Park Lawn Corporation Announces Fourth Quarter and Year-End 2023 Results, Appointment of New Director and its 2024 Financial Outlook

TORONTO, ONTARIO/March 7, 2024/ACCESSWIRE – Today, Park Lawn Corporation (TSX: PLC, PLC.U) (“Park Lawn” or “PLC”) announced its financial operating results for the fourth quarter (“Q4”) and year ended December 31, 2023, the appointment of a new director and its 2024 financial outlook.

Financial Results from Q4 and the Year Ended 2023

“Our focus on operational efficiency and cost management contributed to improved profitability and bottom-line growth during the 2023 calendar year,” stated J. Bradley Green, Chief Executive Officer. Mr. Green continued, “In addition, during the fourth quarter, we achieved an important milestone in the Company’s history through the strategic disposition of certain legacy businesses which has allowed us to reshape our platform and reallocate resources to support a more efficient operating environment. We are excited for the opportunity to fully realize our potential through our strong operating acumen as we look towards 2024 and beyond.”

Key Results from the Three-Month Period and Year Ended December 31, 2023

  • For the three-month period and year ended, December 31, 2023, revenue increased by approximately 2.3% to $88M and 6.6% to $347.6M, respectively, over the comparable prior periods, primarily as a result of Acquired Operations, offset by a decrease in Comparable Operations.
  • Net (Loss) Earnings for the quarter and year ended 2023 reflect a loss as a result of the disposition of certain legacy businesses completed in December.  However, Adjusted Net Earnings for the three-month period ended December 31, 2023 increased by approximately 5.3% while decreasing by 10.1% over the comparable prior year, principally as a result of the normalization of the death rate.  
  • For the three-month period and year ended December 31, 2023, Adjusted EBITDA increased by 4.0% and 5.1%, respectively, over the comparable period, primarily as a result of Acquired Operations offset by a marginal decrease in Comparable Operations.
  • For the three-month period and year ended December 31, 2023, PLC achieved an  Adjusted EBITDA margin of 23.3% and 22.7%, respectively, over the comparable period, a 30 bps increase over the prior period quarter and 30 bps decrease over the prior year, primarily as a result of the normalization of the death rate and the various direct and indirect impacts of the COVID-19 pandemic. 
  • The Adjusted Field EBITDA margin increased over the comparable quarter period by 140 basis points to 32.6% and increased by 110 bps to 31.6% over the comparable annual period.
  • Fully Diluted Earnings per share reflect a loss for both the quarter and year ended December 31, 2023 as a result of the disposition of certain legacy businesses completed in December.  However, Fully Diluted Adjusted Net Earnings per share increased over the three-month period ended December 31, 2023 by 3.4% to $0.247 and decreased by 10.5% to $0.874 for the year ended December 31, 2023. 
  • On October 16, 2023, the Company completed the acquisition of substantially all the assets of Christy-Smith Funeral Homes in Sioux City, Iowa (collectively “Christy Smith”).  The Christy-Smith acquisition added two stand-alone funeral homes to Park Lawn’s presence in the market.  The Christy-Smith business is expected to add 217 calls and $437,391 in Adjusted EBITDA annually.1
  • 72 cemeteries in Kentucky, Michigan, North Carolina and South Carolina and 11 funeral homes in Kentucky and North Carolina to Everstory Acquisition Portfolio, LLC, an affiliate of Everstory Partners.  At closing, Park Lawn received $70M consisting of $55M in cash and the remaining in deferred compensation, bearing interest at 10% per annum, to be received by PLC within 5 years following the close of the transaction.  The cash proceeds were used to pay down debt resulting in a reduction of Park Lawn’s leverage ratio to  1.95x and 2.75x, including Park Lawn’s outstanding debentures. [1]

2024 Financial Outlook

“Given the recent completion of the transformational disposition of certain legacy businesses at the end of December, as well as the current macroeconomic environment, we no longer believe that our previously announced five-year long-term aspirational financial targets are achievable by the conclusion of 2026,” said Mr. Green, Chief Executive Officer of Park Lawn.  Mr. Green continued, “Rather than long-term targets, in an effort to enhance the insight and disclosure around our operating performance, we believe annual guidance will provide improved near-term transparency of our financial expectations and strategic direction to our investors, shareholders and stakeholders.  We remain committed to our vision as a premier operating company that grows through acquisition and are excited to share our 2024 annual guidance which demonstrates our confidence in remaining agile in changing market conditions while, at the same time, reaffirming our commitment in executing on our strategy to deliver long-term value and sustainable growth.” 

