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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Carriage Services Inc | NYSE:CSV | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.35 | 1.36% | 26.00 | 26.56 | 25.49 | 26.13 | 127,945 | 01:00:00 |
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FORM 10-Q
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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Commission File Number: 1-11961
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DELAWARE
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76-0423828
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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|
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3040 Post Oak Boulevard, Suite 300
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Houston, Texas, 77056
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|
(Address of principal executive offices)
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|
Large accelerated filer
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o
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Accelerated filer
|
x
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Non-accelerated filer
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o
(Do not check if a smaller reporting company)
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Smaller reporting company
|
o
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Emerging growth company
|
o
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Page
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
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Item 3. Defaults Upon Senior Securities
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Item 4. Mine Safety Disclosures
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Item 5. Other Information
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Item 1.
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Financial Statements.
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|
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(unaudited)
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||||
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December 31, 2016
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|
September 30, 2017
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||||
ASSETS
|
|
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|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
3,286
|
|
|
$
|
759
|
|
Accounts receivable, net of allowance for bad debts of $746 in 2016 and $800 in 2017
|
18,860
|
|
|
18,821
|
|
||
Inventories
|
6,147
|
|
|
6,346
|
|
||
Prepaid expenses
|
2,640
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|
|
1,355
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||
Other current assets
|
2,034
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|
|
764
|
|
||
Total current assets
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32,967
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|
|
28,045
|
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||
Preneed cemetery trust investments
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69,696
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71,728
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||
Preneed funeral trust investments
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89,240
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89,444
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||
Preneed receivables, net of allowance for bad debts of $2,166 in 2016 and $2,230 in 2017
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30,383
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|
|
31,279
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||
Receivables from preneed trusts
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14,218
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|
15,306
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Property, plant and equipment, net of accumulated depreciation of $110,509 in 2016 and $113,616 in 2017
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235,113
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235,501
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||
Cemetery property, net of accumulated amortization of $34,194 in 2016 and $36,638 in 2017
|
76,119
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|
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76,961
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||
Goodwill
|
275,487
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275,487
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||
Intangible and other non-current assets
|
14,957
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|
|
14,616
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||
Cemetery perpetual care trust investments
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46,889
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|
48,679
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||
Total assets
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$
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885,069
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$
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887,046
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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|
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||||
Current liabilities:
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|
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||||
Current portion of long-term debt and capital lease obligations
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$
|
13,267
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|
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$
|
16,323
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Accounts payable
|
10,198
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|
|
6,686
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||
Other liabilities
|
717
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|
|
1,811
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Accrued liabilities
|
20,091
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|
|
15,294
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||
Total current liabilities
|
44,273
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40,114
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||
Long-term debt, net of current portion
|
137,862
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|
125,442
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Revolving credit facility
|
66,542
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|
74,550
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Convertible subordinated notes due 2021
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119,596
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123,182
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Obligations under capital leases, net of current portion
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2,630
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2,492
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Deferred preneed cemetery revenue
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54,631
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|
55,275
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Deferred preneed funeral revenue
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33,198
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|
34,652
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Deferred tax liability
|
42,810
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|
|
44,025
|
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||
