Rock of Ages Pays Out

CONCORD, N.H. – Things are looking good enough at Rock of Ages Corp. that company officials decided it’s time to share the wealth with stockholders.
The company’s board of directors voted in February to initiate a quarterly cash dividend to owners of record as of Feb. 28. The payment is as low as it gets – one cent per share – but it represents an optimistic spirit from the Concord-based quarrier and monument retailer.
The company took several steps last year to shore up finances, including the closing of unprofitable stores and readjusting accounting methods. The actions made the bottom line red for 2002, with a $24.9 million loss for the year; however, Rock of Ages also reduced its debt by $1.5 million and showed $6.1 million – an increase of $2.7 million from 2001 — in cash on hand at year’s end.
Retail order backlog for Rock of Ages stood at $11 million, up $500,000 from the previous year. Company officials credited Terry Shipp, retail division president, and his retail management team for the upswing.
Based on current expectation, Rock of Ages expects 2003 revenues to total between $94 million to $96 million. Last year, revenues came in at $92.5 million.