Printer Friendly

THE LOEWEN GROUP INC. ANNOUNCES THIRD QUARTER FINANCIAL RESULTS

    THE LOEWEN GROUP INC. ANNOUNCES THIRD QUARTER FINANCIAL RESULTS
    VANCOUVER, British Columbia, Nov. 18 /PRNewswire/ -- The Loewen Group Inc. (NASDAQ: LWNGF; Toronto: LWN) announced today that during the nine months which ended Sept. 30, 1991, revenue and earnings showed continued growth compared with the same period in 1990. Revenue increased 78.5 percent to $156.0 million from $87.4 million and earnings increased 41.4 percent to $12.3 million from $8.7 million.  Earnings per share rose 11.1 percent to $0.40 per share from $0.36 per share, while fully diluted earnings per share for the nine-month period increased 14.3 percent to $0.40 per share from $0.35 per share.
    During the three months which ended Sept. 30, 1991, in comparison to the third quarter of 1990, revenue increased 61.1 percent to $52.2 million from $32.4 million and earnings increased 20.0 percent to $3.6 million from $3.0 million.  Basic earnings per share were $0.11 per share compared to $0.11 per share, and fully diluted earnings per share for the third quarter were $0.11 per share compared to $0.11 per share for the same period in 1990.
    Throughout 1991, the company has experienced lower volumes due to a decline in death rate which has affected the funeral service industry in the United States.  However, with new financing arrangements in place and an acquisition program continuing according to schedule, the company is well-positioned to benefit from longer- term demographic trends.
    The company completed new financing arrangements on Oct. 30 with a (US) $175 million private placement of senior guaranteed notes to United States institutional investors and a (US) $100 million cross-border revised banking facility.  This new financing arrangement provides approximately $120 million of cash and unutilized credit facilities sufficient to finance acquisitions currently under contract and planned acquisition levels for the remainder of 1991 and most of 1992.
    During the first nine months of 1991, the company expended a total of $49.7 million on the purchase of 47 funeral homes and two cemeteries in 15 states and one province.  During the third quarter, the company expended $9.6 million on the purchase of 10 funeral homes and one cemetery in six states.
    Since the end of the third quarter, the company has expended or committed to the expenditure of $59.3 million on the purchase of 54 funeral homes in 14 states and one province.  These are expected to close within the next two months.
    The Loewen Group Inc. currently owns and operates 341 funeral homes and 23 cemeteries in Canada and the United States.
    -0-                    11/18/91
    /CONTACT:  Bob Lundgren, senior VP-finance and corporate development of Loewen Group, 604-299-9321/
    (LWNGF LWN.) CO:  The Loewen Group Inc. ST:  British Columbia IN: SU: AL -- LA026 -- 4624 11/18/91 16:43 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 18, 1991
Words:477
Previous Article:FARMER MAC ANNOUNCES FIFTH POOLER CERTIFICATION
Next Article:PRECISION OPTICS ANNOUNCES STOCK OFFERING
Topics:


Related Articles
THE LOEWEN GROUP INC. ANNOUNCES 1991 FINANCIAL RESULTS
THE LOEWEN GROUP INC. ANNOUNCES FIRST QUARTER FINANCIAL RESULTS
THE LOEWEN GROUP ANNOUNCES SECOND QUARTER FINANCIAL RESULTS
THE LOEWEN GROUP ANNOUNCES THIRD QUARTER FINANCIAL RESULTS
THE LOEWEN GROUP ANNOUNCES 1992 FINANCIAL RESULTS
THE LOEWEN GROUP INC. ANNOUNCES FIRST QUARTER FINANCIAL RESULTS
The Loewen Group Announces Record Third Quarter
/C O R R E C T I O N -- The Loewen Group/(Correction Notice)
LOEWEN GROUP ANNOUNCES STRATEGIC INITIATIVES TO YIELD US$25 - 30 MILLION DOLLARS OF ANNUAL COST SAVINGS@
The Loewen Group Reports Improved Third Quarter Results.

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