TREVOSE, Pa., Sept. 02, 2016 (GLOBE NEWSWIRE) -- StoneMor Partners L.P. (NYSE:STON) announced that the Partnership intends to restate its consolidated financial statements for the fiscal years ended December 31, 2013 through 2015 and the fiscal quarters ended March 31, 2016 and June 30, 2016. The restatement is not expected to have any impact to net income (loss), total assets, total liabilities, total partner’s capital, Adjusted EBITDA, Distributable Cash Flow, or cash distributions for the aforementioned periods.

Upon further review of prevailing accounting literature, and in consultation with the Audit Committee of its Board of Directors, the Partnership determined that it incorrectly allocated net loss to the general partner and its limited partners for the referenced historical periods. While this misallocation had no impact on total net loss for each of the referenced historical periods, it impacted net loss per limited partner unit on the Partnership’s consolidated statements of operations. In addition, the allocation of net loss between the general partner and limited partners is utilized in the determination of the general partner’s and limited partners’ capital accounts within partners’ capital on the Partnership’s consolidated balance sheets. As such, while the misallocation had no impact on overall partners’ capital, total assets or total liabilities, it impacted the general partner’s and limited partners’ capital accounts within partners’ capital on the consolidated balance sheets.

The Partnership’s consolidated financial statements for the fiscal years ended December 31, 2013 through 2015 and the fiscal quarters ended March 31, 2016 and June 30, 2016 will be restated in amendments to the Partnership’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as applicable, which are expected to be filed with the SEC during or before October 2016.

About StoneMor Partners L.P.

StoneMor Partners L.P., headquartered in Trevose, Pennsylvania, is an owner and operator of cemeteries and funeral homes in the United States, with 317 cemeteries and 107 funeral homes in 29 states and Puerto Rico.

StoneMor is the only publicly traded death care company structured as a partnership. StoneMor’s cemetery products and services, which are sold on both a pre-need (before death) and at-need (at death) basis, include: burial lots, lawn and mausoleum crypts, burial vaults, caskets, memorials, and all services which provide for the installation of this merchandise. For additional information about StoneMor Partners L.P., please visit StoneMor’s website, and the investors section, at http://www.stonemor.com.