**UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549**

                                               

 

**FORM 10-K**

| **(Mark One)**                                                                                                                                                                                                                                                                          |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ******x**                                                                                                                                                                                                                                                                               | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE  ACT  OF 1934** |
| **For the fiscal year ended December 31, 2009**                                                                                                                                                                                                                                         |
| **OR**                                                                                                                                                                                                                                                                                  |
| ******o**                                                                                                                                                                                                                                                                               | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE  ACT OF 1934** |
| **For the transition period from                                           to** |
| **Commission file Number: 000-29464**                                                                                                                                                                                                                                                   |

                                            

 

**ROCK OF AGES CORPORATION**(Exact name of registrant as specified inits charter)

 

| **Vermont**(State or other jurisdiction of  incorporation or organization) |                 
**030153200**(I.R.S. Employer  Identification No.)

**560 Graniteville  Road, Graniteville, Vermont  05654**(Address of principal executive offices and zip code)

**(802) 476-3121**(Registrant's telephone number, including area  code)

 

Securities registered pursuant to Section 12(b) of theAct: None

Securities registered pursuant to Section 12(g) of theAct:

** **

**CLASS A COMMON STOCK, NO PAR VALUE**(Title of Class)

Indicate by check mark whether the registrantis a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes o No x

Indicate by check mark whether the registrant isnot required to file reports pursuant to Section 13 or Section 15(d) of theAct.  Yes o No x

Indicate by check mark whether the registrant(1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for suchshorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark if disclosure ofdelinquent filers pursuant to Item 405 of Regulation S-K is not containedherein, and will not be contained, to the best of registrant's knowledge, indefinitive proxy or information statements incorporated by reference in PartIII of this Form 10-K or any amendment to this Form 10-K. o

Indicate by check mark whether the registrantis a large accelerated filer, an accelerated filer, a non-accelerated filer ora smaller reporting company. See definition of "large accelerated filer","accelerated filer", a "non-accelerated filer" or a smallerreporting company in Rule 12b-2 of the Exchange Act. (Check one): Largeaccelerated filer o Accelerated filero Non-acceleratedfiler o Smaller Reporting Company x

Indicate by check mark whether the registrantis a shell company (as defined in Rule 12b-2 of the Exchange Act.)  Yeso No x

As of June 30, 2009, the aggregate marketvalue of the registrant's voting stock held by non-affiliates of the registrantwas $9,902,954. As of March 20, 2010, there were outstanding 4,677,467 sharesof Class A Common Stock and 2,738,596 shares of Class B Common Stock.

1

**TABLEOF CONTENTS**

  

**PAGE**

**PART I**

ITEM 1.

BUSINESS

4

ITEM 1A.

RISK FACTORS

8

ITEM 1B.

UNRESOLVED STAFF COMMENTS

13

ITEM 2.

PROPERTIES

13

ITEM 3.

LEGAL PROCEEDINGS

15

ITEM 4.

SUBMISSION OF MATTERS TO A  VOTE OF SECURITY HOLDERS

15

**PART II**

ITEM 5.

MARKET FOR REGISTRANT'S  COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY  SECURITIES

16

ITEM 6.

SELECTED FINANCIAL DATA

16

ITEM 7.

MANAGEMENT'S DISCUSSION AND  ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 

16

ITEM 7A.

QUANTATIVE AND QUALITATIVE  DISCLOSURES ABOUT MARKET RISK

24

ITEM 8.

FINANCIAL STATEMENTS AND  SUPPLEMENTARY DATA

24

ITEM 9.

CHANGES IN AND  DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 

24

ITEM 9A(T).

CONTROLS AND PROCEDURES

24

ITEM 9B.

OTHER INFORMATION

25

**PART III**

ITEM 10.

 DIRECTORS, EXECUTIVE  OFFICERS AND CORPORATE GOVERNANCE

25

ITEM 11.

EXECUTIVE COMPENSATION

28

ITEM 12.

SECURITY OWNERSHIP OF  CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

32

ITEM 13.

CERTAIN RELATIONSHIPS AND  RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

34

ITEM 14.

PRINCIPAL ACCOUNTANT FEES  AND SERVICES

36

**PART IV**

ITEM 15.

EXHIBITS AND FINANCIAL  STATEMENT SCHEDULES 

37

SIGNATURES

71

INDEX TO CONSOLIDATED  FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULE

 

 

2

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

 

*This Annual Report on Form10-K, including "Management's Discussion and Analysis of FinancialCondition and Results of Operations" in Item 7, contains forward-lookingstatements that involve risks and uncertainties, as well as assumptions that,if they never materialize or prove incorrect, could cause the results of Rockof Ages Corporation ("Rock of Ages" or the "Company") andevents to differ materially from those contained in such statements. Allstatements other than statements of historical fact could be deemedforward-looking statements, and may include projections of revenue, grossprofit, expenses, earnings or losses from operations or other financial items;any statements of the plans, strategies and objectives of the Company or itsmanagement for future operations; any statements regarding future economicconditions or performance; any statements of expectation or belief; and anystatements of assumptions underlying any of the foregoing.*

* *

*The risks, uncertaintiesand assumptions may include, but are not limited to, the following:*

* *
-  *our ability to certify adequateinternal controls over our financial reporting;* 
-  *our reliance on our line ofcredit with the CIT Group to fund our business operations and/or strategy;* 
-  *our ability to maintaincompliance with our covenants in our credit facility;* 
-  *our ability to form andmaintain strategic alliances with cemeteries, funeral homes and memorialretailers;* 
-  *uncertainties involvingproduction recovery, quarry yields and demand for Rock of Ages' dimensionstone;* 
-  *the impact of the weak economicconditions and the future impact of such conditions on the granite and granitememorial industries, and demand for our products;* 

*andother risks and uncertainties described herein, including, but not limited tothe items discussed in "Risk Factors That May Affect Future Results"in Item 1A of this report, and that are otherwise described from time to timein Rock of Ages' reports filed with the Securities and ExchangeCommission  after the date of filing of this report.*

* *

*We assume no obligation toupdate these forward-looking statements to reflect actual results or changes infactors or assumptions affecting such forward-looking statements.*
 
 

 

 

 

 

 

3

**PART I**
      
**ITEM 1.**

**BUSINESS**

**GENERAL**

Rock  of Ages is a Vermont corporation founded in 1885 and is an integrated granite  quarrier and manufacturer whose principal product is granite memorials used  primarily in cemeteries. We own and operate nine active quarry properties and  five manufacturing and sawing facilities in North America, principally in Vermont and the Province of Quebec. We sell memorials wholesale to approximately 115  independent authorized Rock of Ages retailers in the United States as well as approximately 116 independent retailers in Canada. We sell higher end  memorials with prices in excess of $25,000 to cemeteries, funeral homes,  other retailers or to the consumer. We market and sell our memorials at  various price points:*Square Seal, Round Seal and Signature*. Our  memorials are offered in granites of various colors and are covered by a full  perpetual or a limited perpetual warranty, depending on the particular  granite and brand. We believe the *Rock of Ages* trademark is one of the  oldest and best-known brand names in the granite memorialization industry,  and we actively promote our brand name and place a seal bearing the brand  name on each branded memorial. The Company also sells unbranded memorials.

