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 read more

Bolt eager to show speed at Racers Grand Prix

first_imgSpeaking at the launch of the inaugural Racers Grand Prix yesterday, club patriarch Glen Mills is promising a meet with a difference, while his top draw, Usain Bolt, says he will be using the June 11 event to show his readiness ahead of the Olympic Games in Rio de Janeiro, Brazil.”I’m looking forward to it, I am excited. I don’t get to compete here that often, so the fact that I will be competing this year is a motivation to work even harder to make sure that I will be in top form and run fast times to show the country that I am ready to go to Rio and do big things,” Bolt told The Gleaner after yesterday’s launch at The Jamaica Pegasus hotel.”This helps a lot of athletes; a lot of athletes really want to compete here. I think it’s a well-positioned meet because it’s just before the trials, so they can go out and compete and know where they are just before the trials, so it will be the right time for me,” he added.A long-time ambition of Mills, the IAAF Area Permit-certified Racers Grand Prix – which gets under way at 6:30 p.m. inside the National Stadium just a few weeks before the National Senior Championships, the Olympic trials – will boast some of the biggest names in local and international track and field, including Bolt.Mills, the driving force behind Racers Track Club, promised that the meet will bring together the largest collection of Olympic and World Championships medallists ever to compete on our shores, and believes it will serve as a catalyst for the formation of a regional circuit of international athletics meetings.EXPECTED PARTICIPATIONOrganisers are expecting the participation of 112 athletes in 15 events – the 100m, 200m, 300m, 400m, 110m hurdles, 400m hurdles, javelin, and discus for male athletes, and the 100m, 200m, 400m, 800m, 100m hurdles, high jump, and triple jump for females.In addition to local stars Bolt, Yohan Blake, Asafa Powell, Danielle Williams, Warren Weir, Hansle Parchment and Rasheed Dwyer, several international standouts such as 400m World Champion Wayde van Niekerk (South Africa); American stars LaShawn Merritt, Jason Richardson, Queen Harrison, Lolo Jones, Tori Bowie and Isaiah Young; Caribbean standouts Shaunae Miller, Michelle-Lee Ahye, and Kelly-Ann Baptiste; plus Great Britain’s Zharnel Hughes, are among the confirmed athletes.”We are currently having negotiations with several other big names in the sport and are awaiting confirmation from others who have expressed strong interest in competing at Racers Grand Prix,” Mills shared.”I am excited, I’m very excited about it,” Mills added. “This region is the most powerful in the athletics world and boasts a number of world stars and emerging future champions in the sport. The potential of success is great and will bring meaningful benefits to the region.”BROADCASTING MEETMills mentioned plans to broadcast the meet in the European, North American and regional markets, and hopes that its growth will help the club to secure much-needed technical equipment and facilities such as electronic starting systems, high-speed cameras for biomechanics analysis, and a treatment centre to aid in its continued success.Newly returned sports minister, Olivia ‘Babsy’ Grange, welcomed the meet and believes it presents several benefits to the country’s sporting brand.”We are delighted and extremely proud that our country is staging another major track and field event of international repute,” Grange said.”The inaugural Racers Grand Prix is testimony as well as further proof that we are a major force in global athletics. It provides yet another opportunity for brand Jamaica as the world will be watching some of the best athletes on show,” Grange added.Organisers have promised to confirm ticket and entertainment package information at a later date.last_img read more