Other long-term liabilities
|
2,567
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|
|
2,723
|
|
||
Deferred preneed cemetery receipts held in trust
|
69,696
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|
|
71,728
|
|
||
Deferred preneed funeral receipts held in trust
|
89,240
|
|
|
89,444
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|
||
Care trusts’ corpus
|
46,290
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|
|
48,186
|
|
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Total liabilities
|
709,335
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|
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711,813
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|
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Commitments and contingencies:
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|
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||||
Stockholders’ equity:
|
|
|
|
||||
Common stock, $.01 par value; 80,000,000 shares authorized and 22,490,855 and 22,609,120 shares issued at December 31, 2016 and September 30, 2017, respectively
|
225
|
|
|
226
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|
||
Additional paid-in capital
|
215,064
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216,396
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Retained earnings
|
20,711
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|
35,243
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Treasury stock, at cost; 5,849,316 and 6,523,370 shares at December 31, 2016 and September 30, 2017, respectively
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(60,266
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)
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(76,632
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)
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||
Total stockholders’ equity
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175,734
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|
|
175,233
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Total liabilities and stockholders’ equity
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$
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885,069
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$
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887,046
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For the Three Months Ended September 30,
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For the Nine Months Ended September 30,
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||||||||||||
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2016
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2017
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2016
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2017
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||||||||
Revenues:
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||||||||
Funeral
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$
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45,183
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$
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47,329
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$
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140,952
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$
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150,279
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Cemetery
|
14,957
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|
13,725
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|
44,384
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|
|
42,784
|
|
||||
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60,140
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61,054
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|
|
185,336
|
|
|
193,063
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|
||||
Field costs and expenses:
|
|
|
|
|
|
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|
||||||||
Funeral
|
26,982
|
|
|
29,267
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|
82,546
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|
|
89,118
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|
||||
Cemetery
|
8,695
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|
|
8,769
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|
25,546
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|
|
26,142
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|
||||
Depreciation and amortization
|
3,452
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|
3,601
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|
10,359
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|
|
10,719
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|
||||
Regional and unallocated funeral and cemetery costs
|
2,783
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|
|
3,937
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|
8,547
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|
|
9,845
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|
||||
|
41,912
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|
45,574
|
|
|
126,998
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|
|
135,824
|
|
||||
Gross profit
|
18,228
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|
|
15,480
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|
|
58,338
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|
|
57,239
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|
||||
Corporate costs and expenses:
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|
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||||||||
General, administrative and other
|
6,130
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6,134
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|
21,208
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|
19,549
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|
||||
Home office depreciation and amortization
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355
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|
|
401
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|
|
1,139
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|
|
1,155
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|
||||
|
6,485
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|
|
6,535
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|
|
22,347
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|
|
20,704
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|
||||
Operating income
|
11,743
|
|
|
8,945
|
|
|
35,991
|
|
|
36,535
|
|
||||
Interest expense
|
(2,903
|
)
|
|
(3,282
|
)
|
|
(8,722
|
)
|
|
(9,517
|
)
|
||||
Accretion of discount on convertible subordinated notes
|
(981
|
)
|
|
(1,097
|
)
|
|
(2,862
|
)
|
|
(3,200
|
)
|
||||
Loss on early extinguishment of debt
|
—
|
|
|
—
|
|
|
(567
|
)
|
|
—
|
|
||||
Other, net
|
(285
|
)
|
|
(6
|
)
|
|
20
|
|
|
(3
|
)
|
||||
Income before income taxes
|
7,574
|
|
|
4,560
|
|
|
23,860
|
|
|
23,815
|
|
||||
Provision for income taxes
|
(3,030
|
)
|
|
(1,824
|
)
|
|
(9,545
|
)
|
|
(9,526
|
)
|
||||
Tax adjustment related to certain discrete items
|
1,139
|
|
|
302
|
|
|
1,139
|
|
|
243
|
|
||||
Total provision for income taxes
|
$
|
(1,891
|
)
|
|
$
|
(1,522
|
)
|
|
$
|
(8,406
|
)
|
|
$
|
(9,283
|
)
|
Net income
|
$
|
5,683
|
|
|
$
|
3,038
|
|
|
$
|
15,454
|
|
|
$
|
14,532
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per common share:
|
$
|
0.34
|
|
|
$
|
0.18
|
|
|
$
|
0.93
|
|
|
$
|
0.87
|
|
Diluted earnings per common share:
|
$
|
0.33
|
|
|
$
|
0.17
|
|
|
$
|
0.91
|
|
|
$
|
0.81
|
|
|
|
|
|
|
|
|
|
||||||||
Dividends declared per common share
|
$
|
0.050
|
|
|
$
|
0.050
|
|
|
$
|
0.100
|
|
|
$
|
0.150