** **

On  December 8, 2009, the Company completed the change in its state of  incorporation from Delaware to Vermont (the "Reincorporation"). Pursuant to  an Agreement and Plan of Merger adopted by the Board of Directors and  approved by the stockholders on October 19, 2009, Rock of Ages Corporation, a  Delaware corporation, was merged with and into its wholly-owned subsidiary,  Rock of Ages Corporation (Vermont), with Rock of Ages Corporation (Vermont) as the surviving corporation. The name of the surviving corporation was changed to  "Rock of Ages Corporation." The Board of Directors determined to  reincorporate the Company in Vermont primarily because of its desire to  reduce corporate expenses. As a Delaware corporation the Company was required  to pay approximately $160,000 in annual franchise fees to the State of Delaware. As a Vermont corporation the Company pays a flat filing fee of $35 annually. As a  result of the reincorporation the Company is now governed by the Vermont  Business Corporation Act, Title 11 of the Vermont Statutes Annotated (the  "VBCA").

** **

*Rock  of Ages, Signature, Sealmark, American Black, Barre Gray, Bethel White,  Salisbury Pink, Gardenia White,**Laurentian  Pink*and *Galactic Blue*are trade names or trademarks of the  Company. We rely on both registered and common-law trademarks in the United States and in other countries to protect the goodwill associated with these brands.

* *

Until  January 17, 2008, we were also engaged in the retail sale of memorials. We  embarked upon our retail strategy in connection with our initial public  offering in 1997 and from 1997 to 2005 we acquired 28 retail monument  companies with approximately 80 locations in 16 states. However, in 2007 our  Board of Directors determined that it was in the best interests of the  Company and its stockholders to exit the retail business, to simplify and  reduce the cost of the existing management infrastructure, and to focus on  our core quarrying and manufacturing business, including our wholesale  memorial distribution system.  

* *

In  December 2007, the Board authorized the sale of the retail division to PKDM  Holdings, Inc. ("PKDM"), a company owned by Richard M. Urbach, the  President and Chief Operating Officer of the retail division, and James  Barnes, the financial manager of the retail division, for approximately $8  million.  The sale was completed on January 17, 2008. In connection with the sale, we entered into a five year supply agreement with PKDM and its operating  subsidiary, North American Heritage Services, Inc. ("NAHS"), naming  it as an authorized Rock of Ages retailer in the existing retail territories  formerly serviced by its owned retail stores, and PKDM agreed to minimum  annual memorial purchases from the Company of $3.5 million during each year  of the five year term, excluding private mausoleums. PKDM's minimum purchase obligation under the Supply  Agreement is subject to reduction if PKDM permanently closes or sells stores  that were operated by them on the date of the original Supply Agreement.  Pursuant to the Supply Agreement, the amount of such reduction is equal to  the three year average annual purchases of closed or sold stores. Due to the  closure or sale of a number of locations by PKDM during 2008, effective  January 16, 2009 the parties agreed to revise the minimum purchase  requirements to $1,780,000 for the year of the agreement ending on January  17, 2009 and to $1,210,000 for each of the remaining years of the initial  term and any renewal term. At the time  of the sale in January of 2008, the Company retained $2,125,000 of inventory  located at various retail locations and PKDM is responsible for purchasing  the inventory, at its current book value, as it is sold, with a payment in  full for any inventory remaining due on the tenth anniversary of the  transaction. The balance of consigned inventory with PKDM at December 31, 2009  was $1,900,000. 

* *

VIKA,  Ltd. ("VIKA"), a quarry company located in the Ukraine, in which we had held  a 1/3 equity interest since 2002, experienced continuing operational  difficulties leading to reductions in both the production and sale of  Galactic Blue granite blocks.  As a result, our investment in VIKA was fully  written-off in 2007. On June 30, 2009,  the Company agreed to sell its one-third ownership interest in VIKA to the  remaining VIKA shareholder for $170,583 payable in four equal installments of  $42,646 due from July to October 2009. These payments were received in 2009  as agreed. In conjunction with this sale the Company entered into an  exclusive distribution agreement with VIKA pursuant to which the Company has  the exclusive worldwide right to sell and distribute all quarried products of  VIKA including slabs and other finished products through 2012. 

4

On April 17, 2009, Rock of Ages Canada,  ("ROA Canada"), a wholly owned subsidiary of the Company signed an Asset  Purchase Agreement and completed the purchase of the real and personal  property comprising the Polycor Stanstead Quarry, located in Stanstead, Quebec, Canada from Carrieres Polycor, Inc., ("Polycor").  The purchase  price for the quarry, building and inventory was $1.3 million. In connection  with the purchase, Polycor entered into an agreement that limits Polycor from  owning or operating a quarry similar to the Stanstead Gray quarry within  fifty kilometers of Stanstead, Quebec. This agreement also prohibits  Polycor from soliciting ROA Canada's customers for sales of gray granite. In  connection with the purchase, ROA Canada entered into a supply agreement with  Polycor, for 30 years whereby ROA Canada must supply Polycor with standard sized  blocks of up to 300 cubic meters (or 10,594 cubic feet) a month.  ROA  Canada also assumed the remaining three years of supply agreements with two  unrelated granite manufacturers. The Company was in compliance with its  obligations under these agreements in 2009.

During 2009, we had  operations in two business segments: Quarry and Manufacturing. Included  within the business segments are operations that are conducted through  unincorporated divisions of Rock of Ages and other operations that are  conducted by separately incorporated subsidiaries. Financial information by  business segment and geographic area is incorporated herein by reference to  note 14 of the Notes to Consolidated Financial Statements included in this  report. In addition, information regarding the revenues of each business  segment is incorporated herein by reference to Item 7, "Management's  Discussion and Analysis of Financial Condition and Results of Operations."  Risks attendant to foreign operations are also incorporated herein by  reference to "Risk Factors that May Affect Future Results" in Item  1A. Additional information regarding each business segment and Rock of Ages  in general is set forth herein.

**STRATEGY**

We seek to  enhance the overall profitability of the Company's businesses through a  strategy which includes the following principal elements:
   - Direct sales of mausoleums       and estate and civic memorials to cemeteries and consumers . We expect to continue to expand sales of       private mausoleums, and estate and civic memorials directly to the       customer through our mausoleum and special features sales force based at       our Barre, Vermont manufacturing plant.
- Strategic alliances       with cemeteries, funeral homes and memorial retailers to expand our       wholesale distribution in North America.  We have formed and will continue to pursue       strategic alliances with memorial retailers, funeral directors and       cemetery owners to sell mausoleums, estate memorials, features and       granite memorials in cooperation with them as authorized Rock of Ages       retailers or other relationships, in order to increase both pre-need and       at-need sales of granite memorials.  
- Enhancing quarry and       manufacturing productivity.         We seek to substantially reduce our costs of quarrying and manufacturing       and enhance our productivity through investments in the most efficient equipment       and technology and maintaining a flexible workforce.
- Branding.  We believe the Rock of Ages brand is one of       the best-known brand names in the memorial industry.  We will continue       to promote and support the Rock of Ages brand sold at independent       authorized Rock of Ages retailers.
- Acquisitions of quarries       and distribution rights.  While       we own or control many of the highest quality granite quarries in North       America, we will continue to explore the possibility of acquiring       selected granite quarriers in North America and internationally to       assure we will continue to have the colors and grades of granites sought       by retail purchasers of granite memorials in North America, as well as       exclusive granites for other uses. We will also continue to explore the       acquisition of distribution rights to certain colors and grades of       granites.
- *Personalization.* We intend to continue to expand and enhance our  memorial product lines in color, design and style to meet each customer's  personal requirements. Our objective is to provide a full range of memorials  available at various price points.
- *Reducing unallocated corporate  overhead and corporate infrastructure.*  We continue to seek ways to streamline our operations and cut overhead costs.

