|
 
Results of Operations
For purposes of the following discussion,
funeral homes and cemeteries owned and operated for the entirety
of both periods being compared are referred to as "Existing
Operations." Correspondingly, funeral homes and cemeteries
acquired or opened during either period being compared are referred
to as "Acquired Operations."
Fiscal years 1998 and 1997 reflect the
current accounting methods as reported; comparisons between 1997
and 1996 reflect the pro forma effects of applying the new accounting
principles as if the change had occurred on November 1, 1995.
The following table presents the results as reported for the
fiscal years ended October 31, 1998 and 1997 and the pro forma
results for the year ended October 31, 1996:
(1) Includes a nonrecurring,
noncash charge of $76.8 million ($50.3 million, after tax) recorded
during the second quarter of fiscal year 1998 in connection with
the vesting of performance-based stock options. Excluding that
charge, for fiscal year 1998:
(a) earnings before income taxes and cumulative effect of change
in accounting principles were $141.7 million; and
(b) earnings before cumulative effect of change in accounting
principles were $92.2 million.
Continued on next
page.
|
