UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 28, 2000
CARRIAGE SERVICES, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 1-11961 76-0423828
(State of Incorporation) (Commission File Number) (I.R.S. Employer
Identification No.)
1300 POST OAK BLVD., SUITE 1500, HOUSTON, TX 77056
(Address of principal executive offices) (Zip Code)
(281) 556-7400
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
On February 8, 2000, Carriage Services, Inc. (the "Company") issued a
press release to publicly report the Company's earnings for the fourth quarter
and year ended December 31, 1999. Subsequent to the issuance of the press
release, litigation which arose in 1997 in which the Company was a defendant was
settled. The amount paid in the settlement was fully covered by the Company's
insurance. As a result of the settlement, the Company reduced its estimated
liability for the matter and credited Other Income in the amount of $2 million.
The provision for income taxes was increased by $800,000.
The purpose of this Form 8-K Current Report is to report the following
revised Consolidated Statements of Operations for the three and twelve months
ended December 31, 1999, after giving consideration to the effect of the
settlement of litigation subsequent to the balance sheet date.
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<CAPTION>
CARRIAGE SERVICES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
FOR THE THREE MONTHS ENDED FOR THE TWELVE MONTHS ENDED
12/31/98 12/31/99 12/31/98 12/31/99
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<S> <C> <C> <C> <C>
Revenues, net
Funeral ............................................ $ 27,008 $ 31,853 $ 92,965 $ 125,264
Cemetery ........................................... 7,881 11,803 23,876 43,203
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34,889 43,656 116,841 168,467
Costs and expenses
Funeral ............................................ 17,995 23,564 64,929 89,725
Cemetery ........................................... 5,666 8,939 17,588 32,258
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23,661 32,503 82,517 121,983
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Gross Profit ....................................... 11,228 11,153 34,324 46,484
General and administrative expenses .................... 1,920 2,350 7,581 9,265
Special compensation charge ............................ -- 2,500 -- 2,500
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Operating income .................................. 9,308 6,303 26,743 34,719
Interest expense, net .................................. (3,210) (3,461) (9,720) (13,566)
Financing cost of company-obligated
securities of Carriage Services Capital Trust ......... -- (1,641) -- (3,792)
Settlement of litigation ............................... -- 2,000 -- 2,000
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Income before income taxes and
extraordinary item ................................... 6,098 3,201 17,023 19,361
Provision for income taxes ............................. 2,656 1,525 7,490 8,474
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Net income before extraordinary item .............. 3,442 1,676 9,533 10,887
Extraordinary item--loss on early
extinguishment of debt, net of
income tax benefit of $159 in 1997 and
$151 in 1999 .......................................... -- -- -- (200)
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Net income ........................................ 3,442 1,676 9,533 10,687
Preferred stock dividend requirements .................. 152 15 606 93
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Net income available to common
stockholders ..................................... 3,290 1,661 8,927 10,594
========= ========= ========= =========
Basic earnings per share:
Net income before extraordinary item ................ $ 0.22 $ 0.10 $ 0.67 $ 0.68
Extraordinary item ................................... -- -- -- (0.01)
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Net Income ........................................... $ 0.22 $ 0.10 $ 0.67 $ 0.67
========= ========= ========= =========
Diluted earnings per share:
Net income before extraordinary item ................. $ 0.21 $ 0.10 $ 0.65 $ 0.67
Extraordinary item ................................... -- -- -- (0.01)
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Net Income ........................................... $ 0.21 $ 0.10 $ 0.65 $ 0.66
========= ========= ========= =========
Weighted average number of common shares
outstanding:
Basic .............................................. 14,927 15,907 13,315 15,875
========= ========= ========= =========
Diluted ............................................ 16,232 15,907 13,808 16,136
========= ========= ========= =========
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Current Report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CARRIAGE SERVICES, INC.
Dated: March 17, 2000 By: /s/ THOMAS C. LIVENGOOD
Thomas C. Livengood
Executive Vice President and
Chief Financial Officer
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