Exhibit 99.1
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Press Release |
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Contacts:
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Terry Sanford, EVP & CFO |
FOR IMMEDIATE RELEASE |
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Carriage Services, Inc.
713-332-8400 |
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Investors:
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Alexandra Tramont/Matt Steinberg |
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FD |
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(212) 850-5600 |
CARRIAGE SERVICES CHIEF EXECUTIVE OFFICER ADOPTS RULE 10b5-1 TRADING PLAN
HOUSTON May 24, 2011 Carriage Services, Inc. (NYSE: CSV) announced today that
Melvin C. Payne, Chief Executive Officer of Carriage Services, Inc., has entered into a stock
trading plan in accordance with Rule 10b5-1 (the Plan) of the Securities Exchange Act of 1934.
Rule 10b5-1 allows officers and directors of public companies, at a time when they are not
aware of material nonpublic information, to adopt predetermined plans for selling shares of company
stock. In accordance with 10b5-1 rules, the seller will have no discretion over the sale of shares
under the plan.
Mr. Paynes Plan is intended to permit the orderly disposition of a portion of his holdings as
part of his personal long-term financial plan for asset diversification, liquidity, and to repay
bank loans that have been outstanding for several years. Under the terms of the Plan, Mr. Payne
intends to sell $750,000 worth of shares of Carriage common stock through December 31, 2011. At
todays market price, that represents approximately 120,000 shares, or approximately 7% of Mr.
Paynes total current position in the Companys shares and options. Following the completion of
the Plan, Mr. Payne will continue to be one of the Companys largest shareholders, holding
approximately 9% of the Companys common stock (including current options), not including any
future grant of stock options or restricted shares pursuant to the companys long term incentive
programs for executive officers. Mr. Payne intends to remain as Chairman and Chief Executive
Officer of Carriage and recently entered into a new three year employment contract. The
transactions may take place from time-to-time on or after May 24, 2011, subject to certain Plan
criteria, including certain minimum price levels and daily volume activity.
No Carriage common stock has been sold to date pursuant the Plan. Any shares of Carriage
common stock sold by Mr. Payne will be disclosed publicly through Form 4 filings with the
Securities and Exchange Commission.
Carriage Services is a leading provider of deathcare services and merchandise in the
United States. Carriage operates 151 funeral homes in 25 states and 33 cemeteries in 12 states.
Certain statements made herein or elsewhere by, or on behalf of, the Company that are not
historical facts are intended to be forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements are based on assumptions that the Company believes are reasonable;
however, many important factors, as discussed under Forward-Looking Statements and Cautionary
Statements in the Companys Annual Report and Form 10-K for the year ended December 31, 2010,
could cause the Companys 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,
the Company. The Company assumes no obligation to update or publicly release any revisions to
forward-looking statements made herein or any other forward-looking statements made by, or on
behalf of, the Company. A copy of the Companys Form 10-K, and other Carriage Services information
and news releases, are available at www.carriageservices.com.
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