View printer-friendly version
|
| << Back |
|
Service Corporation International Announces Third Quarter 2007 Financial Results
|
|
- Conference call on Thursday, November 8, 2007, at 9:00 a.m. Central Standard Time. HOUSTON, Nov. 7 /PRNewswire-FirstCall/ -- Service Corporation International (NYSE: SCI), which owns and operates funeral service locations and cemeteries, today reported results for the third quarter 2007. Our consolidated financial statements can be found at the end of this press release. The table below summarizes our key GAAP financial results:
Three Months Ended Nine Months Ended
(In millions, except for per share September 30, September 30,
amounts) ------------------ -----------------
2007 2006 2007 2006
------ ------ -------- --------
Revenues $539.3 $400.4 $1,712.4 $1,273.8
Operating income 75.3 21.3 256.2 143.9
Net income 28.1 3.4 80.9 55.7
Net income from continuing operations
excluding special items 28.7 24.9 112.8 83.8
Diluted earnings per share .10 .01 .27 .19
Diluted earnings per share excluding
special items .10 .08 .38 .28
Net cash provided by operating
activities 137.0 113.7 328.6 265.3
2007 Highlights
Tom Ryan, the Company's President and Chief Executive Officer, commented on the third quarter of 2007: "Our employees did an outstanding job of staying focused on the business and continuing the work of integrating Alderwoods into the SCI operations, delivering a solid operating performance in the third quarter, " said Tom Ryan, President and Chief Executive Officer. "We are especially pleased by the performance in our cemetery segment during the quarter where comparable cemetery gross margins increased more than 68% compared to the third quarter of last year." Consolidated Results of Operations The following table represents consolidated results from our operations, including the properties acquired in the Alderwoods transaction.
(In millions, except funeral
services performed, average
revenue per funeral service or
per contract sold and total Three Months Ended Nine Months Ended
preneed funeral contracts) September 30, September 30,
------------------ -----------------
2007 2006 2007 2006
-------- -------- ------- --------
Funeral
Funeral atneed revenue $234.7 $171.8 $771.6 $547.0
Funeral recognized preneed revenue 104.1 80.0 337.4 262.9
General agency revenue(1) 14.2 9.5 36.8 29.2
Germany revenue 1.9 1.6 5.1 4.8
Kenyon revenue(2) 0.8 1.0 3.6 2.9
-------- -------- ------- --------
Total funeral revenues $355.7 $263.9 $1,154.5 $846.8
Gross profit $63.6 $53.5 $236.5 $173.5
Gross margin percentage 17.9% 20.3% 20.5% 20.5%
Funeral services performed:
Preneed 21,712 17,503 72,699 57,986
Atneed 46,644 34,676 156,329 113,933
-------- -------- ------- --------
Total 68,356 52,179 229,028 171,919
Average revenue per funeral service:
Preneed $4,798 $4,573 $4,641 $4,534
Atneed $5,034 $4,954 $4,936 $4,801
Total $4,959 $4,826 $4,842 $4,711
Preneed funeral production:
Sales $111.6 $79.4 $335.8 $240.1
Total preneed funeral contracts
sold 20,110 16,024 62,599 49,994
Average revenue per contract $5,549 $4,955 $5,364 $4,803
Cemetery
Cemetery atneed revenue $65.4 $51.9 $212.0 $161.4
Cemetery recognized preneed revenue 91.0 65.8 267.1 200.6
Other cemetery revenue (3) 27.2 18.8 78.8 65.0
-------- -------- ------- --------
Total cemetery revenues $183.6 $136.5 $557.9 $427.0
Gross profit $38.9 $19.5 $110.5 $72.4
Gross margin percentage 21.2% 14.3% 19.8% 16.9%
Preneed and atneed cemetery
production:
Preneed and atneed sales $169.5 $125.9 $517.6 $397.8
Recognition rate (4) 92.3% 93.5% 92.6% 91.0%
(1) General Agency (GA) revenues are commissions we receive from
third-party insurance companies for life insurance policies or
annuities sold to preneed customers for the purpose of funding
preneed funeral arrangements.
(2) Kenyon International Emergency Services (Kenyon) is our disaster
response subsidiary that engages in mass fatality and emergency
response services. We divested 70% of our Kenyon investment in the
fourth quarter of 2007.
(3) Other cemetery revenue is primarily related to endowment care trust
fund income and interest and finance charges earned from customer
receivables on preneed installments contracts.
