Rock of Ages Reports Third Quarter Results

Rock of Ages Corporation (NASDAQ:ROAC) today announced net income for the third quarter of 2009 of $1.5 million, or $0.21 per diluted share, on revenue of $12.9 million. This compares to net income for the third quarter of 2008 of $3.1 million, or $0.41 per diluted share, on revenue of $16.6 million.

"The decrease in revenue and net income for the third quarter primarily reflected lower recovery rates in both our Bethel quarry, our most important export quarry, and our Barre quarry, our most important quarry for U.S. sales. As a result, the cost of saleable granite increased and we had less granite to sell. The good news is that recovery rates have improved in these quarries, and demand for our granites remains strong both domestically and internationally. Assuming no unusual weather-related disruptions between now and Thanksgiving, we expect quarry revenue and operating income to improve in the fourth quarter relative to the third quarter, which should also drive an increase in net income for the fourth quarter relative to the third," said Chief Executive Officer Donald Labonte.

Manufacturing revenue and operating income for the third quarter of 2009 compared to the third quarter of 2008 were affected by lower mausoleum sales and continued weakness in precision products sales.

Unallocated corporate overhead decreased 20% to $660,000 for the third quarter of 2009 versus $822,000 for the third quarter of 2008. "We remain confident that unallocated corporate overhead for 2009 will be about 15% below last year," Labonte said.

Nine Month Results

For the nine months ended September 30, 2009, net income was $193,000, or $0.03 per diluted share, on revenue of $33.2 million. This compares to income from continuing operations for the first nine months of 2008 of $623,000, or $0.08 per diluted share, on revenue of $39.3 million. Net income for the first nine months of 2008 was $481,000, or $0.06 per share, which included a loss from discontinued operations of $142,000, or $0.02 per share. There were no discontinued operations in 2009.

Balance Sheet Highlights

Total debt at October 3, 2009 was $16.7 million, 31% below total debt of $24.2 million at September 27, 2008, and 23% below the $21.8 million reported at December 31, 2008. "Based on forecasted cash flow, we plan to reduce debt to approximately $14 million by the end of 2009," Labonte said.

Stockholders' equity at October 3, 2009 was $25,986,000, or $3.50 per share. This compares to stockholders' equity at December 31, 2008 of $20,431,000, or $2.75 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 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; 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, 2008.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 CORPORATION

Consolidated Statements of Operations

(In thousands, except per share amounts) (Unaudited)

�

Three Months Ended

�

Nine Months Ended

�

Oct. 3,

�

Sep. 27,

�

Oct. 3,

�

Sep. 27,

�

2009

�

2008

�

2009

�

2008

�

Net revenue

�

Quarry

5,914

�

8,537

�

15,949

�

18,766

Manufacturing

�

6,967

�

8,056

�

17,293

�

20,543

�

Total net revenue

�

12,881

�

16,593

�

33,242

�

39,309

�

Gross profit

�

Quarry

1,911

�

3,411

�

3,433

�

4,076

Manufacturing

�

2,022

�

2,523

�

4,556

�

5,498

�

Total gross profit

�

3,933

�

5,934

�

7,989

�

9,574

�

Selling, general and administrative expenses

�

Quarry

503

�

523

�

1,633

�

1,747

Manufacturing

�

938

�

1,026

�

2,964

�

3,059

�

Total SG&A expenses

�

1,441

�

1,549

�

4,597

�

4,806

�

Divisional operating income

�

Quarry

1,408

�

2,888

�

1,800

�

2,329

Manufacturing

�

1,084

�

1,497

�

1,592

�

2,439

�

Total divisional operating income

2,492

�

4,385

�

3,392

�

4,768

�

Unallocated corporate overhead

660

�

822

�

2,393

�

2,998

Effect of pension curtailment

�

Other income, net

�

(76

)

�

(56

)

�

(219

)

�

(179

)

Income from continuing
operations before interest and income taxes

�

1,908

�

3,619

�

1,123

�

1,949

�

Interest expense, net

�

334

�

337

�

871

�

1,046

�

Income from continuing operations before income taxes

1,574

�

3,282

�

252

�

903

�

Income tax expense

�

223

�

280

�

Income from continuing operations

1,534

�

3,059

�

193

�

623

�

Loss from discontinued operations

�

(142

)

�

Net income

1,534

�

3,059

�

193

�

481

�

Net income (loss) per share - basic and diluted:

�

Income from continuing operations

0.21

�

0.41

�

0.03

�

0.08

Loss from discontinued operations

�

(0.02

)

Net income (loss) per share - basic and diluted

0.21

�

0.41

�

0.03

�

0.06

�

Weighted average common shares
outstanding - basic and diluted

�

7,416

�

7,416

�

7,416

�

7,416

�

�
ROCK OF AGES CORPORATION
Consolidated Balance Sheets
( in thousands, except per share amounts) (Unaudited)
�
�
	�	�	�	�	�	Oct. 3,			�	�	�	�	�	�	Dec. 31,
Assets						�	2009	�							�	2008	�
															�
Current assets:
Cash and cash equivalents						$	842								$	888
Trade receivables, net							9,215									13,314
Inventories							15,597									16,840
Other current assets							1,417									1,561
Assets held for sale						�	759	�							�	477	�
															�
Total current assets						�	27,830	�							�	33,080	�
															�
Property, plant and equipment, net							30,701									29,998
Cash surrender value of life insurance							132									132
Intangibles, net							503									571
Goodwill							387									387
Long term investments							129									25
Other						�	481	�							�	249	�
															�
Total assets						$	60,163	�							$	64,442	�
															�
															�
Liabilities and Stockholders' Equity
															�
Current liabilities:
Borrowings under line of credit						$	2,565								$	7,428
Current maturities of long-term debt							800									517
Salary continuation and other post-employment benefits							690									567
Trade payables							1,214									1,334
Accrued expenses							1,721									2,226
Customer deposits						�	801	�							�	454	�
															�
Total current liabilities							7,791									12,526
															�
Long-term debt, excluding current installments							13,372									13,904
Salary continuation liability, net of current portion							5,151									5,382
Accrued pension cost							4,705									9,026
Deferred salary liability							1,504									1,523
Other post-employment benefits, net of current portion							1,623									1,623
Deferred tax liability						�	31	�							�	27	�
															�
Total liabilities						�	34,177	�							�	44,011	�
															�
Stockholders' equity:
Preferred stock 0.01 par value. Authorized 2,500,000 shares; issued and outstanding no shares
							--									--
Common stock Class A, $0.01 par value. Authorized 30,000,000 shares; 4,812,342 issued and outstanding at October 3, 2009 and December 31, 2008
							48									48
Common stock Class B, $0.01 par value. Authorized 15,000,000 shares; 2,603,721 issued and outstanding at October 3, 2009 and December 31, 2008
							26									26
Additional paid-in capital							65,735									65,688
Accumulated deficit							(35,355	)								(35,548	)
Accumulated other comprehensive loss						�	(4,468	)							�	(9,783	)
															�
Total stockholders' equity						�	25,986	�							�	20,431	�
															�
Total liabilities and stockholders' equity						$	60,163	�							$	64,442	�

Contacts:

Company Contacts:
Rock of Ages Corporation
Laura Plude, CFO
802-476-2208
www.RockofAges.com
or
Kurt Swenson, Chairman
603-225-8397
or
Berkman Associates
310-826-5051

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