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Carriage Services Inc (CSV) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

Carriage Services Inc

CIK: 1016281 Ticker: CSV


csvlogoa09.jpg
 
CARRIAGE SERVICES ANNOUNCES SECOND QUARTER 2018 RECORD RESULTS AND
RAISES ROLLING FOUR QUARTER OUTLOOK
HOUSTON – July 31, 2018 – Carriage Services, Inc. (NYSE: CSV) today announced results for the second quarter ended June 30, 2018.
Mel Payne, Chief Executive Officer, stated, “Our 2018 second quarter earnings performance of $0.15 GAAP Diluted EPS (down 37.5%) and $0.22 Adjusted Diluted EPS (down 26.7%) was the weakest since we launched Carriage’s Good To Great Journey that never ends at the beginning of 2012. The reasons were twofold, i.e. broadly lower volumes and average revenue due to a spike in cremation rates in both our Same Store and Acquisition Funeral Portfolios, and higher interest costs and an increase in outstanding common shares after our recent balance sheet recapitalization.
We view the disappointing second quarter as a temporary performance aberration related to challenging revenue and margin vagaries in our funeral portfolio which is not historically symptomatic of long term operating trends. Over the last eighteen months we have made substantial organizational changes within our operations leadership (Regional Partners and Directors of Support) designed to position the company for higher and sustainable operating and financial performance from both our funeral and cemetery portfolios over the next five years.
We have complete confidence that our operating leadership is effectively dealing with the revenue and margin challenges in our funeral portfolio and that we will experience broadly higher performance during the latter part of the second half of the year compared to our second quarter. In other words, we fully expect to head into next year with our operating trends again being our friend. We have also made great strides in our Cemetery Portfolio by employing and upgrading strong sales leadership in most of our larger parks which has led to improved operating and financial performance through the first half of the year, which is reflected in an increase of 5.7% in Cemetery Revenue and a 13% increase in Cemetery Field EBITDA. We expect the cemetery performance improvements to continue if not accelerate into next year.
Second quarter highlights are shown below:
Three Months Ended June 30, 2018 compared to Three Months Ended June 30, 2017
• Total Revenue remained flat at $63.8 million;
• Net Income of $2.7 million, a decrease of 37.7%;
• GAAP Diluted Earnings Per Share of $0.15, a decrease of 37.5%;

• Total Field EBITDA of $24.0 million, a decrease of 5.0%;
• Total Field EBITDA Margin down 200 basis points to 37.6%;
• Adjusted Consolidated EBITDA of $15.3 million, a decrease of 7.6%;
• Adjusted Consolidated EBITDA Margin down 200 basis points to 23.9%;
• Adjusted Net Income of $4.0 million, a decrease of 26.2%;
• Adjusted Diluted Earnings Per Share of $0.22, a decrease of 26.7%; and
• Free Cash Flow remained flat at $9.1 million.

