SERVICE CORPORATION INTERNATIONAL HOUSTON, April 27, 2016 /PRNewswire/ -- Service Corporation International (NYSE: SCI), the largest provider of deathcare products and services in North America, reported results for the first quarter of 2016. Our unaudited consolidated financial statements can be found at the end of this press release. The table below summarizes our key financial results:
(In millions, except for
per share amounts) Three Months Ended March 31,
----------------------------
2016 2015
---- ----
Revenue $749.3 $748.1
Operating income $123.6 $141.1
Net income attributable
to common stockholders $47.4 $61.4
Diluted earnings per
share $0.24 $0.30
Earnings from continuing
operations excluding
special items(1) $55.3 $65.6
Diluted earnings per
share from continuing
operations excluding
special items(1) $0.28 $0.32
Diluted weighted average
shares outstanding 198.0 207.8
Net cash provided by
operating activities $184.8 $188.8
Net cash provided by
operating activities
excluding special
items(1) $190.0 $197.8
(1) Earnings from continuing
operations excluding special
items, diluted earnings per
share from continuing operations
excluding special items, and net
cash provided by operating
activities excluding special
items are non-GAAP financial
measures. A reconciliation from
net income attributable to
common stockholders, diluted
earnings per share, and net cash
provided by operating activities
computed in accordance with
generally accepted accounting
principles in the United States
(GAAP) can be found later in
this press release under the
headings "Cash Flow and Capital
Spending" and "Non-GAAP
Financial Measures".
Quarterly Highlights:
-- Diluted earnings per share from continuing operations excluding special
items was $0.28 in the first quarter of 2016 compared to $0.32 in the
prior year quarter. The impact of lower funeral services performed
compared against a strong first quarter of 2015, which was influenced by
a strong flu season, was partially offset by an increase in preneed
cemetery property revenue.
-- Net cash provided by operating activities excluding special items was
$190.0 million in the first quarter of 2016 compared to $197.8 million
in the first quarter of 2015, decreasing primarily as a result of lower
earnings in the current quarter.
-- During the first quarter, we returned $78.0 million to our shareholders
through a combination of share repurchases and dividends.
Tom Ryan, the Company's Chairman and Chief Executive Officer, commented on the first quarter of 2016:
"Considering the challenge we anticipated in funeral services performed for the first quarter, as compared to the increase we experienced in the prior year quarter from a strong flu season, we are pleased to report both normalized earnings per share and cash flow results that were within our expectations. Also on a positive note we continued to experience high single digit percentage growth in both preneed funeral and cemetery sales. Having lapped our tough comparable funeral volume quarter, we feel confident about our ability to deliver solid financial results for the remainder of 2016. I would like to thank our entire team for their continued focus on delivering extraordinary service to our client families, which was recognized by JD Power as we were awarded the JD Power President's Award in early 2016. We will continue to focus on growing our revenues by remaining relevant with the consumer, increasing future market share by growing our preneed sales, continuing to leverage our increasing scale and deploying capital to enhance shareholder value."
REVIEW OF RESULTS FOR FIRST QUARTER 2016
Consolidated Segment Results
(See definitions of revenue line items later in this earnings release.)
(In millions,
except funeral
services
performed and
average
revenue per
service) Three Months Ended
March 31,
2016 2015
---- ----
Funeral:
--------
Atneed
revenue $282.6 $300.1
Funeral home
matured
preneed
revenue 139.4 149.5
----- -----
Core revenue 422.0 449.6
Non-funeral
home matured
preneed
revenue 6.1 6.4
Recognized
preneed
revenue 29.0 23.1
Other revenue 35.0 28.6
---- ----
Total revenue $492.1 $507.7
Gross profit $107.0 $126.9
Gross margin
percentage 21.7% 25.0%
Funeral
services
performed 82,198 87,310
Average
revenue per
service $5,208 $5,223
Cemetery:
---------
Atneed
revenue $77.7 $75.5
Recognized
preneed
revenue 143.6 131.8
----- -----
Core revenue 221.3 207.3
Other revenue 35.9 33.1
---- ----
Total revenue $257.2 $240.4
Gross profit $54.5 $50.5
Gross margin
percentage 21.2% 21.0%
Comparable Funeral Results
The table below details comparable funeral results of operations ("same store") for the three months ended March 31, 2016 and 2015. We consider comparable operations to be those owned for the entire period beginning January 1, 2015 and ending March 31, 2016.
