Rock of Ages posts stronger 4Q
Concord-based quarrier Rock of Ages made dramatic improvements in its fourth-quarter 2006 operating income, although revenues and profits were still down from 2005 numbers.
Operating income for the quarter ended Dec. 31, 2006, was $3.5 million versus $1.8 million in the same quarter of 2005. The results were led largely by gains in the company’s retail sector, which posted a profit of $890,000 in the fourth quarter of 2006 versus a loss of $555,000 in the same quarter for 2005.
Rock of Ages’ manufacturing division also made strides in operating income the fourth quarter with a profit of $892,000 compared to $230,000 in the fourth quarter of 2005.
Net revenues for the quarter were down about 8.5 percent, to $23.4 million from $25.5 million in the fourth quarter of 2005. Quarrying, manufacturing and retail net revenues closed the quarter down across the board compared to results for the fourth quarter of 2005.
Gross profit for the fourth quarter of 2006 was also down about 4 percent, to $9 million from $9.5 million in the same quarter a year ago.
Net income for the fourth quarter of 2006 was stronger than a year earlier with a profit of $2.1 million, or 28 cents per share, compared to $674,000, or 9 cents per share, in the same quarter of 2005.
Total revenues for 2006 were down about 9 percent in 2006 to about $81 million from $89 million in 2005.
Gross profits slipped about 12 percent to $28 million in 2006 from $31.9 million in 2005.
Net income in 2006 cut losses dramatically, though still not in the black with a loss of $5.4 million versus a loss of $16 million in 2005. This resulted in a loss per share of 73 cents in 2006 compared to a loss per share of $2.18 in 2005.
As in the quarterly results, yearly operating income performance was also very positive at total of $2.2 million compared to a yearly loss of nearly $1.8 million for 2005.
Kurt Swenson, Rock of Ages chairman and CEO, attributed the positive operating results to the restructuring of retail operations during the year and closure or sale of 12 unprofitable stores in late 2005 and early 2006. — CINDY KIBBE