TREVOSE, Pa., Nov. 01, 2018 (GLOBE NEWSWIRE) — StoneMor Partners L.P. (NYSE: STON) (“StoneMor” or the “Partnership”) a arch buyer and abettor of cemeteries and burying homes, today appear basal banking after-effects for the three months concluded March 31, 2018. Beneath its accustomed acclaim agreement, the Affiliation was appropriate to book its Form 10-Q for the aboriginal division by October 15, 2018. As appear on October 17, 2018, the Affiliation is experiencing added delays filing its Form 10-Q for the aeon catastrophe March 31, 2018 due primarily to the accomplishing and appliance of Accounting Accustomed Codification (“ASC”) 606, Acquirement from Affairs with Customers. The abortion to book the Form 10-Q by October 15, 2018 constituted an accident of absence beneath its acclaim agreement. The Affiliation is currently alive with its lenders to dness the affair and expects to access the all-important waiver. However, there can be no affirmation that the lenders will ultimately accommodate the waiver, the agreement on which it will be provided or the impact, if any, there will be on the Partnership’s banking statements for the aeon concluded March 31, 2018 or for any added period.
Effective January 1, 2018, the Affiliation adopted ASC 606, Acquirement from Affairs with Customers, application the adapted attendant adjustment and applying the new accustomed to all affairs with customers. Therefore, the allusive banking advice for the periods in 2017 has not been restated and continues to be appear beneath the accounting standards in aftereffect for that period.
On a basal basis, the Affiliation appear the afterward results:
Joe Redling, StoneMor’s President and Chief Executive Officer said, “Our aboriginal division banking results, while preliminary, highlight challenges we are currently addressing, which accommodate filing our banking statements in a appropriate address and a charge to abate costs and advance sales productivity. Since I aing StoneMor three months ago, we accept accustomed a new decentralized operating anatomy to drive improvements in accountability, adeptness and all-embracing advantage beyond our arrangement of properties. We are additionally implementing a absolute amount abridgement accomplishment and will accept added capacity to acknowledge in advancing abode on these advantage and amount ascendancy efforts. We are alive adamantine to about-face about the business and bigger position StoneMor for approaching opportunities.”
INFORMATION REGARDING PRELIMINARY INFORMATION
The banking after-effects presented in this absolution are basal and these after-effects are accountable to change aloft achievement of the Partnership’s Form 10-Q for the aeon catastrophe March 31, 2018, including the furnishings of any consecutive events. These basal after-effects accommodate calculations and projections that accept been able by StoneMor’s management, and there can be no affirmation that StoneMor’s absolute banking after-effects will not materially alter from the basal banking abstracts presented herein. In addition, the basal banking abstracts presented actuality should not be beheld as a acting for the abounding banking advice able in accordance with accounting attempt about accustomed in the United States of America (“GAAP”), which will be filed with the SEC at a afterwards date. Amuse see the “Cautionary Note Apropos Forward-Looking Statements” area of this columnist absolution for added information.
About StoneMor Partners L.P.
StoneMor Partners L.P., headquartered in Trevose, Pennsylvania, is an buyer and abettor of cemeteries and burying homes in the United States, with 322 cemeteries and 91 burying homes in 27 states and Puerto Rico.
StoneMor is the alone about traded afterlife affliction aggregation structured as a partnership. StoneMor’s cemetery articles and services, which are awash on both a pre-need (before death) and at-need (at death) basis, include: burying lots, backyard and catacomb crypts, burying vaults, caskets, memorials, and all casework which accommodate for the accession of this merchandise. For added advice about StoneMor Partners L.P., amuse appointment StoneMor’s website, and the investors section, at http://www.stonemor.com.
Cautionary Note Apropos Forward-Looking Statements
Certain statements independent in this columnist release, including, but not bound to, advice apropos the accustomed timing of filings and operational improvements, are advanced statements. Generally, the words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend (including, but not bound to StoneMor’s absorbed to advance or access its distributions),” “project,” “expect,” “predict” and agnate expressions analyze these advanced statements. These statements are fabricated pursuant to the safe anchorage accoutrement of the Private Balance Action Reform Act of 1995.
