Exhibit 99.1
SERVICE CORPORATION INTERNATIONAL INITIATES QUARTERLY CASH DIVIDEND AND
ANNOUNCES INCREASE IN SHARE REPURCHASE PROGRAM
HOUSTON, Feb. 10 /PRNewswire-FirstCall/ -- Service Corporation
International (NYSE: SCI), the world's largest funeral and cemetery company,
today announced that its Board of Directors has approved the Company's
initiation of a quarterly cash dividend of two and one-half cents per share of
common stock. The first quarterly cash dividend is payable on April 29, 2005 to
shareholders of record at the close of business on April 15, 2005. While the
Company intends to pay regular quarterly cash dividends for the foreseeable
future, all subsequent dividends, and the establishment of record and payment
dates, are subject to final determination by the Board of Directors each quarter
after its review of the Company's financial performance.
Also today, the Company announced an increase in its share repurchase
program authorizing the investment of an additional $100 million to repurchase
its common stock. On August 16, 2004, the Company announced its initial share
repurchase program of up to $100 million. On November 10, 2004, the Company
announced the authorization of an additional $100 million. As of February 9,
2005, we had repurchased 28.8 million shares at a total cost of $195.0 million.
The increase in the Company's share repurchase program announced today now
allows the Company to invest approximately $105 million more to repurchase its
common stock. The Company plans, subject to market conditions and normal trading
restrictions, to make purchases from time to time in the open market or through
privately negotiated transactions.
Cautionary Statement on Forward-Looking Statements
The statements in this press release that are not historical facts are
forward-looking statements. These forward-looking statements have been made in
reliance on the "safe harbor" protections provided under the Private Securities
Litigation Reform Act of 1995. These statements may be accompanied by words such
as "believe," "estimate," "project," "expect," "anticipate," or "predict," that
convey the uncertainty of future events or outcomes. These statements are based
on assumptions that we believe are reasonable; however, many important factors
could cause our actual results in the future to differ materially from the
forward-looking statements made herein and in any other documents or oral
presentations made by, or on behalf of us. There can be no assurance that future
dividends will be declared. The actual declaration of future dividends, and the
establishment of record and payment dates, is subject to final determination by
our Board of Directors each quarter after its review of our financial
performance. Important factors which could cause actual results to differ
materially from those in forward-looking statements
include, among others, restrictions on the payment of dividends under existing
or future credit agreements or other financing arrangements; changes in tax laws
relating to corporate dividends; a determination by the Board of Directors that
the declaration of a dividend is not in the best interests of the Company and
its shareholders; an increase in our cash needs or a decrease in available cash;
or a deterioration in our financial condition or results. There can be no
assurance that we will buy any of our common stock under our share repurchase
programs. Important factors that could cause actual results to differ materially
from those in forward-looking statements include, among others, unfavorable
market conditions, the market price of our common stock, the nature of other
investment opportunities presented to us from time to time, and the availability
of funds necessary to continue purchasing common stock.
For further information on these and other risks and uncertainties, see our
Securities and Exchange Commission filings, including our 2003 Annual Report on
Form 10-K. Copies of this document as well as other SEC filings can be obtained
from our website at http://www.sci-corp.com . We assume no obligation to
publicly update or revise any forward-looking statements made herein or any
other forward-looking statements made by us, whether as a result of new
information, future events or otherwise.
Service Corporation International, headquartered in Houston, Texas, is the
leading provider of funeral and cemetery services in the world. We have an
extensive network of businesses including 1,190 funeral service locations and
390 cemeteries in North America as of December 31, 2004. For more information
about Service Corporation International, please visit our website at
http://www.sci-corp.com .
For additional information contact:
Investors: Debbie Young - Director of Investor Relations
(713) 525-9088
Media: Terry Hemeyer - Managing Director / Corporate Communications
(713) 525-5497
SOURCE Service Corporation International
-0- 02/10/2005
/CONTACT: investors, Debbie Young, Director of Investor Relations,
+1-713-525-9088, or media, Terry Hemeyer, Managing Director - Corporate
Communications, +1-713-525-5497, both of Service Corporation International/
/Web site: http://www.sci-corp.com /