Stonemor Inc - STON STOCK NEWS

StoneMor Inc. (NYSE: STON) has successfully completed a merger with Axar Cemetery Parent Corp., becoming a wholly-owned subsidiary. The merger, effective November 3, 2022, follows shareholder approval on November 1, 2022. Each share of StoneMor common stock, excluding Axar Shares and Treasury Shares, is converted into $3.50 in cash. Consequently, StoneMor's common stock will be delisted from the New York Stock Exchange, and the company will file a notice to terminate its reporting obligations. Shareholders are instructed to wait for a letter of transmittal to exchange their shares.

StoneMor reported its second quarter results for 2022, with revenues of $80.0 million, down from $83.0 million in the previous year. The cemetery segment's operating income decreased by $9.3 million to $5.3 million. The funeral home segment experienced an operating loss of $0.1 million, a decline of $1.4 million year-over-year. Corporate overhead increased to $12.8 million. The net loss from continuing operations was $17.3 million, although adjusted EBITDA was $12.1 million. Despite challenges, the company reported a 6.5% increase in cemetery sales production.

StoneMor Inc. (NYSE: STON), a prominent owner and operator of cemeteries and funeral homes, is set to release its second quarter financial results for 2022 on August 11, 2022, after market close. A conference call will follow at 4:30 p.m. ET to discuss these results. Investors can access the call by dialing (800) 954-0601 or via a live webcast on StoneMor's website.

StoneMor operates 304 cemeteries and 72 funeral homes across 24 states and Puerto Rico, providing various pre-need and at-need cemetery products and services.

StoneMor Inc. (NYSE: STON) has expanded its strategic alliance with Sympathy Brands, enhancing care across all 302 cemetery properties. This collaboration aims to streamline workflows and improve family experiences during end-of-life planning by integrating technology through the SBConnect™ platform. The partnership, initially formed in September 2021, facilitates comprehensive care from pre-planning to aftercare. CEO Joe Redling expressed enthusiasm for the positive feedback received from funeral home locations, emphasizing a commitment to digital solutions that support families during sensitive times.

StoneMor Inc. (NYSE: STON) announced a merger agreement with Axar Cemetery Parent Corp, whereby StoneMor will become a wholly-owned subsidiary of Axar. This agreement was approved by the Board of Directors after recommendations from the Conflicts Committee. The merger is subject to a "go-shop" period allowing alternative offers until July 23, 2022. However, Axar, owning 75% of StoneMor's shares, has no obligation to support any more favorable proposal. The company aims to provide relevant updates through SEC filings during this transaction process.

StoneMor Inc. (NYSE: STON) has entered a definitive merger agreement with a subsidiary of Axar Capital Management, offering $3.50 per share to stockholders, representing a 54.2% premium over the last trading price. Axar, holding about 75% of StoneMor's shares, initiated this move after presenting strategic alternatives. The transaction has been approved by StoneMor's independent Board committee and is expected to close in fall 2022, pending stockholder approval. If completed, StoneMor will transition to a privately held company.

StoneMor Inc. (NYSE: STON) reported its first-quarter 2022 results, highlighting revenues of $81.0 million, up from $78.3 million year-over-year. However, operating income declined, with the cemetery segment earning $8.0 million, down from $11.7 million, and funeral homes contributing $1.3 million, down from $1.6 million. The company experienced a net loss of $12.2 million compared to a $5.2 million loss in the prior year. Despite challenges, adjusted EBITDA grew to $32.6 million. The company holds $90.9 million in cash and remains on track with its 2022 guidance for organic growth and free cash flow.

StoneMor Inc. (NYSE: STON) announced the upcoming release of its first quarter financial results for 2022 on May 12, 2022, after the market closes. A conference call is scheduled for 4:30 p.m. ET on the same day, accessible by calling (800) 935-9319. Investors can also join via a live webcast on StoneMor's website. The company operates 304 cemeteries and 72 funeral homes across the U.S. and Puerto Rico, offering pre-need and at-need services and products.

StoneMor Inc. (NYSE: STON) reported its fourth quarter and full year 2021 financial results, with fourth quarter revenues increasing to $79.3 million from $74.9 million year-over-year. However, the cemetery segment saw a decrease in operating income to $3.4 million from $10.9 million, while the funeral home segment reported an operating loss of $0.1 million. Full year revenues rose to $322.8 million, but the company faced a net loss of $57 million, which included a loss on debt extinguishment of $40.1 million. Adjusted EBITDA for the full year reached $105.2 million.