<SEC-DOCUMENT>0001016281-17-000109.txt : 20180223
<SEC-HEADER>0001016281-17-000109.hdr.sgml : 20180223
<ACCEPTANCE-DATETIME>20171201161231
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001016281-17-000109
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20171201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CARRIAGE SERVICES INC
		CENTRAL INDEX KEY:			0001016281
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PERSONAL SERVICES [7200]
		IRS NUMBER:				760423828
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		3040 POST OAK BOULEVARD
		STREET 2:		SUITE 300
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056
		BUSINESS PHONE:		713-332-8400

	MAIL ADDRESS:	
		STREET 1:		3040 POST OAK BOULEVARD
		STREET 2:		SUITE 300
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<div><a name="se7409be858aa4265be85b837db5e4a68"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-indent:240px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><img src="originallogo.jpg" alt="originallogo.jpg" style="height:65px;width:217px;"></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:4px;text-align:left;padding-left:72px;text-indent:480px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">December 1, 2017</font></div><div style="line-height:120%;padding-top:0px;text-align:left;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Mr. Larry Spirgel</font></div><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Assistant Director</font></div><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Division of Corporation Finance</font></div><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">U.S. Securities and Exchange Commission</font></div><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">100 F. Street, N.E.</font></div><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Washington, D.C. 20549</font></div><div style="line-height:120%;padding-top:0px;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Re:   SEC Comment Letter dated November 20, 2017 related to Carriage Services, Inc.&#8217;s</font></div><div style="line-height:120%;text-align:justify;padding-left:108px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Form 10-K for the Year Ended December 31, 2016 filed February 23, 2017, </font></div><div style="line-height:120%;text-align:justify;padding-left:108px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Form 8-K Filed October 25, 2017</font></div><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">File No. 001-11961</font></div><div style="line-height:120%;padding-top:0px;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Dear Mr. Spirgel:</font></div><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This letter responds to the comments that Carriage Services, Inc. (the &#8220;Company&#8221;) received from the Staff of the Division of Corporation Finance (the &#8220;Staff&#8221;) of the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221; or the &#8220;SEC&#8221;) in your letter dated November 20, 2017 with respect to the above referenced filings.</font></div><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">We hope this letter is responsive to your comments and requests for information. If the responses provided in this letter are not deemed adequate to answer the Staff&#8217;s comments, we will make ourselves available to further discuss this matter with the Staff at a mutually convenient time. The Company&#8217;s goal is to resolve the Staff&#8217;s comments in a timely manner that is acceptable to the Staff.</font></div><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">For your convenience, our response is prefaced by the Staff&#8217;s comments in bold text.</font></div><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Form 8-K filed October 25, 2017 </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Exhibit 99.1 </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Reconciliation of Non-GAAP Financial Measures, page 13</font></div><div style="line-height:120%;padding-top:0px;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:72px;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">We note that your non-GAAP measures Total Field EBITDA, Funeral Field EBITDA and Cemetery Field EBITDA exclude &#8220;Regional and unallocated funeral and cemetery costs&#8221;.  It appears that these expenses are normal, recurring, cash operating expenses necessary to operate your business. Accordingly, it appears that your presentation of these non-GAAP measures is inconsistent with Question 100.01 of the updated Non-GAAP Compliance and Disclosure Interpretation Guidance issued on May 17, 2016.</font></div></td></tr></table><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Please comply with this comment in your next earnings release or tell us why you believe it is not necessary to do so.</font></div><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Response:</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Our non-GAAP reporting provides a transparent framework of our operating and financial performance that reflects the earning power of the company. We believe this presentation shows our investors the long-term performance trends of the Company and provides the opportunity to differentiate ourselves as the best consolidation platform in the industry against the performance of other death care companies. The non-GAAP reporting, management&#8217;s internal financial statements presented as our </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Operating and Financial Trend Report,</font><font style="font-family:inherit;font-size:12pt;">&#32;has been presented in this general manner since the first quarter of 2007.  </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Our </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Operating and Financial Trend Report, </font><font style="font-family:inherit;font-size:12pt;">on page 7 &amp; 8 of the Earnings Release on Form 8-K filed on October 25, 2017,</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">&#32;</font><font style="font-family:inherit;font-size:12pt;">allows us to focus on the key operational and financial results relevant to the longer-term performance and valuation of our funeral home and cemetery businesses. As such, we believe the &#8220;Regional and unallocated funeral and cemetery costs&#8221; should be excluded from Total Field EBITDA presentation, yet remain in Consolidated EBITDA in the </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Operating and Financial Trend Report</font><font style="font-family:inherit;font-size:12pt;">. Thus, we believe that Question 100.01 is not applicable for the reasons noted below.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Field level results highlight trends in volumes, revenues, Field EBITDA (the individual business&#8217; controllable profit) and Field EBITDA Margin (the individual business&#8217; controllable profit margin). The &#8220;Regional and unallocated funeral and cemetery costs&#8221; presented in our GAAP statement consists primarily of salaries and benefits of our Regional leadership and incentive compensation opportunity to our Field employees. These costs are not controllable operating expenses at the Field level nor are they needed to exist to operate our funeral homes and cemeteries.  The composition, structure and function of the Regional leadership is determined by Executive leadership in the Houston Support Center. The incentive compensation is a variable component of our overall operating platform based on performance. As noted per the description of the GAAP line item, &#8220;Regional and unallocated funeral and cemetery costs,&#8221; we do not openly or indirectly &#8220;push down&#8221; any of these expenses to the individual business&#8217; margins.  </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">In response to the presentation of these costs as interpreted in Question 100.01 of the updated Non-GAAP Compliance and Disclosure Interpretation Guidance, these costs would be considered normal, recurring, cash operating expenses at the consolidated level. As such, these costs are presented as three Overhead categories in our </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Operating and Financial Trend Report</font><font style="font-family:inherit;font-size:12pt;">&#32;under the </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Overhead </font><font style="font-family:inherit;font-size:12pt;">section (page 8).  </font></div><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:72px;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">We note from page 12 that you define Funeral Field EBITDA as Funeral Gross Profit, which you in turn define as: funeral revenue minus funeral field costs and expenses, less depreciation and amortization, regional and unallocated funeral costs and Funeral Financial EBITDA. We further note that you define Cemetery Field EBITDA as Cemetery Gross Profit, which you in turn define as cemetery revenue minus cemetery field costs and expenses, less depreciation and amortization, regional and unallocated cemetery costs and Cemetery Financial EBITDA. Tell us why you characterize Funeral Field EBITDA, Cemetery Field EBITDA and Total Field EBITDA as species of EBITDA when each of these non-GAAP items appear to be most directly comparable to Gross Profit/Margin.</font></div></td></tr></table><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Response:</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">We believe the definition of Funeral Field EBITDA is stated correctly as it is defined as Funeral Gross Profit, excluding depreciation and amortization, regional and unallocated costs and Financial EBITDA (refer to RESPONSE to #3) related to the Funeral Home segment. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Cemetery Field EBITDA is stated correctly as it is defined as Cemetery Gross Profit, excluding depreciation and amortization, regional and unallocated costs and Financial EBITDA (refer to RESPONSE to #3) related to the Cemetery segment. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Total Field EBITDA is stated correctly as it is defined as Gross Profit, excluding depreciation and amortization, regional and unallocated costs. It is noted that this includes Financial EBITDA (refer to RESPONSE to #3) for both the Funeral Home and Cemetery segments.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Gross Profit is defined as revenue less &#8220;Field costs and expenses&#8221; - a line item encompassing four areas of costs: i) Funeral field costs, ii) Cemetery field costs, iii) depreciation and amortization and iv) regional and unallocated costs.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">We will clarify the descriptions of Funeral Field EBITDA, Cemetery Field EBITDA and Total Field EBITDA to reflect the specific exclusions of costs from Gross Profit in future filings. At this time, we intend to bifurcate the definition into multiple sentences (similar to the description above) to clarify the meaning.</font></div><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:72px;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">3.