Rock of Ages Corporation (NASDAQ: ROAC) announced today
that net income for the third quarter of 2010 was $2,200,000, or
$0.30 per share, which included costs and expenses associated with
the exploration of strategic options and the shareholder lawsuit
totaling $358,000, or $0.05 per share. For the third quarter of
2009, net income was $1,534,000, or $0.21 per share. Revenue for
this year's third quarter increased 22% to $15,756,000 compared to
$12,881,000 for the third quarter of 2009.
Divisional operating income increased 44% to $3,583,000 compared
to $2,492,000 last year, and unallocated corporate overhead
decreased to $622,000 from $660,000.
Manufacturing revenue for the third quarter of 2010 increased
11% to $7,719,000 compared to $6,967,000 for the third quarter of
2009. Decreased sales in the Barre monumental division were offset
by increased sales in the Rock of Ages Canada monumental division
and industrial products. Operating income in the manufacturing
segment increased to $1,264,000 from $1,084,000 a year ago,
reflecting the higher revenue. "The mausoleum sales have not
bounced back as quickly as we had hoped but the industrial products
and our Canadian monumental sales have more than filled the gap. We
remain confident regarding the performance of our manufacturing
operations for 2010 as a whole," said Chief Executive Officer
Donald Labonte.
Quarry revenue for the third quarter of 2010 increased 36% to
$8,037,000 compared to $5,914,000 for the third quarter of 2009,
and operating income increased 65% to $2,319,000 compared to
$1,408,000 last year, reflecting the higher revenue, lower
operating expenses and higher productivity due to the development
and production improvements undertaken in the past years. "As we
expected, our quarry development programs have increased our
ability to produce and deliver higher quantities of saleable
granite. The demand for our granite remains strong and we continue
to be optimistic about our quarry performance for the remainder of
the year," Labonte said.
Nine Months Results
For the nine months ended October 2, 2010, revenue increased 14%
to $37,930,000 from $33,242,000 for the first nine months of 2009.
Gross profit increased 28%, SG&A was up $265,000, or 6%, and
divisional income increased 58% compared to the first nine months
of 2009.
Net income for the first nine months of 2010 was $1,668,000, or
$0.22 per share, which included costs and expenses associated with
the exploration of strategic options and the shareholder lawsuit
totaling $852,000, or $0.11 per share. For the first nine months of
2009, net income was $193,000, or $0.03 per share.
About Rock of Ages
Rock of Ages (www.RockofAges.com) is the largest integrated
granite quarrier and manufacturer of finished granite memorials and
granite blocks for memorial use in North America.
Forward-Looking Statements
This press release contains statements that are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements are based on current
expectations, estimates and projections about our business or
expected events based, in part, on assumptions made by management.
These statements are not guarantees of future performance or future
events and involve risks, uncertainties and assumptions that are
difficult to predict. Therefore, actual events, results or outcomes
may differ materially from what is expressed or forecasted in such
forward-looking statements due to numerous factors, including the
challenge of successfully implementing our strategic plan intended
to enhance our overall profitability; unanticipated overhead or
other expenses, including expenses in connection with the recently
announced merger agreement between the Company and Swenson Granite
Company LLC and related matters; and other risks discussed from
time to time in the Company's Securities and Exchange Commission
filings and reports including, but not limited to, the risks
discussed in the Company's Annual Report on Form 10-K for the year
ended December 31, 2009. Such forward-looking statements speak only
as of the date on which they are made, and the Company does not
undertake any obligation to update any forward-looking statement to
reflect events or circumstances after the date of this release.
Information About the Proposed Transaction With Swenson
Granite Company LLC
In connection with the proposed merger with Swenson Granite
Company LLC, Rock of Ages will file a proxy statement with the
Securities and Exchange Commission. INVESTORS AND SECURITY HOLDERS
ARE STRONGLY ADVISED TO READ THE PROXY STATEMENT WHEN IT BECOMES
AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Investors
and security holders may obtain a free copy of the proxy statement
(when available) and other documents filed by Rock of Ages from the
Securities and Exchange Commission’s Web site at
http://www.sec.gov. The proxy statement (when available) and such
other documents may also be obtained for free from Rock of Ages’
website at http://www.rockofages.com or by directing such request
to Rock of Ages Corporation, Chief Financial Officer, 560
Graniteville Road, Graniteville, Vermont 05654, telephone: (802)
476-3115.
Rock of Ages and its directors, executive
officers and certain other members of its management and employees
may be deemed to be participants in the solicitation of proxies
from its shareholders in connection with the proposed merger.