Forward-looking statements are based on management’s accustomed expectations and estimates. These statements are neither promises nor guarantees and are fabricated accountable to assertive risks and uncertainties that could account absolute after-effects to alter materially from the after-effects declared or adumbrated in this columnist release. StoneMor’s above risks are accompanying to uncertainties associated with the banknote breeze from pre-need and at-need sales, trusts and financings, which may appulse StoneMor’s adeptness to accommodated its banking projections, account its debt, pay distributions, and access its distributions, as able-bodied as with StoneMor’s adeptness to advance an able arrangement of centralized ascendancy over banking advertisement and acknowledgment controls and procedures.
StoneMor’s added risks and uncertainties include, but are not bound to, risks and uncertainties accompanying to the following: the after-effects of the Partnership’s behind filing of its Quarterly Letters on Form 10-Q for the budgetary abode concluded March 31, 2018 (the “First Division 10-Q”) and June 30, 2018 (the “Second Division 10-Q”) and the advancing behind filing of its Quarterly Report on Form 10-Q for the budgetary division concluded September 30, 2018 (the “Third Division Form 10-Q” and, collectively with the Aboriginal Division 10-Q and the Second Division 10-Q, the “Delinquent Reports”), including that the U.S. Balance and Exchange Commission could convention an authoritative proceeding gluttonous the aishment of the allotment of the Partnership’s accepted units beneath the Exchange Act, and that the Affiliation charcoal behind in its appropriate filings with the New York Stock Exchange (“NYSE”) and could ultimately face the accessible delisting of its accepted units from the NYSE; the actuality of a absence beneath the Partnership’s adapted acclaim adeptness due to the adjournment in filing the Aboriginal Division 10-Q and the abeyant for added defaults thereunder if the Second Division 10-Q and Third Division 10-Q are not filed aural defined periods or beneath the acknowledgment administering its chief addendum if the Affiliation fails to book the Behind Letters aural 120 canicule afterwards apprehension from the trustee beneath the indenture; the Partnership’s adeptness to access abatement from its creditors beneath its adapted acclaim adeptness or the acknowledgment administering its chief notes, the agreement on which such abatement adeptness be accepted and any restrictions that adeptness be imposed in affiliation with any abatement that adeptness be obtained; uncertainties associated with approaching acquirement and acquirement growth; uncertainties associated with the affiliation or advancing allowances of contempo acquisitions or any approaching acquisitions; StoneMor’s adeptness to complete and armamentarium added acquisitions; the aftereffect of bread-and-er downturns; the appulse of StoneMor’s cogent advantage on its operating plans; the abatement in the fair amount of assertive disinterestedness and debt balance captivated in StoneMor’s trusts; StoneMor’s adeptness to attract, alternation and absorb an able cardinal of sales people; uncertainties associated with the aggregate and timing of pre-need sales of cemetery casework and products; added use of cremation; changes in the afterlife rate; changes in the political or authoritative environments, including abeyant changes in tax accounting and dupe policies; StoneMor’s adeptness to auspiciously apparatus a cardinal plan apropos to accomplishing operating improvements, including convalescent sales abundance and abandoning abrogating trends in costs of appurtenances sold, assertive expenses, cemetery billings and advance assets from trusts, able banknote flows, added deleveraging and clamminess enhancement; StoneMor’s adeptness to auspiciously attempt in the cemetery and burying home industry; action or acknowledged affairs that could betrayal StoneMor to cogent liabilities and accident StoneMor’s reputation, including but not bound to action and authoritative investigations or affairs arising out of or accompanying to accounting and banking advertisement matters; the furnishings of cyber aegis attacks due to StoneMor’s cogent assurance on advice technology; uncertainties apropos to the banking action of third-party allowance companies that armamentarium StoneMor’s pre-need burying contracts; and assorted added uncertainties associated with the afterlife affliction industry and StoneMor’s operations in particular.
When because advanced statements, you should accumulate in apperception the accident factors and added cautionary statements set alternating in StoneMor’s Annual Report on Form 10-K and the added letters that StoneMor files with the Balance and Exchange Commission, from time to time. Except as appropriate beneath applicative law, StoneMor assumes no obligation to amend or alter any advanced statements fabricated herein or any added advanced statements fabricated by it, whether as a aftereffect of new information, approaching contest or otherwise.
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