Please wait while we load the requested 10-Q report or click the link below:
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
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.
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.
View differences made from one quarter to another to evaluate Alderwoods Group Inc's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Alderwoods Group Inc.