Printer Friendly

THE LOEWEN GROUP INC. ANNOUNCES SECOND QUARTER FINANCIAL RESULTS

 VANCOUVER, British Columbia, Aug. 17 /PRNewswire/ -- The Loewen Group Inc. (NASDAQ: LWNGF; Toronto: LWN) announced today that during the six months which ended June 30, 1993, revenue and earnings showed continued growth compared with the same period in 1993. Revenue increased 35.9 percent to $189.9 million from $139.7 million, and earnings increased 52.7 percent to $18.4 million from $12.1 million. Earnings per share increased 40.5 percent to $0.52 per share from $0.37 per share while fully diluted earnings per share rose 37.8 percent to $0.51 per share from $0.37 per share.
 During the three months which ended June 30, 1993, in comparison to the same period in 1992, revenue increased 34.1 percent to $94.6 million from $70.6 million, and earnings increased 50.5 percent to $8.4 million from $5.6 million. Basic earnings per share increased 41.2 percent to $0.24 per share from $0.17 per share, while fully diluted earnings per share for the three-month period increased 35.3 percent to $0.23 per share from $0.17 per share.
 "Our growth has been dynamic but manageable," says Ray Loewen, chairman and chief executive officer of The Loewen Group. "We are fortunate to be associated with some of the finest funeral service professionals in Canada and the United States. The people in our company work hard and strive to provide top-quality service because they share our vision of leadership and professionalism in funeral service."
 The Loewen Group Inc. is the fastest-growing funeral service corporation in North America. The number of locations belonging to the company grew more than twice as fast as the combined growth of all publicly traded funeral service companies over the past three years.
 During the first six months of 1993, the company expended a total of $67.7 million on the purchase of 45 funeral homes and five cemeteries in 11 states and one province.
 Since the end of the second quarter, the company has expended or committed to the expenditure of $122.1 million on the purchase of 47 funeral homes, 25 cemeteries and four crematoria in 12 states. These are expected to close during the balance of the year.
 The September 1993 exercise of the bond warrants issued in April 1993 is expected to provide U.S. $60 million of additional financing proceeds to facilitate our continuing acquisition program.
 The Loewen Group currently owns and operates 512 funeral homes, 50 cemeteries and 22 crematoria across Canada and the United States.
 (All results listed in Cdn. dollars.)
 -0- 8/17/93
 /CONTACT: Robert Lundgren, senior VP-Finance and Corporate Development, or Bob Garnett, VP-Finance, of The Loewen Group, 604-299-9321/
 (LWNGF)


CO: The Loewen Group Inc. ST: British Columbia IN: SU: ERN

JL-LS -- LA036 -- 3706 08/17/93 16:22 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:Aug 17, 1993
Words:473
Previous Article:MATTEL KICKS OFF CHRISTMAS IN AUGUST
Next Article:MEDTRONIC POSTS SOLID GAIN IN FIRST-QUARTER EARNINGS AS NEWER BUSINESSES CONTINUE GROWTH
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters