Exhibit 99.1

StoneMor Partners L.P. Announces Second Quarter 2011 Results

Levittown, PA, August 5, 2011 – StoneMor Partners L.P. (NASDAQ: STON) announced its results of operations and various critical financial measures (non-GAAP) today for the three months ended June 30, 2011. Measures released include both GAAP measures as provided for in our quarterly financial statements and critical financial measures (non-GAAP) that we believe are more relevant to our ability to make cash distributions to common unitholders:

Critical financial measures (non-GAAP):

Financial measures (GAAP):

Overview

“We had a successful second quarter of 2011 despite the continuing soft economic environment”, said Larry Miller, President and Chief Executive Officer. “We are pleased that we increased our distributable free cash flow generated, which is a non-GAAP measure, to $11.8 million for the second quarter of 2011 from $10.0 million for the comparable period of 2010. Further, as can be seen by our period over period comparison of quarterly results, we have increased our revenues and operating profit.” Other highlights from our second quarter are as follows:

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We will file our quarterly report on Form 10-Q on August 9, 2011.

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Distribution

In July of 2011, we announced that for the second quarter of 2011, we declared a distribution of $0.585. We made this decision after evaluating recent operating results, the impact of our capital restructuring, and the impact on our financial position due to our recent acquisitions. These occurrences led to a substantial buildup in our liquid net asset position as compared to prior periods. Such buildup is shown in the table below:

We believe that this information shows strength in our liquid net asset position and supports our decision to maintain our distribution in the second quarter of 2011. Further, the ratio is significantly improved from December 31, 2010 as we used a portion of the proceeds from our February 2011 public offering to repay $68.5 million of debt.

Critical Financial Measures (Non-GAAP)

Production Based Revenue

We believe that “Production-based revenues” is the best measure of revenues generated during a period. It is also the revenue measure used by our senior management in evaluating periodic results.

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The table below details the components of production based revenue for the three months ended June 30, 2011 and 2010 and reconciles it to GAAP revenues.

Non-GAAP revenues increased by $6.6 million, or 10.3%, to $70.0 million during the three months ended June 30, 2011 from $63.4 million during the three months ended June 30, 2010. This increase is primarily caused by increases in the value of pre-need and at-need contracts which collectively increased by $5.3 million on a non-GAAP basis. The overall increase in our production based revenues is driven by our 2010 acquisitions. Since some of our 2010 acquisitions did not occur until the end of the second quarter of 2010 or later, their results are included in the three month period ended June 30, 2011, but have little or no impact on the three month period ended June 30, 2010.

The value of pre-need cemetery contracts written is the revenue source that has the most potential for organic growth. We believe that our ability to increase this revenue source in a soft economy is a testament to both our business plan and the talent of our sales force and bodes well for when the economy improves. On a non-GAAP basis, the value of pre-need contracts increased by $3.0 million, or 10.0%, to $32.8 million during the three months ended June 30, 2011.

The value of at-need cemetery contracts written and funeral home revenues are more dependent upon death rates. On a non-GAAP basis, the value of at-need contracts increased by $2.3 million, or 12.8%, to $20.6 million during the three months ended June 30, 2011. The value of funeral home revenues increased by $1.6 million, or 27.7%, to $7.6 million during the three months ended June 30, 2011. A large portion of this increase relates to the funeral homes we acquired at the end of the second quarter of 2010.

Investment income from trusts decreased on a non-GAAP basis by $0.7 million, or 8.9%, to $7.0 million during the three months ended June 30, 2011. In the prior year second quarter, we had recognized gains related to our trust funds and we did not recognize gains to the same extent in the current quarter.

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Adjusted Operating Profit and Profit Margin

During a period of growth, operating profits as defined by GAAP will tend to lag adjusted operating profits because accounting rules require the deferral of all revenues and a portion of the costs associated with these revenues until such time that merchandise is delivered or services are performed. This creates a non-cash liability on our financial statements and delays the recognition of revenues and profit. Adjusted operating profits ignore these delays and present results based upon economic performance. Over time, operating profits and adjusted operating profits will match. The ratio of adjusted operating profit to production based revenues is a financial measure that the Company uses to evaluate its performance.

The table below presents adjusted operating profits and reconciles these amounts to GAAP operating profits for the three months ended June 30, 2011 and 2010:

Adjusted operating profits decreased by $1.2 million, or 10.2%, to $10.6 million during the three months ended June 30, 2011 as compared to $11.8 million for the three months ended June 30, 2010. Further, the ratio of adjusted operating profit to production based revenue decreased to 15.1% for the three months ended June 30, 2011, compared to 18.6% for the three months ended June 30, 2010.

As can be seen in the production based revenue table, we were able to grow our top-line revenues by $6.6 million. We also increased our revenues in every category except for our investment income from trusts, which decreased by $0.7 million. In the prior year second quarter, we had better return on our trust assets as we recognized larger gains on a smaller asset base than we did in the current quarter. Since we do not incur any meaningful costs to generate investment income from our trusts, each dollar of income that is earned from the trusts flows directly into our adjusted operating profit. As a result, changes in income from our trusts significantly impact our ratio of adjusted operating profit to production based revenue. This ratio was also affected to a lesser extent by some rising expenses for labor and employee benefit costs.

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Capital Base

We currently have $150.0 million of Senior Notes outstanding which are due in 2017 and $8.0 million outstanding on our revolving credit facility. As a result, we currently have availability of $65.0 million on our acquisition credit facility and $47.0 million on our revolving credit facility. Our credit facilities mature in January 2016.

We believe the availability on our credit facilities and our existing debt structure gives us ample flexibility to gain access to capital and pursue acquisition targets if a suitable acquisition should become available. The $8.0 million that we borrowed in the second quarter will be used in part to help us establish operations at our new locations in Missouri, which we acquired in June of 2011. Typically, we borrow when we acquire new properties as there are up-front costs associated with the establishment of our pre-need programs.

Our capital structure was also significantly improved in the first quarter of 2011 when we had a public offering, subsequent pay-down of debt and amendment of our credit facilities. These transactions have resulted in a significantly improved capital structure as demonstrated in the table below:

Adjusted Operating Cash Flows and Distributable Free Cash Flow

We define adjusted operating cash flows as operating cash flows plus or (minus):

We define distributable free cash flow as adjusted operating cash flow plus or (minus):

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Our primary source of cash from which to pay partner distributions and make routine capital expenditures is operating cash flow. Over longer periods of time, operating cash flows must exceed the sum of routine capital expenditures and partner distributions.

Over shorter periods of time, operating cash flows may be negatively affected by cash flow timing lags created by:

During periods of growth, we would expect there to be net cash inflows into the trust and increases in accounts receivable. At June 30, 2011, our net accounts receivable of $112.4 million and merchandise trust assets of $332.1 million exceeded our merchandise trust liability of $115.5 million by $329.0 million. As a result, we believe we are adequately funded to meet our future liability to deliver the goods and services that we have sold on a pre-need basis.

Because of the timing of certain cash receipts, there will be occasions when we will decide to make a distribution in excess of operating cash flows, adjusted operating cash flows or distributable free cash flows. During the three months ended June 30, 2011 and 2010, distributions were greater than operating cash flows, but less than adjusted operating cash flows and distributable free cash flows. As discussed above in “Distribution”, we believe that we have significant liquidity to support our distribution.

Making this type of distribution represents a business decision on our part to not delay partner distributions until such time that cash flow timing issues have been settled. It is our opinion that such a decision is in the best interest of our unitholders.

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The table below adjusts operating cash flows for the aforementioned timing differences to determine adjusted operating cash flow generated. From this amount, we net out other items to derive distributable free cash flow:

For the periods ended June 30, 2011 and 2010, operating cash flows have been negatively impacted by the buildup in merchandise trust assets and accounts receivable. Adjusted operating cash generated is significantly higher than operating cash flows.

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The table below shows our adjusted operating cash generated and distributable free cash flow for the six months ended June 30, 2011.

During the six months ended June 30, 2011, distributions were greater than operating cash flows, but less than adjusted operating cash flows and distributable free cash flows. As discussed above, operating cash flows have been negatively impacted by the buildup in merchandise trust assets and accounts receivable.

