Rock of Ages posts solid 2nd quarter
Concord-based quarrier Rock of Ages recorded financial gains for the second quarter ended June 30.
Net revenues were up 8.6 percent, to $27.326 million, from $25.142 million in the second quarter of 2006.
Net income for the second quarter was $3.942 million, up from a net loss of $307,000 in the same quarter a year ago.
Share values made dramatic improvements as well, rebounding to 53 cents per share from a loss of 4 cents per share in the second quarter of 2006.
In a segment analysis, revenues from Rock of Ages’ quarry division rose 9.1 percent, to $7.683 million, from $7.041 million in the same quarter of 2006.
Manufacturing revenues in the second quarter also rose over 9 percent to $8.767 million, up from $8.033 million in the second quarter of 2006.
Retail unit revenues rose to $10.876 million, up about 8 percent from $10.068 million in the second quarter of 2006.
For the first six months of 2007 the firm reported a decreased net loss of $2.610 million on revenues of $37.705 million, up from a net loss of $7.355 million on revenues of $36.754 million in the first half of 2006.
Despite the gains, Rock of Ages officials said in filings with the Securities and Exchange Commission that gross profit dollars from quarry operations for the six-month period ended June 30 were 23.9 percent below the level for first half of 2006, with typical seasonal losses at quarries in the first quarter of the year due to weather conditions and seasonal shut downs.
Manufacturing and retail gross profits increased 35.9 percent and 0.9 percent respectively for the first six months of 2007.
In July, the company announced that Nancy Rowden Brock would be stepping down from her post as chief financial officer after the filing of the second-quarter results, to be replaced by Laura Plude, vice president of finance. — CINDY KIBBE