StoneMor Partners L.P. (NYSE:STON) Q3 2019 Earnings Conference Call - Final Transcript

Nov 07, 2019 • 04:30 pm ET

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StoneMor Partners L.P. (NYSE:STON) Q3 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Greetings, and welcome to the StoneMor Partners 2019 Third Quarter Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this call is being recorded, Thursday, November 7th, 2019.

I would now like to turn the call over to Mr. Michael Puskar, Vice President, Treasury and Investor Relations. Please go ahead, sir.

Executive
Michael Puskar

Thank you. Good afternoon, everyone, and thank you again for joining us on the StoneMor Partners conference call to discuss our 2019 third quarter financial results. You should all have a copy of the press release we issued earlier today. If anyone does not have a copy, you can find the full release on our website at www.stonemor.com. With us on the call this afternoon are Joe Redling, President and Chief Executive Officer, and Jeff DiGiovanni, Senior Vice President and Chief Financial Officer.

Before we begin, as usual, I would like to remind everyone that this conference call will include certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements that address operating performance, events or developments that we expect or anticipate to occur in the future are forward-looking statements. These forward-looking statements are based on management's good faith, beliefs and assumptions. Our management believes that these forward-looking statements are reasonable. However, you should not place undue reliance on any such forward-looking statements because such statements speak only as of today's date.

We do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results, events and developments to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, those described in the reports which we file with the SEC.

With that, I will now turn the call over to Joe Redling who will take it from here.

Executive
Joe Redling

Thank you, Mike. Good afternoon. Thank you for joining us to discuss our 2019 third quarter results. Since joining StoneMor 16 months ago, we have successfully navigated through several major transitions and milestones. When I joined, I set an agenda that listed five major priorities. First was to improve financial reporting and become a timely filer. This was accomplished in Q1 of this year, and our 10-Q for third quarter will also be filed on time. Second, we had an immediate need to recapitalize our balance sheet, and at the end of Q2 of 2019, we announced a $447 million recapitalization, which was a significant step in our overall strategic plan. In addition to the debt and equity restructuring, we continue to be on track with our conversion to a C-corp, which we expect to complete by the end of this year.

Next was a comprehensive review of our cost structure, with a