Melvin C Payne, CEO of Carriage Services, purchased 20,000 shares of Carriage Services (Stock Symbol: CSV) at $17.10 per share for a total amount of $34.2 thousand on March 14, 2014.
Carriage Services is headquartered in Houston, Texas.
On 03/19/2014, Carriage Services announced today the closing of its previously announced private offering of $125,000,000 aggregate principal amount of convertible subordinated notes due 2021 (the “Convertible Notes”). The Convertible Notes were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). In addition, the Company announced that the initial purchasers exercised their option in full to purchase an additional $18,750,000 in principal amount of the Convertible Notes, which also closed today. The Convertible Notes will be unsecured obligations of the Company and will be subordinated in right of payment to all of the Company’s existing and future senior indebtedness. The Convertible Notes will accrue interest payable semiannually in arrears at a rate of 2.75% per year. Prior to December 15, 2020, the Convertible Notes will be convertible at the option of the holder only upon the occurrence of certain events and during certain periods. Upon conversion, the aggregate principal amount of the Convertible Notes so converted will be paid in cash and any conversion obligation in excess of the aggregate principal amount will be satisfied by the payment or delivery, as the case may be, of cash, shares of the Company’s common stock (the “common stock”) or a combination of cash and shares of the Company’s common stock, at the Company’s election. The Convertible Notes will have an initial conversion rate of 44.3169 shares of the common stock per $1,000 principal amount of the Convertible Notes (which is equal to an initial conversion price of approximately $22.56 per share of the common stock). The Convertible Notes will mature in 2021, unless earlier repurchased or converted in accordance with their terms prior to such date. The Company expects to close the offering on or about March 19, 2014, subject to the satisfaction of customary closing conditions.
On 11/05/2013, Carriage Services announced its latest quarterly results. Mel Payne, Chief Executive Officer, stated, “Our third quarter performance continued our trend of record quarterly results, as we achieved revenue growth of 3.3% to a record $49.7 million, Field EBITDA growth of 4.0% to a record $18.9 million, Field EBITDA Margin increase of 30 basis points to a record 38.1% and strong Free Cash Flow growth of 588.0% to a record $6.6 million. This outstanding performance was driven by substantially higher Revenue and Field EBITDA growth in our Acquired Funeral Home, Same Store Cemetery, and Financial Trust segments. Our Same Store Funeral segment had a relatively weak quarterly revenue and Field EBITDA Margin performance, which combined with our substantial overhead growth, temporarily reduced our Consolidated and Adjusted Consolidated EBITDA Margins for the quarter.”
According to Capital IQ, Carriage Services has a market cap of $325.64 million, an enterprise value of $576.35 million, and trailing 12 month revenues of $213.96 million.
Carriage Services, Inc. provides death care services and merchandise in the United States. The company operates in two segments, Funeral Home Operations and Cemetery Operations. The Funeral Home Operations segment offers burial and cremation services, as well as related merchandise to meet a familys death care needs, including consultation; the removal and preparation of remains; sale of caskets and related funeral merchandise; use of funeral home facilities for visitation and services; and transportation services. The Cemetery Operations segment provides products and services, such as interment services; the rights to interment in cemetery sites comprising grave sites, mausoleum crypts, and niches; and related cemetery merchandise, including memorials and vaults. As of March 13, 2014, the company operated 161 funeral homes in 26 states; and 31 cemeteries in 10 states. Carriage Services, Inc. was founded in 1991 and is headquartered in Houston, Texas.
Melvin C Payne most recent annual compensation from Carriage Servic… is a salary of $1,575,000, [Enter $957,920 in other compensation, and a total compensation of $2,532,920. Mr. Payne Last Name is 70 years old.
According to his biography, Mr. Melvin C. Payne serves as Chairman of the Board, Chief Executive Officer of Carriage Services Inc. He is a management founder of Carriage, has been our Chairman of the Board and Chief Executive Officer since December 1996. Mr. Payne has been a director and Chief Executive Officer of Carriage since our inception in 1991. Prior to co-founding Carriage, Mr. Payne spent 10 years in the private company turnaround business involving numerous industries. Prior to his turnaround career, Mr. Payne worked 10 years in the corporate lending business, initially with Prudential Insurance Company and later with Texas Commerce Bank in Houston. Mr. Payne was selected to serve on our Board because he is our Chief Executive Officer and our founder and has proven management skills. Mr. Payne’s diverse industry and financial experience coupled with his personal leadership and founder’s vision for Carriage make him highly qualified to serve as Chairman of the Board.
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