JOHN DOWNEY: JUDGE SAID HE HAD GUARANTEE

first_imgFOLLOWING his clearance in London today, the judge in the John Downey case ruled that so-called ‘On The Runs’ had been given a guarantee by the British government that they would not face prosecution.It was part of a deal between the British and Sinn Fein during the peace process.Mr Justice Sweeney said: “When the defendant received his [2007 assurance] letter he was entitled to and did believe that it was the product of careful and competent further work, and that there had been a genuine and correct change of mind about him – particularly given that he was a supporter of the peace process. “However, that assurance was wholly wrong… thus, as the prosecution conceded, the defendant was wholly misled.“Clearly, and notwithstanding [the Good Friday Agreement], the public interest in ensuring that those who are accused of serious crime should be tried is a very strong one with the plight of the victims and their families firmly in mind.“However, in the very particular circumstances of this case it seems to me that it is very significantly outweighed in the balancing exercise by the overlapping public interests in ensuring that executive misconduct does not undermine public confidence in the criminal justice system and bring it into disrepute, and the public interest in holding officials of the state to promises they have made in full understanding of what is involved in the bargain.“Hence I have concluded that this is one of those rare cases in which, in the particular circumstances, it offends the court’s sense of justice and propriety to be asked to try the defendant.”The Hyde Park attack is one of the most significant unsolved IRA bombings of The Troubles. One other person was convicted in relation to the deaths before being later cleared on appeal.The bomb that Mr Downey was accused of planting was the first of two that day in London and he was allegedly linked to the attack by fingerprints found on a parking ticket bought for the car used to transport the bomb.In the second explosion, less than two hours later, seven Royal Green Jackets bandsmen in a Regent’s Park bandstand were killed.JOHN DOWNEY: JUDGE SAID HE HAD GUARANTEE was last modified: February 25th, 2014 by John2Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:John Downeyjudgementlast_img read more

Barnesmore Gap closed after serious collision

first_imgThere has been a serious collision at Clar, outside Donegal Town this evening (Sun).The N15 road has been closed as a result of the accident and will remain closed until at least tomorrow morning.The emergency services attended the scene of the crash which happened before 9pm. There are no details yet if anybody has been seriously injured in the crash.A Garda spokesman said “As a result of a serious road traffic accident at Clar, Donegal Town, the road is shut and will remain shut overnight into tomorrow.  Diversions are in place. We would ask that all large vehicles/heavy goods vehicles travel via Glenties.”Diversions are in place.Gardai are also asking people to drive with care due to heavy rain which has led to flooding and surface water in many areas. We will bring you more on this accident as we get it. Barnesmore Gap closed after serious collision was last modified: September 24th, 2019 by Staff WriterShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:BarnesmorecoliisoncrashDonegal Townlast_img read more

Sterling named player of the month

first_imgRaheem Sterling has been named the Premier League’s Player of the Month for August.Chelsea’s Eden Hazard was on the shortlist after a superb start to the season, but the award went to the Harlesden-raised Manchester City player.Antonio Valencia of Manchester United and Hull City defender Curtis Davies were also in the running.“To receive personal awards is great, but it really is all about the team,” said Sterling.“We’re only just at the beginning of the campaign and there is a long way to go, but I only hope that this is a sign of things to come and by the end of the season the team will be getting our hands on some silverware.”The stats suggested Hazard would be the winnerSee also:Praise for Sterling after Man City winThe stats show Hazard must be player of the monthFans on Twitter react to Sterling beating Hazard to awardInjured Sterling out of England squadFollow West London Sport on TwitterFind us on Facebooklast_img read more