(Dollars in millions, except average revenue per service and average revenue per contract sold)
Three Months Ended March 31,
----------------------------
2016 2015 $ %
---- ---- --- ---
Comparable revenue:
Atneed revenue(1) $280.7 297.4 $(16.7) (5.6)%
Funeral home
matured preneed
revenue(2) 138.9 148.3 (9.4) (6.3)%
----- -----
Core revenue(3) 419.6 445.7 (26.1) (5.9)%
Non-funeral home
matured preneed
revenue(4) 6.2 6.4 (0.2) (3.1)%
Recognized preneed
revenue(5) 28.8 23.1 5.7 24.7%
Other revenue(6) 34.9 29.0 5.9 20.3%
---- ----
Total comparable
revenue $489.5 $504.2 $(14.7) (2.9)%
Comparable gross
profit $107.5 $127.9 $(20.4) (15.9)%
Comparable gross
margin percentage 22.0% 25.4% (3.4)% (13.4)%
Comparable funeral
services
performed:
Atneed 49,986 53,425 (3,439) (6.4)%
Funeral home
matured preneed 24,457 26,233 (1,776) (6.8)%
------ ------
Total core 74,443 79,658 (5,215) (6.5)%
Non-funeral home
matured preneed 7,137 6,947 190 2.7%
----- ----- ---
Total comparable
funeral services
performed 81,580 86,605 (5,025) (5.8)%
Comparable average
revenue per
service:
Atneed $5,616 $5,567 $49 0.9%
Funeral home
matured preneed 5,679 5,653 26 0.5%
----- -----
Total core 5,637 5,595 42 0.8%
Non-funeral home
matured preneed 869 921 (52) (5.6)%
--- --- ---
Total comparable
average revenue
per service $5,219 $5,220 $(1) - %
Comparable preneed
sales production:
Total preneed sales $210.9 $194.3 $16.6 8.5%
Total preneed
contracts sold 46,185 42,928 3,257 7.6%
Average revenue per
contract sold $4,566 $4,526 $40 0.9%
(1) Atneed revenue represents
merchandise and services sold and
delivered or performed once death
has occurred.
(2) Funeral home matured preneed
revenue represents merchandise and
services sold on a preneed
contract through one of our
funeral homes and delivered or
performed once death has occurred.
(3) Core revenue represents the sum of
merchandise and services sold on
an atneed contract or sold by one
of our funeral homes on a preneed
contract and delivered or
performed once death has occurred.
(4) Non-funeral home matured preneed
revenue represents services sold
on a preneed contract through one
of our non-funeral home sales
channels (e.g. SCI Direct) and
performed once death has occurred.
(5) Recognized preneed revenue
represents merchandise and travel
protection sold on a preneed
contract and delivered before
death has occurred.
(6) Other revenue primarily comprises
general agency revenue, which is
commissions we receive from third-
party insurance companies for life
insurance policies sold to preneed
customers for the purpose of
funding preneed arrangements.
-- Our comparable funeral revenue decreased by $14.7 million in the first
quarter of 2016 compared to the same period of 2015. A decline in core
revenue of $26.1 million was partially offset by growth in recognized
preneed revenue and general agency revenue.
-- The core revenue decrease was primarily a result of a 6.5% decline in
core funeral services performed which resulted from a milder flu season
experienced in the current quarter.
-- Core average revenue per service increased 0.8% during the first quarter
of 2016. An increase of 2.4% organic sales average growth was somewhat
offset by an increase in cremation mix, an unfavorable Canadian currency
impact, and lower trust fund income.
-- Our comparable cremation rate increased 100 basis points to 52.1% in the
current quarter compared to the same period in 2015.
-- Comparable funeral gross profit decreased $20.4 million to $107.5
million in first quarter of 2016. The decline in higher margin core
revenue was partially offset by increased gross profit from recognized
preneed revenue. While general agency revenue increased during the
quarter, this increase was offset by higher preneed funeral selling
costs.
-- Comparable preneed funeral sales production increased $16.6 million, or
8.5%, in the first quarter of 2016 compared to 2015. The primary driver
of the sales production growth was related to a 7.6% increase in the
number of preneed contracts sold.
Comparable Cemetery Results
The table below details comparable cemetery results of operations ("same store") for the three months ended March 31, 2016 and 2015. We consider comparable operations to be those owned for the entire period beginning January 1, 2015 and ending March 31, 2016.