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common and common equivalent shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
16,529
|
|
|
16,476
|
|
|
16,502
|
|
|
16,575
|
|
||||
Diluted
|
17,101
|
|
|
17,598
|
|
|
16,962
|
|
|
17,887
|
|
|
For the Nine Months Ended September 30,
|
||||||
|
2016
|
|
2017
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
15,454
|
|
|
$
|
14,532
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
11,498
|
|
|
11,874
|
|
||
Provision for losses on accounts receivable
|
1,522
|
|
|
1,737
|
|
||
Stock-based compensation expense
|
2,645
|
|
|
2,394
|
|
||
Deferred income tax expense
|
3,618
|
|
|
1,215
|
|
||
Amortization of deferred financing costs
|
622
|
|
|
614
|
|
||
Accretion of discount on convertible subordinated notes
|
2,862
|
|
|
3,200
|
|
||
Loss on early extinguishment of debt
|
567
|
|
|
—
|
|
||
Net loss on sale and disposal of other assets
|
186
|
|
|
341
|
|
||
Impairment of intangible assets
|
145
|
|
|
—
|
|
||
|
|
|
|
||||
Changes in operating assets and liabilities that provided (required) cash:
|
|
|
|
||||
Accounts and preneed receivables
|
(3,945
|
)
|
|
(2,594
|
)
|
||
Inventories and other current assets
|
682
|
|
|
2,356
|
|
||
Intangible and other non-current assets
|
386
|
|
|
340
|
|
||
Preneed funeral and cemetery trust investments
|
(4,828
|
)
|
|
(5,114
|
)
|
||
Accounts payable
|
(2,149
|
)
|
|
(3,510
|
)
|
||
Accrued and other liabilities
|
292
|
|
|
(2,790
|
)
|
||
Deferred preneed funeral and cemetery revenue
|
742
|
|
|
2,098
|
|
||
Deferred preneed funeral and cemetery receipts held in trust
|
4,541
|
|
|
4,132
|
|
||
Net cash provided by operating activities
|
34,840
|
|
|
30,825
|
|
||
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
||||
Acquisitions and land for new construction
|
(15,056
|
)
|
|
(723
|
)
|
||
Purchase of land and buildings previously leased
|
(6,258
|
)
|
|
—
|
|
||
Net proceeds from the sale of other assets
|
955
|
|
|
405
|
|
||
Capital expenditures
|
(12,039
|
)
|
|
(13,129
|
)
|
||
Net cash used in investing activities
|
(32,398
|
)
|
|
(13,447
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
||||
Borrowings from the revolving credit facility
|
45,500
|
|
|
75,100
|
|
||
Payments against the revolving credit facility
|
(74,800
|
)
|
|
(67,300
|
)
|
||
Borrowings from the term loan
|
39,063
|
|
|
—
|
|
||
Payments against the term loan
|
(8,438
|
)
|
|
(8,438
|
)
|
||
Payments on other long-term debt and obligations under capital leases
|
(987
|
)
|
|
(1,084
|
)
|
||
Payments on contingent consideration recorded at acquisition date
|
—
|
|
|
(101
|
)
|
||
Proceeds from the exercise of stock options and employee stock purchase plan contributions
|
686
|
|
|
1,296
|
|
||
Taxes paid on restricted stock vestings and exercise of non-qualified options
|
(560
|
)
|
|
(509
|
)
|
||
Dividends paid on common stock
|
(1,662
|
)
|
|
(2,503
|
)
|
||
Purchase of treasury stock
|
—
|
|
|
(16,366
|
)
|
||
Payment of loan origination costs related to the credit facility
|
(717
|
)
|
|
—
|
|
||
Excess tax deficiency of equity compensation
|
(207
|
)
|
|
—
|
|
||
Net cash used in financing activities
|
(2,122
|
)
|
|
(19,905
|
)
|
||
|
|
|
|
|
|||
Net increase (decrease) in cash and cash equivalents
|
320
|
|
|
(2,527
|
)
|
||
Cash and cash equivalents at beginning of period
|
535
|
|
|
3,286
|
|
||
Cash and cash equivalents at end of period
|
$
|
855
|
|
|
$
|
759
|
|
|
|
|
|
|
December 31, 2016
|
|
September 30, 2017
|
||||
Funeral receivables, net of allowance for bad debt of $189 and $197, respectively
|
$
|
8,664
|
|
|
$
|
7,865
|
|
Cemetery receivables, net of allowance for bad debt of $557 and $603, respectively
|
9,862
|
|
|
10,552
|
|
||
Other receivables
|
334
|
|
|
404
|
|
||
Accounts receivable, net
|
$
|
18,860
|
|
|
$
|
18,821
|
|
|
December 31, 2016
|
|
September 30, 2017
|
||||
Funeral receivables, net of allowance for bad debt of $862 and $883, respectively
|
$
|
7,761
|
|
|
$
|
7,943
|
|
Cemetery receivables, net of allowance for bad debt of $1,304 and $1,347, respectively
|
22,622
|
|
|
23,336
|
|
||
Preneed receivable, net
|
$
|
30,383
|
|
|
$
|
31,279
|
|
|
December 31, 2016
|
|
September 30, 2017
|
||||
Land
|
$
|
73,744
|
|
|
$
|
73,503
|
|
Buildings and improvements
|
195,214
|
|
|
201,444
|
|
||
Furniture, equipment and automobiles
|
76,664
|
|
|
74,170
|
|
||
Property, plant and equipment, at cost
|
345,622
|
|
|
349,117
|
|
||
Less: accumulated depreciation
|
(110,509
|
)
|
|
(113,616
|
)
|
||
Property, plant and equipment, net
|
$
|
235,113
|
|
|
$
|
235,501
|
|
|
|
% Change
|
|||
Increase in Deferred tax liability
|
$
|
2,255
|
|
5.6
|
%
|
Increase in Total liabilities
|
$
|
2,255
|
|
0.3
|
%
|
Decrease in Retained earnings
|
$
|
2,255
|
|
9.8
|
%
|
Decrease in Total stockholders' equity
|
$
|
2,255
|
|
1.3
|
%
|
|
December 31, 2016
|
|
September 30, 2017
|
||||
Preneed cemetery trust investments, at market value
|
$
|
71,834
|
|
|
$
|
73,889
|
|
Less: allowance for contract cancellation
|
(2,138
|
)
|
|
(2,161
|
)
|
||
Preneed cemetery trust investments, net
|
$
|
69,696
|
|
|
$
|
71,728
|
|
|
Fair Value Hierarchy Level
|
|
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair Market
Value
|
||||||||
Cash and money market accounts
|
1
|
|
$
|
4,698
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,698
|
|
Fixed income securities:
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign debt
|
2
|
|
4,834
|
|
|
275
|
|
|
(168
|
)
|
|
4,941
|
|
||||
Corporate debt
|
2
|
|
19,335
|
|
|
1,145
|
|
|
(553
|
)
|
|
19,927
|
|
||||
Preferred stock
|
2
|
|
16,329
|
|
|
383
|
|
|
(524
|
)
|
|
16,188
|
|
||||
Mortgage-backed securities
|
2
|
|
1,089
|
|
|
240
|
|
|
(23
|
)
|
|
1,306
|
|
||||
Common stock
|
1
|
|
24,574
|
|
|
3,376
|
|
|
(3,119
|
)
|
|
24,831
|
|
||||
Mutual funds:
|
|
|
|
|
|
|
|
|
|
||||||||
Fixed Income
|
2
|
|
1,200
|
|
|
81
|
|
|
—
|
|
|
1,281
|
|
||||
Trust securities
|
|
|
$
|
72,059
|
|
|
$
|
5,501
|
|
|
$
|
(4,387
|
)
|
|
$
|
73,173
|
|
Accrued investment income
|
|
|
$
|
716
|
|
|
|
|
|
|
$
|
716
|
|
||||
Preneed cemetery trust investments
|
|
|
|
|
|
|
|
|
$
|
73,889
|
|
||||||
Market value as a percentage of cost
|
|
|
|
|
|
|
|
|
101.5
|
%
|
Due in one year or less
|
$
|
15
|
|
Due in one to five years
|
2,718
|
|
|
Due in five to ten years
|
5,751
|
|
|
Thereafter
|
33,879
|
|
|
Total
|
$
|
42,363
|
|
|
Fair Value Hierarchy Level
|
|
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair Market
Value
|
||||||||
Cash and money market accounts
|
1
|
|
$
|
10,852
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,852
|
|
Fixed income securities:
|
|
|
|
|
|
|
|
|
|
||||||||
Municipal bonds
|
2
|
|
496
|
|
|
18
|
|
|
(4
|
)
|
|
510
|
|
||||
Foreign debt
|
2
|
|
7,574
|
|
|
160
|
|
|
(656
|
)
|
|
7,078
|
|
||||
Corporate debt
|
2
|
|
20,621
|
|
|
1,569
|
|
|
(1,123
|
)
|
|
21,067
|
|
||||
Preferred stock
|
2
|
|
16,287
|
|
|
8
|
|
|
(947
|
)
|
|
15,348
|
|
||||
Mortgage-backed securities
|
2
|
|
949
|
|
|
372
|
|
|
(4
|
)
|
|
1,317
|
|
||||
Common stock
|
1
|
|
13,250
|
|
|
2,191
|
|
|
(1,838
|
)
|
|
13,603
|
|
||||
Mutual funds:
|
|
|
|
|
|
|
|
|
|
||||||||
Fixed income
|
|
|
1,223
|
|
|
107
|
|
|
—
|
|
|
1,330
|
|
||||
Trust securities
|
|
|
$
|
71,252
|
|
|
$
|
4,425
|
|
|
$
|
(4,572
|
)
|
|
$
|
71,105
|
|
Accrued investment income
|
|
|
$
|
729
|
|
|
|
|
|
|
$
|
729
|
|
||||
Preneed cemetery trust investments
|
|
|
|
|
|
|
|
|
$
|
71,834
|
|
||||||
Market value as a percentage of cost
|
|
|
|
|
|
|
|
|
99.8
|
%
|
|
September 30, 2017
|
||||||||||||||||||||||
|
In Loss Position Less than 12 months
|
|
In Loss Position Greater than 12 months
|
|
Total
|
||||||||||||||||||
|
Fair Market Value
|
|
Unrealized Losses
|
|
Fair Market Value
|
|
Unrealized Losses
|
|
Fair Market Value
|
|
Unrealized Losses
|
||||||||||||
Fixed income securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign debt
|
$
|
153
|
|
|
$
|
(2
|
)
|
|
$
|