**PRODUCTS**

Our principal  products may be classified into two general product lines: granite quarry  products (with limited value added manufacturing performed) and manufactured  granite products, primarily granite memorials. The principal raw material for  both granite product lines is natural granite as it comes from the ground,  with the primary difference between the product lines being the extent of the  processing or manufacturing of the granite. For each of the last two years,  2009 and 2008, revenues derived from the sale of granite quarry products have  accounted for 47% and 51%, respectively, of consolidated revenues; and  revenues derived from the sale of manufactured granite products at wholesale  have accounted for 53% and 49%, respectively, of consolidated revenues. 

 

 

 

5

**Granite Quarry Products**
Our principal quarry  product is granite blocks, the raw material of the dimension granite  industry. These blocks are extracted from quarries in various sizes through a  drilling, blasting and wire sawing process in the quarry. The range of block  sizes is large, but most manufacturers of granite memorials and other  products generally require minimum dimensions of height, width and length to  maximize the efficiency of their block sawing equipment in meeting the  required dimensions of the finished product. Granite blocks are normally sold  in heights from 2'6" to 5', widths of 3' to 5', and lengths from 7' to  10'. These blocks typically weigh between 20 and 30 tons. Our quarry revenues  are also derived, to a lesser degree, from the sale of blocks purchased from  other quarries for resale through our distribution system, and from the sale  of rough or sawn slabs.   Granite differs from  deposit to deposit by color, grade and/or quality. We quarry and sell blocks  of (i)*Barre Gray*granite from our Barre, Vermont quarries and gray  granite from our Stanstead, Quebec quarry, (ii) black granite from our *American  Black* quarry in Pennsylvania, (iii) pink granites from our *Laurentian  Pink* quarry in Quebec and our *Salisbury Pink*quarry in North  Carolina, and (iv) white granites from our *Bethel White* quarry in  Vermont and our *Gardenia White*quarry in North Carolina. We also sell  black granite with prominent blue feldspar from the *Galactic Blue*  quarry in the Ukraine under an exclusive world-wide sales agreement.   We sell granite blocks for  memorial, building and other uses. While each of our quarries sells granite  for memorial use and for building use, the output of the *Bethel White*  quarry, the *Gardenia White* quarry, the *Salisbury Pink*quarry  and the *Galactic Blue*quarry are primarily sold and used for building  granite use (such as building cladding, tiles, pavers, steps, countertops and  other building products) outside North America. The output of the other  quarries is primarily for memorial use in North America.   A quarry sales force both  in and outside North America sells our granite blocks. The quarry sales force  markets and advertises our granite blocks in various trade publications and  by attending trade shows worldwide. Outside of North America, our quarry  sales force generally sells directly to manufacturing plants or to  independent distributors who buy blocks and resell them.   Other quarry products  include waste pieces not of a shape or size suitable for manufacturing, which  are sold for erosion control for embankments, bridges or piers, and for other  uses. In certain quarries, we have arrangements with crusher operators who  operate on or near our quarries and sell crushed stone. The revenues and  profits of these products are not material. We have no marketing and  advertising programs for these other quarry products.   
**Manufactured Products**
The principal manufactured  product of Rock of Ages is granite memorials, which are sold to retailers of  granite memorials and substantially all of which are placed in cemeteries in  remembrance of the life of a person. Our memorials encompass a wide range of  granites, including granite blocks purchased from others, as well as a wide  array of sizes, styles and shapes ranging from small, inexpensive markers set  flush to the ground, to very elaborate and expensive personal mausoleums  available at various price ranges. The broad classifications of granite  memorials used by the industry are generally markers, hickeys, slants,  standard uprights, estate uprights, pre-assembled mausoleums, conventional  mausoleums and columbaria. We also sell public and civic memorials not placed  in cemeteries, both on a wholesale basis and directly to the customer. From  time to time, memorial retailers or others order granite products such as  benches, steps and other products that may or may not be for cemetery use,  but are classified by us as memorial sales.   
Rock of Ages is widely  recognized for the personalized granite memorials it produces and the very  large memorials it can produce. We have made many large private and public memorials,  including a full size granite replica of a Mercedes-Benz automobile and the  massive Atlantic and Pacific arches of the World War II memorial in Washington DC.

Our granite memorials are  sold to retailers by our memorial sales force that regularly speak with  customers by phone and make personal visits. Our mausoleums and special  features group sells both to retailers and direct to the customer. We provide  various point of sale materials to independent authorized Rock of Ages  retailers, we advertise in trade publications and attend trade shows in the United States and Canada.

Rock of Ages also  manufactures certain precision granite products which are made at our Barre, Vermont plant. These products include surface plates, machine bases, bases for coordinate  measuring devices, press rolls and other products manufactured to exacting  dimensions. These products are sold to the manufacturers of precision  measuring devices or end users. A precision products sales force that phones  or visits customers, sells these products. We also advertise our precision  products in various trade publications, provide printed sales materials to  prospective customers and attend industry conventions.

**Retail Products**

On January 17, 2008, we  completed the sale of our retail operations to PKDM and exited the retail  business entirely.  

 

 

6

**MANUFACTURING AND RAW  MATERIALS**

Rock of Ages quarries and  manufactures granite in the United States and Canada at the locations  indicated in Item 2 "Properties." We also outsource the  manufacturing of certain memorial products pursuant to supply agreements with  other manufacturers. In connection with the sale of the Lawson  manufacturing plant in Barre, Vermont in 2001, the Company entered into a  Supply Agreement with Adams Granite Co. ("Adams"). The Company  agreed to purchase a minimum of $3,000,000 of monuments from Adams each year for a term of seven years with various stipulations as to variations from  the "minimum order" and pricing agreements. The Supply Agreement  with Adams was amended over the years reducing the minimum order obligation  to $1,200,000 for the final year ending January 10, 2010. The Company  exceeded its minimum order obligation for the final year ending January 10,  2010 and no longer has an obligation to purchase monuments from Adams. There were no plants acquired in 2009. We believe our manufacturing and quarrying  capacity, together with our manufacturing outsourcing arrangements, are  generally sufficient to meet anticipated production requirements for the  foreseeable future.