For the fiscal year 2024, Park Lawn believes that it will be able to achieve the following financial metrics within the ranges set forth below.

2024 Financial OutlookHighMidpointLow
Adjusted EBITDA$80M$75M$70M
Adjusted Earnings Per Share – Diluted$0.90$0.85$0.80

This guidance is based on many assumptions, including, but not limited to, that Park Lawn will continue to grow organically through initiatives such as development of new inventory and business locations (i.e., on-sites), as well as inorganically through mergers and acquisitions in the approximate amount of $50-$100M on average per year.  Likewise, for the 2024 calendar year, we are assuming that mortality in Canada and the United States remains flat to slightly depressed as a result of the impact from the pull-forward effect associated with the COVID-19 pandemic.  Further, in the near term and for the 2024 calendar year, we anticipate that corporate costs will remain relatively consistent with prior periods as we continue to enhance our corporate support facilities and resources, and continue to pursue M&A growth.

The purpose of the 2024 Financial Outlook is to assist investors, shareholders, and others in understanding certain financial metrics relating to expected 2024 financial results for evaluating the performance of the Company’s business. This information may not be appropriate for other purposes. The 2024 Financial Outlook, including the various assumptions underlying it, is forward-looking and should be read in conjunction the section below entitled “Cautionary Statement Regarding Forward‐Looking Information“.

Appointment of Maggie MacDougall to the Board of Directors

In furtherance of its commitment to deepening and diversifying the skills and backgrounds of its directors, the Company also announced the appointment of Maggie MacDougall as an independent director to its Board of Directors (“Board”).  Ms. MacDougall will serve as a member of the Governance and Nominating, Human Resources and Compensation and Investment Committees.

“We are pleased to welcome Maggie as a new director to the Park Lawn Board,” said Deborah Robinson, Chair of the Board. “Maggie’s deep experience in working closely with similarly sized organizations, as well as the Canadian capital markets, will provide us with additional expertise as we execute on our growth strategy.  Her addition to our team aligns with the Board’s desire to balance skillset with experience, diversity and tenure.”

Ms. MacDougall is the founder of Crescent Capital Partners Ltd., a boutique financial advisory firm serving mid-market and small cap companies in need of innovative corporate finance and capital markets solutions.  Prior to founding Crescent Capital Partners, Ms. MacDougall was the Vice Chairman, Head of Research at Stifel Nicolaus Canada Inc., where she built and managed a high-performance team while implementing a structured approach to technology and processes improvements, advancing the Canadian institutional ranking from #12 to #9 overall and from #3 to #1 small cap in less than three years.  She has over 19 years of experience in financial services and has been repeatedly ranked as a TopGun Analyst in the Brendan Wood International’s Worldwide Equity Capital Markets Performance Canadian Equities Report.  Prior to joining Stifel, Ms. MacDougall was a Senior Partner at an independent investment dealer, a role she held for 11 years after spending 3 years as part of the award-winning Focus + team at Goodman and Company Investment Counsel, which is today known as 1832.


Important Reminder

The Company will host a conference call to discuss its fourth quarter 2023 financial results on Friday, March 8, 2024.  Details are as follows:

  • Date:   Friday, March 8, 2024
  • Time:  9:30 a.m. EST
  • Dial-in Number:  Toll Free (888) 506-0062 | Conference ID: 392376

To ensure your participation, please join approximately five minutes prior to the scheduled start of the conference call.  The Company’s complete financial results can be found at or on the Company’s website at

A replay of the conference call will be available until Friday, March 22, 2024 and can be accessed as follows: Dial-in Number:  Toll Free (877) 481-4010 | Conference ID: 50020.  Alternatively, the conference will also be available on the Company’s website at

About Park Lawn Corporation:

