Rock of Ages reports 9 percent increase in Q2 net income to $0.21 per share

first_imgCustomer deposits1,176 $0.21 Divisional operating income: Other income, net July 4, July 3, July 4, Manufacturing 30,559 $6,638 2009 515 $ 1,713 (55) $0.19 5,265 Selling, general and administrative expenses: 1,521 Accumulated other comprehensive loss(4,633) — Stockholders’ equity: Borrowings under line of credit– (1,322) 391 Income tax expense 1,078 $10,036 Strategic options and lawsuit expenses 2010 Net revenue: $ 58,452 695 8,025 1,602 Other long-term assets530 — 48 2,090 Salary continuation5,243 1,746 Total net revenue Accrued post retirement benefits1,637 4,055 $(0.07) Accrued expenses1,998 1,562 4,802 236 1,285 $1,561 7,416 135 1,106 (52) (144) 1,130 331 Quarry 3,156 4,810 1,264 Three Months Ended 1,163 Unallocated corporate overhead 1,773 (34,746) Manufacturing 1,641 537 508 1,784 Gross profit: 2,536 583 $(0.07) Accrued pension cost4,522 (84) 692 Quarry (421) Rock of Ages Corporation,Rock of Ages Corporation (NASDAQ:ROAC) announced today that net income for the second quarter of 2010 increased 9% to $1,561,000, or $.21 per share, which included costs associated with the exploration of strategic options and shareholder lawsuit expenses of $493,000, or $0.07 per share. For the second quarter of 2009, net income was $1,433,000, or $.19 per share. Revenue for this year’s second quarter increased 2% to $14,663,000 compared to $14,424,000 for the second quarter of 2009. Divisional operating income increased 26% to $3,200,000 compared to $2,536,000 last year, and unallocated corporate overhead decreased to $669,000 from $692,000.Manufacturing revenue for the second quarter of 2010 increased 7% to $8,025,000 compared to $7,512,000 for the second quarter of 2009, as sales of monuments and industrial products both increased. Operating income in the manufacturing segment increased to $1,562,000 from $1,373,000 a year ago, reflecting the higher revenue and cost reduction steps initiated last year. “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 second quarter of 2010 decreased 4% to $6,638,000 compared to $6,912,000 for the second quarter of 2009, but operating income increased 41% to $1,638,000 compared to $1,163,000 last year, reflecting lower operating expenses and higher productivity due to the development and production improvements undertaken in the past year. “Our quarry development programs have increased our ability to produce and deliver higher quantities of saleable granite. Demand for our granites remains strong, so we are optimistic about quarry performance going forward,” Labonte said.Six Months ResultsFor the six months ended July 3, 2010, revenue increased 9% to $22,174,000 from $20,362,000 for the first six months of 2009. Gross profit increased 21%, SG&A was down slightly, and divisional income increased 97% compared to the first half of 2009.The net loss for the first half of 2010 was $531,000, or $0.07 per share, which included costs associated with the exploration of strategic options and shareholder lawsuit expenses of $493,000, or $0.07 per share. For the first six months of 2009, the net loss was $1,341,000, or $0.18 per share.About Rock of AgesRock of Ages (www.RockofAges.com(link is external)) is the largest integrated granite quarrier and manufacturer of finished granite memorials and granite blocks for memorial use in North America.Forward-Looking StatementsThis 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 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 possible expenses we may incur in connection with responding to the recently disclosed acquisition proposal from 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.ROCK OF AGES CORPORATIONConsolidated Statements of Operations(In thousands, except per share amounts) (Unaudited) 582 Current assets: 3,124 $ 58,452 Source: rock of Ages. BARRE, Vt.–(BUSINESS WIRE)– Quarry Deferred salary1,504 — 110 — Common stock Class A, $0.01 par value, Authorized 30,000,000 shares; (4,575) 7,416 — 95 7,416 $10,260 — Current liabilities: 493 Income (loss) before interest and income taxes Quarry 1,899 Identified intangible assets, net407 496 4,177 ROCK OF AGES CORPORATIONConsolidated Balance Sheets(in thousands, except per share amounts) (Unaudited) Jul. 3, Other current assets1,880 22,174 Liabilities and Stockholders’ Equitycenter_img Foreign exchange gain Trade receivables, net8,539 250 1,620 (145) (785) 1,058 Additional paid-in capital65,777 19 1,373 4,812,342 issued and outstanding at July 3, 2010 and December 31, 200948 1,089 $(531) 7,416 Net income (loss) per share – basic Weighted average common shares outstanding -diluted $(0.18)Net income (loss) per share – diluted 1,622 7,512 Property, plant and equipment, net30,658 $0.19 15,077 Net income (loss) $6,912 $1,433 1,568 1,638 152 Deferred tax liabilities– 26 7,416 2,603,721 issued and outstanding at July 3, 2010 and December 31, 200926 11,914 1,357 774 Current installments of retirement benefits702 691 1,811 $(0.18) — Six Months Ended 2009 1,733 7,416 3,113 Interest expense, net 2,534 Total stockholders’ equity25,941 2010 26,409 Total gross profit Effect of pension curtailment 2,134 2,026 Goodwill387 387 13,361 Preferred stock $0.01 par value. Authorized 2,500,000 shares; none issued– — $0.21 Manufacturing Total current liabilities6,807 493 Total current assets28,007 Current installments of long-term debt1,289 801 Income (loss) before income taxes — Total assets$ 59,989 1,504 Total liabilities and stockholders’ equity$ 59,989 2,668 7,416 Trade payables1,642 5,386 Manufacturing Inventories14,767 10,326 Long-term debt, excluding current installments14,335 899 26,504 4,897 Common stock Class B, $0.01 par value. Authorized 15,000,000 shares; 2009 2,035 $ 214 Weighted average common shares outstanding – basic Total divisional operating income Total SG&A expenses 14,663 20,362 573 31,948 $(1,341) 669 Dec. 31,Assets2010 Total liabilities34,048 2,431 Cash and cash equivalents$ 2,200 7,439 65,751 Accumulated deficit(35,277) 279 7,241 3,200 758 Assets held for sale621 14,424 July 3,last_img

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