HOUSTON, May 01, 2024 (GLOBE NEWSWIRE) -- Carriage Services, Inc. (NYSE:CSV) today announced its financial results for the first quarter ended March 31, 2024. Company Highlights: Total revenue of $103.5 million led to growth of 8.4% over the prior-year quarter, primarily driven by a 38.4% increase in cemetery preneed sales; GAAP diluted EPS of $0.45 and Adjusted diluted EPS of $0.75, compared to $0.57 and $0.56 in the prior-year quarter, respectively; Completed the divestiture of previously announced non-core assets; The Company paid down $25.0 million of debt on its credit facility during the first quarter; and Reaffirm full-year 2024 outlook. Carlos Quezada, Vice Chairman and CEO, stated, "We are pleased to announce another solid performance in the first quarter of 2024, which reflects our consistent focus on executing our five-year strategic objectives. Our preneed cemetery sales team achieved a remarkable 38.4% year-over-year increase in preneed sales, highlighting the continued effectiveness of our cemetery sales growth plan. This solid cemetery performance contributed significantly to an increase in total revenue of 8.4% compared to the previous year. Despite the anticipated operating volume decline of 1.9% in our Funeral segment due to the COVID-related "pull forward" effect, we continued to improve our top line through targeted enhancements to our pricing strategy, leading to total funeral operating revenue growth of 1.8% over the same quarter last year. Furthermore, we have made noticeable progress with our cost management initiatives, which led to an increase in adjusted consolidated EBITDA of 20.9% and an expansion of our adjusted consolidated EBITDA margin of 340 basis points to 32.5% when compared to the same quarter last year. We remain excited about the future at Carriage. As we continue to focus on the implementation of our strategic objectives, as highlighted in our recent 2023 shareholder letter, we are encouraged by these positive results and remain fully committed to our new purpose statement: 'Creating premier experiences through innovation, empowered partnership, and elevated service'," concluded Mr. Quezada. FINANCIAL HIGHLIGHTS     Three months ended March 31, (in millions except margins and EPS)     2023       2024             GAAP Metrics:         Total revenue   $ 95.5     $ 103.5   Operating income   $ 20.6     $ 19.5   Operating income margin     21.6 %     18.8 % Net income   $ 8.8     $ 7.0   Diluted EPS   $ 0.57     $ 0.45   Cash provided by operating activities   $ 25.9     $ 19.7             Non-GAAP Metrics(1):         Adjusted consolidated EBITDA   $ 27.8     $ 33.6   Adjusted consolidated EBITDA margin     29.1 %     32.5 % Adjusted diluted EPS   $ 0.56     $ 0.75   Adjusted free cash flow   $ 17.0     $ 20.9   (1)  We present both GAAP and non-GAAP measures to provide investors with additional information and to allow for the increased comparability of our ongoing performance from period to period. The most comparable GAAP measures to the Non-GAAP measures presented in this table can be found in the Reconciliation of Non-GAAP Financial Measures section of this press release.   Revenue for the three months ended March 31, 2024 increased $8.0 million compared to the three months ended March 31, 2023, as we experienced a 37.3% increase in the number of preneed interment rights (property) sold, a 7.9% increase in the average price per preneed interment right sold and a 4.1% increase in the average revenue per funeral contract, offset by a 2.6% decrease in consolidated funeral contract volume. Net income for the three months ended March 31, 2024 decreased $1.9 million compared to the three months ended March 31, 2023, as the $6.2 million increase in profit contribution from our businesses was offset by a $6.1 million increase in general, administrative and other expenses and $1.3 million increase in loss on divestitures. CALL AND INVESTOR RELATIONS CONTACT Carriage Services has scheduled a conference call for tomorrow, May 2, 2024 at 9:30 a.m. central time. To participate in the call, please dial 888-224-1005 (Conference ID - 6599558) or to listen live over the Internet via webcast click link. An audio archive of the call will be available on demand via the Company's website at www.carriageservices.com. For any investor relations questions, please email CARRIAGE SERVICES, INC. CONDENSED OPERATING AND FINANCIAL TREND REPORT (in thousands - except per share amounts)           Three months ended March 31,     2023       2024   Funeral operating revenue $         65,407     $         66,578   Cemetery operating revenue           21,317               27,581   Financial revenue           6,068               6,936   Ancillary revenue           1,057               1,247   Divested revenue           1,665               1,151   Total revenue $         95,514     $         103,493           Funeral operating EBITDA $         26,327     $         27,527   Funeral operating EBITDA margin           40.3 %             41.3 %         Cemetery operating EBITDA           8,312               11,952   Cemetery operating EBITDA margin           39.0 %             43.3 %         Financial EBITDA           5,727               6,505   Financial EBITDA margin           94.4 %             93.8 %         Ancillary EBITDA           146               173   Ancillary EBITDA margin           13.8 %             13.9 %         Divested EBITDA           538               170   Divested EBITDA margin           32.3 %             14.8 % Total field EBITDA $         41,050     $         46,327   Total field EBITDA margin           43.0 %             44.8 %         Total overhead $         13,265     $         19,356   Overhead as a percentage of revenue           13.9 %             18.7 %         Consolidated EBITDA $         27,785     $         26,971   Consolidated EBITDA margin           29.1 %             26.1 %         Other expenses and interest       Depreciation & amortization $         4,769     $         5,460   Non-cash stock compensation           2,141               489   Interest expense           8,539               8,712   Other           (10 )             1,588   Pretax income $         12,346     $         10,722   Net tax expense           3,502               3,749   Net income $         8,844     $         6,973   Special items(1) $         (177 )   $         6,795   Tax on special items           (51 )             2,229   Adjusted net income $         8,718     $         11,539   Adjusted net income margin           9.1 %             11.1 %         Adjusted basic earnings per share $         0.58     $         0.77   Adjusted diluted earnings per share $         0.56     $         0.75           GAAP basic earnings per share $         0.59     $         0.46   GAAP diluted earnings per share $         0.57     $         0.45           Weighted average shares o/s - basic           14,758               14,876   Weighted average shares o/s - diluted           15,468               15,309           Reconciliation of Consolidated EBITDA to Adjusted consolidated EBITDA       Consolidated EBITDA $         27,785     $         26,971   Special items(1)           —               6,630   Adjusted consolidated EBITDA $         27,785     $         33,601   Adjusted consolidated EBITDA margin           29.1 %             32.5 % (1)  A detail of our Special items presented in this table can be found in the Reconciliation of Non-GAAP Financial Measures section of this press release.     CARRIAGE SERVICES, INC. CONDENSED CONSOLIDATED BALANCE SHEET (unaudited and in thousands)     December 31, 2023   March 31, 2024 ASSETS       Current assets:       Cash and cash equivalents $         1,523     $         1,689   Accounts receivable, net           27,060               26,549   Inventories           8,347               8,252   Prepaid and other current assets           4,791               3,905   Total current assets           41,721               40,395   Preneed cemetery trust investments           96,374               98,757   Preneed funeral trust investments           107,842               109,833   Preneed cemetery receivables, net           35,575               36,854   Receivables from preneed funeral trusts, net           21,530               21,632   Property, plant and equipment, net           287,484               281,965   Cemetery property, net           114,580               114,002   Goodwill           423,643               414,895   Intangible and other non-current assets, net           37,677               37,872   Operating lease right-of-use assets           16,295               16,512   Cemetery perpetual care trust investments           85,331               87,802