PLC is the largest publicly traded Canadian-owned funeral, cremation and cemetery provider.  PLC and its subsidiaries own and operate businesses including cemeteries, crematoria, funeral homes, chapels and event centers throughout Canada and the United States which provide a full range of services and merchandise to fulfill the desires of individuals and families seeking to honor their loved ones.  Products and services can be customized to meet the personal needs of the consumer and are sold on a pre-planned basis (pre-need) or at the time of a death (at-need).  PLC operates in three Canadian provinces and seventeen U.S. states.  For more information about Park Lawn Corporation, please visit our website at

NonIFRS Measures

Adjusted Net Earnings, EBITDA, Adjusted EBITDA and their related per share amounts, Adjusted EBITDA margin, Adjusted Field EBITDA, Adjusted Field EBITDA margin, Acquired Operations and Comparable Operations are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS. Such measures are presented in this news release because management of PLC believes that such measures are relevant in evaluating PLC’s operating performance. Such measures, as computed by PLC, may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to similar measures reported by such other organizations.

The Company defines Acquired Operations as business units or operating locations acquired by the Company during the period from January 1, 2022 and ending December 31, 2023. The Company defines Comparable Operations as business units or operating locations owned by the Company for the entire period from January 1, 2022 and ending December 31, 2023.

The following tables indicate how the Company reconciles Adjusted Net Earnings, EBITDA, Adjusted EBITDA, Adjusted Field EBITDA and their related per share amount, and Adjusted EBITDA margin and Adjusted Field EBITDA margin to the nearest IFRS measure.

Adjusted Net Earnings

EBITDA and Adjusted EBITDA

Adjusted Field EBITDA

Adjusted Field EBITDA

Adjusted Net Earnings

EBITDA and Adjusted EBITDA

Adjusted Field EBITDA

Adjusted Field EBITDA

Cautionary Statement Regarding Forward‐Looking Information

This news release contains forward-looking statements within the meaning of applicable securities laws relating to the business of PLC and the environment in which it operates. Forward-looking statements are identified by words such as “believe”, “anticipate”, “expect”, “intend”, “plan”, “will”, “may”, “estimate”, “pro-forma” and other similar expressions. These statements are based on PLC’s expectations, estimates, forecasts and projections and include, without limitation, statements regarding: PLC’s 2024 Financial Outlook; statements regarding its anticipated annual average acquisition spend; that the Company will be able to grow both organically and inorganically; projections regarding anticipated increase in corporate costs during the calendar year; that the Christy-Smith acquisition will add approximately $437,391 in Adjusted EBITDA annually; and that the Crippin acquisition will add approximately $703,404 in Adjusted EBITDA annually.  The forward-looking statements in this news release are based on certain assumptions, including the assumptions described above with respect to PLC’s 2024 Financial Outlook; the normalization of the death rate, that the CAD to USD exchange rate remains consistent, the Christy-Smith and Crippin acquisitions will perform as expected, PLC will be able to implement business improvements and costs savings, PLC will be able to retain key personnel, there will be no unexpected expenses occurring as a result of contemplated acquisitions, multiples remain at or below levels paid by PLC for previously announced acquisitions, the acquisition and financing markets remain accessible, capital can be obtained at reasonable costs and PLC’s current business lines operate and obtain synergies as expected, as well as those regarding present and future business strategies, the environment in which PLC will operate in the future, expected revenues, expansion plans and PLC’s ability to achieve its goals and acquisitions targets.

Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, risks associated with the impact of higher interest rates on PLC’s business, adverse economic and financial market conditions; a declining level of commercial activity and the resulting negative impact on the demand for, and prices of, PLC’s products and services, the impact of inflation on PLC’s business; political conflict, including from economic sanctions imposed or to be imposed as a result thereof, and supply chain disruptions resulting therefrom and the other factors discussed under the heading “Risk Factors” in PLC’s most recent Annual Information Form and most recent Management’s Discussion and Analysis available at There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, PLC assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. 

Unless otherwise stated, all amounts discussed herein are denominated in U.S. dollars.

Contact Information

Daniel Millett

Chief Financial Officer

(416) 231-1462, ext. 221

[1] Adjusted Net Earnings, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Field EBITDA Margin and Adjusted Net Earnings per share diluted are a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section of this news release for more information on this non-IFRS financial measure.