The most significant raw  material we use in our manufacturing operations is granite blocks primarily  from our quarries. We believe we have an adequate supply from our quarries to  supply our manufacturing operations. We also purchase certain colors of  granite, primarily red and black, from other quarriers. We believe there is  an adequate supply of memorial granite available from our quarries and  quarries owned by others for the foreseeable future.

Significant supplies used  in our manufacturing operations include industrial diamond segments for saw  blades and wires, drill steel, drill bits and abrasives. There are a number  of sources for these supplies at competitive prices.

We had manufacturing  backlogs of $7.4 million and $7.1 million as of December 31, 2009 and 2008,  respectively. These backlogs occurred in the normal course of business. Of  the manufacturing backlog orders as of December 31, 2009, we expect 100% to  be filled during the 2010 fiscal year. We have not historically had a  material backlog of quarry block or slab orders. 

We do not normally maintain  a significant inventory of finished manufactured products in anticipation of  future orders in our manufacturing operations. In connection with the sale of  our retail operations to PKDM on January 17, 2008, we retained finished  memorial inventory which is located at the various retail locations sold to  PKDM and at December 31, 2009 has an aggregate book value of approximately $1.9  million.  This inventory has been consigned to PKDM for sale to customers.   Any finished inventory not sold by PKDM within 10 years of the closing date  will be purchased by PKDM at book value at that time. Approximately 75% of  our manufactured product orders are delivered within two to twelve weeks of  the order date, as is customary in the granite memorial industry. The  delivery time depends on the size and complexity of the memorial. Our quarry  operations have inventories of granite blocks.
   
**RESEARCH AND DEVELOPMENT**

We do not have a research  and development department for any of our products.  From time to time, we  conduct market research, as well as research on new product designs and on  equipment to improve the Company's technology. These activities are not  separately accounted for as research, and we had no expenditures classified  for financial reporting purposes as research in 2009 or 2008.
   
**COMPETITION**

The dimension stone  industry is highly competitive. We compete with other dimension stone  quarriers, including quarriers of granite, marble, limestone, travertine and  other natural stones. We also compete with manufacturers of so-called  "engineered stone" as well as manufacturers of other building  materials like concrete, aluminum, glass, wood and other materials. The  competition with providers of these materials is based on price, availability  of supply, end-user preference for certain colors, patterns or textures, and  other factors.
   
The granite memorial  industry is also highly competitive. We compete with other granite quarriers  and manufacturers in the sale of granite blocks for memorial use, and  finished memorials, on the basis of price, color, quality, geographic  proximity, service, design, production capability, availability of supply and  delivery options. All of our colors of granite are subject to competition  from memorial grade granite blocks of similar color supplied by quarriers  located throughout the world. There are approximately 130 manufacturers of  granite memorials in North America with a majority of them being located in  the Elberton, Georgia area. 
   
Our quarrying and  manufacturing competitors include both domestic and international companies,  some of which may have greater financial, technical, manufacturing, marketing  and other resources than we have. Foreign competitors may have access to  lower cost labor and extensive commercial deposits of memorial and building  grade granite, and may be subject to less restrictive regulatory  requirements. For example, companies in South Africa, India and China manufacture and export finished granite memorials into North America, which compete  with our products.
   
7

**PATENTS, TRADEMARKS AND  LICENSES**

We hold a number of  domestic and foreign patents, trademarks and copyrights, including the  original registered trademark "Rock of Ages," which we first  registered in 1913. We believe the loss of a single patent, trademark or  copyright, other than the "Rock of Ages" trademark, would not have  a material adverse effect on our business, financial condition or results of  operations. See Item 1A - "Risk Factors That May Affect Future  Results."

**EMPLOYEES**

We had approximately 257 employees  as of December 31, 2009. We had approximately 268 employees as of December  31, 2008.

The collective bargaining  agreements with the Granite Cutters Association and the United Steelworkers  of America which together represent approximately 100 employees in our Vermont manufacturing and quarrying operations were renewed in 2009. The contracts with the  Granite Cutters Association and the United Steelworkers of America for our Vermont manufacturing plant employees will expire on April 29, 2011 and the contract with  the United Steelworkers of America for our Vermont quarry employees will  expire on April 27, 2012. We also renewed in 2009 the agreement with the  United Steelworkers union representing substantially all the production  workforce in our granite quarry and manufacturing plants located in Stanstead, Quebec.  The agreement will cover approximately fifty workers, and is for a term  of approximately four years, commencing November 1, 2009 and expiring on  October 31, 2013. We also have a collective bargaining agreement with one  union representing approximately 5 employees in our Laurentian Quarry. This  agreement expired on January 31, 2010.  Since this quarry does not operate in  the winter due to weather conditions, we will be negotiating with this union late  in the first quarter of 2010 when the quarry reopens. We expect no problems  with these negotiations and should have a signed agreement by the second  quarter of 2010. See Item 1A - Risk Factors That May Affect Future Results.

We believe our relations  with our employees are generally good, and recognize that our employees are among  our most important assets.

**SEASONALITY**

Historically, our  operations have experienced certain seasonal patterns. Generally, our net  sales are highest in the second or third quarter and lowest in the first  quarter of each year due primarily to weather. See Item 7 "Management's  Discussion and Analysis of Financial Conditions and Results of Operations -  Seasonality."
   
**REGULATION  AND ENVIRONMENTAL COMPLIANCE**

Our  quarry and manufacturing operations are subject to substantial regulation by  federal, state and foreign governmental agencies and other authorities,  including OSHA, the Mine Safety and Health Administration and similar state  and Canadian authorities. Our operations are also subject to extensive laws  and regulations administered by the United States Environmental Protection  Agency and similar state and Canadian authorities for the protection of the  environment, including those relating to air and water quality, noise levels,  and solid and hazardous waste handling and disposal. These laws and  regulations may require us to fund remedial action or to pay damages  regardless of fault. Environmental laws and regulations may also impose  liability with respect to divested or terminated operations even if the  operations were divested or terminated many years ago. In addition, current  and future environmental or occupational health and safety laws, regulations  or regulatory interpretations may require significant expenditures for  compliance which could require us to modify our operations. We cannot predict  the effect of such laws, regulations or regulatory interpretations on our  business, financial condition or results of operations.
   
**AVAILABLE  INFORMATION**

We maintain a website with  the address www.rockofages.com. We are not including the information  contained on our website as a part of, or incorporating it by reference into,  this Annual Report on Form 10-K. We make available free of charge through our  website our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and  Current Reports on Form 8-K (in each case without exhibits), and amendments  to these reports (without exhibits) filed as soon as reasonably practicable  after such reports are electronically filed with the Securities and Exchange  Commission.
   
