LEVITTOWN, Pa., Aug. 7, 2012 (GLOBE NEWSWIRE) -- StoneMor Partners L.P. (NYSE:STON) announced its results of operations for the three months ended June 30, 2012. Investors are encouraged to read the Company's quarterly report on Form 10-Q to be filed with the SEC which contains additional details as well as financial tables and can be found at www.stonemor.com.
Financial Highlights
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Revenues (GAAP) for the three months ended June 30, 2012 increased by $1.4 million, or 2.3%, to $ 61.5 million from $60.1 million during the three months ended June 30, 2011.
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Production based revenue (non-GAAP) for the three months ended June 30, 2012 increased by $5.6 million, or 8%, to $75.6 million from $70.0 million during the prior year period.
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Operating profits (GAAP) decreased during the three months ended June 30, 2012 to $1.8 million as compared to $3.5 million in the same period last year.
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Adjusted operating profits (non-GAAP) increased during the three months ended June 30, 2012 to $12.6 million as compared to $10.6 million in the same period last year.
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Operating cash flows (GAAP) for the three months ended June 30, 2012 increased to $6 million versus ($3.7 million) in the prior year period.
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Distributable free cash flow (non-GAAP) for the second quarter of 2012 was $13.3 million compared to $11.8 million for the same period last year.
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Distributable cash available during the period (non-GAAP) was greater than distributions by $10.3 million, or 88%, for the three months ended June 30, 2012.
- Net loss (GAAP) was $2.1 million versus net income of $815,000 in the prior year period.
"Our second quarter results continue to demonstrate our ability to perform well in a difficult macro environment," said Lawrence Miller, President and Chief Executive Officer. "Our cemetery and funeral home operations both saw strong contributions from acquisitions made in 2011 and the first half of 2012, as well as an overall increase in the value of contracts written.
"The gains in production based revenue and adjusted operating profit underscore our commitment to growth and profitability despite the economic background. Backlog increased by $10 million to $396.5 million at June 30, 2012 versus $386.5 million at March 31, 2012 and we continue to be well positioned to take advantage of acquisition opportunities that present themselves," concluded Miller.
The Partnership reports its financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures used in managing the business may provide investors with additional information regarding underlying trends and ongoing results on a comparable basis. Specifically, management believes that production based revenues and adjusted operating profit allow the investor to gain insight into the current operating performance of the company. Please see the section of this press release "Non-GAAP Financial Measures" to view the tables previously presented in the body of the press release. Non-GAAP financial measures used by the company should not be considered as alternatives to GAAP financial measures, and you should not consider such non-GAAP financial measures in isolation or as a substitute for an analysis of the company's results as reported under U.S. GAAP.
Investor Conference Call
An investors' conference call to review the second quarter 2012 results will be held on Tuesday August 7, 2012 at 11:00 a.m. Eastern Time. The conference call can be accessed by calling (800) 410-4177. An audio replay of the conference call will be available by calling (800) 633-8284 through 12:00 a.m. Eastern Time on August 21, 2012. The reservation number for the audio replay is as follows: 21600554. The audio replay of the conference call will also be archived on StoneMor's website at http://www.stonemor.com.
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 276 cemeteries and 85 funeral homes in 28 states and Puerto Rico. StoneMor is the only publicly traded deathcare 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 this merchandise.
For additional information about StoneMor Partners L.P., please visit StoneMor's website, and the Investor Relations section, at http://stonemor.com.
Forward-Looking Statements
Certain statements contained in this press release, including, but not limited to, information regarding the status and progress of our operating activities, the plans and objectives of our management, assumptions regarding our 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 of the Securities Act of 1933 and Section 21E 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 future revenue and revenue growth; the effect of the current economic downturn; the impact of our significant leverage on our operating plans; our ability to service our debt and pay distributions; the decline in the fair value of certain equity and debt securities held in our trusts; our 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 the death rate; changes in the political or regulatory environments, including potential changes in tax accounting and trusting policies; our ability to successfully implement a strategic plan relating to producing operating improvements, strong cash flows and further deleveraging; our ability to successfully compete in the cemetery and funeral home industry; uncertainties associated with the integration or anticipated benefits of our recent acquisitions or any future acquisitions; our ability to complete and fund additional acquisitions; our ability to maintain effective disclosure controls and procedures and internal control over financial reporting; the effect of cybersecurity attacks due to our significant reliance on information technology; uncertainties relating to the financial condition of third-party insurance companies that fund our pre-need funeral contracts; and various other uncertainties associated with the death care industry and our operations in particular.
