Notes to Consolidated Financial Statements (Dollars in thousands, except per share amounts.)

(18) Subsequent Events (Unaudited) Subsequent to year-end, the Company has acquired or committed to acquire 54 funeral homes and 26 cemeteries for approximately $196,638. In January 1999, the Company filed a prospectus supplement for the proposed sale of 12,500,000 shares of Class A Common Stock (excluding the underwriters' over-allotment option covering 1,875,000 shares), of which 650,000 shares are being offered by the Stewart Revocable Trust, a trust established by Mr. Stewart and his wife. The offering, scheduled to close near the end of January, is expected to generate net proceeds to the Company of approximately $268 million (excluding the over-allotment option) to be used to fund the Company's continuing acquisition program and for general corporate purposes. Pending such use, the Company will use the net proceeds to reduce the balances outstanding on its revolving credit facilities or to invest in short-term interest-bearing securities.

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