Mr. J. Bradley Green reports

PARK LAWN CORPORATION ANNOUNCES Q1 2023 RESULTS

Park Lawn Corp. has released its financial operating results for the first quarter ended March 31, 2023. Unless otherwise stated, all amounts discussed herein are denominated in U.S. dollars.

J. Bradley Green, chief executive officer of Park Lawn, commented: "We are pleased with our operating performance from the first quarter as it demonstrates strength against a tough comparison under challenging macroeconomic conditions. As the impacts of COVID-19 wane, our focus continues to be on implementing incremental improvements in our operations and making selective and strategic growth decisions that drive shareholder value. Over all, for the quarter, this strategy resulted in a slight increase in our average revenue per call on the funeral home side and continued strong preneed cemetery sales from our larger cemetery businesses."

Mr. Green continued: "On the growth front, during the quarter and shortly thereafter, we opened Waco Memorial Funeral Home in Waco, Tex., which adds another on-site to our portfolio, as well as closed two strategic acquisitions, adding businesses in Iowa and Nebraska, and further expanding our presence in Missouri. We have a strong pipeline, and we remain confident in our opportunities for continued strategic growth in 2023."

Key results from the three-month period ended March 31, 2023:

• Revenue increased by approximately 4 per cent to $86.7-million primarily as a result of acquired operations as compared with the three-month period ended March 31, 2022.
• Revenue from comparable operations decreased by approximately 5.6 per cent over the prior heavily impacted COVID-19 three-month period ended March 31, 2022.
• Fully diluted earnings per share were 13.2 cents compared with 25.0 cents for the three-month period ended March 31, 2022.
• Fully diluted adjusted net earnings per share were 24.9 cents compared with 32.1 cents for the three-month period ended March 31, 2022.
• Net earnings were $4,576,146 compared with $8,702,018 for the three-month period ended March 31, 2022.
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $20,541,390 compared with $21,415,073 for the three-month period ended March 31, 2022.
• Park Lawn achieved an adjusted EBITDA margin of 23.7 per cent, a decrease of 200 basis points over the three-month period ended March 31, 2022.
• On March 1, 2023, the company completed and opened the Waco Memorial Funeral Home, a new-build funeral home, located on site at Waco Memorial Park in Waco, Tex. This new on-site facility offers the first funeral home and cemetery combination in the market, and is expected to play an important role in the company's organic growth strategy.
• On March 13, 2023, the company completed the acquisition of substantially all the assets of Meyer Brothers Funeral Homes, a business consisting of five stand-alone funeral homes located in Sioux City, Iowa, South Sioux City, Neb., and Ponca, Neb. The Meyer acquisition is expected to add $1,843,734 in adjusted EBITDA annually, and increases Park Lawn's geographic presence by adding businesses in Iowa and Nebraska.
• Subsequent to the end of the quarter, on April 10, 2023, the company completed the acquisition of substantially all the assets of Carson-Speaks Chapel in Independence, Mo.; Speaks Buckner Chapel in Buckner, Mo.; Speaks Suburban Chapel in Independence, Mo.; and Oak Ridge Memory Gardens in Independence, Mo. The Speaks acquisition expands Park Lawn's Kansas City metropolitan market by adding three stand-alone funeral homes and one stand-alone cemetery, and is expected to add $2,247,759 in adjusted EBITDA annually.
• Also subsequent to March 31, 2023, the company filed an issuer base shelf prospectus to preserve maximum flexibility as it continues to execute on its growth strategy.

Important reminder

The company will host a conference call to discuss its first quarter 2023 financial results on Friday, May 12, 2023. Details are as follows.

Date:  Friday, May 12, 2023

Time:  9:30 a.m. EST

Dial-in number:  toll-free: 888-506-0062

Conference ID:  462890

To ensure your participation, please join approximately five minutes prior to the scheduled start of the conference call. The company's complete financial results can be found at SEDAR or on the company's website.

A replay of the conference call will be available until Friday, May 26, 2023, and will be available as follows: dial-in number: toll-free: 877-481-4010, conference ID: 48311. Alternatively, the conference call will also be available on the company's website.

About Park Lawn Corp.

Park Lawn provides goods and services associated with the disposition and memorialization of human remains. Products and services are sold on a preplanned basis (preneed) or at the time of a death (at need). Park Lawn and its subsidiaries own and operate businesses, including cemeteries, crematoria, funeral homes, chapels, planning offices and a transfer service. Park Lawn operates in three Canadian provinces and 19 U.S. states.

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