(4) Represents the ratio of current period revenue recognition stated as
a percentage of current period sales production.
For the Three Months Ended September 30, 2007 Funeral Results Consolidated funeral revenues increased $91.8 million, or 34.8%, in the third quarter of 2007 compared to the third quarter of 2006. This increase is primarily a result of the addition of Alderwoods and other operations, which contributed an additional $96.8 million in funeral revenues in the third quarter of 2007. This increase was partially offset by planned divestitures, which contributed an incremental $7.3 million of revenue in the third quarter of 2006. Comparable funeral revenues, which represent locations that were owned in both periods, were up $2.3 million, or 0.9%, compared to the third quarter of 2006 as detailed in the table below. Consolidated funeral gross profit increased $10.1 million in the third quarter of 2007 versus the same period of 2006 primarily due to gross profit contributed from Alderwoods operations. The consolidated gross margin percentage decreased to 17.9% from 20.3% due primarily to Alderwoods operations that historically have had lower gross profit margins. In addition, we divested locations that contributed an incremental $2.3 million of gross profit in the third quarter of 2006 compared to the third quarter of 2007. Gross profit from our comparable funeral locations decreased $6.3 million, or 11.9%, as detailed in the table below. Soft comparable revenue growth was not adequate to cover inflationary cost increases. Additionally, our corporate and field office overhead includes costs related to the addition of Alderwoods' funeral homes and cemeteries. We cannot separately identify and allocate these additional overhead costs and therefore they negatively impact our gross profit and gross margin percentage for 2007 on a comparable basis. Other key items impacting funeral results include:
The table below details comparable funeral results of operations for the three months ended September 30, 2007 and 2006. We regard comparable results of operations as analogous to our "same store" results of operations. For purposes of the following presentation, we consider comparable operations as those owned for the entire period beginning January 1, 2006 and ending September 30, 2007. Therefore, in the following presentation, we are providing results of operations for the same funeral and cemetery locations in each of the periods presented and Alderwoods operations are excluded. We believe this presentation provides greater clarity for comparison purposes of our results of operations for each of the periods presented.
(In millions, except funeral
services performed, average Three months ended
revenue per funeral service) September 30,
------------------
2007 2006 Change Change %
------- --------------------------
Comparable revenue $254.4 $252.1 $2.3 0.9%
Comparable gross profit $46.6 $52.9 $(6.3) (11.9%)
Comparable gross margin percentage 18.3% 20.1%
Comparable funeral services performed:
Preneed 16,466 16,652 (186) (1.1%)
Atneed 31,247 32,766 (1,519) (4.6%)
------ ------ ------- ------
Total 47,713 49,418 (1,705) (3.5%)
Comparable average revenue per
funeral service $5,051 $4,864 $187 3.8%
Cemetery Results Consolidated cemetery revenues increased $47.1 million, or 34.5%, in the third quarter of 2007 compared to the same period of 2006 reflecting a $39.0 million revenue contribution from operations acquired from Alderwoods. This increase was partially offset by a $5.8 million decline in revenue from divested locations. Our comparable cemetery revenues of $144.1 million in the third quarter of 2007 increased $13.9 million, or 10.6% compared to the same period of 2006, due to increases associated with constructed cemetery property and increased trust fund income in the third quarter of 2007. Consolidated cemetery gross profit increased $19.4 million in the third quarter of 2007 compared to the third quarter of 2006 reflecting the addition of gross profit from Alderwoods operations. Our comparable cemetery gross profit of $33.2 million in the third quarter of 2007 increased $13.5 million, or 68.3% compared to the third quarter of 2006 and our comparable cemetery gross margin percentage increased to 23.0% compared to 15.1% in the same period of 2006 driven by the revenue growth in 2007 coupled with good cost management. Other Results
For the Nine Months Ended September 30, 2007 Funeral Results Consolidated funeral revenues increased $307.7 million, or 36.3%, in the first nine months of 2007 compared to the first nine months of 2006. This increase is primarily a result of the addition of Alderwoods and other operations, which contributed $304.4 million in funeral revenues in the first nine months of 2007. Alderwoods average revenue per funeral service was approximately 2% above our expectations and Alderwoods funeral case volume was approximately 2% below our expectations, which we believe is generally consistent with death trends in North America in the first nine months of 2007. In addition, we divested locations that contributed $3.5 million of incremental revenue in the first nine months of 2006. Our comparable funeral revenues were up $6.8 million, or 0.8%, compared to the first nine months of 2006 as detailed in the table below. Consolidated funeral gross profit increased $63.0 million in the first nine months of 2007 versus the same period of 2006 primarily due to additional gross profit contributed from Alderwoods and other operations of $67.2 million. We divested locations that contributed an incremental $2.9 million of gross profit in the first nine months of 2006 compared to the first nine months of 2007. The consolidated gross margin percentage of 20.5% was flat compared to the prior year. Gross profit from our comparable funeral locations decreased $1.3 million or 0.8%, and our gross margin percentage decreased to 20.7% from 21.1%. Comparable gross profits before allocation of corporate and field overhead costs increased $11.7 million, or 5.3%. Our corporate and field office overhead includes costs related to the addition of Alderwoods' funeral homes and cemeteries. We cannot separately identify and allocate these additional overhead costs and therefore they negatively impact our gross profit and gross margin percentage for 2007 on a comparable basis. Other key items impacting funeral results include:
The table below details comparable funeral results of operations for the nine months ended September 30, 2007 and 2006.