1,657
|
|
|
$
|
(166
|
)
|
|
$
|
1,810
|
|
|
$
|
(168
|
)
|
Corporate debt
|
2,158
|
|
|
(410
|
)
|
|
624
|
|
|
(143
|
)
|
|
2,782
|
|
|
(553
|
)
|
||||||
Preferred stock
|
273
|
|
|
(2
|
)
|
|
8,111
|
|
|
(522
|
)
|
|
8,384
|
|
|
(524
|
)
|
||||||
Mortgage-backed securities
|
200
|
|
|
(23
|
)
|
|
—
|
|
|
—
|
|
|
200
|
|
|
(23
|
)
|
||||||
Common stock
|
8,473
|
|
|
(2,247
|
)
|
|
1,936
|
|
|
(872
|
)
|
|
10,409
|
|
|
(3,119
|
)
|
||||||
Mutual Funds:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fixed Income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total temporary impaired securities
|
$
|
11,257
|
|
|
$
|
(2,684
|
)
|
|
$
|
12,328
|
|
|
$
|
(1,703
|
)
|
|
$
|
23,585
|
|
|
$
|
(4,387
|
)
|
|
December 31, 2016
|
||||||||||||||||||||||
|
In Loss Position Less than 12 months
|
|
In Loss Position Greater than 12 months
|
|
Total
|
||||||||||||||||||
|
Fair Market Value
|
|
Unrealized Losses
|
|
Fair Market Value
|
|
Unrealized Losses
|
|
Fair Market Value
|
|
Unrealized Losses
|
||||||||||||
Fixed income securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Municipal bonds
|
$
|
228
|
|
|
$
|
(4
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
228
|
|
|
$
|
(4
|
)
|
Foreign debt
|
2,523
|
|
|
(180
|
)
|
|
2,868
|
|
|
(475
|
)
|
|
5,391
|
|
|
(655
|
)
|
||||||
Corporate debt
|
6,939
|
|
|
(233
|
)
|
|
2,168
|
|
|
(890
|
)
|
|
9,107
|
|
|
(1,123
|
)
|
||||||
Preferred stock
|
3,217
|
|
|
(121
|
)
|
|
11,635
|
|
|
(826
|
)
|
|
14,852
|
|
|
(947
|
)
|
||||||
Mortgage-backed securities
|
51
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
51
|
|
|
(5
|
)
|
||||||
Common stock
|
2,608
|
|
|
(202
|
)
|
|
3,385
|
|
|
(1,636
|
)
|
|
5,993
|
|
|
(1,838
|
)
|
||||||
Total temporary impaired securities
|
$
|
15,566
|
|
|
$
|
(745
|
)
|
|
$
|
20,056
|
|
|
$
|
(3,827
|
)
|
|
$
|
35,622
|
|
|
$
|
(4,572
|
)
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
Investment income
|
$
|
578
|
|
|
$
|
474
|
|
|
$
|
1,546
|
|
|
$
|
1,755
|
|
Realized gains
|
126
|
|
|
—
|
|
|
415
|
|
|
2,215
|
|
||||
Realized losses
|
(673
|
)
|
|
—
|
|
|
(4,081
|
)
|
|
(1,312
|
)
|
||||
Expenses and taxes
|
(139
|
)
|
|
(336
|
)
|
|
(832
|
)
|
|
(1,213
|
)
|
||||
Decrease (increase) in deferred preneed cemetery receipts held in trust
|
108
|
|
|
(138
|
)
|
|
2,952
|
|
|
(1,445
|
)
|
||||
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
Purchases
|
$
|
(1,434
|
)
|
|
$
|
(915
|
)
|
|
$
|
(19,540
|
)
|
|
$
|
(19,355
|
)
|
Sales
|
$
|
5,973
|
|
|
$
|
—
|
|
|
$
|
18,003
|
|
|
$
|
13,189
|
|
|
December 31, 2016
|
|
September 30, 2017
|
||||
Preneed funeral trust investments, at market value
|
$
|
91,980
|
|
|
$
|
92,151
|
|
Less: allowance for contract cancellation
|
(2,740
|
)
|
|
(2,707
|
)
|
||
Preneed funeral trust investments, net
|
$
|
89,240
|
|
|
$
|
89,444
|
|
|
Fair Value Hierarchy Level
|
|
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair Market
Value
|
||||||||
Cash and money market accounts
|
1
|
|
$
|
15,636
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15,636
|
|
Fixed income securities:
|
|
|
|
|
|
|
|
|
|
||||||||
U.S treasury debt
|
1
|
|
1,490
|
|
|
13
|
|
|
(4
|
)
|
|
1,499
|
|
||||
Foreign debt
|
2
|
|
4,882
|
|
|
282
|
|
|
(166
|
)
|
|
4,998
|
|
||||
Corporate debt
|
2
|
|
20,244
|
|
|
1,165
|
|
|
(571
|
)
|
|
20,838
|
|
||||
Preferred stock
|
2
|
|
16,837
|
|
|
457
|
|
|
(526
|
)
|
|
16,768
|
|
||||
Mortgage-backed securities
|
2
|
|
1,273
|
|
|
255
|
|
|
(25
|
)
|
|
1,503
|
|
||||
Common stock
|
1
|
|
24,488
|
|
|
3,392
|
|
|
(3,133
|
)
|
|
24,747
|
|
||||
Mutual funds:
|
|
|
|
|
|
|
|
|
|
||||||||
Fixed income
|
2
|
|
1,998
|
|
|
87
|
|
|
(38
|
)
|
|
2,047
|
|
||||
Other investments
|
2
|
|
3,374
|
|
|
—
|
|
|
—
|
|
|
3,374
|
|
||||
Trust securities
|
|
|
$
|
90,222
|
|
|
$
|
5,651
|
|
|
$
|
(4,463
|
)
|
|
$
|
91,410
|
|
Accrued investment income
|
|
|
$
|
741
|
|
|
|
|
|
|
$
|
741
|
|
||||
Preneed funeral trust investments
|
|
|
|
|
|
|
|
|
$
|
92,151
|
|
||||||
Market value as a percentage of cost
|
|
|
|
|
|
|
|
|
101.3
|
%
|
Due in one year or less
|
$
|
78
|
|
Due in one to five years
|
4,320
|
|
|
Due in five to ten years
|
6,208
|
|
|
Thereafter
|
35,000
|
|
|
Total
|
$
|
45,606
|
|
|
Fair Value Hierarchy Level
|
|
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair Market
Value
|
||||||||
Cash and money market accounts
|
1
|
|
$
|
22,787
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
22,787
|
|
Fixed income securities:
|
|
|
|
|
|
|
|
|
|
||||||||
U.S. treasury debt
|
1
|
|
1,491
|
|
|
21
|
|
|
(10
|
)
|
|
1,502
|
|
||||
Municipal bonds
|
2
|
|
447
|
|
|
17
|
|
|
(4
|
)
|
|
460
|
|
||||
Foreign debt
|
2
|
|
7,692
|
|
|
170
|
|
|
(677
|
)
|
|
7,185
|
|
||||
Corporate debt
|
2
|
|
21,454
|
|
|
1,566
|
|
|
(1,134
|
)
|
|
21,886
|
|
||||
Preferred stock
|
2
|
|
17,037
|
|
|
64
|
|
|
(970
|
)
|
|
16,131
|
|
||||
Mortgage-backed securities
|
2
|
|
1,165
|
|
|
400
|
|
|
(5
|
)
|
|
1,560
|
|
||||
Common stock
|
1
|
|
13,675
|
|
|
2,256
|
|
|
(1,850
|
)
|
|
14,081
|
|
||||
Mutual funds:
|
|
|
|
|
|
|
|
|
|
||||||||
Fixed income
|
2
|
|
2,124
|
|
|
115
|
|
|
(66
|
)
|
|
2,173
|
|
||||
Other investments
|
2
|
|
3,463
|
|
|
—
|
|
|
—
|
|
|
3,463
|
|
||||
Trust securities
|
|
|
$
|
91,335
|
|
|
$
|
4,609
|
|
|
$
|
(4,716
|
)
|
|
$
|
91,228
|
|
Accrued investment income
|
|
|
$
|
752
|
|
|
|
|
|
|
$
|
752
|
|
||||
Preneed funeral trust investments
|
|
|
|
|
|
|
|
|
$
|
91,980
|
|
||||||
Market value as a percentage of cost
|
|
|
|
|
|
|
|
|
99.9
|
%
|
|
September 30, 2017
|
||||||||||||||||||||||
|
In Loss Position Less than 12 months
|
|
In Loss Position Greater than 12 months
|
|
Total
|
||||||||||||||||||
|
Fair Market Value
|
|
Unrealized Losses
|
|
Fair Market Value
|
|
Unrealized Losses
|
|
Fair Market Value
|
|
Unrealized Losses
|
||||||||||||
Fixed income securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. treasury debt
|
$
|
837
|
|
|
$
|
(4
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
837
|
|
|
$
|
(4
|
)
|
Foreign debt
|
170
|
|
|
(4
|
)
|
|
1,628
|
|
|
(163
|
)
|
|
1,798
|
|
|
(167
|
)
|
||||||
Corporate debt
|
2,273
|
|
|
(430
|
)
|
|
609
|
|
|
(141
|
)
|
|
2,882
|
|
|
(571
|
)
|
||||||
Preferred stock
|
191
|
|
|
(6
|
)
|
|
8,183
|
|
|
(520
|
)
|
|
8,374
|
|
|
(526
|
)
|
||||||
Mortgage-backed securities
|
234
|
|
|
(24
|
)
|
|
9
|
|
|
—
|
|
|
243
|
|
|
(24
|
)
|
||||||
Common stock
|
8,497
|
|
|
(2,241
|
)
|
|
1,934
|
|
|
(892
|
)
|
|
10,431
|
|
|
(3,133
|
)
|
||||||
Mutual Funds:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fixed income
|
79
|
|
|
(1
|
)
|
|
608
|
|
|
(37
|
)
|
|
687
|
|
|
(38
|
)
|
||||||
Total temporary impaired securities
|
$
|
12,281
|
|
|
$
|
(2,710
|
)
|
|
$
|
12,971
|
|
|
$
|
(1,753
|
)
|
|
$
|
25,252
|
|
|
$
|
(4,463
|
)
|
|
December 31, 2016
|
||||||||||||||||||||||
|
In Loss Position Less than 12 months
|
|
In Loss Position Greater than 12 months
|
|
Total
|
||||||||||||||||||
|
Fair Market Value
|
|
Unrealized Losses
|
|
Fair Market Value
|
|
Unrealized Losses
|
|
Fair Market Value
|
|
Unrealized Losses
|
||||||||||||
Fixed income securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. treasury debt
|
$
|
834
|
|
|
$
|
(10
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
834
|
|
|
$
|
(10
|
)
|
Municipal bonds
|
244
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
244
|
|
|
(5
|
)
|
||||||
Foreign debt
|
2,654
|
|
|
(186
|
)
|
|
2,905
|
|
|
(490
|
)
|
|
5,559
|
|
|
(676
|
)
|
||||||
Corporate debt
|
6,977
|
|
|
(215
|
)
|
|
2,234
|
|
|
(919
|
)
|
|
9,211
|
|
|
(1,134
|
)
|
||||||
Preferred stock
|
3,420
|
|
|
(128
|
)
|
|
11,750
|
|
|
(842
|
)
|
|
15,170
|
|
|
(970
|
)
|
||||||
Mortgage-backed securities
|
55
|
|
|
(5
|
)
|
|
11
|
|
|
(1
|
)
|
|
66
|
|
|
(6
|
)
|
||||||
Common stock
|
2,795
|
|
|
(216
|
)
|
|
3,390
|
|
|
(1,634
|
)
|
|
6,185
|
|
|
(1,850
|
)
|
||||||
Mutual funds:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fixed income