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Tell us how you calculated Funeral and Cemetery Financial EBITDA.</font></div></td></tr></table><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Response:</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">Funeral Financial EBITDA: </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The two categories of Funeral financial revenue consist of preneed funeral insurance commission revenue and preneed funeral trust earnings on matured preneed contracts. The costs associated with the recognition of this revenue are salaries, benefits and commissions paid to sales personnel, promotional materials and administrative costs associated with managing the Funeral Trust funds. The net is reported as Funeral Financial EBITDA.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">Cemetery Financial EBITDA: </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The two categories of Cemetery financial revenue consist of Cemetery Merchandise and Service trust earnings, Perpetual Care trust earnings and finance charges on preneed receivables. The costs associated with the trust earnings are administrative costs associated with managing the Merchandise and Service and Perpetual Care Trust funds. There are no costs recognized against finance charges. The net of the revenue and trusts costs are reported as Cemetery Financial EBITDA.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:16px;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Operating and Financial Trend Report, page 8</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:72px;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">4.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">We refer you to the reconciliation of Consolidated EBITDA to GAAP Net Income and note that this presentation is inconsistent with Question 102.10 of the updated Non- GAAP Compliance and Disclosure Interpretation Guidance issued on May 17, 2016.  Please comply with this comment in your next earnings release or tell us why you believe it is not necessary to do so.</font></div></td></tr></table><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Response:</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The section referenced on page 8 of the </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Operating and Financial Trend Report</font><font style="font-family:inherit;font-size:12pt;">&#32;is management&#8217;s internal financial statements (pages 7 and 8) and we do not consider it a reconciliation, in accordance with Question 102.10 of the updated Non-GAAP Compliance and Disclosure Interpretation Guidance issued on May 17, 2016.  </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Operating and Financial Trend Report</font><font style="font-family:inherit;font-size:12pt;">&#32;reflects the performance of the Company grouped by EBITDA (bridging the report to GAAP via the Revenue and Net Income line). Our </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Operating and Financial Trend Report</font><font style="font-family:inherit;font-size:12pt;">&#32;allows us to focus on the key operational and financial results relevant to the longer-term performance and valuation of our funeral home and cemetery businesses.  </font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">GAAP and non-GAAP information are presented, with respect to prominence, on page 1 of the Earnings Release in accordance with Question 102.10 of the updated Non-GAAP Compliance and Disclosure Interpretation Guidance issued on May 17, 2016.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Beginning on page 13 in the Earnings Release on Form 8-K filed October 25, 2017, we separately disclose our </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Reconciliation of Non-GAAP Financial Measures</font><font style="font-family:inherit;font-size:12pt;">, which reflect the most directly comparable GAAP measures and appropriate prominence in accordance with Question 102.10 of the updated Non-GAAP Compliance and Disclosure Interpretation Guidance issued on May 17, 2016.  </font></div><div style="line-height:120%;padding-bottom:16px;padding-top:8px;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">We hope this letter is responsive to your comments and requests for information. We would like to again emphasize that the Company&#8217;s goal is to resolve comments in a timely manner that is acceptable to the Staff.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Sincerely,</font></div><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:    </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">/s/ Viki K. Blinderman&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:justify;padding-left:72px;text-indent:36px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Viki K. Blinderman</font></div><div style="line-height:120%;text-align:justify;padding-left:72px;text-indent:36px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Senior Vice President, Principal Financial Officer, Chief Accounting Officer and Secretary</font></div><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#32;cc:   Carriage Services, Inc.&#8217;s Audit Committee of the Board of Directors</font></div><div style="line-height:120%;text-align:justify;padding-left:72px;text-indent:36px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Grant Thornton LLP</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4</font></div></div>	</body>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