(In millions, except funeral
services performed, average
revenue per funeral service) Nine months ended
September 30,
-----------------
2007 2006 Change Change %
------- ---------------------------
Comparable revenue $807.9 $801.1 $6.8 0.8%
Comparable gross profit 167.5 168.8 (1.3) (0.8%)
Comparable gross margin percentage 20.7% 21.1%
Comparable funeral services performed:
Preneed 53,219 54,755 (1,536) (2.8%)
Atneed 101,132 106,456 (5,324) (5.0%)
------- ------- ------- ------
Total 154,351 161,211 (6,860) (4.3%)
Comparable average revenue per
funeral service $4,981 $4,748 $233 4.9%
Cemetery Results Consolidated cemetery revenues increased $130.9 million, or 30.7%, in the first nine months of 2007 compared to the same period of 2006 reflecting a $129.4 million increase from operations acquired from Alderwoods. This increase was offset by a $10.8 million decline in revenue from divested locations. Our comparable cemetery revenues of $419.3 million in the first nine months of 2007 increased $12.3 million, or 3.0% compared to the same period of 2006 as increases associated with constructed cemetery property and higher trust fund income was partially offset by the receipt and recognition of $7.9 million of endowment care trust fund income in the first nine months of 2006. Consolidated cemetery gross profit increased $38.1 million in the first nine months of 2007 compared to the first nine months of 2006 reflecting the addition of gross profit from Alderwoods operations of $25.8 million, partially offset by divested locations with incremental gross profits in 2007 compared to 2006 of $0.4 million. Consolidated cemetery gross margin percentage grew to 19.8% in the first nine months of 2007 compared to 16.9% in the same period of 2006. Our comparable cemetery gross profit of $86.5 million in the first nine months of 2007 increased $12.7 million, or 17.1% compared to the first nine months of 2006 as increased revenue was offset by the receipt and recognition of $7.9 million of endowment care trust fund income in the first nine months of 2006. Comparable cemetery margin percentage was 20.6% in the first nine months of 2007 compared to 18.1% in the first nine months of 2006. Other Results
Cash Flow & Capital Expenditures Cash flows from operating activities in the first nine months of 2007 were $328.6 million compared to $265.3 million in the first nine months of 2006. Included in the first nine months of 2007 are one-time transition costs of $24.7 million related to the Alderwoods acquisition and integration and $11.4 million of premiums paid on the early extinguishment of debt. In the first nine months of 2007, the receipt of $26.1 million in trust proceeds arising from our recent reconciliations of the preneed funeral and cemetery trust fund backlogs of Alderwoods, and $31.5 million from our internal working capital improvement initiatives were essentially offset by other operating and working capital declines. These declines included $20.7 million in additional interest payments resulting from increased borrowings to finance the Alderwoods acquisition, $17.2 million in additional cash tax payments, a $12.7 million decrease in cash interest received. In addition, cash flows in the first nine months of 2006 were positively impacted by $7.9 million of endowment care trust. After taking into account the above items, the remaining increase in cash flows from operations in the first nine months of 2007 was primarily driven by operating cash flows generated as a result of adding the Alderwoods locations to our company.