Discussion of GAAP Results

GAAP accounting requires that we defer the value of contracts written and investment income earned from trusts until such time as the underlying merchandise is delivered or service is performed. Accordingly, periodic changes in GAAP revenue are not necessarily indicative of changes in either the volume or pricing on contracts originated during the period, but rather changes in the timing of when merchandise is delivered or services are performed.

Revenues

Revenues increased by $11.4 million, or 23.3%, to $60.1 million during the three months ended June 30, 2011 from $48.7 million during the three months ended June 30, 2010. This increase is primarily caused by increases in the value of pre-need and at-need contracts which collectively increased by $9.1 million on a GAAP basis. The overall increase in our production based and GAAP revenues is also largely driven by our 2010 acquisitions.

Investment income from trusts decreased on a non-GAAP basis by $0.7 million, or 8.9%, to $7.0 million during the three months ended June 30, 2011. However, on a GAAP basis, investment income from trusts has increased $0.4 million as we have met the requirements related to these earnings that allow us to recognize them as revenue.

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Funeral home revenues increased by $1.6 million, or 27.5%, to $7.4 million on a GAAP basis during the three months ended June 30, 2011. A large portion of this increase relates to the funeral homes we acquired in 2010.

Operating Profit

Operating profit increased by $1.6 million, or 86.4%, to $3.5 million during the three months ended June 30, 2011 from $1.9 million during the three months ended June 30, 2010. This improvement was caused in part by acquisition related costs which were $0.6 million higher during the three months ended June 30, 2010 and were related to the acquisitions we made in the first half of 2010. In addition, during the three months ended June 30, 2011, we recognized more revenue, and more of the associated costs from our acquisitions, than we did in the comparable quarter of the prior year. We typically have greater deferrals in the periods following large acquisitions as we have an increase in sales from our pre-need programs, but do not begin to service and deliver the products sold until later periods. Therefore, the acquisitions that we made of 17 cemeteries and 5 funeral homes in the first half of 2010, contributed less to the second quarter 2010 results than they did to the second quarter 2011 results.

Net Income (Loss)

The table below breaks out significant changes to net income (loss) for the three months ended June 30, 2011 and 2010:

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Net income increased by $2.3 million to $0.8 million for the three months ended June 30, 2011 as opposed to a net loss of $1.5 million for the same period in 2010. In addition to the changes discussed above in operating profit, the total overall increase in net income was primarily related to the following:

Backlog

Backlog is a measurement of the future operating profit benefit that will be derived from customer contracts that have been executed for which we have not as of yet met the GAAP-based revenue recognition criteria and is equal to:

Backlog does not include deferred unrealized gains and losses on merchandise trust assets.

We believe there are no material costs or significant uncertainties remaining to be determined or accrued for us to be able to realize the cash benefit of this future operating profit.

At June 30, 2011 our backlog was $343.8 million. This is an increase of $26.0 million from $317.8 million at December 31, 2010. This build up in backlog relates primarily to business generated at our newly acquired properties and will be reflected in GAAP revenue as we deliver the underlying merchandise and perform the underlying services.

Investor Conference Call

An investors’ conference call to review the second quarter 2011 results will be held on Friday, August 5, 2011, at 11:00 a.m. Eastern Time. The conference call can be accessed by calling (800) 694-4033. An audio replay of the conference call will be available by calling (800) 633-8284 through 11:00 a.m. Eastern Time on August 19, 2011. The reservation number for the audio replay is as follows: 21533562. The audio replay of the conference call will also be archived on StoneMor’s website at http://www.stonemor.com.

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About StoneMor Partners L.P.

StoneMor Partners L.P., headquartered in Levittown, Pennsylvania, is an owner and operator of cemeteries and funeral homes in the United States, with 263 cemeteries and 62 funeral homes in 25 states and Puerto Rico. StoneMor is the only publicly traded deathcare 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 Investor Relations section, at http://stonemor.com.

