STEWART ENTERPRISES, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(Dollars in thousands, except per share amounts)
Three Months Ended
July 31,
2002 2001
Revenues: --------- ---------
Funeral $ 83,265 $ 102,641
Cemetery 60,989 63,108
--------- ---------
Total revenues 144,254 165,749
--------- ---------
Costs and expenses:
Funeral 64,428 81,703
Cemetery 46,430 50,099
--------- ---------
Total costs and expenses 110,858 131,802
--------- ---------
Gross profit 33,396 33,947
Corporate general and administrative expenses 4,516 4,316
Loss on assets held for sale and other charges 18,500 269,158
--------- ---------
Operating earnings (loss) 10,380 (239,527)
Interest expense (15,560) (15,752)
Investment income 152 1,150
Other income, net 583 2,633
--------- ---------
Loss before income taxes and
extraordinary item (4,445) (251,496)
Income tax benefit (1,959) (57,623)
--------- ---------
Loss before extraordinary item (2,486) (193,873)
Extraordinary item - early
extinguishment of debt, net of a
$3,648 income tax benefit -- (5,472)
--------- ---------
Net loss $ (2,486) $(199,345)
========= =========
Basic loss per common share:
Loss before extraordinary item $ (.02) $ (1.80)
Extraordinary item - early
extinguishment of debt -- (.05)
--------- ---------
Net loss $ (.02) $ (1.85)
========= =========
Diluted loss per common share:
Loss before extraordinary item $ (.02) $ (1.80)
Extraordinary item - early
extinguishment of debt -- (.05)
--------- ---------
Net loss $ (.02) $ (1.85)
========= =========
Weighted average common shares
outstanding (in thousands):
Basic 107,961 107,538
========= =========
Diluted 107,961 107,538
========= =========
STEWART ENTERPRISES, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(Dollars in thousands, except per share amounts)
Nine Months Ended
July 31,
2002 2001
Revenues: --------- ---------
Funeral $ 269,196 $ 317,948
Cemetery 179,616 195,430
--------- ---------
Total revenues 448,812 513,378
--------- ---------
Costs and expenses:
Funeral 198,626 246,675
Cemetery 135,675 148,456
--------- ---------
Total costs and expenses 334,301 395,131
--------- ---------
Gross profit 114,511 118,247
Corporate general and administrative expenses 12,401 13,382
Loss on assets held for sale and other charges 18,500 269,158
--------- ---------
Operating earnings (loss) 83,610 (164,293)
Interest expense (48,389) (45,173)
Investment income 374 4,788
Other income, net 1,173 5,817
--------- ---------
Earnings (loss) before income
taxes, extraordinary item
and cumulative effect of change
in accounting principles 36,768 (198,861)
Income tax expense (benefit) 13,702 (38,410)
--------- ---------
Earnings (loss) before
extraordinary item and cumulative
effect of change in accounting
principles 23,066 (160,451)
Extraordinary item - early
extinguishment of debt, net of a
$3,648 income tax benefit -- (5,472)
Cumulative effect of change in
accounting principles, net of
a $166,669 income tax benefit -- (250,004)
--------- ---------
Net earnings (loss) $ 23,066 $(415,927)
========= =========
Basic earnings (loss) per common share:
Earnings (loss) before
extraordinary item and cumulative
effect of change in accounting
principles $ .21 $ (1.50)
Extraordinary item - early
extinguishment of debt -- (.05)
Cumulative effect of change in
accounting principles -- (2.33)
--------- ---------
Net earnings (loss) $ .21 $ (3.88)
========= =========
Diluted earnings (loss) per common share:
Earnings (loss) before extraordinary
item and cumulative effect of
change in accounting principles $ .21 $ (1.50)
Extraordinary item - early
extinguishment of debt -- (.05)
Cumulative effect of change in
accounting principles -- (2.33)
--------- ---------
Net earnings (loss) $ .21 $ (3.88)
========= =========
Weighted average common shares
outstanding (in thousands):
Basic 107,807 107,268
========= =========
Diluted 108,355 107,268
========= =========
STEWART ENTERPRISES, INC.
AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited)
(Dollars in thousands, except per share amounts)
Three Months Ended
July 31,
2002 2001
Revenues: --------- ---------
Funeral
Operations to be retained $ 73,007 $ 70,784
Closed and held for sale operations 10,258 31,857
--------- ---------
Total funeral 83,265 102,641
--------- ---------
Cemetery
Operations to be retained 59,728 60,809
Closed and held for sale operations 1,261 2,299
--------- ---------
Total cemetery 60,989 63,108
--------- ---------
Total revenues 144,254 165,749
--------- ---------
Costs and expenses:
Funeral
Operations to be retained 54,923 55,852
Closed and held for sale operations 9,505 25,851
--------- ---------
Total funeral 64,428 81,703
--------- ---------
Cemetery
Operations to be retained 44,999 46,334
Closed and held for sale operations 1,431 3,765
--------- ---------
Total cemetery 46,430 50,099
--------- ---------
Total costs and expenses 110,858 131,802
--------- ---------
Gross Profit:
Funeral
Operations to be retained 18,084 14,932
Closed and held for sale operations 753 6,006
--------- ---------
Total funeral 18,837 20,938
--------- ---------
Cemetery
Operations to be retained 14,729 14,475
Closed and held for sale operations (170) (1,466)
--------- ---------
Total cemetery 14,559 13,009
--------- ---------
Total gross profit $ 33,396 $ 33,947
========= =========
STEWART ENTERPRISES, INC.
AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited)
(Dollars in thousands, except per share amounts)
Nine Months Ended
July 31,
2002 2001
Revenues: --------- ---------
Funeral
Operations to be retained $ 230,336 $ 223,632
Closed and held for sale operations 38,860 94,316
--------- ---------
Total funeral 269,196 317,948
--------- ---------
Cemetery
Operations to be retained 175,451 188,809
Closed and held for sale operations 4,165 6,621
--------- ---------
Total cemetery 179,616 195,430
--------- ---------
Total revenues 448,812 513,378
--------- ---------
Costs and expenses:
Funeral
Operations to be retained 165,200 169,089
Closed and held for sale operations 33,426 77,586
--------- ---------
Total funeral 198,626 246,675
--------- ---------
Cemetery
Operations to be retained 130,836 138,092
Closed and held for sale operations 4,839 10,364
--------- ---------
Total cemetery 135,675 148,456
--------- ---------
Total costs and expenses 334,301 395,131
--------- ---------
Gross Profit:
Funeral
Operations to be retained 65,136 54,543
Closed and held for sale operations 5,434 16,730
--------- ---------
Total funeral 70,570 71,273
--------- ---------
Cemetery
Operations to be retained 44,615 50,717
Closed and held for sale operations (674) (3,743)
--------- ---------
Total cemetery 43,941 46,974
--------- ---------
Total gross profit $ 114,511 $ 118,247
========= =========