Overview Financials News + Filings Key Docs Charts Ownership Insiders
All
All (ex-4s)
10-K
10-Q
8-K
3,4,5
Proxy
Prospectus
Other
Tags
Asset disposition
Inv. presentation
Quarterly results
Consulting agrmnt
|
|
ROCK OF AGES CORP (ROAC)
|
Create: Alert |
All | News | Filings
| Date Filed | Type | Description |
| 01/03/2006 |
8-K
| Asset disposition|
Docs:
|
"Asset Purchase Agreement (Joseph Uras Monument)",
"Rock of Ages Sells Its Four Retail Locations In New Jersey CONCORD, NEW HAMPSHIRE, January 3, 2006 . . . Rock of Ages Corporation announced today that it has sold its four retail stores in New Jersey to the owner from whom three of the stores were originally acquired in 1999. The purchase price was approximately $850,000 in cash. Rock of Ages said that it expects to report a gain on the sale in the current quarter of approximately $100,000. "While the sale of these four locations will reduce revenue in our retail group by approximately $2.5 to $3 million annually, the locations lost money in 2003 and 2005, and the profit in 2004 represented less than a 3% EBIT margin. We determined that these stores will not deliver the minimum 15% EBIT margin we require going forward. We expect that profitability in our retail group will improve in 2006 and beyond as a result of this sale and the many operating enhancements we announced in November," said Chairman and CEO Kurt Swenson. He added that the four New Jersey locations have been appointed Rock of Ages authorized retailers in connection with the sale, and that the owner has agreed to purchase a minimum of $200,000 of memorials annually from the Company's manufacturing division for five years. Swenson also reported that sales of granite blocks to China in the fourth quarter are expected to be approximately $3,400,000. "This is about 15% below sales to China in the fourth quarter of last year, but it represents a dramatic improvement from the first three quarters of 2005 when granite block sales to China were down by 50% or more each quarter. This improvement in the fourth quarter is an encouraging development that is consistent with our belief that sales to China may be recovering from the cyclically depressed level we experienced there this year, a downturn which accounts for nearly the entire decline in revenue and the preponderance of the decline in earnings in our quarry segment for 2005," he said. About Rock of Ages Rock of Ages is the largest integrated granite quarrier, manufacturer and retailer of finished granite memorials and granite blocks for memorial use in North America. Forward-Looking Statements" |
|
|
|