(Dollars in millions) Three Months Ended March 31,
----------------------------
2016 2015 $ %
---- ---- --- ---
Comparable revenue:
Atneed revenue(1) $76.8 $75.4 $1.4 1.9%
Recognized preneed
revenue(2) 142.7 131.7 11.0 8.4%
----- ----- ----
Core revenue(3) 219.5 207.1 12.4 6.0%
Other revenue(4) 35.8 33.1 2.7 8.2%
---- ----
Total comparable revenue $255.3 $240.2 $15.1 6.3%
Comparable gross profit $54.2 $50.7 $3.5 6.9%
Comparable gross margin
percentage 21.2% 21.1% 0.1% 0.5%
Comparable preneed and
atneed sales
production:
Property $156.2 $145.5 $10.7 7.4%
Merchandise and services 135.7 128.6 7.1 5.5%
Discounts (31.6) (26.8) (4.8) (17.9)%
----- ----- ----
Preneed and atneed sales
production $260.3 $247.3 $13.0 5.3%
Recognition rate(5) 84% 84%
(1) Atneed revenue represents
property, merchandise, and
services sold and delivered or
performed once death has
occurred.
(2) Recognized preneed revenue
represents property,
merchandise, and services sold
on a preneed contract that have
been delivered or performed.
(3) Core revenue represents the sum
of property, merchandise, and
services that have been
delivered or performed.
(4) Other revenue is primarily
related to merchandise and
service trust fund income,
endowment care trust fund
income, royalty income, and
interest and finance charges
earned from customer receivables
on preneed installment
contracts.
(5) Represents the ratio of current
period core revenue recognition
stated as a percentage of
current period sales production.
-- Comparable cemetery revenue grew by $15.1 million, or 6.3%, in the first
quarter of 2016 compared to 2015. Recognized preneed revenue accounted
for $11 million of the increase along with higher atneed revenue and
other revenue. The other revenue increase of $2.7 million was primarily
an increase in cash distributions of capital gains received from
perpetual care trusts in the first quarter of 2016 compared to the same
period in the prior year.
-- Comparable preneed cemetery sales production increased by $12.9 million,
or 7.7%, quarter over quarter. This increase was driven primarily by
growth in the number of preneed property contracts sold and an increase
in large sales activity that occurred late in the quarter.
-- Comparable cemetery gross profit increased $3.5 million while the gross
margin percentage remained essentially flat at 21.2%. The gross profit
increase was partially offset by higher selling costs that we expect to
normalize over the course of 2016.
Other Financial Results
General and administrative expenses increased $3.0 million to $37.5 million in the first quarter of 2016 compared to the same period of 2015. The prior year included $2.9 million of acquisition and integration costs and $0.8 million of system transition costs. The current quarter included $4.1 million of system transition costs primarily related to our 2016 implementation of a new general ledger system and $5.5 million related to the write off of debt costs associated with previous acquisitions. Excluding these one-time costs, general and administrative expenses decreased $2.9 million over the prior year primarily due to decreases in liabilities associated with our incentive compensation plans.
Cash Flow and Capital Spending
Set forth below is a reconciliation of our reported net cash provided by operating activities prepared in accordance with GAAP to net cash provided by operating activities excluding special items (or sometimes referred to as adjusted operating cash flow). We do not intend for this information to be considered in isolation or as a substitute for other measures of performance prepared in accordance with GAAP.
(In millions) Three Months Ended March 31,
----------------------------
2016 2015
---- ----
Net cash provided by
operating activities, as
reported $184.8 $188.8
System transition costs 2.9 3.5
Excess tax benefits from
share-based awards 2.3 5.5
Net cash provided by
operating activities
excluding special items $190.0 $197.8
====== ======
Net cash provided by operating activities excluding special items continues to be robust at $190.0 million for the first quarter. The difference compared to the first quarter of 2015 was due primarily to lower earnings in the period and higher cash tax payments of $4.1 million, partially offset by higher preneed cemetery installment collections.
A summary of our capital expenditures is set forth below:
(In millions) Three Months Ended March 31,
----------------------------
2016 2015
---- ----
Capital improvements at existing
locations $19.0 $17.2
Development of cemetery property 19.7 9.4
Construction of new funeral home
facilities 3.0 1.7
---
Total capital expenditures $41.7 $28.3
===== =====
Total capital expenditures increased in the current quarter by $13.4 million as a result of a $10.3 million increase in capital deployed for the development of cemetery property. This increase is primarily due to the timing of cash payments quarter over quarter and does not alter our outlook for capital improvements at existing locations and development of cemetery property totaling $150 million in 2016.
