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ALDERWOODS GROUP REPORTS FOURTH QUARTER
AND 2005 YEAR-END RESULTS
Delivers Solid Financial Performance,
Reports No Material Weaknesses in Internal Controls for 2005
CINCINNATI, OHIO March 13, 2006 Alderwoods Group, Inc. (NASDAQ:AWGI) today announced its fourth quarter and year-end results, representing the 12 weeks and 52 weeks ended December 31, 2005.
The Company reported total net income of $41.2 million, or $1.02 basic and $0.99 diluted earnings per share, on revenues of $748.9 million, for the 52 weeks ended December 31, 2005, compared with total net income of $9.3 million, or $0.23 basic and diluted earnings per share, on revenues of $717.1 million, for the 52 weeks ended January 1, 2005.
From continuing operations, the Company reported total net income of $42.9 million, or $1.06 basic and $1.03 diluted earnings per share, for fiscal 2005, compared with a net loss of $3.6 million, or $0.09 basic and diluted loss per share, for fiscal 2004.
Highlights of the Fourth Quarter from Continuing Operations
Revenue increased 3.8% to $173.5 million
Number of same site funeral services performed increased 0.6% to 26,378
Same site average revenue per funeral increased 4.7% to $4,237
Funeral revenue increased 3.0% to $112.1 million
Cemetery revenue declined 2.2% to $39.4 million
Insurance revenue increased 21.9% to $22.0 million
Net income increased 40.7% to $9.1 million
Pre-need funeral contracts written decreased 2.8% to $41 million
Pre-need cemetery contracts written decreased 7.5% to $19.8 million
Highlights of Fiscal 2005 from Continuing Operations
Revenue increased 4.4% to $748.9 million
Number of same site funeral services performed decreased 0.7% to 113,300
Same site average revenue per funeral increased 3.1% to $4,160
Funeral revenue increased 1.5% to $479.8 million
Cemetery revenue increased 6.1% to $174.1 million
Insurance revenue increased 18.6% to $95.0 million
Net income increased to $42.9 million
Pre-need funeral contracts written increased 6.4% to $191 million
Pre-need cemetery contracts written increased 8.7% to $94.5 million
Total debt decreased by $90.1 million
The following information was filed by Alderwoods Group Inc on Tuesday, March 14, 2006 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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