Printer Friendly

SERVICE CORPORATION INTERNATIONAL REPORTS RECORD FIRST QUARTER

 SERVICE CORPORATION INTERNATIONAL REPORTS RECORD FIRST QUARTER
 HOUSTON, April 28 /PRNewswire/ -- Service Corporation International ("SCI") (NYSE: SRV) reported today net income for the three months ended March 31, 1992, of $25.2 million, the highest ever reported by the company in a single quarter. Earnings per share, also the highest ever reported in a quarter by the company, increased 20 percent to $.49 per share from $.41 per share in the first quarter last year. Revenues were $200.7 million during the quarter, up from $153.5 million reported for the same period of 1991.
 R. L. Waltrip, Chairman of SCI said: "We are seeing our strong 1991 performance carry forward into 1992. We continue to report record revenues and income for our funeral and cemetery businesses which are now realizing the impact of the 164 funeral homes and 18 cemeteries acquired last year. And our 1992 acquisition program is continuing at an active pace. Already this year we have acquired ten funeral homes and one cemetery with approximately $14 million in combined annual revenues. With the continuing availability of individual quality firms we are enthusiastic about our acquisition potential for 1992.
 "Additionally our funeral home construction and development activities are progressing on schedule, further expanding the company's future earnings potential," Waltrip added. "Twenty-two new funeral homes are scheduled for construction this year including 13 combination facilities and nine branch operations. Sixty-seven cemetery projects are currently under construction including 45 inventory developmental projects and 22 mausoleum buildings."
 First quarter results from the company's three operating segments are as follows:
 Funeral service revenues of $145.9 million were up 38 percent with segment operating profit increasing to $50.0 million, up 39 percent. A full quarter results from the significant acquisitions of 1991 contributed to the tremendous growth. Revenues from comparable funeral homes, those owned by the company during the first quarter of both years, increased 6 percent while the actual number of funerals performed by these firms increased only two-tenths of one percent. Operating profit margins for the funeral segment remained strong in excess of 34 percent.
 Cemetery operations increased revenues 23 percent to $52.6 million. Operating profit was $13.0 million, an increase of 55 percent with operating margins improving to just below 25 percent. Revenue growth of 14 percent from comparable cemeteries with only a 6 percent increase in comparable costs of operations resulted in the improved operating profit and margins of the cemetery segment.
 Provident Services, Inc., the company's finance subsidiary produced operating profit of slightly less than $700 thousand, down from the $1.4 million of the first quarter of last year. The decrease is attributed to the acquisition by the company of the three largest borrowing customers of Provident; however, Provident increased its operating margin to 30 percent, reflecting reduced interest costs under it's $150 million credit facility which was effective during the fourth quarter of last year.
 Service Corporation International is the largest owner and operator of funeral homes and cemeteries in North America. SCI's operations include 659 funeral homes and 164 cemeteries in 515 cities, 37 states, the District of Columbia and four Canadian provinces.
 SERVICE CORPORATION INTERNATIONAL
 Consolidated Statement of Income
 (Thousands, except per share amounts, Unaudited)
 Three months ended March 31 1992 1991
 Revenues:
 Funeral $ 145,884 $ 105,805
 Cemetery 52,607 42,925
 Financial services 2,255 4,749
 Total revenues 200,746 153,479
 Cost and expenses:
 Funeral 95,845 69,774
 Cemetery 39,623 34,525
 Financial services 1,578 3,390
 Total cost and expenses 137,046 107,689
 Total 63,700 45,790
 General and administrative expense (10,577) (7,926)
 Income from operations 53,123 37,864
 Interest expense (13,285) (9,684)
 Income from corporate investments 906 1,609
 Gain (loss) from dispositions (174) 350
 (12,553) (7,725)
 Income before income taxes 40,570 30,139
 Provision for income taxes (15,400) (11,400)
 Net income available to
 common shareholders $ 25,170 $ 18,739
 Weighted average number of
 common shares 51,170 46,057
 Earnings per common share $ .49 $ .41
 -0- 4/28/92
 /CONTACT: Bill Barrett of Service Corporation International, 713-525-5497, or Steve Frankel of Burson-Marsteller, 212-614-5062, for Service Corporation International/
 (SRV) CO: Service Corporation International ST: Texas IN: SU: ERN


TQ -- NY118 -- 3945 04/28/92 15:25 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 28, 1992
Words:719
Previous Article:BB&T HOLDS ANNUAL MEETING IN CHARLOTTE; BOARD DECLARES DIVIDEND
Next Article:BARTON INDUSTRIES ANNOUNCES CLOSING OF COMMON STOCK RIGHTS OFFERING


Related Articles
YORK INTERNATIONAL REPORTS RECORD FIRST QUARTER RESULTS
AMERIWOOD INDUSTRIES POSTS RECORD FIRST-QUARTER SALES, NET INCOME
INTERNATIONAL MOBILE MACHINES REPORTS SECOND QUARTER UNAUDITED RESULTS
FEDERAL EXPRESS REPORTS RESULTS
SYNCOR ANNOUNCES RECORD FIRST QUARTER RESULTS
AMERIWOOD INDUSTRIES FIRST QUARTER CONTINUES COMPANY'S RECORD PACE
MELLON REPORTS FIRST QUARTER 1993 EARNINGS
SERVICE CORPORATION INTERNATIONAL REPORTS RECORD FIRST QUARTER
SERVICE CORPORATION INTERNATIONAL REPORTS RECORD FIRST QUARTER RESULTS
Service Corporation International Reports Record First Quarter Results

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