When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements set forth in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q filed with the SEC. 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.
Non-GAAP Financial Measures
Production Based Revenue
We present production based revenue because management believes it provides for a useful measure of both the value of contracts written and investment and other income generated during a given period and is a critical component of adjusted operating profit.
Production based revenue is a non-GAAP financial measure that may not be consistent with other similar non-GAAP financial measures presented by other publicly traded companies.
Adjusted Operating Profit
We present Adjusted Operating Profit because management believes it provides for a useful measure of economic value added by presenting an effective matching of the value of current and future revenue sources generated within a given period to the cost of producing such revenue and managing our day to day operations within that same period. It is a significant measure that we believe is an indicator of eventual profit generated within a given period of time.
Adjusted Operating Profit is a non-GAAP financial measure that may not be consistent with other similar non-GAAP financial measures presented by other publicly traded companies.
Adjusted Operating Cash Generated
We present adjusted operating cash generated revenue because management believes it provides for a useful measure of the amount of cash generated that is available to make capital expenditures and partner distributions once all cash flow timing issues have been settled.
Adjusted operating cash generated is a non-GAAP financial measure that may not be consistent with other similar non-GAAP financial measures presented by other publicly traded companies.
Distributable Free Cash Flow
We present Distributable Free Cash Flow because management believes this information is a useful adjunct to Net Cash Provided by (Used in) Operating Activities under GAAP. Distributable Free Cash Flow is a significant liquidity metric that we believe is an indicator of our ability to generate cash flow during any quarter at a level sufficient to pay the [minimum] quarterly cash distribution to the holders of our common units and for other purposes, such as repaying debt and expanding through strategic investments.
Distributable Free Cash Flow is similar to quantitative standards of free cash flow used throughout the deathcare industry and to quantitative standards of distributable cash flow used throughout the investment community with respect to publicly traded partnerships, but is not intended to be a prediction of the future. However, our calculation of distributable free cash flow may not be consistent with calculations of free cash flow, distributable cash flow or other similarly titled measures of other companies. Distributable Free Cash Flow should not be used as a substitute for the GAAP measure of cash flows from operating, investing, or financing activities.
| Critical Financial Measures | ||
| Three months ended | ||
| June 30, | ||
| 2012 | 2011 | |
| (In thousands) | ||
| Total revenues (a) | $ 61,508 | $ 60,107 |
| Production based revenue consisting of the total value of cemetery contracts written, funeral home revenues and investment and other income (b) | 75,604 | 69,977 |
| Operating profit (a) | 1,796 | 3,460 |
| Adjusted operating profit (b) | 12,612 | 10,580 |
| Net income (loss) (a) | (2,169) | 815 |
| Operating cash flows (a) | 6,005 | (3,764) |
| Adjusted operating cash generated (b) | 13,482 | 12,214 |
| Distributable free cash flow generated (b) | $ 13,327 | $ 11,794 |
| As of | As of | |
| June 30, 2012 | December 31, 2011 | |
| Distribution coverage quarters (b) | 7.80 | 8.62 |
| (a) This is a GAAP financial measure. | ||
