Reported Earnings • Aug 13
Second quarter 2022 earnings released: US$0.15 loss per share (vs US$0.31 loss in 2Q 2021) Second quarter 2022 results: US$0.15 loss per share (up from US$0.31 loss in 2Q 2021). Revenue: US$80.0m (down 3.5% from 2Q 2021). Net loss: US$17.3m (loss narrowed 52% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 50% per year, which means it is significantly lagging earnings growth. Board Change • Aug 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. Independent Director Kevin Patrick was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 공고 • Jul 29
StoneMor Inc. to Report Q2, 2022 Results on Aug 11, 2022 StoneMor Inc. announced that they will report Q2, 2022 results After-Market on Aug 11, 2022 Board Change • Jul 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. Independent Director Kevin Patrick was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 공고 • May 27
Axar Capital Management LP entered into a definitive merger agreement to acquire remaining 25% stake in StoneMor Inc. (NYSE:STON) for approximately $110 million. Axar Capital Management LP agreed to acquire remaining 25% stake in StoneMor Inc. (NYSE:STON) for approximately $110 million on May 21, 2022. Axar Capital Management LP entered into a definitive merger agreement to acquire remaining 25% stake in StoneMor Inc. on May 24, 2022. Axar will pay $3.50 in cash per StoneMor share. StoneMor received equity commitment from Axar and its affiliates to fund with $98,000,000 to satisfy the payment obligations at closing. The agreement provides for a “go-shop” period during which the Conflicts Committee (acting through its financial advisor) will actively initiate, solicit, facilitate, encourage and evaluate alternative acquisition proposals, and potentially enter into negotiations with any parties that offer alternative acquisition proposals. The “go-shop” period is 60 days subsequent to signing of the Merger Agreement, ending July 23, 2022. StoneMor will pay Axar a termination fee in certain circumstances, including a fee equal to 2% of the aggregate value of the non-Axar shares if StoneMor terminates the agreement during the “go-shop” period to enter into a superior proposal that Axar supports, and a fee equal to 4% of the aggregate value of the non-Axar shares if StoneMor terminates the agreement after the “go-shop” period to enter into a superior proposal that Axar supports. No termination fee is payable if StoneMor terminates the agreement upon a change of recommendation in connection with a superior proposal that is not supported by Axar. This will amount to $2.1 million and in certain cases $4.2 million. If the transaction is completed, StoneMor will become a privately held company and its stock will no longer trade on the New York Stock Exchange.
The merger is subject to approval by holders of a majority of the outstanding common stock of StoneMor and in addition, requires the approval by the holders of a majority of the outstanding common stock of StoneMor not owned by Axar or any of StoneMor’s directors or executive officers or members of their immediate families. Axar has agreed to vote the shares of StoneMor common stock it owns in favor of the merger agreement. The merger agreement is also subject to customary closing conditions. Axar has fully committed financing and the transaction is not subject to a financing condition. The transaction was negotiated on behalf of StoneMor by the Conflicts Committee of its Board of Directors, which is comprised entirely of independent directors, with the assistance of independent financial and legal advisors. Following the Conflicts Committee’s unanimous recommendation, StoneMor’s Board of Directors approved the merger agreement and has recommended that StoneMor’s stockholders adopt and approve the merger agreement and the merger. At a meeting held on May 21, 2022, the Conflicts Committee approved the Merger Agreement. Board of directors of Axar also approved the merger agreement.
Subject to satisfaction of the conditions to closing, the transaction is currently expected to close in the fall of 2022. Duff & Phelps, now rebranded as Kroll, is serving as financial advisor and Elizabeth A. Diffley of Faegre Drinker Biddle & Reath LLP is serving as legal counsel to the Conflicts Committee. Houlihan Lokey is serving as financial advisor and Stuart D. Freedman and Jeffrey Symons of Schulte Roth & Zabel LLP is serving as legal counsel to Axar. Thomas G. Spencer of Duane Morris LLP is serving as legal counsel to StoneMor Inc. Kroll, LLC also acted as fairness opinion provider to the Conflicts Committee. Reported Earnings • May 14
First quarter 2022 earnings released: US$0.10 loss per share (vs US$0.044 loss in 1Q 2021) First quarter 2022 results: US$0.10 loss per share (down from US$0.044 loss in 1Q 2021). Revenue: US$81.0m (up 3.4% from 1Q 2021). Net loss: US$12.2m (loss widened 135% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. 공고 • May 02
StoneMor Inc. to Report Q1, 2022 Results on May 12, 2022 StoneMor Inc. announced that they will report Q1, 2022 results After-Market on May 12, 2022 Reported Earnings • Apr 01
Full year 2021 earnings released: US$0.48 loss per share (vs US$0.35 loss in FY 2020) Full year 2021 results: US$0.48 loss per share (down from US$0.35 loss in FY 2020). Revenue: US$322.8m (up 16% from FY 2020). Net loss: US$57.0m (loss widened 53% from FY 2020). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. 공고 • Apr 01
StoneMor Inc. (NYSE:STON) completed the acquisition of Four cemeteries located within East Coast. StoneMor Inc. (NYSE:STON) signed a definitive agreement to acquire Four cemeteries located within East Coast for $5.4 million on March 23, 2021. The transaction is subject to customary working capital adjustments, customary due diligence and regulatory approval. The transaction is expected to close by July 2021. As of November 12, 2021, the transaction is expected to close in the fourth quarter of 2021.
