There has been another Preneed Funeral Directors Scandal. This time it involves the California Funeral Directors Association.(CDFA) Again we have an instance of the theft(misuse, misappropriation of   Preneed Funds.

It is not quite on the scale of the Illinois Funeral Directors Association(IFDA) Preneed Fraud. It does consist of theft and misuse of peoples funeral money. It does involve Preneed, or the money people have prepaid for funerals.

This is just another example of funeral preneed, contributing to additional funeral cost for the consumer.

Snippet from the SanFrncisco Chronicle

A state audit says one of California’s largest prepaid funeral trusts misspent millions of dollars set aside by consumers to pay for cemetery plots, caskets and services.

The trust holds about $70 million that has been paid in advance for funeral services by 27,000 consumers.”via www.sfgate.com

Funeral Industry|Funeral News|Funeral Blog by R.Brian Burkhardt-yourfuneralguy

Technorati Tags: California, california funeral directors association, caskets, cemetery, department of consumer affairs, funeral, funeral cost, funeral homes, funeral industry, Funeral News, funeral services, Illinois funeral directors association, Lobbying, master trust, preneed funeral, prepaid funeral, Scandal, state audit

#1 Funeral Corporation in the world is spinning it's 1Q numbers as in WALL STREET CRASH

The Worlds Largest Funeral Corporation is spinning it’s numbers like a  Wall Street Crash.  Service Corporation International’s latest financial numbers were more than dismal, they were a total disaster.

SCI First quarter numbers are more than disturbing, they may point to a shaky future for the funeral business. NYSE:SCI number summary:

Quick REVIEW: Losses in 10′s of millions the first quarter 2009.

Funeral Revenue was down 41.6 million compared to the 1st Quarter 2008

Cemetery Revenue was down 23.4 million compared to the 1st Quarter 2008

“As of March 31, 2009, we have net unrealized losses of $500.8 million in our preneed funeral and cemetery merchandise and service trusts, and net unrealized losses of $189.3 million in our cemetery perpetual care trusts.”-SCI report” Details GuruFocus.com

More Specific  information is available on the SCI financial conditions can be found at: Entrepeneur

SCI Q1 2009 general losses  here

SCI Q1 2009 preneed losses at this location

SCI in spinning their numbers in a May 7th, 2009 call to their investors, executives  made some startling statements. THE SAME PHRASES the banks , and the Governments used during the Fall 2008 wall street crash and bailout are being used.

World's Largest Funeral and Cemetery Corporation's Financials Paint disaster

WE HAVE NEVER SEEN ANYTHING LIKE IT

“Our comparable revenues for the quarter were down over $41 million and over 10%. This was primarily from a comparable volume decline of 11.2% or almost 8,600 calls. Now, again, we’ve never experienced anything like it”page 2- Service Corporation International Q1 2009 Earnings Call Transcript

“We’ve never experienced anything like it” was the rallying cry from the banks and the government last fall in bringing a 700 billion dollar bailout- THAT DID NOT WORK.

“It is our belief that our business model is very sound“-page3  This is the exact same line the banks and  Wall street used in their fall 2008 statements.- Service Corporation International Q1 2009 Earnings Call Transcript

It is not looking good for the Funeral Industry and Service Corporation International.

Funeral Industry| Funeral Blog by Your Funeral Guy

Dignity Logo Pic on flickr at

Jeremy Brooks’ photostream

Technorati Tags: blog, business, cemetery, funeral, industry, nyse:sci, preneed, preneed funeral, service corporation international, service trusts, services, Trust, Wall Street, wall street crash

Question: Will there be a Funeral Industry Crash?

Funeral Biz Crash? Do the numbers from the World’s Largest Funeral Corporation paint this future for the Funeral Industry? It does appear to be so.

NYSE: SCI first quarter numbers are more than disturbing, they may point to a shaky future for the funeral business.

Overall Losses in 10′s of millions the first quarter 2009.

For the 1st quarter of 2009 losses were in the 10′s of millions.

Funeral Revenue was down 41.6 million compared to the 1st Quarter 2008

Cemetery Revenue was down 23.4 million compared to the 1st Quarter 2008

“As of March 31, 2009, we have net unrealized losses of $500.8 million in our preneed funeral and cemetery merchandise and service trusts, and net unrealized losses of $189.3 million in our cemetery perpetual care trusts.”-SCI report”

“See: Who Shot Funeral Preneed” a May 5th post at this site.

SCI Q1 2009 general losses here

SCI Q1 2009 preneed losses at this location

Is this an indication of a coming future earthquake in the funeral business? See the the post at this site:  April 23,2009  Coming funeral earthquake in the funeral business.

Since President Obama has become Banker in Chief, Investment Planner in Chief, Car Salesman in Chief, Why Shouldn’t he be Health Care Manager in Chief and Funeral Director in Chief?

If the Funeral Industry crashes will President Obama give a bailout? Probably not to Service Corporation International....Close ties to the Bush Administration.

How can one guy be so many chiefs?

Funeral Industry Blog by Your Funeral Guy-RBrianBurkhardt

Sources: Entrepeneur

GuruFocus.com

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