| (b) This is a non-GAAP financial measure as defined by the Securities and Exchange Commission. Please see the reconciliation to GAAP measures or support calculation within this press release. | ||
| The following tables reconcile GAAP to Non-GAAP Measures: | ||||
| Production Based Revenue (non-GAAP) | ||||
| Three months ended June 30, | Increase | Increase | ||
| 2012 | 2011 | (Decrease) ($) | (Decrease) (%) | |
| (In thousands) | ||||
| Value of pre-need cemetery contracts written | $ 33,773 | $ 32,836 | $ 937 | 2.9% |
| Value of at-need cemetery contracts written | 20,428 | 20,562 | (134) | -0.7% |
| Investment income from trusts | 10,542 | 6,977 | 3,565 | 51.1% |
| Interest income | 1,799 | 1,596 | 203 | 12.7% |
| Funeral home revenues | 8,189 | 7,563 | 626 | 8.3% |
| Other cemetery revenues | 873 | 443 | 430 | 97.1% |
| Total production based revenues | $ 75,604 | $ 69,977 | $ 5,627 | 8.0% |
| Less: | ||||
| Increase in deferred sales revenue and investment income | (14,096) | (9,870) | (4,226) | 42.8% |
| Total GAAP revenues | $ 61,508 | $ 60,107 | $ 1,401 | 2.3% |
| Adjusted Operating Profit (non-GAAP) | ||
| Three months ended June 30, | ||
| 2012 | 2011 | |
| (In thousands) | ||
| GAAP operating profit | $ 1,796 | $ 3,460 |
| Increase in applicable deferred revenues | 14,096 | 9,870 |
| Increase in deferred cost of goods sold and selling and obtaining costs | (3,280) | (2,750) |
| Adjusted operating profit | $ 12,612 | $ 10,580 |
| Adjusted Operating Cash Flows and Distributable Free Cash Flow (Non-GAAP) | ||
| Three months ended June 30, | ||
| 2012 | 2011 | |
| (In thousands) | ||
| GAAP operating cash flows | $ 6,005 | $ (3,764) |
| Add: net cash inflows (out of) into the merchandise trust | (773) | 2,605 |
| Add: net increase in accounts receivable | 6,806 | 6,595 |
| Add: net decrease in merchandise liabilities | 1,715 | 215 |
| Deduct: net (increase) decrease in accounts payable and accrued expenses | 929 | 5,039 |
| Other float related changes | (1,200) | 1,524 |
| Adjusted operating cash flow generated | 13,482 | 12,214 |
| Less: maintenance capital expenditures | (937) | (1,445) |
| Plus: growth capital expenditures reclassified as operating expenses and deducted from adjusted operating cash generated (a) | 782 | 1,025 |
| Distributable free cash flow generated | 13,327 | 11,794 |
| Cash on hand - beginning of the period | 8,778 | 27,494 |
| Distributable cash available for the period | 22,105 | 39,288 |
| Partner distributions made | $ 11,783 | $ 11,763 |
| (a) We maintain a line of credit from which to make acquisitions and pay acquisition related costs. We utilize this line for these costs. Accordingly, distributable free cash flow is not negatively impacted by amounts spent on acquisitions that are recorded as expenses. | ||
| Six months | ||
| ended June 30, | ||
| 2012 | ||
| (in thousands) | ||
| GAAP operating cash flows | $ 14,195 | |
| Add: net cash inflows into the merchandise trust | 1,917 | |
| Add: net increase in accounts receivable | 8,180 | |
| Add: net decrease in merchandise liabilities | 4,451 | |
| Add (deduct): net decrease in accounts payable and accrued expenses | (348) | |
| Other float related changes | (527) | |
| Adjusted operating cash generated | 27,868 | |
| Less: maintenance capital expenditures | (1,835) | |
| Plus: growth capital expenditures reclassified as operating expenses and deducted from adjusted operating cash generated (a) | 1,113 | |
| Distributable free cash flow generated | 27,146 | |
| Cash on hand - beginning of the period | 12,058 | |
| Distributable cash available for the period | 39,204 | |
| Partner distributions made | $ 23,563 | |
| Other Information | |||
| Capital Base | |||
| As of | As of | ||
| June 30, 2012 | December 31, 2011 | ||
| (in thousands) | |||
| Debt on lines of credit | $ 61,950 | $ 43,750 | |
| Debt due within three years | (a) | 5,091 | 4,792 |
| Debt due between three and five years | - | - | |
| Debt due between five and ten years | 150,000 | 150,000 | |
