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CARRIAGE ● SERVICES Carriage Services Announces Record Third Quarter and Nine Month Results : Conference call on Thursday , October 28 , 2021 , at 9:30 a.m. Central Time Record Third Quarter Revenue of $ 95.0 million and Adjusted Diluted EPS of $ 0.82 ; Increase in Rolling Four Quarter , 2021 and 2022 Roughly Right Range Outlooks ; Invested $ 53.2 million to repurchase 1,203,493 shares ( $ 44.24 per share ) since second quarter release ; Invested $ 65.5 million to repurchase 1,528,197 shares ( $ 42.89 per share ) since May 13th ( 8.5 % of outs . ) ; Increase of $ 10 per share in Intrinsic Value Roughly Right Range to $ 65 to $ 75 Per Share ; Increase of $ 75 million in Approved Stock Repurchase Program to $ 85 million after YTD repurchases ; Dividend increase of 5 cents per share to total 45 cents per share annually ; and Declaration of Quarterly Cash Dividend reflecting recent increase . Houston , October 27 , 2021 ( GLOBE NEWSWIRE ) - Carriage Services , Inc. ( NYSE : CSV ) : Mel Payne , Chairman and CEO , stated , " Our third quarter pre - COVID performance has historically been our lowest seasonal performance quarter because of low seasonal death rates related to warm weather prior to the flu season , as well as our 75 % funeral / 25 % cemetery portfolio revenue mix . Yet our third quarter 2021 performance with Total Revenue of $ 95.0 million , Field EBITDA of $ 44.7 million ( Field EBITDA Margin of 47.0 % ) , Adjusted Consolidated EBITDA of $ 32.4 million ( Adjusted Consolidated EBITDA Margin of 34.1 % ) , Adjusted Diluted EPS of $ 0.82 , and Adjusted Free Cash Flow of $ 25.9 million ( Adjusted Free Cash Flow Margin of 27.3 % ) , was the second highest in our thirty year history , almost equaling the historically highest performance metrics of this year's first quarter during the peak spike in COVID deaths ( first quarter Adjusted Diluted EPS was $ 0.81 but after proforma lower interest costs from our bond refinancing on May 13 was $ 0.90 ) . All five of our field reporting segments executed at an extremely high level during the quarter with revenue and margin growth accelerating with strong momentum throughout each month to a spectacularly strong September , indicating a likely strong finish to the year in the fourth quarter . Just as we stated in our second quarter release dated July 27 in the section titled " Capital Allocation Framework , " we have since allocated $ 53.2 million to aggressively repurchase 1,203,493 of our shares at an average price of $ 44.24 , a discount of 19.6 % to the $ 55 per share bottom price of our opinion of the Roughly Right Range of Intrinsic Value Per Share on July 27. Based on the continuing high organic growth rate of all of our performance valuation metrics , as more fully described below , we are raising our opinion of Carriage's Intrinsic Value Per Share by $ 10 per share to a Roughly Right Range of $ 65 to $ 75 per share . Since we restarted our Share Repurchase Program in the second quarter after our bond refinancing on May 13 , we have repurchased 1,528,197 of our shares ( 8.5 % of Total Outstanding ) from " Mr. Market Rodney Dangerfield " for approximately $ 65.5 million or an average price of $ 42.89 , a discount of 34.0 % from the bottom price of $ 65 per share of our updated and increased Intrinsic Value Per Share Range . We have entered a " Per Ownership Share Value Creation Sweet Spot " dynamic with accelerating high operating and financial performance and an “ actually outstanding " share count that is rapidly shrinking while our leverage profile is currently at 3.98 times and close to our upper sustainable policy limit of 4 times . I 1