Prosecutor: Tiger Woods to plead guilty to reckless driving

first_imgFILE – In this Feb. 2, 2017, file photo, Tiger Woods reacts on the 10th hole during the first round of the Dubai Desert Classic golf tournament in Dubai, United Arab Emirates. The attorney for Woods says the golfer will not attend his arraignment on a driving under the influence charge. Under court rules, Woods’ attorney can enter a not guilty plea on his behalf Wednesday, Aug. 9, 2017. Any other plea would require Woods’ attendance.(AP Photo/Kamran Jebreili, File)PALM BEACH GARDENS, Fla. — Tiger Woods has agreed to plead guilty to reckless driving and will enter a diversion program that will allow him to have his record wiped clean if he completes the program, a prosecutor said Wednesday.Woods, 41, was charged with driving under the influence in May when he was found asleep in his Mercedes-Benz, apparently under the influence of a prescription painkiller and sleeping medication. No alcohol was found in his system.ADVERTISEMENT Woods did not appear at the Palm Beach County courthouse for his arraignment. Prosecutor Adrienne Ellis said the golf superstar agreed to plead guilty at an Oct. 25 hearing and enter the county’s program for first-time DUI offenders.“He is not being treated any different than anyone else,” Ellis said.FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutoutWoods’ attorney, Douglas Duncan, entered a not guilty plea to the DUI charge on Woods’ behalf and declined comment as he left the courthouse.Under the plea deal, prosecutors would drop the DUI charge, which is a more severe charge than reckless driving. If he completes the program, he can ask a judge to expunge the reckless driving conviction. SEA Games in Calabarzon safe, secure – Solcom chief Don’t miss out on the latest news and information. Trending Articles PLAY LIST 00:50Trending Articles00:50Trending Articles00:50Trending Articles01:37Protesters burn down Iran consulate in Najaf01:47Panelo casts doubts on Robredo’s drug war ‘discoveries’01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games Woods announced last month he had completed treatment at an out-of-state clinic to deal with his use of prescription medications.His 79 PGA Tour victories and 14 major titles both rank No. 2 all-time. He has not competed since February because of his back injury and is not expected to return this year. His last win was in August 2013. Brace for potentially devastating typhoon approaching PH – NDRRMC LATEST STORIES UPLB exempted from SEA Games class suspension MOST READ View comments Mexico soccer star Marquez among 22 sanctioned for drug ties WATCH: Streetboys show off slick dance moves in Vhong Navarro’s wedding K-pop star Jung Joon-young convicted of gang rape, spycam crimes Read Next Typhoon Kammuri accelerates, gains strength en route to PH In the diversion program, Woods will spend a year on probation, pay a $250 fine and court costs, attend DUI school and perform 50 hours of community service. He would also have to attend a workshop where victims of impaired drivers detail how their lives were damaged and face other conditions. Since the program began four years ago, almost 2,400 defendants have enrolled, according to the Palm Beach County State Attorney’s Office.If convicted of DUI, Woods would have faced a fine of between $500 and $1,000, had his car impounded for 10 days and other conditions. He also could have been jailed for up to six months, although that was unlikely, received probation and lost his driver’s license for six months to a year.The DUI arrest was the first time Woods had been in trouble since Thanksgiving weekend 2009, when he plowed his SUV into a tree and a fire hydrant outside his then-Windermere, Florida, home. That led to revelations that he had multiple extramarital affairs and a divorce from his wife Elin Nordegren, the mother of his two children. He spent 45 days in a Mississippi clinic where he was treated for sex addiction.Woods was arrested at 2 a.m. May 29 about 15 miles from his home in Jupiter, Florida, when officers found him unconscious in his Mercedes-Benz, which was parked awkwardly on the side of the road and had damage to the driver’s side. It’s not clear how he damaged the car. Officers checked the area but didn’t find that he had hit anything.Woods didn’t know where he was when asked by officers, and he stumbled and swayed through a field sobriety test, police dashboard camera video showed. Woods told officers he was taking the painkiller Vicodin and Xanax, which treats anxiety and insomnia, to cope with his fourth back surgery in April.ADVERTISEMENT LOOK: Venues for 2019 SEA Games Catriona Gray spends Thanksgiving by preparing meals for people with illnesseslast_img read more

Kick new posters: Salman Khan, Jacqueline Fernandes look stylish

first_imgBollywood superstar Salman Khan is all excited set for his upcoming release Kick. And as the release date comes near Sallu bhai has released four new posters.The first poster which was released a month back had only a mask, but the latest ones have our dashing hero Salman posing all the way with poise. Slated to release this Eid, Kick also features Jacqueline Fernandes, Randeep Hooda and Nawazuddin Siddiqui.Producer-director Sajid Nadiadwala had told a tabloid, “He (Salman) is the devil incarnate. His character is grey and edgy, even the goatee he sports is a salt and pepper mix. You’ve never seen him play a character like this before.”Well, we are looking forward to Salman’s ‘grey and edgy’ avatar.last_img read more

