LEVITTOWN, Pa., Oct. 22, 2012 (GLOBE NEWSWIRE) -- StoneMor Partners L.P. (NYSE:STON) announced today that the Board of Directors of its general partner has approved an increase in its cash distribution to $0.59 per unit from $0.585 payable on November 15, 2012, to common unitholders of record as of the close of business on November 2, 2012.
Speaking of the increase, StoneMor President and Chief Executive Officer Larry Miller said, "We are delighted to be able to increase the distribution to our unitholders. Since our initial public offering in 2004, StoneMor has increased its distribution by more than 27.5%. It is a testament to the strength of our underlying business, and the execution of our growth strategy."
StoneMor also announced that it plans to hold an investors' conference call to review its third quarter results (which will be released before this call) on Tuesday, November 6, 2012 at 11:00 a.m. Eastern Time. The conference call can be accessed by calling (800) 630-4153. An audio replay of the conference call will be available by calling (800) 633-8284 through 12:00 a.m. Eastern Time on November 20, 2012. The reservation number for the audio replay is as follows: 21609161. The audio replay of the conference call will also be archived on StoneMor's website at http://www.stonemor.com.
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 276 cemeteries and 85 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.
For additional information about StoneMor Partners L.P., please visit StoneMor's website, and the Investor Relations section, at http://www.stonemor.com.
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.
Certain statements contained in this press release, including, but not limited to, information regarding the status and progress of the StoneMor's operating activities, the plans and objectives of StoneMor's management, assumptions regarding StoneMor's future performance and plans, and any financial guidance provided, as well as certain information in other filings with the SEC and elsewhere, are forward-looking statements within the meaning of Section 27A(i) of the Securities Act of 1933 and Section 21E(i) of the Securities Exchange Act of 1934. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "project," "expect," "predict," and similar expressions identify these forward-looking statements. These forward-looking statements are made subject to certain risks and uncertainties that could cause actual results to differ materially from those stated, including, but not limited to, the following: uncertainties associated with the integration or the anticipated benefits of StoneMor's recent acquisitions; uncertainties associated with future revenue and revenue growth; the effect of the current economic downturn; the impact of StoneMor's significant leverage on its operating plans; the ability of StoneMor to service its debt and pay distributions; the decline in the fair value of certain equity and debt securities held in StoneMor's trusts; StoneMor's ability to attract, train and retain an adequate number of sales people; uncertainties associated with the volume and timing of pre-need sales of cemetery services and products; increased use of cremation; changes in the death rate; changes in political or regulatory environments, including potential changes in tax accounting and trusting policies; StoneMor's ability to successfully implement a strategic plan relating to producing operating improvements, strong cash flows and further deleveraging; StoneMor's ability to complete and fund additional acquisitions; StoneMor's ability to maintain effective disclosure controls and procedures and internal control over financial reporting; the effect of cybersecurity attacks due to StoneMor's significant reliance on information technology; uncertainties relating to the financial condition of third-party insurance companies that fund StoneMor's pre-need funeral contracts; and various other uncertainties associated with the death care industry and StoneMor's operations in particular.
When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements set forth in StoneMor's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q filed with the SEC. StoneMor assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by it, whether as a result of new information, future events, or otherwise.
CONTACT: John McNamara (215) 826-2800Source:StoneMor Partners L.P.