TRUST FUND RETURNS
Total trust fund returns include realized and unrealized gains and losses and dividends. A summary of our consolidated trust fund returns for the three months ended March 31, 2016 is set forth below:
Three Months
------------
Preneed funeral 0.3%
Preneed cemetery 0.5%
Cemetery perpetual care 2.3%
Combined trust funds 1.0%
NON-GAAP FINANCIAL MEASURES
Earnings from continuing operations excluding special items and diluted earnings per share from continuing operations excluding special items (or sometimes referred to as normalized earnings per share) shown above are non-GAAP financial measures. We believe these non-GAAP financial measures provide a consistent basis for comparison between quarters and better reflect the performance of our core operations, as they are not influenced by certain income or expense items not affecting continuing operations. We also believe these measures help facilitate comparisons to our competitors' operating results.
Set forth below is a reconciliation of our reported net income attributable to common stockholders to earnings from continuing operations excluding special items and our GAAP diluted earnings per share to diluted earnings per share from continuing operations excluding special items. We do not intend for this information to be considered in isolation or as a substitute for other measures of performance prepared in accordance with GAAP.
(In millions, except
diluted EPS) Three Months Ended March 31,
----------------------------
2016 2015
---- ----
Net Diluted Net Diluted
Income EPS Income EPS
------ --- ------ ---
Net income attributable
to common stockholders,
as reported $47.4 $0.24 $61.4 $0.30
After-tax reconciling
items:
Losses on divestitures
and impairment charges,
net (0.1) - 1.0 -
Losses on early
extinguishment 0.4 - - -
Acquisition and
integration costs 4.0 0.02 1.8 0.01
System integration costs 2.5 0.01 0.4 -
Change in certain tax
reserves and other 1.1 0.01 1.0 0.01
--- ---- --- ----
Earnings from continuing
operations excluding
special items and
diluted earnings per
share from continuing
operations excluding
special items $55.3 $0.28 $65.6 $0.32
===== ===== ===== =====
Diluted weighted average
shares outstanding (in
thousands) 198,030 207,752
Conference Call and Webcast
We will host a conference call on Thursday, April 28, 2016, at 8:00 a.m. Central Time. A question and answer session will follow a brief presentation made by management. The conference call dial-in number is (847) 619-6396 with the passcode of 42377659. The conference call will also be broadcast live via the Internet and can be accessed through our website at www.sci-corp.com. A replay of the conference call will be available through May 12, 2016 and can be accessed at (630) 652-3042 with the passcode of 42377659#. Additionally, a replay of the conference call will be available on our website for approximately two weeks.
Cautionary Statement on Forward-Looking Statements
The statements in this Form 10-Q that are not historical facts are forward-looking statements made in reliance on the "safe harbor" protections provided under the Private Securities Litigation Reform Act of 1995. These statements may be accompanied by words such as "believe," "estimate," "project," "expect," "anticipate," or "predict," that convey the uncertainty of future events or outcomes. These statements are based on assumptions that we believe are reasonable; however, many important factors could cause our actual results in the future to differ materially from the forward-looking statements made herein and in any other documents or oral presentations made by us, or on our behalf. Important factors, which could cause actual results to differ materially from those in forward-looking statements include, among others, the following:
-- Our affiliated funeral and cemetery trust funds own investments in
equity securities, fixed income securities, and mutual funds, which are
affected by market conditions that are beyond our control.
-- We may be required to replenish our affiliated funeral and cemetery
trust funds in order to meet minimum funding requirements, which would
have a negative effect on our earnings and cash flow.
-- Our ability to execute our strategic plan depends on many factors, some
of which are beyond our control.
-- Our credit agreements contain covenants that may prevent us from
engaging in certain transactions.
-- If we lost the ability to use surety bonding to support our preneed
funeral and preneed cemetery activities, we may be required to make
material cash payments to fund certain trust funds.
-- The funeral and cemetery industry is competitive.
-- Increasing death benefits related to preneed contracts funded through
life insurance contracts may not cover future increases in the cost of
providing a price-guaranteed service.
-- The financial condition of third-party insurance companies that fund our
preneed funeral contracts may impact our future revenue.
-- Unfavorable results of litigation could have a material adverse impact
on our financial statements.
-- Unfavorable publicity could affect our reputation and business.
-- If the number of deaths in our markets declines, our cash flows and
revenue may decrease.
-- If we are not able to respond effectively to changing consumer
preferences, our market share, revenue, and profitability could
decrease.