**ITEM 1A.**

**RISK FACTORS**

**Risk  Factors That May Affect Future Results**

*The  risks and uncertainties described below are not the only ones we face.  Additional risks and uncertainties not presently known to us or which are  currently deemed immaterial may also impair our business, financial condition  and results of operations. If any of these risks actually occur, our  business, financial condition and results of operations could be materially  adversely affected.*

* *

**If  we or our independent registered public accounting firm are unable to affirm  the effectiveness of our internal control over financial reporting in future  years, the market value of our common stock could be adversely affected.**

8

Our  independent registered public accounting firm must audit and report on our  internal controls over financial reporting as of December 31, 2010 and  subsequent fiscal year end dates, respectively, and such report must be  included in our Annual Report on Form 10-K for the year ending December 31,  2010, and in subsequent Annual Reports on Form 10-K for subsequent years,  respectively.  In 2007 we disclosed material weaknesses in our internal  control over financial reporting in Item 9A(T) - Controls and Procedures  of the Annual Report on Form 10-K. In 2008 we remediated the weaknesses and  accordingly reported no material weaknesses in our internal control over  financial reporting as of December 31, 2008 and December 31, 2009. However,  we cannot assure you that we or our independent registered public accounting  firm will be able to report that our internal control over financial  reporting are effective as of December 31, 2010 and subsequent fiscal year  end dates. In this event, investors could lose confidence in the reliability  of our financial statements, which could result in a decrease in the market  value of our Class A Common Stock.

Moreover,  even though we believe we have corrected the material weaknesses reported in  2007, our internal controls may not prevent all potential errors, because any  system of controls and procedures, regardless of its design, can provide only  reasonable, and not absolute, assurance that the objectives of the control  system will be achieved.  There are inherent limitations to the effectiveness  of any system of controls and procedures, including the possibility of human  error and the circumvention or overriding of the controls and procedures.

**We  rely on the CIT Group to fund our working capital needs.**

We  rely on our credit facility for working capital needs. The lead  agent/administrator on the credit facility is the CIT Business Group, a  subsidiary of CIT Group, Inc. ("CIT"). On November 1, 2009, CIT filed for  Chapter 11 bankruptcy protection in a pre-packaged plan of reorganization.  During the months leading up to the bankruptcy filing, CIT continued to fund  all requests for advances on the revolving line of credit. On December 10,  2009, CIT emerged from bankruptcy and was able to restructure its debt  obligations. However, CIT's financial condition remains precarious and there  is no guarantee it will continue to fund our requests or continue to honor  its commitments under the credit facility. If CIT can no longer honor its  commitments, we would be forced to secure other sources of financing to meet  all of our cash needs, which would have a material and adverse impact on the  Company's business.

**Our  financing requirements may increase and we could have limited access to  capital markets.**

The United States and worldwide capital and credit markets have  recently experienced significant price volatility, dislocations and liquidity  disruptions, which have caused market prices of many stocks to fluctuate  substantially and the spreads on prospective debt financings to widen  considerably. In addition, declining capital ratios of many lending  institutions and the very weak commercial paper market have adversely  impacted various lending institutions including our long-term lender CIT,  which may adversely impact our ability to borrow under our existing lines of  credit. While we believe that our current resources and access to capital  markets are adequate to support operations over the near term and foreseeable  future, we cannot assure you that these circumstances will remain unchanged.  Our need for capital is dependent on operating results and may be greater  than expected. Our ability to maintain our current sources of debt financing  depends on our ability to remain in compliance with covenants contained in  our financing agreements, including, among other requirements, maintaining a  minimum total net worth and minimum cash flow and debt coverage ratios. If  changes in capital markets restrict the availability of funds or increase the  cost of funds, we may be required to modify, delay or abandon some of our  planned expenditures, which could have a material adverse effect on our  business, financial condition, results of operations and cash flows.

**Our  credit facility with CIT includes restrictions on our business operations  that we must comply with, and financial tests that we must meet in order to  continue to borrow under the facility to support our operations.**

The  terms of our credit facility with CIT restrict our ability to, among other  things, consummate asset sales, participate in mergers, incur additional  debt, pay dividends, repurchase stock or make investments or guarantees  without the prior consent of CIT. The terms also contain covenants that  require us to meet financial tests, including a minimum Fixed Charge Coverage  Ratio and a maximum Total Liabilities to Net Worth Ratio, in order to  continue to borrow under the facility and avoid a default that might lead to  an early termination of the facility. The restrictions in our credit facility  may prevent us from taking actions that we believe would be in the best  interest of the Company and its shareholders and make it difficult to execute  our business strategy successfully.  The terms of this credit facility,  including these covenants, are generally described in Item 7 of this report  under the caption "Liquidity and Capital Resources - Credit  Facility."

As  described under such caption, we were in violation of our credit facility  because we sustained a net loss during 2008, and we failed to meet the Fixed  Charge Coverage Ratio covenant for the four fiscal quarters ending December  31, 2008.  These violations were primarily as a result of two non-cash  charges taken during the fourth quarter of 2008.  First, we took a $3,930,000  charge for the write-down of second grade block inventory at three of our  export quarries, and second, we took a $1,348,000 charge for the write-down  of our former headquarters building in Barre, Vermont, which was taken out of  service when we consolidated our offices in Barre.  

 

9

We received a waiver from our lenders allowing us to be in  compliance with our credit facility and our lenders agreed to allow us, in  calculating the Fixed Charge Coverage Ratio, to add back the non-cash  write-downs taken with respect to the second grade inventory and the vacated  building for the first three quarters of 2009.  At December 31, 2009, we  were in compliance with all existing covenants and expect to remain in  compliance through the remaining term of the credit facility. However, we  cannot provide assurances that we will be able to maintain compliance with the  covenants in our credit facility,  Moreover, if we fail to maintain  compliance  with such covenants we cannot provide assurances that we will  continue to receive waivers of any non-compliance.  If we are unable to  comply with the financial or other covenants of our credit facility, and we  could not obtain waivers of such non-compliance, we will likely be unable to  borrow additional amounts under the facility and amounts owed under the  facility could be accelerated and become due and payable immediately, which  would materially impact our liquidity and financial conditions and could  require us to cease operations or seek protection under state or federal  insolvency or bankruptcy laws.   
**Our  business is subject to a number of operating risks that are difficult to  predict and manage.**

Our  quarry and manufacturing operations are subject to numerous risks and hazards  inherent in those industries, including among others, unanticipated surface  or underground conditions, varying saleable granite recovery rates due to  natural cracks and other imperfections in granite deposits, equipment  failures, accidents and worker injuries, labor issues, weather conditions and  events, unanticipated transportation costs and price fluctuations. These  risks and hazards are generally not predictable. As a result, actual costs  and expenditures, production quantities and delivery dates, as well as  revenues, may differ materially from those anticipated, which could adversely  affect our operating results. During 2009, we experienced production recovery  problems in our Bethel White, Gardenia White and American Black quarries,  which negatively affected results of operations in 2009. These production  recovery issues may persist in 2010, and we cannot assure you that our  substantial continuing efforts to improve production recovery will improve  our quarry segment results for 2010.
   