|
97
|
|
|
(7
|
)
|
|
644
|
|
|
(58
|
)
|
|
741
|
|
|
(65
|
)
|
||||||
Total temporary impaired securities
|
$
|
17,076
|
|
|
$
|
(772
|
)
|
|
$
|
20,934
|
|
|
$
|
(3,944
|
)
|
|
$
|
38,010
|
|
|
$
|
(4,716
|
)
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
Investment income
|
$
|
596
|
|
|
$
|
524
|
|
|
$
|
1,639
|
|
|
$
|
1,801
|
|
Realized gains
|
131
|
|
|
—
|
|
|
525
|
|
|
2,296
|
|
||||
Realized losses
|
(716
|
)
|
|
(2
|
)
|
|
(4,090
|
)
|
|
(1,314
|
)
|
||||
Expenses and taxes
|
(253
|
)
|
|
(390
|
)
|
|
(946
|
)
|
|
(1,106
|
)
|
||||
Decrease (increase) in deferred preneed funeral receipts held in trust
|
242
|
|
|
(132
|
)
|
|
2,872
|
|
|
(1,677
|
)
|
||||
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
Purchases
|
$
|
(1,486
|
)
|
|
$
|
(966
|
)
|
|
$
|
(19,917
|
)
|
|
$
|
(19,548
|
)
|
Sales
|
$
|
6,336
|
|
|
$
|
23
|
|
|
$
|
19,005
|
|
|
$
|
13,266
|
|
|
September 30, 2017
|
||
Beginning balance
|
$
|
1,861
|
|
Write-offs and cancellations
|
(1,004
|
)
|
|
Provision
|
1,093
|
|
|
Ending balance
|
$
|
1,950
|
|
|
31-60
Past Due
|
|
61-90
Past Due
|
|
91-120
Past Due
|
|
>120
Past Due
|
|
Total Past
Due
|
|
Current
|
|
Total Financing
Receivables
|
||||||||||||||
Recognized revenue
|
$
|
866
|
|
|
$
|
393
|
|
|
$
|
190
|
|
|
$
|
1,205
|
|
|
$
|
2,654
|
|
|
$
|
26,517
|
|
|
$
|
29,171
|
|
Deferred revenue
|
272
|
|
|
145
|
|
|
71
|
|
|
387
|
|
|
875
|
|
|
9,900
|
|
|
10,775
|
|
|||||||
Total contracts
|
$
|
1,138
|
|
|
$
|
538
|
|
|
$
|
261
|
|
|
$
|
1,592
|
|
|
$
|
3,529
|
|
|
$
|
36,417
|
|
|
$
|
39,946
|
|
|
December 31, 2016
|
|
September 30, 2017
|
||||
Preneed trust funds, at cost
|
$
|
14,658
|
|
|
$
|
15,780
|
|
Less: allowance for contract cancellation
|
(440
|
)
|
|
(474
|
)
|
||
Receivables from preneed trusts, net
|
$
|
14,218
|
|
|
$
|
15,306
|
|
|
Historical
Cost Basis
|
|
Fair Value
|
||||
As of September 30, 2017
|
|
|
|
||||
Cash and cash equivalents
|
$
|
4,054
|
|
|
$
|
4,054
|
|
Fixed income investments
|
9,218
|
|
|
9,218
|
|
||
Mutual funds and common stocks
|
2,492
|
|
|
2,516
|
|
||
Annuities
|
16
|
|
|
16
|
|
||
Total
|
$
|
15,780
|
|
|
$
|
15,804
|
|
|
Historical
Cost Basis
|
|
Fair Value
|
||||
As of December 31, 2016
|
|
|
|
||||
Cash and cash equivalents
|
$
|
3,378
|
|
|
$
|
3,378
|
|
Fixed income investments
|
8,809
|
|
|
8,809
|
|
||
Mutual funds and common stocks
|
2,455
|
|
|
2,463
|
|
||
Annuities
|
16
|
|
|
16
|
|
||
Total
|
$
|
14,658
|
|
|
$
|
14,666
|
|
|
December 31, 2016
|
|
September 30, 2017
|
||||
Trust assets, at market value
|
$
|
46,889
|
|
|
$
|
48,679
|
|
Obligations due from trust
|
(599
|
)
|
|
(493
|
)
|
||
Care trusts’ corpus
|
$
|
46,290
|
|
|
$
|
48,186
|
|
|
Fair Value Hierarchy Level
|
|
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair Market
Value
|
||||||||
Cash and money market accounts
|
1
|
|
$
|
2,573
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,573
|
|
Fixed income securities:
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign debt
|
2
|
|
3,568
|
|
|
211
|
|
|
(117
|
)
|
|
3,662
|
|
||||
Corporate debt
|
2
|
|
13,194
|
|
|
768
|
|
|
(368
|
)
|
|
13,594
|
|
||||
Preferred stock
|
2
|
|
11,464
|
|
|
260
|
|
|
(368
|
)
|
|
11,356
|
|
||||
Mortgage-backed securities
|
2
|
|
661
|
|
|
147
|
|
|
(14
|
)
|
|
794
|
|
||||
Common stock
|
1
|
|
15,263
|
|
|
1,985
|
|
|
(2,021
|
)
|
|
15,227
|
|
||||
Mutual funds:
|
|
|
|
|
|
|
|
|
|
||||||||
Fixed Income
|
2
|
|
909
|
|
|
64
|
|
|
—
|
|
|
973
|
|
||||
Trust securities
|
|
|
$
|
47,632
|
|
|
$
|
3,435
|
|
|
$
|
(2,888
|
)
|
|
$
|
48,179
|
|
Accrued investment income
|
|
|
$
|
500
|
|
|
|
|
|
|
$
|
500
|
|
||||
Cemetery perpetual care investments
|
|
|
|
|
|
|
|
|
$
|
48,679
|
|
||||||
Market value as a percentage of cost
|
|
|
|
|
|
|
|
|
101.1
|
%
|
Due in one year or less
|
$
|
9
|
|
Due in one to five years
|
1,770
|
|
|
Due in five to ten years
|
4,004
|
|
|
Thereafter
|
23,622
|
|
|
|
$
|
29,405
|
|
|
Fair Value Hierarchy Level
|
|
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair Market
Value
|
||||||||
Cash and money market accounts
|
1
|
|
$
|
6,522
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,522
|
|
Fixed income securities:
|
|
|
|
|
|
|
|
|
|
||||||||
Municipal bonds
|
2
|
|
365
|
|
|
13
|
|
|
(3
|
)
|
|
375
|
|
||||
Foreign debt
|
2
|
|
5,100
|
|
|
99
|
|
|
(435
|
)
|
|
4,764
|
|
||||
Corporate debt
|
2
|
|
13,715
|
|
|
966
|
|
|
(821
|
)
|
|
13,860
|
|
||||
Preferred stock
|
2
|
|
11,323
|
|
|
5
|
|
|
(664
|
)
|
|
10,664
|
|
||||
Mortgage-backed securities
|
2
|
|
569
|
|
|
223
|
|
|
(3
|
)
|
|
789
|
|
||||
Common stock
|
1
|
|
8,259
|
|
|
1,382
|
|
|
(1,146
|
)
|
|
8,495
|
|
||||
Mutual funds:
|
|
|
|
|
|
|
|
|
|
||||||||
Fixed income
|
2
|
|
855
|
|
|
76
|
|
|
—
|
|
|
931
|
|
||||
Trust securities
|
|
|
$
|
46,708
|
|
|
$
|
2,764
|
|
|
$
|
(3,072
|
)
|
|
$
|
46,400
|
|
Accrued investment income
|
|
|
$
|
489
|
|
|
|
|
|
|
$
|
489
|
|
||||
Cemetery perpetual care investments
|
|
|
|
|
|
|
|
|
$
|
46,889
|
|
||||||
Market value as a percentage of cost
|
|
|
|
|
|
|
|
|
99.3
|
%
|
|
September 30, 2017
|
||||||||||||||||||||||
|
In Loss Position Less than 12 months
|
|
In Loss Position Greater than 12 months
|
|
Total
|
||||||||||||||||||
|
Fair Market Value
|
|
Unrealized Losses
|
|
Fair Market Value
|
|
Unrealized Losses
|
|
Fair Market Value
|
|
Unrealized Losses
|
||||||||||||
Fixed income securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign debt
|
$
|
93
|
|
|
$
|
(2
|
)
|
|
$
|
1,138
|
|
|
$
|
(115
|
)
|
|
$
|
1,231
|
|
|
$
|
(117
|
)
|
Corporate debt
|
1,435
|
|
|
(276
|
)
|
|
417
|
|
|
(92
|
)
|
|
1,852
|
|
|
(368
|
)
|
||||||
Preferred stock
|
681
|
|
|
(4
|
)
|
|
5,475
|
|
|
(364
|
)
|
|
6,156
|
|
|
(368
|
)
|
||||||
Mortgage-backed securities
|
121
|
|
|
(14
|
)
|
|
—
|
|
|
—
|
|
|
121
|
|
|
(14
|
)
|
||||||
Common stock
|
5,393
|
|
|
(1,466
|
)
|
|
1,221
|
|
|
(555
|
)
|
|
6,614
|
|
|
(2,021
|
)
|
||||||
Mutual Funds:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fixed Income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total temporary impaired securities
|
$
|
7,723
|
|
|
$
|
(1,762
|
)
|
|
$
|
8,251
|
|
|
$
|
(1,126
|
)
|
|
$
|
15,974
|
|
|
$
|
(2,888
|
)
|
|
December 31, 2016
|
||||||||||||||||||||||
|
In Loss Position Less than 12 months
|
|
In Loss Position Greater than 12 months
|
|
Total
|
||||||||||||||||||
|
Fair Market Value
|
|
Unrealized Losses
|
|
Fair Market Value
|
|
Unrealized Losses
|
|
Fair Market Value
|
|
Unrealized Losses
|
||||||||||||
Fixed income securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Municipal bonds
|
$
|
137
|
|
|
$
|
(3
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
137
|
|
|
$
|
(3
|
)
|
Foreign debt
|
1,619
|
|
|
(120
|
)
|
|
1,961
|
|
|
(315
|
)
|
|
3,580
|
|
|
(435
|
)
|
||||||
Corporate debt
|
4,679
|
|
|
(152
|
)
|
|
1,439
|
|
|
(669
|
)
|
|
6,118
|
|
|
(821
|
)
|
||||||
Preferred stock
|
2,038
|
|
|
(77
|
)
|
|
8,329
|
|
|
(587
|
)
|
|
10,367
|
|
|
(664
|
)
|
||||||
Mortgage-backed securities
|
31
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
31
|
|
|
(3
|
)
|
||||||
Common stock
|
1,563
|
|
|
(121
|
)
|
|
2,004
|
|
|
(1,025
|
)
|
|
3,567
|
|
|
(1,146
|
)
|
||||||
Total temporary impaired securities
|
$
|
10,067
|
|
|
$
|
(476
|
)
|
|
$
|
13,733
|
|
|
$
|
(2,596
|
)
|
|
$
|
23,800
|
|
|
$
|
(3,072
|
)
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
Realized gains
|
$
|
44
|
|
|
$
|
—
|
|
|
$
|
156
|
|
|
$
|
925
|
|
Realized losses
|
(261
|
)
|
|
—
|
|
|
(1,943
|
)
|
|
(630
|
)
|
||||
Decrease (increase) in care trusts’ corpus
|
217
|
|
|
—
|
|
|
1,787
|
|
|
(295
|
)
|
||||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
Investment income
|
$
|
1,523
|
|
|
$
|
1,539
|
|
|
$
|
4,503
|
|
|
$
|
4,831
|
|
Realized gain, net
|
14
|
|
|
(283
|
)
|
|
(444
|
)
|
|
(891
|
)
|
||||
Total
|
$
|
1,537
|
|
|
$
|
1,256