YES but How…

first_img ShareEmailPrint To learn more, read: Posted on January 1, 2011June 20, 2017By: Zubaida Bai, Young Champion of Maternal HealthClick to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to email this to a friend (Opens in new window)Click to print (Opens in new window)This blog post was contributed by Zubaida Bai, one of the fifteen Young Champions of Maternal Health chosen by Ashoka and the Maternal Health Task Force at EngenderHealth. She will be blogging about her experience every month, and you can learn more about her, the other Young Champions, and the program here.The day I returned from India, I was greeted by emails from a few of my contacts requesting JANMA – Birth Kit samples for Haiti, Tanzania and Ghana. Since I was too tired, I decided I would pack and send them the next evening. In the morning, in one of the meetings at Health Leads (the new name for Project HEALTH), we were talking about how many patients with critical needs were not being identified either by the provider or by Health Leads, resulting in them reaching a crisis situation. The question arose: how can patients and needs be identified in the first few visits so an expecting mother and family can have an easier time, and the silent, manageable issues don’t affect her health during pregnancy?It was decided that a volunteer and I will study all of the cases for the last three years and identify where the gap was and what Health Leads can do to with its partners to decrease this incidence. On my way back home, as I was going through the events of the day, I felt overwhelmed as I thought of the impact of the work being done by the Health Leads regional and national offices. It made me realize how crucial my work was going to be as it would help them measure and see the outcome of their impact. Later that evening at home as I unpacked feeling overjoyed that the AYZH birth kits were going to so many countries as samples, it suddenly struck me how was AYZH going to measure impact of its own offerings.In the bed at night, I thought of the impact I was going to make in the field of maternal health, what impact the other 15 Ashoka Young Champions were going to make, and what the impact of Ashoka as an organization was making by supporting us and our passions. Is there a way we could measure this impact? Wouldn’t it be SUPERCOOL to be able to put some numbers around this?As we approach the end of fourth month of the fellowship, I thought I should write a blog for the Young Champions to start thinking of the IMPACT: what, when and how should we as YCs be measuring to help Ashoka feel proud for having given us this opportunity? It is my firm belief that if you cannot measure your work, you cannot add value to what you do.Given the fact that the maternal health is a subject very difficult to measure, I started looking for the simplest definition in the field around what I found was a definition of maternal mortality by WHO in 1992 where it says “maternal mortality has typically been defined as including direct obstetric and indirect obstetric causes but not incidental deaths.” This definition by default negates all the silent factors around maternal mortality and health. As rightly pointed about Hellen Kotolo in her blog this month, it is difficult to see that HIV is not even considered an important issue in maternal health in developing countries. Given the fact that in this modern world where women’s rights are given high importance it’s a sad fact that safe motherhood remains the least prioritized topic in many developing countries.From my field work of over 5 years in the social sector, I have time and again observed that many silent issues go unaccounted for due to the lack of the ability to express them or, in terms of the topic of this blog, to measure them. Even though good intentions can go a long way, it is very important for professionals in the field of social good to make themselves, heard, seen and believed.So let’s do it… Measure our impact and bring to life the silent issues of maternal health.Share this:last_img read more

Man caught on video allegedly threatening family Toronto police investigating

first_imgTORONTO – Police are investigating after a man allegedly threatened a family in an incident caught on video at a Toronto ferry terminal.A video posted to Facebook shows a heated argument between a blond man and a family that includes women wearing head scarves.The blond man can be heard on several occasions demanding to know where the family is from, and telling them they can’t “ask me a question in my (expletive) province.”He is heard threatening to kill one of the men, and to “smash his head in.”The blond man exchanges shoves with at least two men in the family, and at one point tries to slap one man’s hand.Police say they were called to the scene on Monday evening, but are still gathering information and cannot confirm the religion of the family, or whether officers are investigating the incident as a hate crime.last_img read more