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AMERICAN FUNERAL SERVICES CORPORATION REPORTS RECORD YEAR END EARNINGS

AMERICAN FUNERAL SERVICES CORPORATION REPORTS RECORD YEAR END EARNINGS
 HOUSTON, Aug. 24 /PRNewswire/ -- American Funeral Services Corporation (NASDAQ: AMFS) today announced record earnings for its fiscal year ended June 28, 1992.
 For the 1992 fiscal year revenues reached $31,614,000, a 14 percent increase over the $27,746,000 in the prior year. Net income from continuing operations increased 72 percent to $2,052,000 from the $1,196,000 recorded in the 1991 fiscal year. Earnings per share from continuing operations for 1992 increased 57 percent to $.80 based on 2,553,000 average shares outstanding, compared with $.51 per share on 2,354,000 average shares outstanding in 1991.
 President and Chief Executive Officer Hugh M. Morrison attributed the improved results to a continued improvement in revenues and operating margins at the company's cemeteries and funeral homes as well as to lower interest costs.
 For the 13 weeks ended June 28, 1992, revenues increased 14 percent to $8,124,000 compared to $7,145,000 recorded during the fourth quarter of fiscal 1991. Net income from continuing operations for the quarter increased 71 percent to $544,000 from $319,000 for the fourth quarter of fiscal 1991. Earnings per share from continuing operations for the fourth quarter were $.17 based on 3,148,000 average shares outstanding, a 21 percent increase over the $.14 recorded in 1991's fourth quarter based on 2,354,000 average shares.
 During the fourth quarter of fiscal 1992, American Funeral Services completed an initial public offering of 2,070,000 shares at $10 per share (including 309,444 shares for selling shareholders).
 American Funeral Services Corporation is a major death care services company which operates 10 funeral homes and 10 cemeteries in three major markets in the southwest and southeastern United States.
 AMERICAN FUNERAL SERVICES CORPORATION & SUBSIDIARIES
 Consolidated Statements of Operations
 (In thousands, except per share data)
 Fifty-two weeks ended
 6/28/92 6/30/91
 Revenues:
 Funeral $ 8,428 $ 6,795
 Cemetery 23,186 20,951
 Total 31,614 27,746
 Segment profit:
 Funeral 1,668 1,041
 Cemetery 6,218 5,469
 Total 7,886 6,510
 Income from continuing operations 2,052 1,196
 Loss from discontinued operation(A) -- (342)
 Extraordinary items(B) 1,215 420
 Cumulative effect of accounting change(C) 683 --
 Net income $ 3,950 $ 1,274
 Weighted average number of
 common shares(D) 2,553,000 2,354,000
 Earnings per share:
 Continuing operations $ .80 $ .51
 Discontinued operations -- (.15)
 Extraordinary credit .48 .18
 Cumulative effect of accounting change .27 --
 Net income(E) $1.52 $ .54
 ? Thirteen weeks ended
 6/28/92 6/30/91
 Revenues:
 Funeral $ 2,279 $ 1,882
 Cemetery 5,845 5,263
 Total 8,124 7,145
 Segment profit:
 Funeral 476 256
 Cemetery 1,437 1,494
 Total 1,913 1,750
 Income from continuing operations 544 319
 Loss from discontinued operation(A) -- (50)
 Extraordinary items(B) 210 125
 Net income $ 754 $ 394
 Weighted average number of
 common shares 3,148,000 2,354,000
 Earnings per share:
 Continuing operations $.17 $ .14
 Discontinued operations -- (.02)
 Extraordinary credit .07 .05
 Net income $.24 $ .17
 (A) -- Discontinued operation represents operations to date of sale and loss on disposition of the company's life insurance subsidiary sold in March 1991.
 (B) -- Use of tax loss carry forwards.
 (C) -- 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.
 (D) -- For 1991, proforma earnings per share have been presented because the historical capital structure is not indicative of the capital structure that resulted from the recapitalization.
 (E) -- Fifty-two weeks ended June 28, 1992, earnings per share for net income is fully diluted. Fully diluted number of shares is 2,710,000.
 -0- 8/24/92
 /CONTACT: Hugh Morrison, chief executive officer, or Ross Stewart, chief financial officer, both of American Funeral Services, 713-524-8881/
 (AMFS) CO: American Funeral Services Corporation ST: Texas IN: SU: ERN


GK-LO -- NY046 -- 2602 08/24/92 13:02 EDT
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Date:Aug 24, 1992
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