|
|
|
$
|
4,059
|
|
|
$
|
3,940
|
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
Purchases
|
$
|
(936
|
)
|
|
$
|
(556
|
)
|
|
$
|
(12,888
|
)
|
|
$
|
(12,430
|
)
|
Sales
|
$
|
3,832
|
|
|
$
|
—
|
|
|
$
|
11,702
|
|
|
$
|
8,390
|
|
|
December 31, 2016
|
|
September 30, 2017
|
||||
Prepaid agreements not-to-compete, net of accumulated amortization of $5,501 and $5,908, respectively
|
$
|
3,244
|
|
|
$
|
2,930
|
|
Tradenames
|
11,663
|
|
|
11,663
|
|
||
Other
|
50
|
|
|
23
|
|
||
Intangible and other non-current assets
|
$
|
14,957
|
|
|
$
|
14,616
|
|
|
December 31, 2016
|
|
September 30, 2017
|
||||
Revolving credit facility, secured, floating rate
|
$
|
67,700
|
|
|
$
|
75,500
|
|
Term loan, secured, floating rate
|
138,750
|
|
|
130,313
|
|
||
Acquisition debt
|
12,245
|
|
|
11,348
|
|
||
Debt issuance costs, net of accumulated amortization of $4,138 and $4,366, respectively
|
(1,270
|
)
|
|
(1,043
|
)
|
||
Less: current portion
|
(13,021
|
)
|
|
(16,126
|
)
|
||
Total long-term debt
|
$
|
204,404
|
|
|
$
|
199,992
|
|
|
December 31, 2016
|
|
September 30, 2017
|
||||
Long-term liabilities:
|
|
|
|
||||
Principal amount
|
$
|
143,750
|
|
|
$
|
143,750
|
|
Unamortized discount of liability component
|
(21,887
|
)
|
|
(18,687
|
)
|
||
Convertible Notes issuance costs, net of accumulated amortization of $1,359 and $1,746, respectively
|
$
|
(2,268
|
)
|
|
$
|
(1,881
|
)
|
Carrying value of the liability component
|
$
|
119,596
|
|
|
$
|
123,182
|
|
|
|
|
|
||||
Equity component carrying value
|
$
|
17,973
|
|
|
$
|
17,973
|
|
|
Shares
Reserved |
|
Shares
Available to Issue |
|
Options
Outstanding |
|
Performance Awards Outstanding
(2)
|
||||
Amended and Restated 2006 Plan
|
—
|
|
|
—
|
|
|
1,929
|
|
|
319
|
|
2017 Plan
|
1,571
|
|
(1)
|
1,541
|
|
|
16
|
|
|
9
|
|
Total
|
1,571
|
|
|
1,541
|
|
|
1,945
|
|
|
328
|
|
|
|
|
|
|
(1)
|
Amount includes approximately 17,500 shares granted from the Amended and Restated 2006 Plan that were returned to the Company due to cancellations.
|
|||
(2)
|
Performance Awards are reserved at 200% of shares granted which is equal to the maximum payout in shares.
|
|
Accumulated Other Comprehensive Income
|
||
Balance at December 31, 2016
|
$
|
—
|
|
Increase in net unrealized gains associated with available-for-sale securities of the trusts
|
2,849
|
|
|
Reclassification of net unrealized gain activity attributable to the
Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus
|
(2,849
|
)
|
|
Balance at September 30, 2017
|
$
|
—
|
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
Numerator for basic and diluted earnings per share:
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
5,683
|
|
|
$
|
3,038
|
|
|
$
|
15,454
|
|
|
$
|
14,532
|
|
Less: Earnings allocated to unvested restricted stock
|
(25
|
)
|
|
(10
|
)
|
|
(76
|
)
|
|
(52
|
)
|
||||
Income attributable to common stockholders
|
$
|
5,658
|
|
|
$
|
3,028
|
|
|
$
|
15,378
|
|
|
$
|
14,480
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
||||||||
Denominator for basic earnings per common share - weighted average shares outstanding
|
16,529
|
|
|
16,476
|
|
|
16,502
|
|
|
16,575
|
|
||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
||||||||
Stock options
|
273
|
|
|
335
|
|
|
260
|
|
|
332
|
|
||||
Convertible subordinated notes
|
299
|
|
|
787
|
|
|
200
|
|
|
980
|
|
||||
Denominator for diluted earnings per common share - weighted average shares outstanding
|
17,101
|
|
|
17,598
|
|
|
16,962
|
|
|
17,887
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic earnings per common share:
|
$
|
0.34
|
|
|
$
|
0.18
|
|
|
$
|
0.93
|
|
|
$
|
0.87
|
|
Diluted earnings per common share:
|
$
|
0.33
|
|
|
$
|
0.17
|
|
|
$
|
0.91
|
|
|
$
|
0.81
|
|
|
Funeral
|
|
Cemetery
|
|
Corporate
|
|
Consolidated
|
||||||||
Revenues from operations:
|
|
|
|
|
|
|
|
||||||||
Three months ended September 30, 2017
|
$
|
47,329
|
|
|
$
|
13,725
|
|
|
$
|
—
|
|
|
$
|
61,054
|
|
Three months ended September 30, 2016
|
$
|
45,183
|
|
|
$
|
14,957
|
|
|
$
|
—
|
|
|
$
|
60,140
|
|
|
|
|
|
|
|
|
|
||||||||
Nine months ended September 30, 2017
|
$
|
150,279
|
|
|
$
|
42,784
|
|
|
$
|
—
|
|
|
$
|
193,063
|
|
Nine months ended September 30, 2016
|
$
|
140,952
|
|
|
$
|
44,384
|
|
|
$
|
—
|
|
|
$
|
185,336
|
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) from operations before income taxes:
|
|
|
|
|
|
|
|
||||||||
Three months ended September 30, 2017
|
$
|
12,394
|
|
|
$
|
3,002
|
|
|
$
|
(10,836
|
)
|
|
$
|
4,560
|
|
Three months ended September 30, 2016
|
$
|
13,478
|
|
|
$
|
4,327
|
|
|
$
|
(10,231
|
)
|
|
$
|
7,574
|
|
|
|
|
|
|
|
|
|
||||||||
Nine months ended September 30, 2017
|
$
|
45,414
|
|
|
$
|
11,609
|
|
|
$
|
(33,208
|
)
|
|
$
|
23,815
|
|
Nine months ended September 30, 2016
|
$
|
44,322
|
|
|
$
|
12,875
|
|
|
$
|
(33,337
|
)
|
|
$
|
23,860
|
|
|
|
|
|
|
|
|
|
||||||||
Total assets:
|
|
|
|
|
|
|
|
||||||||
September 30, 2017
|
$
|
637,075
|
|
|
$
|
245,674
|
|
|
$
|
4,297
|
|
|
$
|
887,046
|
|
December 31, 2016
|
$
|
634,145
|
|
|
$
|
241,621
|
|
|
$
|
9,303
|
|
|
$
|
885,069
|
|
|
December 31, 2016
|
|
September 30, 2017
|
||||
Other current assets:
|
|
|
|
||||
Income taxes receivable
|
$
|
1,932
|
|
|
$
|
671
|
|
Other current assets
|
102
|
|
|
93
|
|
||
Total other current assets
|
$
|
2,034
|
|
|
$
|
764
|
|
|
|
|
|
||||
Current portion of long-term debt and capital lease obligations:
|
|
|
|
||||
Term note
|
$
|
11,250
|
|
|
$
|
14,063
|
|
Acquisition debt
|
1,771
|
|
|
2,063
|
|
||
Capital leases
|
246
|
|
|
197
|
|
||
Total current portion of long-term debt and capital lease obligations
|
$
|
13,267
|
|
|
$
|
16,323
|
|
|
|
|
|
||||
Other current liabilities:
|
|
|
|
||||
Income taxes payable
|
$
|
509
|
|
|
$
|
1,579
|
|
Deferred rent
|
208
|
|
|
232
|
|
||
Total other current liabilities
|
$
|
717
|
|
|
$
|
1,811
|
|
|
|
|
|
||||
Accrued liabilities:
|
|
|
|
||||
Accrued salaries and wages
|
$
|
4,005
|
|
|
$
|
1,365
|
|
Accrued incentive compensation
|
8,237
|
|
|
4,864
|
|
||
Accrued vacation
|
2,305
|
|
|
2,614
|
|
||
Accrued insurance
|
1,726
|
|
|
2,053
|
|
||
Accrued interest
|
1,235
|
|
|
257
|
|
||
Accrued ad valorem and franchise taxes
|
981
|
|
|
2,314
|
|
||
Accrued commissions
|
543
|
|
|
410
|
|
||
Other accrued liabilities
|
1,059
|
|
|
1,417
|
|
||
Total accrued liabilities
|
$
|
20,091
|
|
|
$
|
15,294
|
|
|
|
|
|
||||
Other long-term liabilities:
|
|
|
|
||||
Deferred rent
|
$
|
1,207
|
|
|
$
|
1,029
|
|
Incentive compensation
|
575
|
|
|
924
|
|
||
Contingent consideration
|
785
|
|
|
770
|
|
||
Total other long-term liabilities
|
$
|
2,567
|
|
|
$
|
2,723
|
|
•
|
our ability to find and retain skilled personnel;
|
•
|
our ability to execute our growth strategy;
|
•
|
the effects of competition;
|
•
|
the execution of our Standards Operating, 4E Leadership and Strategic Acquisition Models;
|
•
|
changes in the number of deaths in our markets;
|
•
|
changes in consumer preferences;
|
•
|
our ability to generate preneed sales;
|
•
|
the investment performance of our funeral and cemetery trust funds;
|
•
|
fluctuations in interest rates;
|
•
|
our ability to obtain debt or equity financing on satisfactory terms to fund additional acquisitions, expansion projects, working capital requirements and the repayment or refinancing of indebtedness;
|
•
|
the timely and full payment of death benefits related to preneed funeral contracts funded through life insurance contracts;
|
•
|
the financial condition of third-party insurance companies that fund our preneed funeral contracts;
|
•
|
increased or unanticipated costs, such as insurance or taxes;
|
•
|
effects of the application of applicable laws and regulations, including changes in such regulations or the interpretation thereof;
|
•
|
consolidation of the deathcare industry; and
|
•
|
other factors and uncertainties inherent in the deathcare industry.