StoneMor Inc. (NYSE:STON) completed the acquisition of Four cemeteries located within East Coast on March 30, 2022. Reported Earnings • Nov 12
Third quarter 2021 earnings released: US$0.04 loss per share (vs US$0.067 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: US$82.3m (up 7.1% from 3Q 2020). Net loss: US$4.75m (loss narrowed 40% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 11
Second quarter 2021 earnings released: US$0.31 loss per share (vs US$0.04 loss in 2Q 2020) The company reported a soft second quarter result with increased losses and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: US$83.0m (up 17% from 2Q 2020). Net loss: US$36.2m (loss widened US$32.3m from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Reported Earnings • May 15
First quarter 2021 earnings released: US$0.044 loss per share (vs US$0.095 profit in 1Q 2020) The company reported a soft first quarter result with weaker earnings and weaker control over costs, although revenues improved. First quarter 2021 results: Revenue: US$78.3m (up 9.9% from 1Q 2020). Net loss: US$5.21m (down 158% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 26
Full year 2020 earnings released: US$0.35 loss per share (vs US$3.84 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: US$279.5m (down 3.4% from FY 2019). Net loss: US$37.3m (loss narrowed 75% from FY 2019). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. 공고 • Mar 16
StoneMor Inc., Annual General Meeting, Jul 27, 2021 StoneMor Inc., Annual General Meeting, Jul 27, 2021, at 16:00 US Eastern Standard Time. 공고 • Mar 05
StoneMor Inc. to Report Q4, 2020 Results on Mar 23, 2021 StoneMor Inc. announced that they will report Q4, 2020 results After-Market on Mar 23, 2021 공고 • Feb 03
StoneMor Inc. Announces Resignation of Andrew M. Axelrod as Member of the Trust and Compliance Committee On February 1, 2021, StoneMor Inc. announced that Andrew M. Axelrod, who serves as the Chairman of the company's Board of Directors, resigned as a member of the Trust and Compliance Committee (the Trust Committee) of the company's Board of Directors (the Board). Is New 90 Day High Low • Jan 06
New 90-day high: €2.12 The company is up 162% from its price of €0.81 on 08 October 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Services industry, which is up 6.0% over the same period. Is New 90 Day High Low • Dec 22
New 90-day high: €1.50 The company is up 80% from its price of €0.83 on 22 September 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Services industry, which is up 8.0% over the same period. 공고 • Dec 10
StoneMor Inc. Announces the Resignation of Robert B. Hellman as Member of the Board of Directors On December 6, 2020, Robert B. Hellman, Jr. resigned as a member of the Board of Directors of StoneMor Inc., effective immediately. 공고 • Nov 10
Clearstone Memorial Partners, LLC has signed a definitive agreement to acquire all assets in Oregon and Washington locations of StoneMor Inc. (NYSE:STON) for $6.2 million. Clearstone Memorial Partners, LLC entered into a definitive agreement to acquire all assets in Oregon and Washington locations of StoneMor Inc. (NYSE:STON) for $6.2 million on November 6, 2020. The consideration is subject to certain adjustments. The transaction is subject to confirmatory due diligence, third party consent and regulatory approvals. The transaction is expected to close on or before December 31, 2020. 80% of the net proceeds from the sale to Clearstone will be used to redeem a portion of StoneMor's outstanding Senior Notes. 공고 • Oct 30
StoneMor Inc. to Report Q3, 2020 Results on Nov 12, 2020 StoneMor Inc. announced that they will report Q3, 2020 results at 5:00 PM, Eastern Standard Time on Nov 12, 2020 공고 • Sep 09
Axar Capital Management LP cancelled the acquisition of remaining 47.6% stake in StoneMor Inc. (NYSE:STON). Axar Capital Management LP entered into an unsolicited proposal letter to acquire remaining 47.6% stake in StoneMor Inc. (NYSE:STON) for $30.5 million on May 24, 2020. The consideration of the transaction will be an amount equal to $0.67 per share in cash. Along with the remaining outstanding shares, Axar Capital will acquire all the Phantom Unit and Restricted Unit Awards and in-the-money options with a strike price of $0.34 per option for the same cash consideration of $0.67 per share.
As of July 28, 2020, Axar capital has amended the offer price and the consideration amount has increased to $0.8 per share in cash. In related transaction, Axar Capital Management LP entered into a Common Stock Purchase Agreement to acquire 23.29 million shares of StoneMor Inc. on May 27, 2020. The Board will appoint a special committee of Independent Directors to consider our proposal and make a recommendation to the full Board. The Proposed Transaction would be conditioned upon, among other things, the approval of the Board of Directors of the StoneMor and the negotiation and execution of mutually satisfactory transaction agreements. The agreement will not move forward with the proposed transaction unless it is approved by the special committee. The proposed transaction’s definitive agreements would contain terms customary for a transaction of this type, including a customary closing condition that the approval of holders of a majority of the outstanding Common Stock not owned by Axar or its affiliates be obtained. StoneMor will use the proceeds from the sale of the Purchased Shares for general corporate purposes. On June 16, 2020, special committee of Board of Directors of StoneMor rejected the offer as price proposed by Axar is inadequate. The transaction is expected to close in June 2020. Stuart D. Freedman of Schulte Roth & Zabel LLP acted as legal advisor to Axar. Thomas G. Spencer of Duane Morris LLP and Faegre Drinker Biddle & Reath LLP acted as the legal advisors for StoneMor. Duff & Phelps, LLC acted as financial advisor for StoneMor.
Axar Capital Management LP cancelled the acquisition of remaining 47.6% stake in StoneMor Inc. (NYSE:STON) on September 7, 2020. Axar Capital Management withdrew its proposal after determining that it will not be able to reach an agreement with the Special Committee of the Board of Directors of StoneMor Inc on terms that would be satisfactory to Axar. 공고 • Jul 31
StoneMor Inc. to Report Q2, 2020 Results on Aug 13, 2020 StoneMor Inc. announced that they will report Q2, 2020 results at 5:00 PM, Eastern Standard Time on Aug 13, 2020