Forward-Looking Statements

Certain statements contained in this press release, including, but not limited to, information regarding the status and progress of our operating activities, the plans and objectives of our management, assumptions regarding our future performance and plans, and any financial guidance provided, as well as certain information in other filings with the SEC and elsewhere are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “project,” “expect,” “predict” and similar expressions identify these forward-looking statements. These forward- looking statements are made subject to certain risks and uncertainties that could cause actual results to differ materially from those stated, including, but not limited to, the following: uncertainties associated with future revenue and revenue growth; the effect of the current economic downturn; the impact of our significant leverage on our operating plans; our ability to service our debt and pay distributions; the decline in the fair value of certain equity and debt securities held in our trusts; our ability to attract, train and retain an adequate number of sales people; uncertainties associated with the volume and timing of pre-need sales of cemetery services and products; increased use of cremation; changes in the death rate; changes in the political or regulatory environments, including potential changes in tax accounting and trusting policies; our ability to successfully implement a strategic plan relating to producing operating improvements, strong cash flows and further deleveraging; uncertainties associated with the integration or anticipated benefits of our recent acquisitions or any future acquisitions; our ability to complete and fund additional acquisitions; our ability to maintain effective disclosure controls and procedures and internal control over financial reporting; and various other uncertainties associated with the death care industry and our operations in particular.

When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements set forth in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q filed with the SEC. We assume no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by us, whether as a result of new information, future events, or otherwise.

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Non-GAAP Financial Measures

Adjusted Operating Profit

We present Adjusted Operating Profit because management believes it provides for a useful measure of economic value added by presenting an effective matching of the value of current and future revenue sources generated within a given period to the cost of producing such revenue and managing our day to day operations within that same period. It is a significant measure that we believe is an indicator of eventual profit generated within a given period of time.

Adjusted Operating Profit is a non-GAAP financial measure that may not be consistent with other similar non-GAAP financial measures presented by other publicly traded companies.

Distributable Free Cash Flow

We present Distributable Free Cash Flow because management believes this information is a useful adjunct to Net Cash Provided by (Used in) Operating Activities under GAAP. Distributable Free Cash Flow is a significant liquidity metric that we believe is an indicator of our ability to generate cash flow during any quarter at a level sufficient to pay the minimum quarterly cash distribution to the holders of our common units and for other purposes, such as repaying debt and expanding through strategic investments.

Distributable Free Cash Flow is similar to quantitative standards of free cash flow used throughout the deathcare industry and to quantitative standards of distributable cash flow used throughout the investment community with respect to publicly traded partnerships, but is not intended to be a prediction of the future. However, our calculation of distributable free cash flow may not be consistent with calculations of free cash flow, distributable cash flow or other similarly titled measures of other companies. Distributable Free Cash Flow is not a measure of financial performance and should not be considered as an alternative to cash flows from operating, investing, or financing activities.

Production Based Revenue

We present production based revenue because management believes it provides for a useful measure of both the value of contracts written and investment and other income generated during a given period and is a critical component of adjusted operating profit.

Production based revenue is a non-GAAP financial measure that may not be consistent with other similar non-GAAP financial measures presented by other publicly traded companies.

Adjusted Operating Cash Generated

We present adjusted operating cash generated revenue because management believes it provides for a useful measure of the amount of cash generated that is available to make capital expenditures and partner distributions once all cash flow timing issues have been settled.

Adjusted operating cash generated is a non-GAAP financial measure that may not be consistent with other similar non-GAAP financial measures presented by other publicly traded companies.

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StoneMor Partners L.P.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

See accompanying notes to the Condensed Consolidated Financial Statements on the Quarterly Report to be filed on Form 10-Q for the quarter ended June 30, 2011.

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StoneMor Partners L.P.

Condensed Consolidated Statement of Operations

(in thousands, except unit data)

See accompanying notes to the Condensed Consolidated Financial Statements on the Quarterly Report to be filed on Form 10-Q for the quarter ended June 30, 2011.

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StoneMor Partners L.P.

Condensed Consolidated Statement of Cash Flows

(in thousands)

See accompanying notes to the Condensed Consolidated Financial Statements on the Quarterly Report to be filed on Form 10-Q for the quarter ended June 30, 2011.

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