Rock of Ages reports 26 percent revenue increase, smaller net loss Q1

first_img13,361 ROCK OF AGES CORPORATIONConsolidated Statements of Operations(In thousands except per share amounts) (Unaudited) 7,241 1,244 5,277 Property, plant and equipment, net 2009 Quarry 25,678 65,751 (88)Loss before interest and taxes 548 Total gross profit (loss): Deferred salary (2,231) 968 $58,452 94 5,386 3,973 1,041 Preferred stock $0.01 par value. Authorized 3,444 Borrowings under line of credit Total cost of goods sold 1,522 Loss before taxes Common stock Class A, $0.01 par value. outstanding at April 3, 2010 and December 31, 2009 7,416 5,938 445 14,827 Salary continuation 5,784 (121) Identified intangible assets, net 2,814 593 547 $58,452 1,264 774 1,620 1,504 33,457 Accumulated other comprehensive loss Total net revenues (944) Divisional operating loss: (484) Cost of goods sold: 14,546 Manufacturing (225)Manufacturing 687 Net loss per share – basic and diluted (4,224) 104 Current assets: Other long-term assets $(0.37) $3,124 Weighted average number of common shares outstanding – basic and diluted $58,233 (351) 294 1,419 Source: BARRE, Vt.–(BUSINESS WIRE)–Rock of Ages Corporation. 5.12.2010 7,417 515 $214 2,710 31,948 Liabilities and Stockholders’ Equity $(2,092) ROCK OF AGES CORPORATIONConsolidated Balance Sheets( in thousands, except per share amounts) (Unaudited) — 5,265 702 Three Months Ended 3,349 — 26 Total current liabilities 26 Dec. 31,Assets outstanding at April 3, 2010 and December 31, 2009 — Total assets 15,077 (139) Interest expense (1,428) Cash and cash equivalents Total SG&A expenses Authorized 15,000,000 shares; 2,603,721 issued and $(0.28) Accrued pension cost 6,059center_img Other current assets Accrued post retirement benefits 691 758 Total current assets 582 April 3, 26,409 Current liabilities: 31,067 Manufacturing Income tax benefit Quarry (178) Inventories 553 $(2,774) (864)Divisional operating loss Net revenues: (2,684) 758 $58,233 Apr. 3, 929 Customer deposits Long-term debt, excluding current installments $1,124 1,515 7,062 1,622 801 95 1,623 897 Trade payables 2010 Goodwill 30,559 Quarry Stockholders’ equity: $– April 4, 1,463 $3,622 (772)Manufacturing 236 Unallocated corporate overhead Selling, general and administrative expenses: Total liabilities and stockholders’ equity 7,416 387 Rock of Ages Corporation,Rock of Ages Corporation (NASDAQ:ROAC) announced today that the net loss for the first quarter of 2010 narrowed to $2,092,000, or $.28 per share, compared to a net loss of $2,774,000, or $.37 per share, for the first quarter of 2009. Revenue increased 26% to $7,511,000 from $5,938,000 for the first quarter of last year. “We have always reported a loss in the first quarter due to the seasonal nature of our business. This year’s sharply reduced first quarter loss was primarily the result of the substantially improved performance of our manufacturing operations, as well as continued reductions in overhead costs,” said Chief Executive Officer Donald Labonte.Rock of Ages announced earlier this week that it had received an unsolicited offer from Swenson Granite of New Hampshire to purchase the company and take it private. Kurt Swenson is chairman of both companies.Manufacturing revenue for the first quarter of 2010 was up 38% to $3,889,000 compared to $2,814,000 for the first quarter of 2009, as sales of monuments and industrial products both increased. The operating loss in the manufacturing segment decreased to $484,000 from $864,000 a year ago, reflecting the higher revenue and cost saving steps initiated last year. “Based on current trends, we are optimistic regarding the performance of our manufacturing operations for 2010 as a whole,” Labonte said.Quarry revenue for the three months ended April 3, 2010 increased 16% to $3,622,000 compared to $3,124,000 for the first quarter of 2009, primarily the result of higher shipments from the Company’s export quarries. The operating loss in the quarry segment increased to $944,000 compared to an operating loss of $772,000 last year as the Company employed significantly more manpower in its Barre, Bethel, Gardenia White and Salisbury quarries during the quarter compared to the prior year to prepare more areas for quarrying and build inventory levels. “Demand for our export granite in particular remains strong, and we expect it to remain strong throughout the year,” Labonte said. “The development program in our quarries we launched last year is on schedule, and we expect to produce and deliver increased quantities of saleable granite throughout the rest of the year.”Unallocated corporate overhead decreased 34% to $687,000 for the first quarter of 2010 versus $1,041,000 for the first quarter of 2009. This decrease is a result of lower salary, pension, audit and franchise tax expenses. “We are confident that our unallocated corporate overhead for 2010 will be approximately 10% below 2009,” said Labonte.Total debt at April 3, 2010 was $16 million. This compares to total debt at April 4, 2009 of $19.3 million and $14.4 million at December 31, 2009. “We continue to focus on reducing our debt and are in discussions with various lenders regarding options that may be available to us to reduce our interest costs,” Labonte said.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. Per share information: (34,746) 387 Accrued expenses $1,713 Current installments of long-term debt 59 4,810 Quarry Net loss Gross profit (loss): Assets held for sale 3,889 (1,937) Other income, net 26,504 Common stock Class B, $0.01 par value. 2,500,000 shares; none issued 48 Trade receivables, net Effect of pension curtailment Authorized 30,000,000 shares; 4,812,342 issued and 48 (36,838) 2009 Manufacturing 1,504 Current installments of retirement benefits (1,636) 2010 Additional paid-in capital 65,764 Deferred tax liabilities Accumulated deficit 1,285 Quarry Total liabilities (116) (4,575) Total stockholders’ equity 24,776 4,723 (2,890) 1,907 7,511 206last_img