Printer Friendly

SERVICE CORPORATION INTERNATIONAL RELEASES 1992 PRO FORMA EFFECT OF ACCOUNTING CHANGE

 HOUSTON, May 7 /PRNewswire/ -- Service Corporation International (SCI) (NYSE: SRV) today reported the impact of a recently adopted accounting change on its full year 1992 earnings. On a pro forma basis, net income would have been $79.5 million, or $1.03 per share, on total pro forma revenues of $760.8 million. The company's previously reported 1992 results included net income of $86.5 million, or $1.13 per share, on revenues of $772.5 million.
 The accounting change, effective as of Jan. 1, 1993, changed the way the company recognizes investment income from prearranged funeral trusts and the timing of its recognition of pre-need cemetery sales. Additionally, all prearranged funeral sales contracts where the company has an obligation to perform the service would be reflected in the balance sheet as a long-term asset, with a corresponding credit to deferred revenue.
 The cumulative effect of the accounting change through Dec. 31, 1992, resulted in a one time after-tax charge of $2.0 million, or $.03 earning per share, and was reflected in the recent quarter ended March 31, 1993.
 Service Corporation International, the world's largest funeral service organization, owns and operates 682 funeral homes and 174 cemeteries in 39 states, the District of Columbia, and four Canadian provinces. SCI's common stock is traded on the New York Stock Exchange. The company's ticker symbol is SRV.
 SERVICE CORPORATION INTERNATIONAL
 1992 PRO FORMA RESULTS AFTER ACCOUNTING CHANGE
 (Unaudited, millions, except per share amounts)
 Year Ended
 Three Months Ended (Pro Forma) (Pro Forma)
 3/31/92 6/30/92 9/30/92 12/31/92 12/31/92
 Revenues:
 Funeral $137.5 $129.0 $126.0 $140.4 $532.9
 Cemetery 54.4 53.1 54.2 55.4 217.1
 Financial
 services 2.3 2.7 2.7 3.1 10.8
 Total 194.2 184.8 182.9 198.9 760.8
 Operating profit:
 Funeral 41.8 36.1 30.9 44.9 153.7
 Cemetery 14.8 12.3 13.0 12.8 52.9
 Financial
 services .7 .9 1.1 1.4 4.1
 Total 57.3 49.3 45.0 59.1 210.7
 Net income $ 21.2 $ 18.8 $ 16.3 $ 23.2 $ 79.5
 Earnings per
 share $ .28 $ .24 $ .21 $ .30 $ 1.03
 Historical
 reported:
 Net income $ 25.2 $ 19.8 $ 17.1 $ 24.4 $ 86.5
 Earnings per
 share $ .33 $ .26 $ .22 $ .32 $ 1.13
 -0- 5/7/93
 /CONTACT: Bill Barrett, 713-525-5497, or George Champagne, 713-525-5546, both of Service Corporation International Service Corporation International/
 (SRV)


CO: Service Corporation International ST: Texas IN: SU: ERN

TS -- NY050 -- 5999 05/07/93 13:44 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 7, 1993
Words:440
Previous Article:AMERICAN CLAIMS EVALUATION SIGNS LETTER OF INTENT
Next Article:DUFF & PHELPS: THE CHESAPEAKE AND POTOMAC TELEPHONE COMPANY OF WEST VIRGINIA $50 MILLION 6.05 PERCENT DEBENTURES DUE 2003 RATED 'AA'
Topics:


Related Articles
GTECH TOPS $500 MILLION FOR FISCAL YEAR; COMPANY REPORTS FOURTH-QUARTER AND YEAR-END OPERATING RESULTS
SERVICE CORPORATION INTERNATIONAL REPORTS STRONGEST QUARTER IN HISTORY
GTECH ANNOUNCES FIRST-QUARTER RESULTS
HAYES REPORTS IMPROVED SECOND QUARTER EARNINGS
MARRIOTT INTERNATIONAL REPORTS NET INCOME FOR 1993 THIRD QUARTER
MARRIOTT INTERNATIONAL REPORTS RESULTS FOR 1993
NSC CORPORATION REPORTS FOURTH QUARTER EARNINGS OF 8 CENTS PER SHARE
SERVICE CORPORATION INTERNATIONAL REPORTS RECORD YEAR
STANT CORPORATION REPORTS RECORD SALES AND PROFITS
Service Corporation International Announces Third Quarter 2002 GAAP Earnings Of $.01 Per Diluted Share.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters