Exhibit 99.1

 

 

ALDERWOODS GROUP REPORTS FIRST QUARTER RESULTS

 

CINCINNATI, OHIO – May 1, 2006 –

Alderwoods Group, Inc. (NASDAQ:AWGI) today announced its first quarter results, representing the 12 weeks ended March 25, 2006.

 

For the 12 weeks ended March 25, 2006, the Company reported total net income of $4.5 million, or $0.11 basic earnings per share, on revenues of $181.8 million, compared with total net income of $13.1 million, or $0.33 basic earnings per share, on revenues of $183.9 million, for the 12 weeks ended March 26, 2005.

 

Highlights of the First Quarter

 

                  Revenue decreased 1.1% to $181.8 million

                  Number of same site funeral services performed declined 3.9% to 28,036

                  Same site average revenue per funeral increased 4.1% to $4,302

                  Funeral revenue decreased 2.3% to $121.1 million

                  Cemetery revenue decreased 1.2% to $37.8 million

                  Insurance revenue increased 6.0% to $22.9 million

                  Net income decreased to $4.5 million

                  Basic earnings per share decreased to $0.11;
Diluted earnings per share decreased to $0.11

                  Pre-need funeral contracts written decreased 5.5% to $40.8 million

                  Pre-need cemetery contracts written increased 1.0% to $21.1 million

                  Total debt decreased by $9.7 million in the quarter

 

“The Company call performance was below our expectations in the first quarter,” said Paul Houston, President and CEO of Alderwoods Group. “We did not anticipate the extremely mild winter and low flu season in the first three months of 2006. We believe that the impact of these conditions was felt across much of North America and impacted our total industry and was not unique to Alderwoods.”

 

 “The Company continued to perform very well on driving average revenue per call in the quarter” added Mr. Houston. “We achieved solid growth on this key metric with an increase of over 4%, offsetting much of the revenue impact of the soft call volume in the quarter.”

 

“We have carefully reviewed our 2005 spending initiatives which were intended to drive call growth,” continued Mr. Houston. “We have reduced those programs which do not appear to be having the anticipated near term effect on our call volumes. As a result, funeral and cemetery expenses were up only modestly compared to the same quarter last year. We intend to continue this focus on expense management throughout 2006.”

 

1


The following information was filed by Alderwoods Group Inc on Tuesday, May 2, 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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