LEVITTOWN, Pa., March 16, 2011 (GLOBE NEWSWIRE) -- StoneMor Partners L.P. (Nasdaq:STON) announced today that it was rescheduling its Investors' Conference Call, originally scheduled for Wednesday, March 16, 2011, at 11:00 AM EDT until the date of filing its Annual Report on Form 10-K for 2010, which is expected to occur on or before March 31, 2011. At issue is the accounting treatment of a transaction with the Archdiocese of Detroit in the third quarter of 2010 which has no material effect on our cash distributions or available cash. We believe that any potential change in method of accounting would have no material impact on the company's cash flow, distributions or results of operations for the fourth quarter. The contribution of these three locations to the company's operating earnings is not materially significant to StoneMor's results.
At the time we entered into the agreement to manage these properties, we determined that the proper application of relevant accounting guidance required that we consolidate the assets and liabilities of these cemeteries with the assets and liabilities of StoneMor. We are currently in discussion with our independent public accountants as to whether this was the appropriate accounting treatment for the recording of this transaction.
Forward-Looking Statements
Certain statements contained in this press release, including, but not limited to, information regarding the status and progress of StoneMor's operating activities, the plans and objectives of its management, assumptions regarding its 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. 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 StoneMor's actual results of operations to differ materially from those expressed or implied by forward-looking statements, including, but not limited to, the following: 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; StoneMor's ability to service its debt and pay distributions; the decline in the fair value of certain equity and debt securities held in its 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 the 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; uncertainties associated with the integration or the anticipated benefits of StoneMor's recent acquisitions or any future acquisitions; 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; 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. Except as required under applicable law, StoneMor assumes no obligation to update or revise any forward-looking statements made herein or any other forward-looking statements made by StoneMor, whether as a result of new information, future events, or otherwise.
CONTACT: Tim Yost (215) 826-2800