-- The continuing upward trend in the number of cremations performed in
North America could result in lower revenue and gross profit.
-- Our funeral home and cemetery businesses are high fixed-cost businesses.
-- Regulation and compliance could have a material adverse impact on our
financial results.
-- Cemetery burial practice legal claims could have a material adverse
impact on our financial results.
-- We use a combination of insurance, self-insurance and large deductibles
in managing our exposure to certain inherent risks, as such, we could be
exposed to unexpected costs that could negatively affect our financial
performance.
-- A number of years elapse before particular tax matters, for which we
have established accruals, are audited and finally resolved.
-- Declines in overall economic conditions beyond our control could reduce
future potential earnings and cash flows and could result in future
impairments to goodwill and/or other intangible assets.
-- Any failure to maintain the security of the information relating to our
customers, their loved ones, our associates, and our vendors could
damage our reputation, could cause us to incur substantial additional
costs and to become subject to litigation, and could adversely affect
our operating results.
-- Our Canadian business exposes us to operational, economic, and currency
risks.
-- Our level of indebtedness could adversely affect our ability to raise
additional capital to fund our operations, limit our ability to react to
changes in the economy or our industry, and may prevent us from
fulfilling our obligations under our indebtedness.
-- Failure to maintain effective internal control over financial reporting
could adversely affect our results of operations, investor confidence,
and our stock price.
For further information on these and other risks and uncertainties, see our Securities and Exchange Commission filings, including our 2015 Annual Report on Form 10-K. Copies of this document as well as other SEC filings can be obtained from our website at www.sci-corp.com. 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.
About Service Corporation International
Service Corporation International (NYSE: SCI), headquartered in Houston, Texas, is North America's leading provider of deathcare products and services. At March 31, 2016, we owned and operated 1,522 funeral homes and 468 cemeteries (of which 262 are combination locations) in 45 states, eight Canadian provinces, the District of Columbia, and Puerto Rico. Through our businesses, we market the Dignity Memorial® brand which offers assurance of quality, value, caring service, and exceptional customer satisfaction. For more information about Service Corporation International, please visit our website at www.sci-corp.com. For more information about Dignity Memorial®, please visit www.dignitymemorial.com.
For additional information contact:
Investors: Debbie Young -Director /Investor
Relations (713) 525-9088
Media: Marianne Gooch -Managing Director /
Corporate Communications (713) 525-9167
SERVICE CORPORATION INTERNATIONAL
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended
March 31,
---------
2016 2015
---- ----
(In thousands, except per share
amounts)
Revenue $749,271 $748,117
Costs and
expenses (587,775) (570,673)
-------- --------
Gross
profit 161,496 177,444
General
and
administrative
expenses (37,508) (34,550)
Losses on
divestitures
and
impairment
charges,
net (347) (1,779)
---- ------
Operating
income 123,641 141,115
Interest
expense (43,082) (42,939)
Loss on
early
extinguishment
of debt (581) -
Other
expense,
net (211) (58)
---- ---
Income
before
income
taxes 79,767 98,118
Provision
for
income
taxes (32,313) (36,653)
------- -------
Net
income 47,454 61,465
Net
income
attributable
to
noncontrolling
interests (9) (90)
Net
income
attributable
to
common
stockholders $47,445 $61,375
======= =======
Basic earnings per share:
Net
income
attributable
to
common
stockholders $0.24 $0.30
Basic
weighted
average
number
of
shares 194,924 203,510
======= =======
Diluted earnings per share:
Net
income
attributable
to
common
stockholders $0.24 $0.30
Diluted
weighted
average
number
of
shares 198,030 207,752
======= =======
Dividends
declared
per share $0.12 $0.10
===== =====
SERVICE CORPORATION INTERNATIONAL
CONSOLIDATED BALANCE SHEET
(In thousands, except share amounts)
March 31, December 31,
2016 2015
---- ----
(In thousands, except share amounts)
ASSETS
Current assets:
Cash and cash equivalents $213,505 $134,599
Receivables, net 83,241 90,462
Inventories 28,612 27,835
Other 27,523 47,155
------ ------
