World Largest Funeral Corp.| Big Financial Trouble-yourfuneralguy

6 May
The Worlds Largest Funeral Corporation had dramatic losses in the first Quarter of 2009

The Worlds Largest Funeral Corporation had dramatic losses in the first Quarter of 2009

The Worlds Largest Funeral Corporation issued it’s financial report after the closing bell on Wednesday. The Financial results for the first quarter of 2009  for  Service Corporation International (NYSE:SCI) does not look good. This report can be taken as a survey of the funeral industry at large. Losses Abound.

Snippet:”Funeral gross profit decreased $24.3 million as decreases in funeral services performed

Cemetery gross profit decreased $13.2 million due to a decline in cemetery property sales and lower cemetery trust fund income”

“The cremation rate increased 190 basis points to 42.9% in the first quarter of 2009 compared to 41.0% for the same period of 2008, which resulted in lower revenues of approximately $4.7 million”

Essentially in the first quarter(Q1) of 2009. There were tens million dollars of losses  for the World’s Largest  Funeral and Cemetery Corporation. The 42% cremation rate has been confimed by Newspaper reports around the country.  Preneed  Trust losses were blamed on the economy.

According to the CEO President Tom Ryan: “we experienced a significant decrease in comparable funeral volume that was more than anticipated”

This is just another strong indication of the coming funeral earthquake in the funeral business.

Funeral Industry|Funeral blog by yourfuneralguy.

Source: www.Entrepeneur.com

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: