May 2020

Page A32 MAY 2020 FUNERAL HOME & CEMETERY NEWS S ec t i on A Call 651-450-7727 to request a wholesale catalog, Our Extra-Large Cremains Bags (13”x 15”) are perfectly sized for the Standard Plastic Human Service Urn. or visit UrnBags.com to order some bags. Just $2.90 each*. * Bags sold in multiples of 10 Choose from Black, Blue, or Burgundy Just $3.00 each* nfda.org/leadership August 2-5 Belmond Charleston Palace • Charleston, SC Business meets pleasure in fabulous Charleston! 2020 NFDA Leadership Conference 2020_Leadership_NOMIS_Ad.indd 1 4/6/20 9:49 AM of our company-wide cost reduction initiatives take hold and we expect to ben- efit much more significant- ly from these actions in fu- ture quarters. “COVID-19 is creat- ing personal and econom- ic disruption globally. Dur- ing this challenging time, the health and safety of our team members, our fami- lies and our guests remain our top priority. We imple- mented safe work practices and work from home pol- icies consistent with CDC guidance to reduce the risks of exposure to the vi- rus while supporting the families that we serve. Ser- vices and gatherings are be- ing limited in compliance with local, state and fed- eral guidelines, but we are working with our locations to ensure that they have video streaming capabilities for the benefit of friends and family that cannot physically attend a service. We will also work with our families to ensure that addi- tional services and memo- rials can be held after this pandemic has subsided.” Sale of All Assets in California StoneMor announced it has signed a definitive agreement to sell the as- sets of Olivet Memorial Park , Olivet Funeral and Cremation Services and Olivet Memorial Park and Crematory located in Colma, CA, to Cypress Lawn Cemetery Associ- ation for a total purchase price of $42.1 million. Additionally, StoneMor announced that it has a signed separate definitive agreement to sell the as- sets of its remaining Cali- fornia locations to entities owned by John Yeatman and Guy Saxton for a to- tal purchase price of $7.1 million. The locations in- cluded in the transaction are Melrose Abbey Me- morial Park and Melrose Abbey Mortuary in Ana- heim, LaVerne Cemetery in LaVerne, Lodi Memo- rial Park and Cemetery , Lodi Funeral Home and Rocha’s Mortuary , in Lodi, Sierra View Memo- rial Park and Sierra View Mortuary in Olivehurst, Sacramento Memori- al Lawn and Sacramen- to Funeral Home in Sac- ramento, and Oakmont Funeral and Cremation Services in Vacaville. On January 3, 2020, StoneMor completed the sale of Oakmont Memo- rial Park & Mortuary to Carriage Services, Inc . for $33 million. Joe Redling said, “Cou- pled with the sale of Oak- mont in January, these two agreements repre- sent a complete exit from the state of California for StoneMor, which was a key component of our pre- viously announced divesti- ture strategy.” “Additionally, with the exit of California, we have started the process of opti- mizing our footprint. We remain focused on execut- ing our divestiture strategy in geographic areas where we lack meaningful operat- ing scale. This will allow us to focus our efforts and in- vestments in markets where we can effectively leverage our economies of scale to further improve the profit- ability of the business.” Property Management and Operational Services Agreement with Moon Landscaping StoneMor announced it has entered into a multi- year Master Services Agreement with Moon Landscaping to develop, implement and provide all manner of property man- agement and operational services at most of the fu- neral homes, cemeteries and other properties owned or managed by StoneMor. Under the terms of the MSA, Moon will hire all of StoneMor’s grounds and maintenance employees at the serviced locations and will perform all functions currently handled by those employees, including, but not limited to, landscap- ing, openings and closings, burials, installations, rou- tine maintenance and jani- torial services. The total value of the con- tract, which runs through December 31, 2024, is ap- proximately $241 million. As part of the MSA, Moon is leasing StoneMor’s land- scaping and maintenance equipment for the du- ration of the agreement. StoneMor expects to achieve annual savings of 10-15% compared to current prop- erty management costs. “After the success of pilot programs launched during the first quarter of 2020 at 57 properties in Virginia, North Carolina and South Carolina, we are excited to launch this program on a larger scale,” said Redling. “This is an innovative ap- proach for the industry and we believe it is transforma- tional on many levels: Our customers will enjoy better maintained locations; our former maintenance em- ployees will benefit from new career opportunities at a large, nationally rec- ognized landscaping com- pany; and the Compa- ny will realize significant cost savings while improv- ing professional oversight and accountability for our properties.” StoneMor Inc. is an own- er and operator of ceme- teries and funeral homes in the United States, with 320 cemeteries and 90 fu- neral homes in 27 states and Puerto Rico. Investors are encouraged to read the Company’s annual report at www.stonemor.com. StoneMor reports Fourth Quarter TREVOSE,PA— StoneMor Inc . (NYSE: STON) re- ported operating and fi- nancial results for the 2019 fourth quarter and year ended December 31, 2019. Revenues for the three months ended December 31, 2019 were $66.4 mil- lion compared to $83.4 million in the prior year period. Revenues for the twelve months ended De- cember 31, 2019 were $289.5 million compared to $316.1 million in the prior year. Joe Redling , StoneMor’s President and Chief Exec- utive Officer said, “We are starting to see the impact w w w . n om i s p u b l i c a t i o n s . c om 1 - 800 - 3 2 1 - 7 4 7 9 “I Love My Funeral Director” “I Love My Cemeterian” ONLY $ 11 95 No w i s t h e PERFECT t i me t o o rd e r t h e PERFECT g i f t s !