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Service Corp. International has a market cap of $2.61 billion; its shares were traded at around $10.93 with a P/E ratio of 17.4 and P/S ratio of 1.2. The dividend yield of Service Corp. International stocks is 1.8%. Service Corp. International had an annual average earning growth of 7% over the past 10 years.
Highlight of Business Operations:Net cash provided by operating activities decreased $10.5 million to $175.5 million in the first half of 2011 from $186.0 million in the first half of 2010. This decrease was driven by:
Cash flows from investing activities used $108.7 million in the first half of 2011 compared to using $237.1 million in the same period of 2010. This decrease was primarily attributable to a decrease of $215.6 million in cash spent on acquisitions (primarily the Keystone North American acquisition in 2010), partially offset by a $49.8 million decrease in cash receipts from divestitures and asset sales, a $21.9 million decrease in withdrawals of restricted funds, and a $15.5 million increase in capital expenditures.
Financing activities used $106.5 million in the first half of 2011 compared to providing $21.3 million in the same period of 2010. This decrease was primarily driven by a $168.8 million decrease in proceeds from the issuance of long-term debt (net of debt issuance costs), partially offset by a $26.0 million decrease in debt payments, a $12.0 increase in bank overdrafts and other, and a $5.4 million increase from proceeds from exercise of stock options.
There were no proceeds from long-term debt (net of debt issuance costs) in the first half of 2011. Proceeds from long-term debt (net of debt issuance costs) were $168.8 million in the first half of 2010 due to a $150.0 million issuance of the 8.00% Senior Notes due 2021 and a $25.0 million drawdown under our bank credit facility.
When selling preneed funeral and cemetery contracts, we may post surety bonds where allowed by state law. We post the surety bonds in lieu of trusting a certain amount of funds received from the customer. The amount of the bond posted is generally determined by the total amount of the preneed contract that would otherwise be required to be trusted, in accordance with applicable state law. For the three months ended June 30, 2011 and 2010, we had $5.1 million and $4.9 million, respectively, of cash receipts attributable to bonded sales. For the six months ended June 30, 2011 and 2010, we had $9.7 million and $9.9 million, respectively, of cash receipts attributable to bonded sales. These amounts do not consider reductions associated with taxes, obtaining costs, or other costs.
In the second quarter of 2011, we reported net income attributable to common stockholders of $26.1 million ($.11 per diluted
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