A summary of our capital expenditures is set forth below:
(In millions) Capital Expenditures
----------------------------
Nine Months Ended
----------------------------
September 30, September 30,
2007 2006
------------- -------------
Capital improvements at existing locations 59.3 38.2
Development of cemetery property 41.5 21.9
Construction of new funeral home facilities and
other growth capital 12.8 3.1
------------- -------------
Total capital expenditures $113.6 $63.2
------------- -------------
Other investing and financing activities in the first nine months of 2007 include:
NON-GAAP FINANCIAL MEASURES Net income from Continuing Operations Excluding Special Items Net income from continuing operations excluding special items is a non-GAAP financial measure. We believe this non-GAAP financial measure provides a consistent basis for comparison between quarters and enhances the understanding of the performance of our core operations, as it is not influenced by certain income and expense items not affecting continuing operations. We also believe this measure helps facilitate comparisons to our competitors' operating results. Set forth below is a reconciliation of net income from continuing operations excluding special items to our reported net income. We do not intend for this information to be considered in isolation or as a substitute for other measures of performance prepared in accordance with GAAP.
(In millions, except Three Months Ended
diluted EPS) -------------------------------------------------
September 30, 2007 September 30, 2006
------------------------ -----------------------
Net Income Diluted EPS Net Income Diluted EPS
------------------------ -----------------------
Net income reported $28.1 $.10 $3.3 $.01
After-tax reconciling
items:
(Gains) losses on
dispositions and
other non-recurring
income taxes (5.1) (.02) 22.2 .07
Loss on early
extinguishment of debt - - - -
Pension termination
costs 3.1 .01 - -
Alderwoods transition
costs 1.9 .01 - -
Discontinued operations 0.7 - (0.6) -
------------------------ -----------------------
Net income from
continuing operations
excluding special
items $28.7 $.10 $24.9 $.08
======================== =======================
Diluted weighted average
shares outstanding
(in thousands) 289,597 295,918
(In millions, except Nine Months Ended
diluted EPS) -------------------------------------------------
September 30, 2007 September 30, 2006
------------------------ -----------------------
Net Income Diluted EPS Net Income Diluted EPS
------------------------ -----------------------
Net income reported $80.9 $.27 $55.7 $.19
After-tax reconciling
items:
(Gains) losses on
dispositions and
other non-recurring
income taxes 13.2 .04 28.9 .09
Loss on early
extinguishment of debt 8.4 .03 - -
Pension termination
costs 3.1 .01 - -
Alderwoods transition
costs 11.6 .04 - -
Discontinued operations (4.4) (.01) (0.8) -
------------------------ -----------------------
Net income from
continuing operations
excluding special
items $112.8 $.38 $83.8 $ .28
======================== =======================
Diluted weighted average
shares outstanding
(in thousands) 294,848 297,353
Conference Call and Webcast We will host a conference call on Thursday, November 8, 2007, at 9:00 a.m. Central Standard Time. A question and answer session will follow a brief presentation made by management. The conference call dial-in number is (617) 597-5396 with the passcode of 19355040. The conference call will also be broadcast live via the Internet and can be accessed through our website at http://www.sci-corp.com and can be accessed by clicking on "Webcasts and Presentations" in the Investors section of the website. A replay of the conference call will be available through November 22, 2007 and can be accessed at (617) 801-6888 with the confirmation code of 13481996. Additionally, a replay of the conference call will be available on our website for at least ninety days and can be accessed by clicking on "Webcasts and Presentations" in the Investors section of the website. Cautionary Statement on Forward-Looking Statements The statements in this press release 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 such as "believe," "estimate," "project," "expect," "anticipate," or "predict," 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 us or on our behalf. Important factors, which could cause actual results to differ materially from those in forward-looking statements include, among others, the following:
For further information on these and other risks and uncertainties, see our Securities and Exchange Commission filings, including our 2006 Annual Report on Form 10-K. Copies of this document as well as other SEC filings can be obtained from our website at www.sci-corp.com. We assume no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by us, whether as a result of new information, future events or otherwise. About Service Corporation International Service Corporation International (NYSE: SCI), headquartered in Houston, Texas, is North America's leading provider of deathcare products and services. At September 30, 2007, we owned and operated more than 1,400 funeral homes and 400 cemeteries (of which over 210 are combination locations) in 44 states, eight Canadian provinces, the District of Columbia and Puerto Rico. Through our businesses, we market the Dignity Memorial(R) brand which offers assurance of quality, value, caring service, and exceptional customer satisfaction. For more information about Service Corporation International, please visit our website at www.sci-corp.com. For more information about Dignity Memorial(R), please visit www.dignitymemorial.com.
