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Park Lawn Corporation (TSX:PLC, PLC.U) is the largest publicly traded Canadian-owned funeral, cremation, and cemetery provider. With operations in three Canadian provinces and seventeen U.S. states, Park Lawn offers a full range of services and merchandise to honor loved ones, whether through pre-need planning or at-need services. The company's recent financial reports indicate strong performance and strategic growth plans, positioning Park Lawn for continued success in the funeral and cemetery industry.
Park Lawn Corporation announced a quarterly dividend of $0.114 per share, payable on April 17, 2023, to shareholders of record as of March 31, 2023. Eligible shareholders can reinvest dividends through the Dividend Reinvestment Plan (DRIP), which offers shares at a 3% discount from the average trading price over the prior five business days. Shareholders must enroll by submitting a form to the TSX Trust Company by 3:00 pm EDT on the fifth business day before the record date. Park Lawn operates in three Canadian provinces and twenty U.S. states, providing services related to memorialization.
Park Lawn Corporation has successfully acquired the assets of Meyer Brothers Funeral Homes, marking a significant expansion into the Midwest with five new locations in Iowa and Nebraska. This acquisition is projected to contribute approximately US$1,843,734 in Adjusted EBITDA annually. The transaction, involving 1,116 calls per year, will be financed using Park Lawn's credit facility and cash reserves. For the year ending December 31, 2022, Park Lawn reported an Adjusted EBITDA of US$74,948,868 and net earnings of US$25,124,765.
Park Lawn Corporation (TSX:PLC) announced its Q4 and full-year 2022 financial results, showcasing a revenue growth of 9.1% to $86.1 million in Q4 and 10.6% to $326.1 million for the year, driven by acquisitions. However, net earnings fell 25.6% in Q4 to $5.3 million and 9.7% for the year to $25.1 million. Adjusted Net Earnings per share declined by 18.7% in Q4 and 19.0% for the year. The company successfully exceeded its long-term aspirational growth target of CAD$100 million in pro forma Adjusted EBITDA for 2022. Additionally, six acquisitions in Q4 bolster its growth strategy, while a new facility in Waco, Texas, is expected to aid organic growth.
Park Lawn Corporation (TSX:PLC, PLC.U) will release its fourth quarter financial results for 2022 on March 2, 2023. Following the release, a conference call is scheduled for March 3, 2023, at 9:30 a.m. EST to discuss the financial outcomes. Interested participants can dial 888-506-0062 with conference ID 934271. PLC operates businesses related to the disposition and memorialization of human remains across three Canadian provinces and eighteen U.S. states, providing pre-need and at-need services through its network of cemeteries, crematoria, and funeral homes.
Park Lawn Corporation announced the acquisition of Speaks, which includes three funeral homes and a cemetery in Missouri. This strategic purchase expands Park Lawn's footprint in the Kansas City market and is expected to close in April 2023, pending regulatory approval.
Highlights include an estimated addition of US$2,247,759 in annual Adjusted EBITDA from the acquisition, which will be financed through existing cash and credit facilities. For the year ending December 31, 2021, Park Lawn reported Adjusted EBITDA of US$76,284,577 and net earnings of US$27,812,866.
Park Lawn Corporation has declared a quarterly dividend of $0.114 per share, to be paid on January 16, 2023, to shareholders on record as of December 30, 2022. Shareholders can enroll in the Dividend Reinvestment Plan (DRIP), allowing them to reinvest dividends into additional shares at a discount of 3%. The DRIP enables shareholders to benefit from reinvestment on the dividend payment date.
Park Lawn Corporation has acquired assets from various funeral homes and cemeteries in Kansas City and Liberty, Missouri, enhancing its market presence. This strategic move includes one on-site funeral home, one stand-alone funeral home, and one cemetery, leading to an expected annual boost of approximately US$1,256,990 in Adjusted EBITDA. The acquisition aims to create operational synergies with existing businesses and is financed through PLC's credit facility and available cash. The transaction reflects PLC's consistent strategy of growth in the funeral services sector.
Park Lawn Corporation has successfully completed the acquisition of Muehlebach Funeral Care and two other facilities in Kansas City, enhancing its presence in the region. This acquisition includes three stand-alone funeral homes, which aligns with Park Lawn's strategic goals of expanding operations and delivering personalized services. The former owner, Steve Pierce, will lead the Kansas City market, aiming to maintain the company’s commitment to dignified services. Park Lawn continues to grow its footprint across the U.S. and Canada, providing planned and at-need memorialization services.
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