| Availability under credit lines: | |||
| Availability under the acquisition line of credit | - | 54,250 | |
| Availability under the revolving line of credit | $ 68,050 | $ 22,000 | |
| (a) Debt due within three years includes smaller notes payable related to recent acquisitions. | |||
| The combined long and short-term debt on the balance sheet at June 30, 2012 and December 31, 2011 includes an unamortized bond discount of $3,015 and $3,220, respectively, which is not reflected in the table above. | |||
| Selected Net Assets | ||
| As of | As of | |
| June 30, 2012 | December 31, 2011 | |
| (In thousands) | ||
| Selected assets: | ||
| Cash and cash equivalents | $ 7,787 | $ 12,058 |
| Accounts receivable, net of allowance | 51,908 | 48,837 |
| Long-term accounts receivable, net of allowance | 71,098 | 68,394 |
| Merchandise trusts, restricted, at fair value | 345,884 | 344,515 |
| Total selected assets | 476,677 | 473,804 |
| Selected liabilities: | ||
| Accounts payable and accrued liabilities | 25,663 | 26,428 |
| Accrued interest | 1,654 | 1,632 |
| Current portion, long-term debt | 2,035 | 1,487 |
| Other long-term liabilities | 1,977 | 2,830 |
| Long-term debt | 211,991 | 193,835 |
| Deferred tax liabilities | 16,347 | 16,968 |
| Merchandise liability | 125,024 | 129,109 |
| Total selected liabilities | 384,691 | 372,289 |
| Total selected net assets | $ 91,986 | $ 101,515 |
| Distribution coverage quarters (a) | 7.80 | 8.62 |
| (a) This is a measure of the ratio of selected net assets to a quarterly distribution amount. The quarterly distribution amount is calculated by taking the end of the period outstanding common units (19,394,036 at June 30, 2012 and 19,368,261 at December 31, 2011, respectively) and multiplying these units by the declared distribution. This total is then added to the distribution due to the General Partner based upon the same variables. | ||
| StoneMor Partners L.P. | ||
| Condensed Consolidated Balance Sheets | ||
| (in thousands) | ||
| (unaudited) | ||
| June 30, | December 31, | |
| 2012 | 2011 | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $ 7,787 | $ 12,058 |
| Accounts receivable, net of allowance | 51,908 | 48,837 |
| Prepaid expenses | 5,899 | 4,266 |
| Other current assets | 15,990 | 16,670 |
| Total current assets | 81,584 | 81,831 |
| Long-term accounts receivable, net of allowance | 71,098 | 68,394 |
| Cemetery property | 302,986 | 298,938 |
| Property and equipment, net of accumulated depreciation | 72,948 | 73,777 |
| Merchandise trusts, restricted, at fair value | 345,884 | 344,515 |
| Perpetual care trusts, restricted, at fair value | 269,223 | 254,679 |
| Deferred financing costs, net of accumulated amortization | 9,667 | 8,817 |
| Deferred selling and obtaining costs | 71,921 | 68,542 |
| Deferred tax assets | 420 | 415 |
| Goodwill | 34,091 | 32,299 |
| Other assets | 13,608 | 16,918 |
| Total assets | $ 1,273,430 | $ 1,249,125 |
| Liabilities and partners' capital | ||
| Current liabilities: | ||
| Accounts payable and accrued liabilities | $ 25,663 | $ 26,428 |
| Accrued interest | 1,654 | 1,632 |
| Current portion, long-term debt | 2,035 | 1,487 |
| Total current liabilities | 29,352 | 29,547 |
| Other long-term liabilities | 1,977 | 2,830 |
| Long-term debt | 211,991 | 193,835 |
| Deferred cemetery revenues, net | 462,088 | 441,878 |
| Deferred tax liabilities | 16,347 | 16,968 |
| Merchandise liability | 125,024 | 129,109 |
| Perpetual care trust corpus | 269,223 | 254,679 |
| Total liabilities | 1,116,002 | 1,068,846 |
| Commitments and contingencies | ||
| Partners' capital | ||
| General partner | 1,288 | 2,192 |
| Common partners | 156,140 | 178,087 |
| Total partners' capital | 157,428 | 180,279 |
| Total liabilities and partners' capital | $ 1,273,430 | $ 1,249,125 |
See accompanying notes to the Condensed Consolidated Financial Statements on the Quarterly Report to be filed on Form 10-Q for the quarter ended June 30, 2012.
