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AMERICAN FUNERAL SERVICES CORPORATION REPORTS RECORD INTERIM EARNINGS

AMERICAN FUNERAL SERVICES CORPORATION REPORTS RECORD INTERIM EARNINGS
 HOUSTON, Oct. 30 /PRNewswire/ -- American Funeral Services Corporation (NASDAQ: AMFS) today announced record earnings for the 13 weeks ended Sept. 27, 1992.
 For the 13-week period, income from continuing operations was $807,000, a 90 percent increase over the $424,000 earned for the 13-week period ended Sept. 29, 1991. Revenues for the period increased by 7 percent to $8,014,000 when compared to the $7,520,000 of revenues during the comparable period last year. Earnings per share from continuing operations for the period were $.20 versus $.18 a year ago based on 4,115,000 shares outstanding when compared to 2,354,000 (the number of common shares outstanding immediately prior to the company's public offering on May 8, 1992) during the comparable period last year. An extraordinary credit from utilization of tax net operating loss carryforwards added $100,000 ($.02 per share) to net income during the 1992 period and $265,000 ($.11 per share) to the comparable period in 1991.
 President and Chief Executive Officer Hugh M. Morrison reported that the company's Miami cemetery operations were adversely impacted for the quarter as a result of business interruptions associated with Hurricane Andrew. This was more than offset, however, by capital gains totaling $290,000 (pre-tax) from the sale of certain trust fund investments.
 Revenues and operating margins at the company's remaining properties continued to improve, Morrison said. Net income also was positively impacted by sharply lower interest costs as a result of lower rates and a significant reduction of long-term debt with the proceeds of the company's May 1992 initial public offering.
 American Funeral Services Corporation is a major death care services company which operates ten funeral homes and ten cemeteries in three major markets in the southwestern and southeastern United States.
 On Sept. 21, American Funeral Services (AFS) and Service Corporation International (SCI) entered into a merger agreement wherein SCI will pay $15 cash per share for each AFS share outstanding. Completion of that merger is subject to approval of AFS shareholders and approval by the Federal Trade Commission.
 AMERICAN FUNERAL SERVICES CORPORATION AND SUBSIDIARIES
 Consolidated Statements of Operations
 (Unaudited -- in thousands, except per share data)
 13 Weeks Ended 9/27/92 9/29/91
 Revenues:
 Funeral $2,109 $1,873
 Cemetery 5,905 5,647
 Total 8,014 7,520
 Segment profit:
 Funeral 379 281
 Cemetery 1,786 1,586
 Total 2,165 1,867
 Corporate general & admin. expenses 647 537
 Income from continuing operations 807 424
 Extraordinary items (A) 100 265
 Cumulative effect of acctg. change (B) -- 683
 Net income 907 1,372
 Weighted aver. no. of common shares (C) 4,115 2,354
 Earnings per share:
 Continuing operations $.20 $.18
 Extraordinary credit .02 .11
 Cumulative effect of acctg. change -- .29
 Net income (D) .22 .56
 (A) -- Use of loss carryforwards.
 (B) -- In 1992, the company changed the way it accounts for certain cemetery and funeral trust funds to a method that is more consistent with that used by other public companies in its industry.
 (C) -- Weighted average number of shares has been calculated assuming the recapitalization was completed at the beginning of fiscal year 1992.
 (D) -- For the 13 weeks ended Sept. 29, 1991, earnings per share for net income is fully diluted. Fully diluted number of shares is 22,512,000.
 -0- 10/30/92
 /CONTACT: Hugh Morrison, chief executive officer, or Ross Stewart, chief financial officer of AFS, 713-524-8881; or Gerard W. Coffey of G.A. Kraut Company, 212-696-5600, for AFS/
 (AMFS) CO: American Funeral Services Corporation ST: Texas IN: SU: ERN


GK-PS -- NY047 -- 7089 10/30/92 11:59 EST
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Publication:PR Newswire
Date:Oct 30, 1992
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