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
|
•
|
honesty, integrity and quality in all that we do;
|
•
|
hard work, pride of accomplishment and shared success through employee ownership;
|
•
|
belief in the power of people through individual initiative and teamwork;
|
•
|
outstanding service and profitability go hand-in-hand; and
|
•
|
growth of the Company is driven by decentralization and partnership.
|
•
|
Standards Operating Model;
|
•
|
4E Leadership Model; and
|
•
|
Strategic Acquisition Model.
|
•
|
Special Items are defined as charges or credits included in our GAAP financial statements that can vary from period to period and are not reflective of costs incurred in the ordinary course of our operations. Special Items are taxed at the federal statutory rate of 35% for both the three and nine months ended September 30, 2016 and 2017, except for the accretion of the discount on the Convertible Notes as this is a non-tax deductible item.
|
•
|
Adjusted Net Income is defined as net income plus adjustments for Special Items.
|
•
|
Consolidated EBITDA is defined as net income before income taxes, interest expenses, non-cash stock compensation, depreciation and amortization, and interest income and other, net.
|
•
|
Adjusted Consolidated EBITDA is defined as Consolidated EBITDA plus adjustments for Special Items.
|
•
|
Adjusted Consolidated EBITDA Margin is defined as Adjusted Consolidated EBITDA as a percentage of revenue.
|
•
|
Adjusted Free Cash Flow is defined as net cash provided by operations, adjusted by Special Items as deemed necessary, less cash for maintenance capital expenditures.
|
•
|
Funeral Field EBITDA is defined as Funeral Gross Profit, which is funeral revenue minus funeral field costs and expenses, less depreciation and amortization, regional and unallocated funeral costs and Funeral Financial EBITDA.
|
•
|
Cemetery Field EBITDA is defined as Cemetery Gross Profit, which is cemetery revenue minus cemetery field costs and expenses, less depreciation and amortization, regional and unallocated cemetery costs and Cemetery Financial EBITDA.
|
•
|
Funeral Financial EBITDA is defined as Funeral Financial Revenue less Funeral Financial Expenses.
|
•
|
Cemetery Financial EBITDA is defined as Cemetery Financial Revenue less Cemetery Financial Expenses.
|
•
|
Total Field EBITDA is defined as Gross Profit less depreciation and amortization, regional and unallocated costs.
|
•
|
Total Field EBITDA Margin is defined as Total Field EBITDA as a percentage of revenue.
|
•
|
Operating Profit is defined as Gross Profit, which is funeral and cemetery revenue minus funeral and cemetery field costs and expenses, less field depreciation and amortization and regional and unallocated funeral and cemetery costs.
|
•
|
Operating Profit Margin is defined as Operating Profit as a percentage of revenue.
|
•
|
Adjusted Basic Earnings Per Share is defined as GAAP Basic Earnings Per Share, adjusted for Special Items.
|
•
|
Adjusted Diluted Earnings Per Share is defined as GAAP Diluted Earnings Per Share, adjusted for Special Items.
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
Gross profit
|
$
|
18,228
|
|
|
$
|
15,480
|
|
|
$
|
58,338
|
|
|
$
|
57,239
|
|
|
|
|
|
|
|
|
|
||||||||
Field depreciation and amortization
|
3,452
|
|
|
3,601
|
|
|
10,359
|
|
|
10,719
|
|
||||
Regional and unallocated funeral and cemetery costs
|
2,783
|
|
|
3,937
|
|
|
8,547
|
|
|
9,845
|
|
||||
Operating profit
|
$
|
24,463
|
|
|
$
|
23,018
|
|
|
$
|
77,244
|
|
|
$
|
77,803
|
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2017
|
|
2016
|
|
2017
|
||||||||
Funeral Home Segment
|
$
|
18,201
|
|
|
$
|
18,062
|
|
|
$
|
58,406
|
|
|
$
|
61,161
|
|
Cemetery Segment
|
6,262
|
|
|
4,956
|
|
|
18,838
|
|
|
16,642
|
|
||||
Operating profit
|
$
|
24,463
|
|
|
$
|
23,018
|
|
|
$
|
77,244
|
|
|
$
|
77,803
|
|
|
For the Three Months Ended September 30,
|
|
Change
|
|||||||||||
|
2016
|
|
2017
|
|
Amount
|
|
%
|
|||||||
Revenues:
|
|
|
|
|
|
|
|
|||||||
Same store operating revenue
|
$
|
37,094
|
|
|
$
|
38,032
|
|
|
$
|
938
|
|
|
2.5
|
%
|
Acquired operating revenue
|
5,996
|
|
|
7,363
|
|
|
1,367
|
|
|
22.8
|
%
|
|||
Preneed funeral insurance commissions
|
361
|
|
|
315
|
|
|
(46
|
)
|
|
(12.7
|
)%
|
|||
Preneed funeral trust earnings
|
1,732
|
|
|
1,618
|
|
|
(114
|
)
|
|
(6.6
|
)%
|
|||
Total
|
$
|
45,183
|
|
|
$
|
47,328
|
|
|
$
|
2,145
|
|
|
4.7
|
%
|
|
|
|
|
|
|
|
|
|||||||
Operating profit:
|
|
|
|
|
|
|
|
|||||||
Same store operating profit
|
$
|
13,894
|
|
|
$
|
13,938
|
|
|
$
|
44
|
|
|
0.3
|
%
|
Acquired operating profit
|
2,431
|
|
|
2,419
|
|
|
(12
|
)
|
|
(0.5
|
)%
|
|||
Preneed funeral insurance commissions
|
166
|
|
|
120
|
|
|
(46
|
)
|
|
(27.7
|
)%
|
|||
Preneed funeral trust earnings
|
1,710
|
|
|
1,585
|
|
|
(125
|
)
|
|
(7.3
|
)%
|
|||
Total
|
$
|
18,201
|
|
|
$
|
18,062
|
|
|
$
|
(139
|
)
|
|
(0.8
|
)%
|
|
For the Nine Months Ended September 30,
|
|
Change
|
|||||||||||
|
2016
|
|
2017
|
|
Amount
|
|
%
|
|||||||
Revenues:
|
|
|
|
|
|
|
|
|||||||
Same store operating revenue
|
$
|
117,029
|
|
|
$
|
119,310
|
|
|
$
|
2,281
|
|
|
1.9
|
%
|
Acquired operating revenue
|
17,303
|
|
|
24,727
|
|
|
7,424
|
|
|
42.9
|
%
|
|||
Preneed funeral insurance commissions
|
1,138
|
|
|
951
|
|
|
(187
|
)
|
|
(16.4
|
)%
|
|||
Preneed funeral trust earnings
|
5,482
|
|
|
5,290
|
|
|
(192
|
)
|
|
(3.5
|
)%
|
|||
Total
|
$
|
140,952
|
|
|
$
|
150,278
|
|
|
$
|
9,326
|
|
|
6.6
|
%
|
|
|
|
|
|
|
|
|
|||||||
Operating profit:
|
|
|
|
|
|
|
|
|||||||
Same store operating profit
|
$
|
45,119
|
|
|
$
|
46,111
|
|
|
$
|
992
|
|
|
2.2
|
%
|