| StoneMor Partners L.P. | ||||
| Condensed Consolidated Statement of Operations | ||||
| (in thousands, except unit data) | ||||
| Three months ended June 30, | Six months ended June 30, | |||
| 2012 | 2011 | 2012 | 2011 | |
| (Unaudited) | (Unaudited) | |||
| Revenues: | ||||
| Cemetery | ||||
| Merchandise | $ 30,337 | $ 31,104 | $ 57,481 | $ 52,539 |
| Services | 11,265 | 11,604 | 23,347 | 22,402 |
| Investment and other | 12,051 | 10,036 | 23,475 | 19,702 |
| Funeral home | ||||
| Merchandise | 3,569 | 2,957 | 7,587 | 6,096 |
| Services | 4,286 | 4,406 | 9,205 | 8,599 |
| Total revenues | 61,508 | 60,107 | 121,095 | 109,338 |
| Costs and Expenses: | ||||
| Cost of goods sold (exclusive of depreciation shown separately below): | ||||
| Perpetual care | 1,415 | 1,399 | 2,782 | 2,724 |
| Merchandise | 5,821 | 5,817 | 10,874 | 9,485 |
| Cemetery expense | 14,775 | 15,462 | 27,567 | 27,548 |
| Selling expense | 13,123 | 12,187 | 24,910 | 21,731 |
| General and administrative expense | 7,195 | 7,031 | 14,388 | 13,458 |
| Corporate overhead (including $210 and $191 in unit-based compensation for the three months ended June 30, 2012 and 2011, and $409 and $381 for the six months ended June 30, 2012 and 2011, respectively) | 7,756 | 5,986 | 14,359 | 11,944 |
| Depreciation and amortization | 2,230 | 2,042 | 4,560 | 4,488 |
| Funeral home expense | ||||
| Merchandise | 1,107 | 1,009 | 2,530 | 2,215 |
| Services | 3,302 | 2,803 | 6,707 | 5,349 |
| Other | 2,206 | 1,886 | 4,134 | 3,443 |
| Acquisition related costs | 782 | 1,025 | 1,113 | 1,958 |
| Total cost and expenses | 59,712 | 56,647 | 113,924 | 104,343 |
| Operating profit | 1,796 | 3,460 | 7,171 | 4,995 |
| Expenses related to refinancing | - | - | - | 453 |
| Gain (loss) on termination of operating agreement | (83) | - | 1,737 | - |
| Gain on acquisition | 122 | - | 122 | - |
| Early extinguishment of debt | - | - | - | 4,010 |
| Interest expense | 4,870 | 4,352 | 9,836 | 9,442 |
| Net income (loss) before income taxes | (3,035) | (892) | (806) | (8,910) |
| Income tax expense (benefit) | ||||
| State | 97 | (902) | 242 | (898) |
| Federal | (963) | (805) | (909) | (1,613) |
| Total income tax expense (benefit) | (866) | (1,707) | (667) | (2,511) |
| Net income (loss) | $ (2,169) | $ 815 | $ (139) | $ (6,399) |
| General partner's interest in net income (loss) for the period | $ (43) | $ 16 | $ (3) | $ (128) |
| Limited partners' interest in net income (loss) for the period | $ (2,126) | $ 799 | $ (136) | $ (6,271) |
| Net income (loss) per limited partner unit (basic and diluted) | $ (.11) | $ .04 | $ (.01) | $ (.34) |
| Weighted average number of limited partners' units outstanding (basic and diluted) | 19,375 | 19,341 | 19,372 | 18,529 |
| Distributions declared per unit | $ .585 | $ .585 | $ 1.17 | $ 1.17 |
See accompanying notes to the Condensed Consolidated Financial Statements on the Quarterly Report to be filed on Form 10-Q for the quarter ended June 30, 2012.
