Carriage Services Raises First Quarter Estimates
HOUSTON, April 19, 2005 /PRNewswire-FirstCall via COMTEX/ --
Carriage Services, Inc.
(NYSE: CSV) today announced it has raised its first quarter 2005 estimates as
follows:
Prior Estimates Revised Estimates
Q1 2005 Q1 2005 Q1 2004 Actual
Revenues $39 to 41 million Approx. $42.0 million $40.4 million
Adjusted
earnings
per diluted
share (1) $0.14 to 0.17 $0.18 to 0.19 $0.16
Adjusted
EBITDA (1) $11.8 to 12.8 million Approx. $13.2 million $12.1 million
(1) Excludes interest and other costs in connection with the early
retirement of senior debt totaling $6.7 million ($4.2 million after
tax, or $.22 per diluted share) in the first quarter of 2005.
Mel Payne, Chief Executive Officer, stated, "After preliminary review, we are very pleased to announce that our funeral and cemetery businesses experienced solid year over year gains when compared to the strong first quarter results we posted last year. Accordingly, we are raising our estimates for the first quarter of 2005.
"Now that our existing operations are improving and our financial flexibility has been restored because of our recent senior note financing, we have established five year goals that include a modest number of new acquisitions. Assuming we achieve our five year goals, then we would expect our run-rate annual operating results to be as follows (in thousands except per share amounts):
Revenues from existing operations $170,000
Revenues from future acquisitions(1) 25,000
Total revenues $195,000
EBITDA $55,000
Diluted earnings per share $0.70
Free cash flow $20,000
(1) We presently expect that the majority of the acquisitions will occur
during the latter part of the five year period.
We look forward to communicating more details in our first quarter release and conference call next week," concluded Payne.
CONFERENCE CALL INFORMATION
Carriage Services is scheduled to release first quarter 2005 results on
Wednesday, April 27, 2005 after the market closes. In conjunction with the
release, the company has scheduled a conference call, which will be broadcast
live over the Internet, for Thursday, April 28, 2005 at 10:30 a.m. eastern
time.
What: Carriage Services First Quarter 2005 Earnings Conference Call
When: Thursday, April 28, 2005 - 10:30 a.m. eastern time
How: Live via phone - By dialing 303-262-2005 and asking for the
Carriage Services call at least 10 minutes prior to the start
time - OR live over the Internet by logging on to the web address
below.
Where: http://www.carriageservices.com
A telephonic replay of the conference call will be available through May 5, 2005 and may be accessed by dialing 303-590-3000 and using pass code 11028652. An audio archive will also be available on the company's website at http://www.carriageservices.com shortly after the call and will be accessible for approximately 90 days. For more information, please contact Karen Roan at DRG&E at 713-529-6600 or email kcroan@drg-e.com.
Carriage Services is the fourth largest publicly traded deathcare company. As of April 19, 2005, Carriage operates 134 funeral homes and 30 cemeteries in 28 states.
Carriage Services, Inc.
Reconciliation of Non-GAAP Financial Measures
Prior Estimates Revised Estimates First Quarter
First Quarter 2005 First Quarter 2005 2004
Net income
from continuing
operations ($1.6) to Approx. $3.0 million
($1.0) million ($0.7) million
Add: Interest
and other costs
in connection
with the early
retirement of
senior debt $4.2 million $4.2 million --
Adjusted net
income from
continuing
operations $2.6 to Approx. $3.0 million
$3.2 million $3.5 million
Add: Depreciation
and amortization $3.0 to Approx. $3.0 million
$3.1 million $3.0 million
Add: Interest
expense $4.6 million Approx. $4.4 million
$4.6 million
Add: Income
taxes $1.6 to Approx. $1.7 million
$1.9 million $2.1 million
Adjusted
EBITDA $11.8 to Approx. $12.1 million
$12.8 million $13.2 million
Earnings per
diluted share
from continuing
operations ($0.09) to ($0.06) ($0.04) to ($0.03) $0.16
Add: Earnings per
diluted share
from interest and
other costs in
connection with
the early retirement
of senior debt $0.23 $0.22 --
Adjusted earnings
per diluted share $0.14 to $0.17 $0.18 to 0.19 $0.16
The statements in this presentation that are not historical facts are forward-looking statements made in reliance on the "safe harbor" protections provided under the Private Securities Litigation Reform Act of 1995. These statements may be accompanied by words that convey the uncertainty of future events or outcomes. These statements are based on assumptions that we believe are reasonable; however, many important factors could cause our actual results in the future to differ materially from the forward-looking statements made herein and in any other documents or oral presentations made by, or on behalf of, the Company. For further information on these risks and uncertainties, see the Company's Securities and Exchange Commission filings, including our 2004 Annual Report on Form 10-K. We assume no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by the Company, whether as a result of new information, future events or otherwise.
Contacts: Mel Payne, Chairman & CEO
Joe Saporito, CFO
Carriage Services, Inc.
713-332-8400
Ken Dennard / ksdennard@drg-e.com
Lisa Elliott / lelliott@drg-e.com
DRG&E / 713-529-6600
SOURCE Carriage Services, Inc.
Mel Payne, Chairman & CEO, or Joe Saporito, CFO, both of Carriage Services, Inc. +1-713-332-8400; or Ken Dennard, ksdennard@drg-e.com, or Lisa Elliott, lelliott@drg-e.com, both of DRG&E, +1-713-529-6600, for Carriage Services, Inc.
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