Acquired operating profit
|
7,293
|
|
|
9,515
|
|
|
2,222
|
|
|
30.5
|
%
|
|||
Preneed funeral insurance commissions
|
577
|
|
|
329
|
|
|
(248
|
)
|
|
(43.0
|
)%
|
|||
Preneed funeral trust earnings
|
5,417
|
|
|
5,206
|
|
|
(211
|
)
|
|
(3.9
|
)%
|
|||
Total
|
$
|
58,406
|
|
|
$
|
61,161
|
|
|
$
|
2,755
|
|
|
4.7
|
%
|
|
For the Three Months Ended September 30,
|
|
Change
|
|||||||||||
|
2016
|
|
2017
|
|
Amount
|
|
%
|
|||||||
Revenues:
|
|
|
|
|
|
|
|
|||||||
Same store operating revenue
|
$
|
11,467
|
|
|
$
|
10,748
|
|
|
$
|
(719
|
)
|
|
(6.3
|
)%
|
Acquired operating revenue
|
978
|
|
|
761
|
|
|
(217
|
)
|
|
(22.2
|
)%
|
|||
Cemetery trust earnings
|
2,025
|
|
|
1,768
|
|
|
(257
|
)
|
|
(12.7
|
)%
|
|||
Preneed cemetery finance charges
|
487
|
|
|
449
|
|
|
(38
|
)
|
|
(7.8
|
)%
|
|||
Total
|
$
|
14,957
|
|
|
$
|
13,726
|
|
|
$
|
(1,231
|
)
|
|
(8.2
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Operating profit:
|
|
|
|
|
|
|
|
|||||||
Same store operating profit
|
$
|
3,342
|
|
|
$
|
2,649
|
|
|
$
|
(693
|
)
|
|
(20.7
|
)%
|
Acquired operating profit
|
479
|
|
|
200
|
|
|
(279
|
)
|
|
(58.2
|
)%
|
|||
Cemetery trust earnings
|
1,954
|
|
|
1,658
|
|
|
(296
|
)
|
|
(15.1
|
)%
|
|||
Preneed cemetery finance charges
|
487
|
|
|
449
|
|
|
(38
|
)
|
|
(7.8
|
)%
|
|||
Total
|
$
|
6,262
|
|
|
$
|
4,956
|
|
|
$
|
(1,306
|
)
|
|
(20.9
|
)%
|
|
For the Nine Months Ended September 30,
|
|
Change
|
|||||||||||
|
2016
|
|
2017
|
|
Amount
|
|
%
|
|||||||
Revenues:
|
|
|
|
|
|
|
|
|||||||
Same store operating revenue
|
$
|
35,093
|
|
|
$
|
33,522
|
|
|
$
|
(1,571
|
)
|
|
(4.5
|
)%
|
Acquired operating revenue
|
2,312
|
|
|
2,370
|
|
|
58
|
|
|
2.5
|
%
|
|||
Cemetery trust earnings
|
5,622
|
|
|
5,512
|
|
|
(110
|
)
|
|
(2.0
|
)%
|
|||
Preneed cemetery finance charges
|
1,357
|
|
|
1,381
|
|
|
24
|
|
|
1.8
|
%
|
|||
Total
|
$
|
44,384
|
|
|
$
|
42,785
|
|
|
$
|
(1,599
|
)
|
|
(3.6
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Operating profit:
|
|
|
|
|
|
|
|
|||||||
Same store operating profit
|
$
|
11,283
|
|
|
$
|
9,287
|
|
|
$
|
(1,996
|
)
|
|
(17.7
|
)%
|
Acquired operating profit
|
791
|
|
|
743
|
|
|
(48
|
)
|
|
(6.1
|
)%
|
|||
Cemetery trust earnings
|
5,407
|
|
|
5,231
|
|
|
(176
|
)
|
|
(3.3
|
)%
|
|||
Preneed cemetery finance charges
|
1,357
|
|
|
1,381
|
|
|
24
|
|
|
1.8
|
%
|
|||
Total
|
$
|
18,838
|
|
|
$
|
16,642
|
|
|
$
|
(2,196
|
)
|
|
(11.7
|
)%
|
|
For the Nine Months Ended September 30,
|
||||||
|
2016
|
|
2017
|
||||
Cash at January 1
st
|
$
|
0.5
|
|
|
$
|
3.3
|
|
Cash flow from operating activities
|
34.8
|
|
|
30.8
|
|
||
Acquisitions and land for new construction
|
(15.1
|
)
|
|
(0.7
|
)
|
||
Purchase of land and buildings previously leased
|
(6.3
|
)
|
|
—
|
|
||
Net proceeds from the sale of other assets
|
1.0
|
|
|
0.4
|
|
||
Growth capital expenditures
|
(6.8
|
)
|
|
(6.8
|
)
|
||
Maintenance capital expenditures
|
(5.2
|
)
|
|
(6.3
|
)
|
||
Net (payments) borrowings on our revolving credit facility, term loan and long-term debt obligations
|
0.3
|
|
|
(1.7
|
)
|
||
Taxes paid on restricted stock vestings and exercise of non-qualified options
|
(0.6
|
)
|
|
(0.5
|
)
|
||
Dividends paid on common stock
|
(1.7
|
)
|
|
(2.5
|
)
|
||
Proceeds from the exercise of stock options and employee stock purchase plan contributions
|
0.7
|
|
|
1.2
|
|
||
Purchase of treasury stock
|
—
|
|
|
(16.4
|
)
|
||
Payment of loan origination costs related to the credit facility
|
(0.7
|
)
|
|
—
|
|
||
Other financing costs
|
(0.1
|
)
|
|
—
|
|
||
Cash at September 30th
|
$
|
0.8
|
|
|
$
|
0.8
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk.
|
Item 4.
|
Controls and Procedures.
|
Item 1.
|
Legal Proceedings.
|
Item 1A.
|
Risk Factors.
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
.
|
Period
|
|
Total Number of Shares Purchased
(1)
|
|
Average Price Paid Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Program
|
|
Dollar Value of Shares That May Yet Be Purchased Under the Program
|
||||||
|
|
|
|
|
|
|
|
|
||||||
July 1, 2017 - July 31, 2017
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
August 1, 2017 - August 31, 2017
|
|
285,353
|
|
|
$
|
24.30
|
|
|
185,353
|
|
|
$
|
20,450,852
|
|
September 1, 2017 - September 30, 2017
|
|
388,701
|
|
|
$
|
24.26
|
|
|
388,701
|
|
|
$
|
11,019,052
|
|
Total for quarter ended September 30, 2017
|
|
674,054
|
|
|
|
|
574,054
|
|
|
|
|
|
||
(1
|
)
|
On August 18, 2017, we purchased 100,000 shares of our common stock from Melvin C. Payne, our Chairman of the Board and Chief Executive Officer. The purchase of these shares was made pursuant to a privately negotiated transaction at a price of $23.85 per share for a total purchase price of $2.4 million.The purchase price was the stock's trading price at the time of the transaction. This purchase was not a part of the share repurchase program approved by the Board on February 25, 2016. The repurchase of the shares held by Mr. Payne was approved in advance by our Board, with Mr. Payne abstaining
.
|
Item 3.
|
Defaults Upon Senior Securities
.
|
Item 4.
|
Mine Safety Disclosures.
|
Item 5.
|
Other Information.
|
Item 6.
|
Exhibits.
|
|
|
CARRIAGE SERVICES, INC.
|
Date:
|
October 25, 2017
|
/s/ Viki K. Blinderman
|
|
|
Viki K. Blinderman
|
|
|
Senior Vice President, Principal Financial Officer and Secretary
|
|
|
|
Exhibit No.
|
|
Description
|
|
|
|
*31.1
|
|
|
|
|
|
*31.2
|
|
|
|
|
|
**32
|
|
|
|
|
|
*101
|
|
Interactive Data Files.
|
(*)
|
Filed herewith.
|
(**)
|
Furnished herewith.
|
(†)
|
Management contract or compensatory plan or arrangement.
|
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