| StoneMor Partners L.P. | ||||
| Condensed Consolidated Statement of Cash Flows | ||||
| (in thousands) | ||||
| Three months ended June 30, | Six months ended June 30, | |||
| 2012 | 2011 | 2012 | 2011 | |
| (Unaudited) | (Unaudited) | |||
| Operating activities: | ||||
| Net income (loss) | $ (2,169) | $ 815 | $ (139) | $ (6,399) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
| Cost of lots sold | 2,146 | 1,803 | 3,979 | 3,281 |
| Depreciation and amortization | 2,230 | 2,042 | 4,560 | 4,488 |
| Unit-based compensation | 211 | 192 | 409 | 381 |
| Accretion of debt discount | 287 | 242 | 723 | 625 |
| Gain on acquisition | (122) | - | (122) | - |
| Gain on termination of operating agreement | 83 | - | (1,737) | - |
| Write-off of deferred financing fees | - | - | - | 453 |
| Fees paid related to early extinguishment of debt | - | - | - | 4,010 |
| Changes in assets and liabilities that provided (used) cash: | ||||
| Accounts receivable | (6,806) | (6,595) | (8,180) | (9,430) |
| Allowance for doubtful accounts | 1,930 | 1,802 | 3,293 | 2,473 |
| Merchandise trust fund | 773 | (2,605) | (1,917) | (11,217) |
| Prepaid expenses | 302 | (1,002) | (1,169) | (331) |
| Other current assets | (2,041) | (1,395) | (860) | (1,505) |
| Other assets | 1,967 | 1 | 139 | 198 |
| Accounts payable and accrued and other liabilities | (929) | (5,039) | 348 | (7,549) |
| Deferred selling and obtaining costs | (1,192) | (1,984) | (3,380) | (5,263) |
| Deferred cemetery revenue | 12,081 | 9,039 | 23,699 | 25,358 |
| Deferred taxes (net) | (1,031) | (865) | (1,000) | (1,745) |
| Merchandise liability | (1,715) | (215) | (4,451) | (954) |
| Net cash provided by (used in) operating activities | 6,005 | (3,764) | 14,195 | (3,126) |
| Investing activities: | ||||
| Cash paid for cemetery property | (2,383) | (1,564) | (3,600) | (2,270) |
| Purchase of subsidiaries | (1,774) | (2,150) | (3,426) | (3,850) |
| Cash paid for property and equipment | (937) | (1,445) | (1,835) | (3,204) |
| Net cash used in investing activities | (5,094) | (5,159) | (8,861) | (9,324) |
| Financing activities: | ||||
| Cash distribution | (11,783) | (11,763) | (23,563) | (21,056) |
| Additional borrowings on long-term debt | 21,850 | 8,000 | 29,200 | 12,300 |
| Repayments of long-term debt | (12,136) | (607) | (13,422) | (73,924) |
| Proceeds from public offering | - | (357) | - | 103,207 |
| Proceeds from general partner contribution | - | 4 | - | 2,246 |
| Fees paid related to early extinguishment of debt | - | - | - | (4,010) |
| Cost of financing activities | 167 | (1,114) | (1,820) | (1,114) |
| Net cash provided by (used in) financing activities | (1,902) | (5,837) | (9,605) | 17,649 |
| Net increase (decrease) in cash and cash equivalents | (991) | (14,760) | (4,271) | 5,199 |
| Cash and cash equivalents - Beginning of period | 8,778 | 27,494 | 12,058 | 7,535 |
| Cash and cash equivalents - End of period | $ 7,787 | $ 12,734 | $ 7,787 | $ 12,734 |
| Supplemental disclosure of cash flow information | ||||
| Cash paid during the period for interest | $ 8,425 | $ 8,080 | $ 9,048 | $ 9,552 |
| Cash paid during the period for income taxes | $ 3,552 | $ 1,623 | $ 3,655 | $ 1,710 |
| Non-cash investing and financing activities | ||||
| Acquisition of assets by financing | $ 25 | $ 91 | $ 53 | $ 143 |
| Issuance of limited partner units for cemetery acquisition | $ 603 | $ 264 | $ 603 | $ 264 |
| Acquisition of assets by assumption of directly related liability | $ 544 | $ - | $ 544 | $ - |
See accompanying notes to the Condensed Consolidated Financial Statements on the Quarterly Report to be filed on Form 10-Q for the quarter ended June 30, 2012.