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STON

StoneMor Partners

$9.07

0.06 (0.67%)

07:03
07/17/17
07/17
07:03
07/17/17
07:03

StoneMor Partners working to complete financial statements

StoneMor Partners provided an update regarding its ongoing review of certain of the Partnership's previously issued consolidated financial statements. The Partnership is working to complete the review, but at this time it remains ongoing. The Partnership continues to believe that the revisions to previously reported financial information resulting from this review will principally reflect a net decrease in deferred revenues and deferred selling costs and an increase in partners' capital on its previously reported consolidated balance sheets. The Partnership also continues to expect that the results of these corrections will have an immaterial impact on cash flows for the three years ended December 31, 2016. The Partnership remains committed to filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2016 as promptly as practicable, and believes it will be able to do so within the next two to four weeks. Additionally, under the terms of its credit agreement, the Partnership is obligated to file its Quarterly Report on Form 10-Q for the Q1 within 45 days after the Form 10-K is filed. The Partnership is also obligated to file its Quarterly Report on Form 10-Q for the Q2 on or before August 14. Because of the ongoing accounting review and the work required to file multiple reports in such a condensed time period on or before August 14 the Partnership believes it is likely that it will not be able to file the Second Quarter 10-Q by that date.

STON StoneMor Partners
$9.07

0.06 (0.67%)

11/10/16
RAJA
11/10/16
UPGRADE
RAJA
Outperform
StoneMor Partners upgraded to Outperform from Market Perform at Raymond James
11/10/16
11/10/16
UPGRADE
Target $13

Outperform
StoneMor Partners upgraded to Outperform on cash flow, yield at Raymond James
As previously reported, Raymond James upgraded StoneMor to Outperform from Market Perform and established a $13 price target on shares. Analyst John Ransom said management's conference call was very constructive and said the main catalysts for the upgrade was new emphasis on cash flow from operations and distribution sustainability, visibility into increasing free cash flow, and 15% yield.
02/27/17
RAJA
02/27/17
NO CHANGE
RAJA
Outperform
StoneMor Partners 10-K delayed but cash flows appear better, says Raymond James
Raymond James analyst John Ransom said StoneMor Partners announced a delay in the filing of its 2016 10-K and Q4 earnings release as the partnership discovered previously issued consolidated financial statements it had underreported cemetery revenues, net of associated direct costs, and over-reported net deferred revenues. Management believes the historical revision will have an immaterial impact on historical distributable cash flows and will actually have a positive effect on future cash flows. Ransom said his Outperform thesis is based on sustainability of the dividend based on recurring cash flows, not GAAP financials, and believes cash flows appear better, not worse, with the new accounting.
03/28/17
RAJA
03/28/17
NO CHANGE
Target $8
RAJA
Outperform
StoneMor Partners shares undervalued, says Raymond James
Raymond James analyst John Ransom said the retirement of CEO Lawrence Miller is not a surprise given his age, 68, and the company's underperformance over the past 18 months. The analyst told investors the company is still on a path to approximately $45M in cash flow from operations, but his conviction would be higher with 2016 audited financials. Ransom said if the current distribution is sustainable, shares are undervalued and reiterates his Outperform rating and $8 price target on shares.

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