LEVITTOWN, Pa., Jan. 26, 2016 (GLOBE NEWSWIRE) -- StoneMor Partners L.P. (NYSE:STON) (“StoneMor” or the “Partnership”) today announced a quarterly cash distribution of $0.66 per common unit for the 4th quarter 2015. The distribution represents a 5% increase over the prior year 4th quarter. The distribution is payable on February 12, 2016 to common unit holders of record as of the close of business on February 5, 2016.
Commenting on the distribution announcement, Larry Miller, StoneMor’s President and CEO, said, “I’d like to thank our employees for an excellent calendar year 2015, as their efforts allowed us to significantly expand our business and grow our cash distributions to unprecedented levels. We look forward to continuing to provide our unit holders with stable and predictable cash distributions that are consistent with our long-term growth strategy. As we begin 2016, we are excited about our opportunities for cash flow growth, both organically and through acquisitions. In addition, with our trust funds increasing as a source of value and cash flow to our organization, we have retained Cambridge Associates, a leading advisor to pensions, foundations and endowments, private wealth, and corporate and government entities as our new investment advisor. We believe that Cambridge will assist us in maximizing the value we derive from the nearly $800 million we have in these trusts for years to come. We’ll continue to contemplate further distribution increases as our cash flow grows throughout calendar year 2016. We are confident in our strategy, and look forward to the continued execution of our business plan.”
StoneMor plans to hold an investors' conference call to discuss its 2015 fourth quarter and full year financial results (which will be released before this call) on Monday, February 29, at 11:00 AM ET. The conference call can be accessed by calling (800) 256-8282. An audio replay of the conference call will be available by calling (800) 633-8284 through 12:00 PM ET on March 14, 2016. The reservation number for the audio replay is: 21804014. The audio replay of the conference call will also be archived on StoneMor's website at www.stonemor.com.
StoneMor will also host a live webcast of this conference call. Investors may access the live webcast via the Investors page of the StoneMor website under Events & Presentations.
About StoneMor Partners L.P.
StoneMor Partners L.P., headquartered in Levittown, Pennsylvania, is an owner and operator of cemeteries and funeral homes in the United States, with 307 cemeteries and 105 funeral homes in 28 states and Puerto Rico. StoneMor is the only publicly traded death care company structured as a partnership. StoneMor’s cemetery products and services, which are sold on both a pre-need (before death) and at-need (at death) basis, include: burial lots, lawn and mausoleum crypts, burial vaults, caskets, memorials, and all services which provide for the installation of this merchandise.
This press release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of StoneMor's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, StoneMor's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. The Partnership cautions readers that any forward-looking information is not a guarantee of future performance. Such forward-looking statements include, but are not limited to, statements about future financial and operating results, resource and production potential, the Partnership’s plans, objectives, expectations and intentions and other statements that are not historical facts. Risks, assumptions and uncertainties that could cause actual results to materially differ from the forward-looking statements include, but are not limited to, those associated with general economic and business conditions; the Partnership’s ability to realize the anticipated benefits of its acquisitions; the Partnership’s level of indebtedness; changes in government environmental policies and other environmental risks; tax consequences of business transactions; and other risks, assumptions and uncertainties detailed from time to time in the Partnership’s reports filed with the U.S. Securities and Exchange Commission, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K. Forward-looking statements speak only as of the date hereof, and the Partnership assumes no obligation to update such statements, except as may be required by applicable law.
John McNamara Director - Investor Relations StoneMor Partners L.P. (215) 826-2945
Source:StoneMor Partners L.P.