Information regarding the interests of Rock of Ages’ participants
in the solicitation will be included in the proxy statement
relating to the proposed merger when it becomes available.
Additional information regarding Rock of Ages’ directors and
executive officers is also included in Rock of Ages’ proxy
statement for its 2010 Annual Meeting of Stockholders, which was
filed with the SEC on July 19, 2010. This document is available
free of charge from the SEC’s Web site at www.sec.gov, from Rock of
Ages’ website at http://www.rockofages.com or by directing such
request to Rock of Ages Corporation, Chief Financial Officer, 560
Graniteville Road, Graniteville, Vermont 05654, telephone: (802)
476-3115.
(tables attached) #4737
ROCK OF AGES CORPORATION
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
Nine Months Ended
Oct. 2,
Oct. 3,
Oct. 2,
Oct. 3,
2010
2009
2010
2009
Net revenue:
Quarry
$
8,037
$
5,914
$
18,297
$
15,949
Manufacturing
7,719
6,967
19,633
17,293
Total net revenue
15,756
12,881
37,930
33,242
Gross profit:
Quarry
2,923
1,911
4,707
3,433
Manufacturing
2,397
2,022
5,510
4,556
Total gross profit
5,320
3,933
10,217
7,989
Selling, general and administrative
expenses:
Quarry
604
503
1,694
1,633
Manufacturing
1,133
938
3,168
2,964
Total SG&A expenses
1,737
1,441
4,862
4,597
Divisional operating income:
Quarry
2,319
1,408
3,013
1,800
Manufacturing
1,264
1,084
2,342
1,592
Total divisional operating income
3,583
2,492
5,355
3,392
Unallocated corporate overhead
622
660
1,977
2,393
Strategic options and lawsuit expenses
358
--
852
--
Foreign exchange gain
--
--
(83
)
--
Effect of pension curtailment
--
--
--
95
Other income, net
(45
)
(76
)
(191
)
(219
)
Income before interest and income
taxes
2,648
1,908
2,800
1,123
Interest expense, net
253
334
827
871
Income before income taxes
2,395
1,574
1,973
252
Income tax expense
195
40
305
59
Net income
$
2,200
$
1,534
$
1,668
$
193
Net income per share - basic
$
0.30
$
0.21
$
0.22
$
0.03
Net income per share - diluted
$
0.30
$
0.21
$
0.22
$
0.03
Weighted average common shares outstanding
- basic
7,416
7,416
7,416
7,416
Weighted average common shares outstanding
-diluted
7,451
7,416
7,435
7,416
ROCK OF AGES CORPORATION
Consolidated Balance Sheets
(in thousands, except per share amounts)
(Unaudited)
Oct. 2,
Dec. 31,
Assets
2010
2009
Current assets:
Cash and cash equivalents
$ 1,163
$ 1,713
Trade receivables, net
10,954
7,241
Inventories
14,845
15,077
Other current assets
1,349
1,620
Assets held for sale
621
758
Total current assets
28,932
26,409
Property, plant and equipment, net
30,551
30,559
Identified intangible assets, net
458
582
Goodwill
387
387
Other long-term assets
235
515
Total assets
$ 60,563
$ 58,452
Liabilities and Stockholders'
Equity
Current liabilities:
Borrowings under line of credit
--
$ 214
Current installments of long-term debt
1,314
801
Current installments of retirement
benefits
702
691
Trade payables
1,851
1,285
Accrued expenses
2,613
1,264
Customer deposits
1,233
774
Deferred tax liabilities
53
236
Total current liabilities
7,766
5,265
Long-term debt, excluding current
installments
11,660
13,361
Salary continuation
5,218
5,386
Accrued pension cost
4,322
4,810
Deferred salary
1,504
1,504
Accrued post retirement benefits
1,603
1,622
Total liabilities
32,073
31,948
Stockholders' equity:
Preferred stock $0.01 par value.
Authorized 2,500,000 shares; none issued
--
--
Common stock Class A, $0.01 par value,
Authorized 30,000,000 shares;
4,812,342 issued and outstanding at July
3, 2010 and December 31, 2009
48
48
Common stock Class B, $0.01 par value.
Authorized 15,000,000 shares;
2,603,721 issued and outstanding at July
3, 2010 and December 31, 2009
26
26
Additional paid-in capital
65,791
65,751
Accumulated deficit
(33,078)
(34,746)
Accumulated other comprehensive loss
(4,297)
(4,575)
Total stockholders' equity
28,490
26,504
Total liabilities and stockholders'
equity
$ 60,563
$ 58,452
Rock OF Ages (NASDAQ:ROAC)
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