StonMore Inc. (STON) stock continues to trend higher with minimal volatility as pandemic regulation eases
StonMore, Inc. (STON) stock prices were down 3.00% at market close on May 10e, 2021, bringing the price per share down to $ 2.59 at the end of the trading day.
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STON acquires more assets
The operator of a myriad of funeral homes and cemeteries under his ownership announced on March 24e, 2021 that it had reached a definitive agreement to acquire four additional cemeteries. Located in the geographic footprint of the East Coast, the acquisition cost of these assets was $ 5.395 million with an expected closing date of July 2021.
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Promising financial reports
STON also simultaneously published its financial results for the fourth quarter of 2020 and the fiscal year ended December 31st, 2021. Fourth quarter of fiscal 2020 revenue was $ 58.3 million, with the fourth quarter of 2021 seeing a sharp increase in revenue to $ 74.9 million. Annual revenues also increased from $ 257.2 million in 2019 to $ 2,279.5 million in 2020.
Operating revenue reports
While the fourth quarter of 2019 recorded an overall operating loss of $ 0.6 million, the fourth quarter of 2020 saw cemeteries segment operating profit of $ 10.9 million, up 11.5 million Promising USD. Operating profit for the full-year cemeteries segment was $ 35 million in 2020, an improvement of $ 27 million from the $ 8 million reported for 2019.
Company overhead reports
STON also saw its corporate overhead expenses increase from US $ 13 million in the fourth quarter of 2019 to US $ 9 million in the fourth quarter of 2020. The annual corporate overhead costs for 2019 were US $ 51.1 million. of US dollars, with 36 million US dollars in 2020.
Operating revenue reports
Operating profit for the fourth quarter of 2020 was $ 3.4 million, a massive improvement from the operating loss of $ 17.4 million in the fourth quarter of 2019. 2020 also saw significant increases overall by compared to 2019, with annual operating income of $ 3.3 million in 2020 compared to a full-year operating loss of $ 47.9 million in 2019.
Net loss decreases
The fourth quarter of 2020 recorded a net loss of US $ 5.7 million from continuing operations, while the fourth quarter of 2019 reported US $ 52.4 million. The annual net loss from continuing operations in 2019 was $ 154.7 million, with 2020 showing a net loss from continuing operations of $ 37.3 million.
STON liquidity
In light of these excellent financial reports, STON had US $ 60.1 million in cash as of December 31.st, 2020 against a total debt of 321 million USD. Of their cash reserves, US $ 20.8 million is restricted cash. In the fourth quarter of 2020, $ 4.9 million was generated in unleveraged free cash flow, while the value of STON trust’s assets increased by $ 45.6 million. The company also announced on April 23rd, 2021, the price of its aggregate principal amount of $ 400 million of its 8.5% Senior Secured Notes due 2029.
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Future prospects for STON
With such a consolidated financial position, STON continues to strive to leverage the resources at its disposal to facilitate its continued long-term growth. Current and potential investors hope the company will be able to usher in significant and lasting increases in shareholder value.