Total current assets 352,881 300,051
------- -------
Preneed funeral receivables,
net and trust investments 1,763,274 1,760,297
Preneed cemetery receivables,
net and trust investments 2,323,679 2,318,167
Cemetery property 1,754,024 1,753,015
Property and equipment, net 1,841,013 1,846,722
Goodwill 1,800,522 1,796,340
Deferred charges and other
assets 586,573 582,378
Cemetery perpetual care trust
investments 1,334,165 1,319,427
--------- ---------
Total assets $11,756,131 $11,676,397
=========== ===========
LIABILITIES & EQUITY
Current liabilities:
Accounts payable and accrued
liabilities $446,824 $422,842
Current maturities of long-
term debt 57,413 86,823
Income taxes payable 13,574 1,373
------ -----
Total current liabilities 517,811 511,038
------- -------
Long-term debt 3,076,342 3,037,605
Deferred preneed funeral
revenue 560,300 557,897
Deferred preneed cemetery
revenue 1,144,292 1,120,001
Deferred tax liability 470,715 470,584
Other liabilities 493,434 496,921
Deferred preneed receipts held
in trust 2,968,592 2,973,386
Care trusts' corpus 1,334,552 1,319,564
Equity:
Common stock, $1 per share par
value, 500,000,000 shares
authorized, 201,520,963 and
200,859,676 shares issued,
respectively, and 194,147,675
and 195,772,876 shares
outstanding, respectively 194,148 195,773
Capital in excess of par value 1,063,892 1,092,106
Accumulated deficit (101,545) (109,351)
Accumulated other comprehensive
income 28,871 6,164
------ -----
Total common stockholders'
equity 1,185,366 1,184,692
Noncontrolling interests 4,727 4,709
----- -----
Total equity 1,190,093 1,189,401
---------
Total liabilities and equity $11,756,131 $11,676,397
=========== ===========
SERVICE CORPORATION INTERNATIONAL
CONSOLIDATED STATEMENT OF CASH FLOWS
Three Months Ended March 31,
----------------------------
2016 2015
---- ----
Cash flows from operating activities:
Net income $47,454 $61,465
Adjustments to reconcile net income to net cash
provided by operating activities:
Loss on early extinguishment of
debt 581 -
Depreciation and amortization 35,834 34,041
Amortization of intangible assets 7,667 8,150
Amortization of cemetery property 13,599 11,632
Amortization of loan costs 1,615 2,422
Provision for doubtful accounts 538 2,690
Benefit for deferred income taxes (1,291) (6,624)
Losses on divestitures and
impairment charges, net 347 1,779
Share-based compensation 3,067 4,023
Excess tax benefits from share-
based awards (2,258) (5,511)
Change in assets and liabilities, net of effects
from acquisitions and divestitures:
Decrease (increase) in receivables 9,340 (2,894)
Decrease in other assets 1,598 5,894
Increase in payables and other
liabilities 56,062 54,847
Effect of preneed funeral production and maturities:
Decrease in preneed funeral
receivables, net and trust
investments 3,146 13,760
(Decrease) increase deferred
preneed funeral revenue (599) 6,729
Decrease in deferred preneed
funeral receipts held in trust (10,273) (21,748)
Effect of cemetery production and deliveries:
Increase in preneed cemetery
receivables, net and trust
investments (7,869) (7,252)
Increase in deferred preneed
cemetery revenue 22,286 22,375
Increase in deferred preneed
cemetery receipts held in trust 3,918 2,994
----- -----
Net cash provided by operating
activities 184,762 188,772
Cash flows from investing activities:
Capital expenditures (41,708) (28,298)
Acquisitions (56) (30,616)
Proceeds from divestitures and
sales of property and equipment 10,164 3,901
Net withdrawals of restricted
funds 5,120 2,841
----- -----
Net cash used in investing
activities (26,480) (52,172)
Cash flows from financing activities:
Proceeds from issuance of long-
term debt 590,000 15,000
Debt issuance costs (5,035) -
Payments of debt (10,054) (15,071)
Early extinguishment of debt (580,483) -
Principal payments on capital
leases (8,156) (7,380)
Proceeds from exercise of stock
options 3,133 9,445
Excess tax benefits from share-
based awards 2,258 5,511
Purchase of Company common stock (54,632) (73,180)
Payments of dividends (23,324) (20,461)
Bank overdrafts and other 1,369 (6,819)
Net cash used in financing
activities (84,924) (92,955)
Effect of foreign currency on cash
and cash equivalents 5,548 (3,851)
----- ------
Net increase in cash and cash
equivalents 78,906 39,794
Cash and cash equivalents at
beginning of period 134,599 177,335
------- -------
Cash and cash equivalents at end
of period $213,505 $217,129
======== ========
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/service-corporation-international-announces-first-quarter-2016-financial-results-300258733.html
SOURCE Service Corporation International