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The following information was filed by Carriage Services Inc (CSV) on Tuesday, July 31, 2018 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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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Operations (Unaudited)
Acquisitions (Narrative) (Details)
Acquisitions Acquistions (Purchase Price Allocation) (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (Operations) (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (Ppe) (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Tables)
Cemetery Perpetual Care Trust Investments
Cemetery Perpetual Care Trust Investments (Cost And Fair Market Values Associated With The Trust Investments Held In Perpetual Care Trust Funds) (Details)
Cemetery Perpetual Care Trust Investments (Estimated Maturities Of Fixed Perpetual Care Trust Income Securities) (Details)
Cemetery Perpetual Care Trust Investments (Perpetual Care Trust Investment Security Transactions Recorded In Cemetery Revenue) (Details)
Cemetery Perpetual Care Trust Investments (Perpetual Care Trust Investment Security Transactions Recorded In Interest Income And Other, Net) (Details)
Cemetery Perpetual Care Trust Investments (Purchases And Sales Of Investments In Perpetual Care Trusts) (Details)
Cemetery Perpetual Care Trust Investments (Tables)
Cemetery Perpetual Care Trust Investments (The Components Of Care Trusts' Corpus) (Details)
Cemetery Perpetual Care Trust Investments (Unrealized Losses On Perpetual Care Trust Investments) (Details)
Cemetery Perpetual Care Trust Investments Cemetery Perpetual Care Trust Investments (Narrative) (Details)
Convertible Subordinated Notes
Convertible Subordinated Notes (Details)
Convertible Subordinated Notes (Tables)
Convertible Subordinated Notes Convertible Subordinated Notes (Narrative) (Details) (Details)
Earnings Per Share
Earnings Per Share (Eps Computations) (Details)
Earnings Per Share (Tables)
Fair Value Measurements
Fair Value Measurements (Narrative) (Details)
Intangible And Other Non-Current Assets
Intangible And Other Non-Current Assets (Details)
Intangible And Other Non-Current Assets (Tables)
Long-Term Debt
Long-Term Debt (Long-Term Debt Table) (Details)
Long-Term Debt (Narrative) (Details)
Long-Term Debt (Tables)
Major Segments Of Business
Major Segments Of Business (Revenue, Pre-Tax Income And Total And Total Assets By Segments) (Details)
Major Segments Of Business (Tables)
Preneed Cemetery Receivables
Preneed Cemetery Receivables (Aging Of Past Due Financing Receivables) (Details)
Preneed Cemetery Receivables (Narrative) (Details)
Preneed Cemetery Receivables (Preneed Cemetery Receivables) (Details)
Preneed Cemetery Receivables (Tables)
Preneed Trust Investments
Preneed Trust Investments (Components Of Preneed Cemetery Trust Investments) (Details)
Preneed Trust Investments (Components Of Preneed Funeral Trust Investments) (Details)
Preneed Trust Investments (Cost And Fair Market Values Associated With Preneed Cemetery Trust Investments) (Details)
Preneed Trust Investments (Cost And Fair Market Values Associated With Preneed Funeral Trust Investments) (Details)
Preneed Trust Investments (Estimated Maturities Of Fixed Preneed Cemetery Trust Income Securities) (Details)
Preneed Trust Investments (Estimated Maturities Of Fixed Preneed Funeral Trust Income Securities) (Details)
Preneed Trust Investments (Preneed Cemetery Trust Investment Security Transactions) (Details)
Preneed Trust Investments (Preneed Funeral Trust Investment Security Transactions) (Details)
Preneed Trust Investments (Purchases And Sales Of Investments In Preneed Cemetery Trusts) (Details)
Preneed Trust Investments (Purchases And Sales Of Investments In Preneed Funeral Trusts) (Details)
Preneed Trust Investments (Tables)
Preneed Trust Investments (Unrealized Losses On Cemetery Merchandise And Service Trust Investments) (Details)
Preneed Trust Investments (Unrealized Losses On Preneed Funeral Trust Investments) (Details)
Preneed Trust Investments Preneed Trust Investments (Narrative) (Details)
Receivables From Preneed Trusts
Receivables From Preneed Trusts (Narrative) (Details)
Receivables From Preneed Trusts (Receivables From Preneed Funeral Trust Funds) (Details)
Receivables From Preneed Trusts (Tables)
Receivables From Preneed Trusts Receivables From Preneed Trusts (Composition Of Assets Held In Trusts) (Details)
Recently Issued Accounting Standards
Recently Issued Accounting Standards (Tables)
Recently Issued Accounting Standards 606 Balance Sheet (Details)
Recently Issued Accounting Standards 606 Cash Flow (Details)
Recently Issued Accounting Standards 606 Statement Of Operations (Details)
Revenue From Contracts With Customers (Details)
Revenue From Contracts With Customers (Notes)
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers Deferred Revenue (Details)
Revenue From Contracts With Customers Narrative (Details)
Senior Notes (Details)
Senior Notes (Notes)
Senior Notes Carrying Value Of The Senior Notes (Details)
Stockholders' Equity
Stockholders' Equity (Aoci) (Details)
Stockholders' Equity (Espp) (Details)
Stockholders' Equity (Narrative) (Details)
Stockholders' Equity (Tables)
Stockholders' Equity (Weighted Average Assumptions) (Details)
Stockholders' Equity Cash Dividends (Details)
Stockholders' Equity Stockholders' Equity (Stock-Based Compensation Plans) (Details)
Subsequent Events
Subsequent Events (Details)
Supplementary Data
Supplementary Data (Details)
Supplementary Data (Tables)

Material Contracts, Statements, Certifications & more

Carriage Services Inc provided additional information to their SEC Filing as exhibits

Ticker: CSV
CIK: 1016281
Form Type: 10-Q Quarterly Report
Accession Number: 0001016281-18-000084
Submitted to the SEC: Tue Jul 31 2018 5:19:12 PM EST
Accepted by the SEC: Tue Jul 31 2018
Period: Saturday, June 30, 2018
Industry: Personal Services

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