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“Service Corporation International Corporation The World’s Largest Funeral Corporation income is down significantly. The downward trend continues and is further indication of a funeral industry decline. Their own press release points to large losses. The CEO however as always tries to put a positive spin on what some call a continual disaster.
If you view the numbers they are not good, NYSE: SCI is spinning this out to the end of the galaxy.
From the company press release:
Comparable funeral revenue:
Atneed revenue $218.1 $232.3 $(14.2) loss over last year
Recognized preneed revenue 101.5 109.1 (7.6) loss over last year
Other funeral revenue(1) 17.1 17.2 (0.1)
Total comparable funeral revenues $336.7 $358.6 $(21.9) loss over last year.
But most notably deferred revenue losses are not reported in the Q2 Press Release as they were in the Q1 press release.
Cemetery losses are just as dramatic.
Snippet From: www.transworldnews.com
Service Corporation International (NYSE: SCI) reported Thursday that the company reported a loss in second quarter earnings
The company, which deals with funeral, crematory and cemetery services…….Net income of $23.1 million, or 9 cents per share, was down 26 percent from $31.4 million, or 12 cents per share in the same quarter last year.
Excluding restructuring and other charges and a gain on eliminating debt, net income was $30 million, or 12 cents per share, down from $36.4 million, or 14 cents per share, in the second quarter of 2008.
Revenue for the period ended June 30 was $513.9 million, down 6 percent from $548.8 million in the year-earlier period.”
Some would say the company is headed toward a financial death.
FUNERAL INDUSTRY|FUNERAL BLOG by Your Funeral Guy.
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