For additional information contact:
SERVICE CORPORATION INTERNATIONAL
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share amounts)
Three months ended Nine months ended
September 30, September 30,
---------------------- ------------------------
2007 2006 2007 2006
--------- ---------- ----------- -----------
Revenues $539,334 $400,389 $1,712,381 $1,273,790
Costs and expenses (436,814) (327,341) (1,365,346) (1,027,860)
--------- ---------- ----------- -----------
Gross profit 102,520 73,048 347,035 245,930
General and
administrative
expenses (32,074) (20,956) (97,754) (63,885)
Gains (losses) on
dispositions and
impairment charges,
net 4,886 (30,750) 6,949 (38,141)
--------- ---------- ----------- -----------
Operating income 75,332 21,342 256,230 143,904
Interest expense (38,090) (33,330) (111,852) (86,667)
Loss on early
extinguishment of debt - - (14,480) -
Interest income 4,254 8,259 8,324 21,022
Equity in earnings of
unconsolidated
subsidiaries 2,460 1,214 8,730 1,351
Other income, net (1,049) 10,118 (3,981) 11,176
--------- ---------- ----------- -----------
Income from continuing
operations before
income taxes 42,907 7,603 142,971 90,786
Provision for income
taxes (14,062) (4,797) (66,500) (35,846)
--------- ---------- ----------- -----------
Income from continuing
operations 28,845 2,806 76,471 54,940
Income from
discontinued operations
(net of income tax
provision (benefit)
of $2,223,($201),
$4,183 and ($118),
respectively) (675) 559 4,459 801
--------- ---------- ----------- -----------
Net income $28,170 $3,365 $80,930 $55,741
========= ========== =========== ===========
Basic earnings per
share:
Income from continuing
operations $.10 $.01 $.26 $.19
Income from discontinued
operations, net of tax - - .02 -
--------- ---------- ----------- -----------
Net income $.10 $.01 $.28 $.19
========= ========== =========== ===========
Diluted earnings per share:
Income from continuing
operations $.10 $.01 $.26 $.19
Income from discontinued
operations, net of tax - - .01 -
--------- ---------- ----------- -----------
Net income $.10 $.01 $.27 $.19
========= ========== =========== ===========
Basic weighted average
number of shares 284,511 291,662 289,437 293,117
========= ========== =========== ===========
Diluted weighted
average number of
shares 289,597 295,918 294,848 297,353
========= ========== =========== ===========
Dividends declared
per share $.030 $.025 $0.90 $.075
========= ========== =========== ===========
SERVICE CORPORATION INTERNATIONAL
CONSOLIDATED BALANCE SHEET
(In thousands, except share amounts and shares in common stock below)
September 30, December 31,
2007 2006
------------------------------------------------------------------------
Assets
Current assets:
Cash and cash equivalents $287,738 $39,880
Receivables, net 104,054 107,194
Inventories 37,898 39,535
Current assets of discontinued operations - 2,236
Current assets held for sale 5,404 6,330
Other 34,578 43,162
---------- ----------
Total current assets 469,672 238,337
---------- ----------
Preneed funeral receivables and trust
investments 1,518,187 1,516,676
Preneed cemetery receivables and trust
investments 1,465,881 1,522,584
Cemetery property, at cost 1,446,213 1,495,248
Property and equipment, net 1,577,514 1,641,353
Goodwill 1,268,493 1,264,272
Non-current assets of discontinued operations - 371,132
Non-current assets held for sale 350,066 349,311
Deferred charges and other assets 396,138 436,545
Cemetery perpetual care trust investments 916,629 893,931
---------- ----------
$9,408,793 $9,729,389
========== ==========
Liabilities & Stockholders' Equity
Current liabilities:
Accounts payable and accrued liabilities $340,965 $341,173
Current maturities of long-term debt 156,466 46,176
Current liabilities of discontinued operations - 2,351
Current liabilities held for sale 199 419
Income taxes 45,192 17,828
---------- ----------
Total current liabilities 542,822 407,947
---------- ----------
Long-term debt 1,779,830 1,912,696
Deferred preneed funeral revenues 548,261 537,792
Deferred preneed cemetery revenues 697,120 754,193
Deferred income taxes 73,166 177,341
Non-current liabilities of discontinued operations - 311,498
Non-current liabilities held for sale 270,048 239,800