**Changes  in the securities laws and regulations have increased, and are likely to  continue to increase, our costs, and may also adversely affect our ability to  attract and retain qualified directors.**

The  Sarbanes-Oxley Act has required changes in some of our corporate governance,  securities disclosure and compliance practices.  Pursuant to the requirements  of that Act, the SEC and the Nasdaq Stock Market have promulgated rules and  listing standards covering a variety of subjects.  Compliance with these new  rules and listing standards has increased our legal costs, and significantly  increased our accounting and auditing costs, and we expect these costs to  continue to increase, and to materially impact our financial results.  In  particular, we have incurred and will continue to incur substantial expense  in the on-going evaluation and testing of our internal control over financial  reporting as we comply with Section 404 of the Sarbanes-Oxley Act.  These  changes in securities laws and regulations may make it more difficult and  more expensive for us to obtain directors' and officers' liability  insurance.  Likewise, these developments may make it more difficult for us to  attract and retain qualified members of our board of directors, particularly  independent directors, or qualified executive officers.

** **

**The  pension funding requirements may adversely affect our cash flow.**

Compliance  with pension funding requirements could adversely affect our cash flow.  We  have a qualified defined benefit pension plan which covers eligible employees  as of March 31, 2009. On January 5, 2009, the Company's Board of Directors  approved actions to proceed with amendments to its defined benefit pension  plan by freezing membership and future benefits in the plan. This action was  effective as of March 31, 2009. At December 31, 2009, this plan is  underfunded by $4.8 million,   which means that promised pension benefits could potentially exceed the funds  available. In August 2006, the Pension Protection Act (the  "Act") was signed into law in the U.S. Among other things, the Act is aimed at strengthening pension plans by requiring  most pension plans to become fully funded over a seven-year period. The  Worker, Retiree and Employer Recovery Act of 2008 has provided modest relief  from the market events in 2008 by decreasing short term contribution  requirements. However, without an increase in the  value of the plan assets we could be required to fund the plan with  significant amounts of cash.  Additionally, if we are unable to meet the  funding targets imposed by the Act, we may incur significant penalties.  See  Item 7 of this report, *Management Discussion and Analysis of Financial  Condition and Results of Operations - Liquidity and Capital Resources.*
   
**If we are unable to  maintain our relationships with independent retailers, our sales may not grow  and could decline. **

We have historically sold  our granite memorials to consumers through independent retailers. We are  dependent in part on our independent retailers for the successful  distribution of our products to the ultimate customer. We have no control  over the independent retailers' operations, including such matters as retail  price, advertising and marketing. We cannot assure you we will be able  to maintain our existing relationships or establish new relationships with  independent retailers. Disruption in our relationships with independent  retailers could impede our sales growth or cause sales to decline, which  would adversely affect our business and financial results. 
   
**Declining general  economic, business, or industry conditions may cause reduced revenues and  profitability.**

10

Recently, concerns over  inflation, energy costs, geopolitical issues, the availability and cost of  credit, the U.S. mortgage market and a declining real estate market in the U.S. have contributed to increased volatility and diminished expectations for the global  economy and expectations of slower global economic growth going forward.  These factors, combined with volatile oil prices, declining business and  consumer confidence and increased unemployment, have precipitated a global  recession. If the economic climate in the U.S. or abroad does not improve  from its current condition or continues to deteriorate, our customers or  potential customers could reduce or delay their purchases of our products,  which would adversely impact both our quarrying and manufacturing business  segments.

**Our international  operations may expose us to a number of risks related to conducting business  in foreign countries.**

We derived approximately 40%  of total revenues in fiscal 2009 from sales to customers outside the United States, including approximately 23% from sales in Canada by our Canadian subsidiary and 16%  from sales in China. Foreign sales are subject to numerous risks, including  currency conversion risks, limitations (including taxes) on the repatriation  of earnings, slower and more difficult accounts receivable collection and  greater complication and expense in complying with foreign laws. Our sales of  granite blocks to foreign countries are primarily for building use and are  subject to various cyclical factors in foreign countries, foreign exchange  rate fluctuations, policies of foreign governments and numerous other factors  over which we have no control. While we continue to develop sales to  customers in other countries, we cannot assure you that sales of granite  blocks to our Chinese and other foreign customers will remain at historic  levels.
   
**Employee strikes and  other labor-related disruptions may adversely affect our operations.**

Our business is labor  intensive, and our workforce includes, among other employees, highly skilled  quarrying and manufacturing personnel such as stone cutters, sand blasters,  sculptors and other skilled artisans. Approximately 60% of our workforce is  unionized. Strikes or labor disputes with our unionized employees may  adversely affect our ability to conduct our business.
   
**If we lose key  personnel, or are unable to attract and retain additional qualified  personnel, our business could suffer.**

Our operations and the  implementation of our strategies to enhance overall Company profitability are  management intensive. We are substantially dependent upon the abilities and  continued efforts of our senior management. Our business is also dependent on  our ability to continue to attract and retain a highly skilled quarry and  manufacturing workforce, including stone cutters, sand blasters, sculptors  and other skilled artisans. The loss of the services of our senior management  or other highly skilled personnel could adversely affect our business and  operating results.

** **

**We face intense  competition and, if we are unable to compete successfully, we may be unable to  increase our sales, which would adversely affect our business and  profitability. **

The dimension stone  industry is highly competitive. We compete with other dimension stone  quarriers, including quarriers of granite, marble, limestone, travertine and  other natural stones. We also compete with manufacturers of so-called  "engineered stone" as well as manufacturers of other building  materials like concrete, aluminum, glass, wood and other materials. We  compete with providers of these materials on the basis of price, availability  of supply, end-user preference for certain colors, patterns or textures, and  other factors. 

** **

The granite memorial  industry is also highly competitive. We compete with other granite quarriers  and manufacturers in the sale of granite blocks for memorial use on the basis  of price, color, quality, geographic proximity, service, design availability,  production capability, and delivery options. All of our colors of  granite are subject to competition from memorial grade granite blocks of  similar color supplied by quarriers located throughout the world. There are  approximately 130 manufacturers of granite memorials in North America. There  are also manufacturers of granite memorials in India, South Africa, China and Portugal that sell finished memorials in North America. 
   
Our quarrying and  manufacturing competitors include both domestic and international companies,  some of which may have greater financial, technical, manufacturing, marketing  and other resources. Foreign competitors may have access to lower cost labor  and better commercial deposits of granite, and may be subject to less  restrictive regulatory requirements.
   
We cannot assure you  domestic or foreign competition will not adversely impact our business.
   
**The increasing trend toward  cremation, and potential declines in memorialization for other reasons, may  result in decreased sales of our products.**

There is an increasing  trend toward cremation in the United States. The latest statistics from the  Cremation Association of North America, or CANA, indicate cremation was used  in approximately 37% of the deaths in the United States in 2009, compared to  approximately 29% in 2003. To the extent increases in cremation rates result  in decreases in memorialization rates, this decrease will result in a decline  in our memorial sales, which will adversely affect our business and results  of operations.
 
11

Our business is also  subject to the risk that memorialization rates may decline over time for  other reasons. Certain cemeteries have in the past and may in the future  limit the use of granite memorials as a memorialization option. To the extent  general memorialization rates or the willingness of cemeteries to accept  granite memorials declines, this decline could adversely affect our business.

