately 17.5% to $83.2 million compared to the three-month period ended March 31, 2021.
• For the three-month period ended March 31, 2022, net revenue growth from comparable operations² was 0.6% compared to the previous period ending March 31, 2021.
• Diluted net earnings per share attributable to PLC shareholders was $0.250 for the three-month period ended March 31, 2022, compared to $0.256 for the three-month period ended March 31, 2021.
• Adjusted diluted net earnings per share attributable to PLC shareholders was $0.321 for the three-month period and fiscal year ended March 31, 2022, compared to $0.316 for the three-month period and fiscal year ended March 31 2021.
• Adjusted EBITDA attributable to PLC shareholders was approximately $21.4 million for the three-month period ended March 31, 2022, compared to $19.2 million for the three-month period ended March 31, 2021, representing a increase of 11.8%.
• PLC achieved a net profit margin of 10.5% for the three-month period ended March 31, 2022, compared to a margin of 10.9% for the three-month period ended March 31, 2021.
• PLC achieved an adjusted EBITDA margin of 25.7% for the three-month period ended March 31, 2022, a decrease of 150 basis points from the prior comparable period.
• Subsequent to March 31, 2022, the Company completed the acquisition of Chancellor Funeral Home and Garden of Memories, which consist of a stand-alone funeral home and a combination funeral home and cemetery located in Byram and Florence, Mississippi, respectively.
• Subsequent to March 31, 2022, the Company also announced that it had entered into a definitive agreement to purchase substantially all of the assets of Hudson Funeral Home & Cremation Services, a free-standing funeral home in Durham, North Carolina. The Company expects to close this transaction upon receipt of regulatory approval in early June 2022.

Important reminder

The Company will host a conference call to discuss its first quarter 2022 financial results on Friday, May 13, 2022. The details are as follows:

Date: Friday, May 13, 2022

Weather: 9:30 a.m. EST

Call number: Toll free (888) 506-0062 | Conference ID: 367158

To ensure your participation, please join approximately five minutes before the scheduled start of the conference call. The Company’s full financial results are available at www.sedar.com or on the Company’s website at www.parklawncorp.com.

A replay of the conference call will be available until Friday, May 27, 2022 and can be accessed as follows: Dial-in number: Toll-free (877) 481-4010 | Conference ID: 45413. Alternatively, the conference call will also be available on the Company’s website at www.parklawncorp.com.

About Park Lawn Corporation

PLC provides goods and services associated with the disposal and memorialization of human remains. Products and services are sold on a pre-planned basis (pre-need) or upon death (at-need). PLC and its subsidiaries own and operate businesses including cemeteries, crematoria, funeral homes, chapels, planning offices and transfer service. PLC operates in three Canadian provinces and sixteen US states.

Non-IFRS measures

Adjusted net earnings, Adjusted EBITDA and their related per share amounts, Adjusted EBITDA margins and comparable operations are not recognized measures under IFRS and do not have standardized meanings prescribed by IFRS. Such measures are presented in this press release because the management of PLC believes that such measures are relevant in evaluating the operating performance of PLC. These measurements, as calculated by PLC, may differ from similar calculations as reported by other similar organizations and, therefore, may not be comparable to similar measurements reported by such other organizations.

The Company defines comparable operations as business units or operating sites owned by the Company for the entire period from January 1, 2021 to March 31, 2022. The following tables show how the Company reconciles adjusted net income, EBITDA adjusted and their related per share. and Adjusted EBITDA margins to the nearest IFRS measure.

Adjusted net profit

EBITDA and Adjusted EBITDA

Caution Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of applicable securities laws relating to PLC’s business and the environment in which it operates. Forward-looking statements are identified by words such as “believe”, “anticipate”, “aspirational”, “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, but are not limited to, statements regarding: PLC’s expectation that the acquisition of Hudson will close in early June 2022; and the impact of COVID-19 on the Company’s business. The forward-looking statements in this press release are based on certain assumptions, including that regulatory restrictions related to the COVID-19 pandemic in the markets the Company serves will continue to be relaxed throughout calendar year 2022, the CAD/USD exchange rate remains consistent, PLC is able to obtain regulatory approval or meet regulatory requirements for the acquisition of Hudson, the acquisition is closing on schedule, the acquisition will proceed as expected after closing, PLC will be able to implement business improvements and cost savings, PLC will be able to retain key personnel, no unforeseen expenses will arise from contemplated acquisitions, multiples remain equal or lower at the levels paid by PLC for previously announced acquisitions, acquisition and financing markets remain accessible, capital can be raised at d Reasonable costs and PLC’s current businesses are operating and achieving synergies as expected, as well as those regarding current and future business strategies, the environment in which PLC will operate in the future, any adjustments to operations with the COVID-19 pandemic current, expected revenues, expansion plans and PLC’s ability to meet its objectives.

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, risks associated with the current COVID-19 pandemic and the other factors discussed under the “Risk Factors” section in PLC’s most recent Annual Information Form and in the most recent MD&A available at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate, as actual results may differ materially from those expressed in such forward-looking statements. Accordingly, readers should not place undue reliance on these forward-looking statements. Further, these forward-looking statements are made as of the date of this press release and, except as expressly required by applicable law, PLC undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Contact information

Daniel Millette
Financial director
(416) 231-1462 ext. 221

¹ This is a non-IFRS financial measure. Refer to the Non-IFRS financial measures section of this document for more information on each non-IFRS financial measure.
² This is a non-IFRS financial measure. Refer to the Non-IFRS financial measures section of this document for more information on each non-IFRS financial measure.

THE SOURCE: Park Lawn Society

See the source version on accesswire.com:
https://www.accesswire.com/701193/Park-Lawn-Corporation-Releases-Q1-2022-Results