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Matthews INTERNATIONAL Matthews International Corporation Corporate Office Two NorthShore Center Pittsburgh , PA 15212-5851 Phone : ( 412 ) 442-8200 April 29 , 2021 NEWS RELEASE Contact : Steven F. Nicola Chief Financial Officer and Secretary William D. Wilson Senior Director , Corporate Development MATTHEWS INTERNATIONAL REPORTS RESULTS FOR FISCAL 2021 SECOND QUARTER Financial Highlights – 2nd Quarter : • • • • • Record quarterly sales of $ 417.2 million ; 11.3 % increase over 2nd quarter last year Debt reduction of $ 42.1 million for the current quarter Net income of $ 5.0 million ( $ 0.16 per share ) Adjusted net income of $ 28.8 million ( $ 0.89 per share ) vs. $ 19.8 million ( $ 0.63 per share ) for the 2nd quarter last year Adjusted EBITDA of $ 60.9 million compared to $ 49.4 million a year ago Financial Highlights – Year - to - Date : • • Year - to - date sales increased $ 64.1 million ( 8.7 % ) compared to last year Cash flow from operations of $ 92.2 million compared to $ 66.0 million last year Debt reduction of $ 52.1 million for current fiscal year ; $ 183.3 million since March 31 , 2020 PITTSBURGH , PA , April 29 , 2021 - Matthews International Corporation ( NASDAQ GSM : MATW ) today announced financial results for its second quarter of fiscal 2021 and six months ended March 31 , 2021 . In discussing the results for the Company's fiscal 2021 second quarter , Joseph C. Bartolacci , President and Chief Executive Officer , stated : " I am very pleased to report another strong quarter for Matthews . Our consolidated sales , adjusted EBITDA , and adjusted earnings per share for the fiscal 2021 second quarter were each higher than the same quarter a year ago , reflecting a significant increase in sales for our Memorialization segment and benefits from our ongoing cost - reduction and productivity initiatives . “ In addition , the Company's consolidated cash flow from operations for the first six months of this fiscal year was significantly higher than the same period last year reflecting our strong operating performance and emphasis on cash management , which has become a permanent part of our operating mentality . As a result , we further reduced our outstanding debt by $ 42.1 million during the recent quarter . Over the past 12 months ( since March 31 , 2020 ) , we have reduced our outstanding debt by $ 183.3 million . " Sales for the Memorialization segment for the current quarter were $ 205.5 million , compared to $ 161.8 million for the same quarter a year ago , representing an increase of $ 43.7 million , or 27.0 % . The segment's sales growth predominantly resulted from increased sales of caskets due to COVID - 19 . In