** **

**Sales of our products  are seasonal and may cause our quarterly operating results to fluctuate.** 

Historically, our  operations have experienced certain seasonal patterns. Generally, our net  sales are highest in the second or third quarter and lowest in the first  quarter of each year due primarily to weather. Cemeteries in northern regions  generally do not accept granite memorials during winter months when the  ground is frozen because they cannot be properly set. We typically close our Vermont and Canadian quarries from January to late March because of increased operating  costs attributable to weather conditions. We have historically incurred an  aggregate net loss during the first three months of each calendar year. Our  operating results may vary materially from quarter to quarter due to, among  other things, changes in product mix, shipping conditions and limitations on  the timing of price increases, making quarterly year-to-year comparisons less  meaningful. 

** **

**Our competitive position  could be harmed if we are unable to protect our intellectual property rights.** 

We believe our tradenames,  trademarks, brands, designs and other intellectual property are of great  value, and we rely on trademark, copyright and other proprietary rights laws  to protect our rights to this valuable intellectual property. Third parties  may, in the future, try to challenge our ownership of our intellectual  property. In addition, our business is subject to the risk of third parties  counterfeiting our products or infringing on our intellectual property  rights. We may need to resort to litigation in the future to protect our  intellectual property rights, which could result in substantial costs and  diversion of resources. Our failure to protect our intellectual property  rights, most notably the Rock of Ages trademark, could have a serious adverse  effect on our business and competitive position. 

** **

**Sales of our ancillary  products are cyclical, which may adversely affect our operating  results. **

The markets for our  industrial precision products, which include machine base and surface plates  that are utilized in the automotive, aeronautic, computer, machine tool,  optical, precision grinding and inspection industries, and granite press  rolls used in the manufacture of paper, are subject to substantial cyclical  variations. Sales of these products are subject to decline as a result of  general economic downturns, or as a result of uncertainties regarding current  and future economic conditions that generally affect such industries. We cannot  assure you changes in the industries to which we sell our precision products  will not adversely affect our operating results.
   
**Existing stockholders  are able to exercise significant control over us.**

Kurt M. Swenson and his  brother, Kevin C. Swenson, collectively have 66% of the total voting power of  all outstanding shares of our common stock, and will therefore be in a  position to control the outcome of most corporate actions requiring  stockholder approval, including the election of directors and the approval of  transactions involving a change in control of the Company.
   
**Our common stock is  thinly traded; therefore, our stock price may fluctuate more than the stock  market as a whole.**

Although our shares are  traded on the Nasdaq Stock Market, our stock is thinly traded. As a result,  its market price may fluctuate significantly more than the stock market as a  whole or the stock prices of similar companies. Without a larger float, our  common stock will be less liquid than the stock of companies with broader  public ownership, and as a result, the trading prices for our common stock  may be more volatile. Among other things, trading of a relatively small  volume of common stock may have a greater impact on the trading price than  would be the case if the public float were larger.
   
**We may incur substantial  costs to comply with government regulations.**

Our quarry and  manufacturing operations are subject to substantial regulation under federal,  state and foreign governmental statutes and by federal, state and foreign  governmental agencies, including the federal Occupational Safety and Health  Act, the Mine Safety and Health Administration and similar state and Canadian  authorities. Our operations are also subject to extensive laws and  regulations administered by the United States Environmental Protection Agency  and similar state and Canadian authorities, for the protection of the  environment, including but not limited to those relating to air and water  quality, and solid and hazardous waste handling and disposal. These laws and  regulations may require parties to fund remedial action or to pay damages  regardless of fault. Environmental laws and regulations may also impose  liability with respect to divested or terminated operations even if the  operations were divested or terminated many years ago. In addition, current  and future environmental or occupational health and safety laws, regulations  or regulatory interpretations may require significant expenditures for  compliance, which could require us to modify or curtail our operations. We  cannot predict the effect of such laws, regulations or regulatory  interpretations on our business, financial condition or results of  operations. Any material non-compliance could adversely affect our business  and results of operations. 
 
12

**Provisions of our  corporate organizational documents could delay or prevent a change in control  of the Company, even if it would be beneficial to our stockholders.**

Certain provisions  contained in our Articles of Incorporation and By-laws: 
- grant ten votes per share       to each share of Class B Common Stock;  
- divide the Board of       Directors into three classes, each of which will have a different       three-year term;  
- provide that stockholders       may remove directors from office only for cause and by a supermajority       vote;
- provide that special       meetings of the stockholders may be called only by the Board of       Directors or certain Company officers and not by stockholders;  
- establish certain advance       notice procedures for nomination of candidates for election as directors       and for stockholder proposals to be considered at annual stockholders'       meetings;  
-  authorize the issuance of       preferred stock. Accordingly, the Board of Directors is empowered,       without stockholder approval, to issue preferred stock with dividend, liquidation,       conversion, voting or other rights that could materially adversely       affect the voting power or other rights of, or be dilutive to, the       holders of our Common Stock.
Certain of these provisions  may have the effect of discouraging, delaying or preventing a change in  control or unsolicited acquisition proposals a stockholder may consider  favorable. 

 

**ITEM 1B.****UNRESOLVED STAFF COMMENTS**
Not applicable.

**ITEM 2.**

**PROPERTIES**

Rock of Ages owns the  following quarry and manufacturing properties: 

**PROPERTY**

**FUNCTION**

**VERMONT**

** **

Barre

     Quarry  Properties

          E.  L. Smith Quarry

Quarrying of dimensional  Barre Gray granite blocks

          Adam-Pirie  Quarry

Quarrying of dimensional  Barre Gray granite blocks

     Manufacturing  Properties

          Rock  of Ages Manufacturing Plant

Manufacturing of memorials  and precision products

          Press  Roll and Saw Plant

Manufacturing of granite  press rolls and slabbing of granite blocks

Bethel

     Quarry  Property

          Bethel Quarry

Quarrying of dimensional  Bethel White granite blocks

**CANADA**

** **

Stanstead, Quebec  

     Quarry  Property 

          Stanstead  Quarry 

Quarrying of dimensional  Stanstead Gray granite blocks 

          Stanstead Quarry #  2

Quarrying of dimensional  Stanstead Gray granite blocks

    Manufacturing Properties

          Rock  of Ages Manufacturing Plant 

Manufacturing of memorials

          Adru  Manufacturing Plant

Manufacturing of memorials

Guenette, Quebec  

     Quarry  Property 

          Laurentian  Quarry 

Quarrying of dimensional  Laurentian Pink granite blocks 

**PENNSYLVANIA**

** **

St. Peters 

     Quarry  Property 

          American  Black Quarry

Quarrying of dimensional  American Black granite blocks

     Manufacturing  Property 

          Saw  Plant

Slabbing of granite blocks

**NORTH CAROLINA**

** **

Salisbury

     Quarry  Property

          Salisbury Pink Quarry

Quarrying of dimensional  Salisbury Pink granite blocks

Rockwell

     Quarry  Properties

          Gardenia  White Quarry

Quarrying of dimensional  Gardenia White granite blocks

13

In  addition, until January 17, 2008 Rock of Ages owned or operated approximately  80 retail sales outlets and 4 associated sand blasting facilities in the  states of Iowa, Illinois, Indiana, Minnesota, Connecticut, Massachusetts,  Rhode Island, Nebraska, Pennsylvania, Ohio, South Dakota, Kentucky,  Tennessee, Vermont, West Virginia and Wisconsin. On January 17, 2008, we sold  all of our retail operations to PKDM Holdings, Inc. and exited the retail  business entirely
   
