Rock of Ages Announces Granite Quarry Acquisitions
CONCORD, N.H.--(BUSINESS WIRE)--Nov. 5, 1998--Rock of Ages Corp. (Nasdaq/NMS:ROAC - news) Thursday announced that it has acquired the 50-acre Gardenia White Granite Quarry and all related machinery and equipment, as well as a 23-acre granite quarry prospect abutting the company's Salisbury Pink quarry, in an all-cash purchase of assets.
Both properties are located in Rowan County, N.C. The purchase price was not disclosed.
According to Jon Gregory, president of the Quarry and Manufacturing Division of Rock of Ages, the White Gardenia quarry brings a second line of white granite to Rock of Ages as a lower priced and lower quality alternative to the company's Bethel White granite, the best known white granite in the world.
''Because we can manage this new quarry with our nearby Salisbury Pink management team, sell the granite blocks through our existing sales force, and manufacture the granite for certain memorial uses in our existing plants, we expect the acquisition to be accretive to earnings in 1999 and beyond,'' Gregory said.
Gregory added that sales from the Gardenia White quarry for the 12 months ended Sept. 30, 1998, were approximately $1.5 million.
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.
The statements contained in this release that are not historical facts may be deemed to contain forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties including, without limitation, demand and competition for the company's products, and other risks or uncertainties detailed in the company's filings with the Securities and Exchange Commission.
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Contact:
Rock of Ages Corp., Concord
Kurt M. Swenson, 603/225-8397
or
Neil G. Berkman Associates, Los Angeles
Neil G. Berkman, 310/277-5162 |