Other liabilities 479,987 357,418
Non-controlling interest in funeral and
cemetery trusts 2,527,809 2,548,743
Non-controlling interest in cemetery
perpetual care trusts 913,445 887,186
Stockholders' equity:
Common stock, $1 per share par value,
500,000,000 shares authorized, 280,158,739 and
293,222,114, issued and outstanding
(net of 16,805,762 and 10,000 treasury shares,
at par, respectively) 280,159 293,222
Capital in excess of par value 2,000,324 2,135,649
Accumulated deficit (865,496) (906,394)
Accumulated other comprehensive income 161,318 72,298
---------- ----------
Total stockholders' equity 1,576,305 1,594,775
---------- ----------
$9,408,793 $9,729,389
========== ==========
SERVICE CORPORATION INTERNATIONAL
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
Nine months ended
September 30,
-----------------------
2007 2006
--------- --------
Cash flows from operating activities:
Net income $80,930 $55,741
Adjustments to reconcile net income to net
cash provided by operating activities:
Net income from discontinued operations,
net of tax (4,459) (801)
Loss on early extinguishment of debt 14,480 -
Premiums paid on early extinguishment of debt (11,368) -
Depreciation and amortization 99,308 69,601
Amortization of cemetery property 24,983 18,589
Amortization of loan cost 5,202 13,902
Provision for doubtful accounts 7,753 6,688
Provision for deferred income taxes 20,798 23,486
(Gains) losses on dispositions and impairment
charges, net (6,949) 38,141
Share-based compensation 7,898 5,487
Excess tax benefits from share-based awards (5,159) -
Equity in earnings of unconsolidated
subsidiaries (8,730) (1,351)
Change in assets and liabilities, net of effects
from acquisitions and dispositions:
(Increase) decrease in receivables (7,027) 18,515
Increase in other assets (1,418) (19,247)
Increase (decrease) in payables and other
liabilities 33,436 (7,482)
Effect of preneed funeral production and
maturities:
Decrease in preneed funeral receivables
and trust investments 27,236 24,565
Increase in deferred preneed funeral revenue 41,938 2,655
Decrease in funeral non-controlling interest (50,013) (20,959)
Effect of cemetery production and deliveries:
Decrease in preneed cemetery receivables and
trust investments 41,811 20,904
Increase in deferred preneed cemetery revenue 36,347 (8,930)
(Decrease) increase in cemetery
non-controlling interest (36,228) 25,079
Other 578 51
--------- --------
Net cash provided by operating activities from
continuing operations 311,347 264,634
Net cash provided by operating activities from
discontinued operations 17,279 698
--------- --------
Net cash provided by operating activities 328,626 265,332
Cash flows from investing activities:
Capital expenditures (113,607) (63,199)
Proceeds from divestitures and sales
of property and equipment 314,255 54,766
Acquisitions (3,308) (14,637)
Net withdrawals of restricted funds and other (236) 10,435
--------- --------
Net cash provided by (used in) investing
activities from continuing operations 197,104 (12,635)
Net cash (used in) provided by investing
activities from discontinued operations (8,546) 11,328
--------- --------
Net cash provided by (used in) investing
activities 188,558 (1,307)
Cash flows from financing activities:
Proceeds from long-term debt issued 398,996 -
Debt issuance costs (6,443) -
Payments of debt (3,043) (14,287)
Principal payments on capital leases (22,060) (15,968)
Early extinguishment of debt (422,545) -
Proceeds from exercise of stock options 19,373 3,614
Purchase of Company common stock (211,082) (27,870)
Excess tax benefits from share-based awards 5,159 -
Payments of dividends (26,265) (22,113)
Bank overdrafts (829) -
--------- --------
Net cash used in financing activities from
continuing operations (268,739) (76,624)
Net cash used in financing activities from
discontinued operations (2,113) -
--------- --------
Net cash used in financing activities (270,852) (76,624)
Effect of foreign currency 1,526 2,450
--------- --------
Net increase in cash and cash equivalents 247,858 189,851
Cash and cash equivalents at beginning of period 39,880 446,782
Cash and cash equivalents at end of period $287,738 $636,633
========== =========
SOURCE: Service Corporation International |
