Mr. Scott Kellaway reports

FAMILY MEMORIALS REPORTS RECORD SECOND QUARTER RESULTS

Family Memorials Inc. has released record second quarter results.

Family Memorials had second quarter sales of $4,282,640, a 314-per-cent increase over the prior year. In addition to a record net income of $442,767, the corporation had a positive EBITDA (earnings before interest, taxes, depreciation and amortization) of $956,758.

Scott Kellaway, president and chief executive officer, said: "I am very pleased with our second quarter results. In addition to our record earnings and EBITDA we increased our gross margin from 40.28 per cent to 52.67 per cent for the quarter. I attribute this to the synergies acquired with the acquisition and restructuring of Remco Memorials, coupled with our focus on reducing operating expenditures."