StoneMor Partners L.P. Announces Acquisition of Three Cemeteries and Three Funeral Homes in Tennessee
LEVITTOWN, Pa., Oct. 11, 2011 (GLOBE NEWSWIRE) -- StoneMor Partners L.P. (Nasdaq:STON) today announced that it had completed the acquisition of three cemeteries and three funeral homes in Tennessee. The cemeteries and funeral homes were purchased out of a state court-appointed receivership. StoneMor's investment in this transaction, including advances to trust shortfalls, totaled approximately $5.0 million in cash.
These properties are expected to contribute approximately $4.7 million to the value of contracts written and $5.4 million in production-based revenue during their first year of operation. Although there is no assurance of future performance or increased distributions to unit holders, historically, StoneMor has been able to improve revenues and operating profits of acquired properties.
In the last 12 months, the cemeteries that have been acquired performed approximately 900 burials and the funeral homes conducted approximately 750 funerals. Each of the acquired cemeteries is expected to benefit from the company's existing operational management structure. This acquisition is expected to strengthen the company's current market position in Tennessee. Currently, StoneMor operates eight other cemeteries and two other funeral homes in Tennessee.
About StoneMor Partners L.P.
StoneMor Partners L.P., headquartered in Levittown, Pennsylvania, is an owner and operator of cemeteries and funeral homes in the United States, with 272 cemeteries and 69 funeral homes in 26 states and Puerto Rico. StoneMor is the only publicly traded death care company structured as a partnership. StoneMor's cemetery products and services, which are sold on both a pre-need (before death) and at-need (at death) basis, include: burial lots, lawn and mausoleum crypts, burial vaults, caskets, memorials, and all services which provide for the installation of
For additional information about StoneMor Partners L.P., please visit StoneMor's website, and the Investor Relations section, at http://stonemor.com.
Certain statements contained in this press release, including, but not limited to, information regarding the status and progress of the StoneMor's operating activities, the plans and objectives of StoneMor's management, assumptions regarding StoneMor's future performance and plans, and any financial guidance provided, as well as certain information in other filings with the SEC and elsewhere, are forward-looking statements within the meaning of Section 27A(i) of the Securities Act of 1933 and Section 21E(i) of the Securities Exchange Act of 1934. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "project," "expect," "predict," and similar expressions identify these forward-looking
statements. These forward-looking statements are made subject to certain risks and uncertainties that could cause actual results to differ materially from those stated, including, but not limited to, the following: uncertainties associated with the integration or the anticipated benefits of StoneMor's recent acquisitions; uncertainties associated with future revenue and revenue growth; the effect of the current economic downturn; the impact of StoneMor's significant leverage on its operating plans; the ability of StoneMor to service its debt and pay distributions; the decline in the fair value of certain equity and debt securities held in StoneMor's trusts; StoneMor's ability to attract, train and retain an adequate number of sales people; uncertainties associated with the volume and timing of pre-need sales of cemetery services and products; increased use of cremation; changes in political or regulatory environments, including potential changes in tax accounting and trusting policies; StoneMor's ability to successfully implement a strategic plan relating to producing operating improvements, strong cash flows and further deleveraging; StoneMor's ability to complete and fund additional acquisitions; and various other uncertainties associated with the death care industry and StoneMor's operations in particular.
When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements set forth in StoneMor's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q filed with the SEC. StoneMor assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by it, whether as a result of new information, future events, or otherwise.
Source: StoneMor Partners L.P.
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