The  following table sets forth certain information relating to our principal  quarry properties. Each of the quarries listed below: (i) is an open-pit  quarry; (ii) contains granite suitable for extraction as dimension granite  for memorial or other use; (iii) is serviced by electricity provided by local  utility companies; and (iv) has adequate and modern extraction and other  equipment. We presently have no exploration plans. We own each of the  quarries listed below. In the Rockwell quarry, we own part of the land  comprising the quarry and we also lease an additional 14 acres on which we conduct  quarry operations with 6 years remaining on the lease. We also own the  Laurentian Pink quarry in Guenette, Quebec, which produces dark pink memorial  grade granite. We also have the worldwide distribution rights to the Galactic  Blue quarry in Zhytomyr, Ukraine. The Galactic Blue quarry is under  development and currently produces granite in small commercial quantities. We  do not expect the quarry to achieve significant commercial production  quantities in 2010. We do not consider the Laurentian Pink or Galactic Blue  properties to be currently significant or material to our business.
                     
**QUARRY**

**APPROXIMATE  DATE OF  COMMENCEMENT  OF OPERATIONS**

**PRIOR OWNER  (DATE ACQUIRED)**

**MEANS  OF  ACCESS**

**ORIGINAL COST  OF EACH**

**PROPERTY**

**ESTIMATED**

**NET SALEABLE  RECOVERABLE  RESERVES (1)  (CUBIC FEET)**

**ESTIMATED NET**

**SALEABLE  RECOVERABLE  RESERVES  YEARS (2)**

E.L. Smith

1880

E.L. Smith Quarry Co. (1948)

Paved road

     $7,562,676

2,459,534,000

4,916

Adam-Pirie

1880

J.K. Pirie Quarry (1955)

Paved road

     $4,211,363

984,886,000

6,557

Bethel

1900

Woodbury Granite Company,  Inc. (1957)

Dirt road

    $   174,024

76,529,000

271

Stanstead

1920

Brodies Limited and  Stanstead Granite Company (1960)

Paved road

    $   505,453

32,563,000

155

Stanstead # 2

1967

Carrieres Polycor, Inc.,  (2009)

Dirt Road

    $1,000,000

7,110,000

100

American Black

1973

Pennsylvania Granite Inc.  (1997)

Paved road

     $2,900,000

14,615,000

137

Salisbury

1918

Pennsylvania Granite Inc.  (1997)

Paved road

     $3,886,592

19,344,000

100

Gardenia White*

1995

J. Greg Faith, Thomas E.  Ebans, Sr.  David S. Hooker, William L. Comolli (1998)

Dirt road

     $4,633,000

2,602,000

16

Rockwell White*

1993

Rockwell Granite Company  (2005)

Dirt road

     $1,930,000

5,950,000

78

* The Gardenia White and  Rockwell White quarries are side by side, produce the same type of granite  and are being joined together. For operating purposes we report all granite  extracted and sold from the properties as Gardenia White.
      
(1)

Net saleable recoverable reserves are based  on internal Company estimates, except for the reserves for the E.L. Smith,  Adam-Pirie and Bethel quarries, which are based on independent assessments by  CA Rich Consultants, Inc in 1993; and for the Gardenia White quarry, which  are based on an independent assessment by Geomapping Associates in 1997. The  Rockwell White reserves are based on information contained in a report dated  September 1993 by a geologist employed by The Marlin Group. It is impossible  to know the exact percentage of recoverable reserves and a certain amount of  material will not be saleable as a result of natural cracks, seams, color  variations, or other natural defects in the quarry that are not discoverable  through random core drilling samples. Reductions in recovery rates of  saleable stone can dramatically increase the cost of the saleable stone making  the quarry not commercially viable. Accordingly, these quantities are purely  estimates based on observable surface area size times commercially feasible  depths for quarrying granite, adjusted for historic recovery rates. Thus, the  actual quantities and years of net saleable reserves could vary materially  from the estimates set forth in the table.
      
(2)

See Note 1 above. Based on internal Company  estimates using historical and current production levels.
       
14

The  estimates of saleable reserves are based on historical quarry operations,  workable reserves in the existing quarries and immediately adjacent areas,  current work force sizes and current demand. While quarry operations decrease  the granite deposits, the size of the granite deposits in which our quarries  are located are large and extend well beyond existing working quarry  perimeters. We have historically expanded quarry perimeters or opened other  quarries in the deposit as necessary to utilize reserves and we believe we  have adequate acreage for expansions as and when necessary. Currently, we  have no reason to believe we will deplete our granite reserves more quickly  than is shown in the table, assuming recovery rates and demand remain at  current levels.

Dimension granite is not  considered a valuable mineral or commodity such as gold, nor is it traded on  any commodities exchange. The prices we charge to third parties for granite  blocks depend on characteristics such as color of and costs to quarry each  granite block, as well as market conditions. The price per cubic foot we  currently charge for our granite blocks is generally comparable to other  granite suppliers and typically does not exceed $45.

**ITEM 3. **

** LEGAL  PROCEEDINGS**

We are a party to legal  proceedings that arise from time to time in the ordinary course of our  business. While the outcome of these proceedings cannot be predicted with  certainty, we do not expect these matters to have a material adverse effect  on our business or financial condition. 

We carry insurance with  coverage we believe to be customary in our industry. Although there can be no  assurance that such insurance will be sufficient to protect us against all  contingencies, we believe our insurance protection is reasonable in view of  the nature and scope of our operations.
   
The U.S. Mine Safety and  Health Administration (MSHA) issued citations in 2009 to one of our  subsidiaries, Pennsylvania Granite, asserting various violations and assessed fines  totaling approximately $280,000.  The Company disagrees with the validity of these violations  and how they are characterized. We are appealing these citations.  Based on  experience of our legal counsel in settling similar assessments and available  historical MSHA settlement data we estimate our final exposure will be no  greater than $125,000.
      
**ITEM 4.**

**SUBMISSION OF MATTERS  TO A VOTE OF SECURITY HOLDERS**

A special meeting of the  Stockholders of Rock of Ages Corporation (the "Special Meeting") was held on  Thursday, October 15, 2009 at 10:30 a.m., local time, for the purpose of  considering and voting upon the proposal to reincorporate the Company from  the State of Delaware to the State of Vermont (the "Reincorporation  Proposal"). The Reincorporation Proposal was approved by the stockholders at  the Special Meeting, and the Reincorporation was effective as of December 8,  2009. 

A full description of the  Reincorporation Proposal is contained in our proxy statement for the Special  Meeting dated September 17, 2009 and filed with the Commission on September  17, 2009.

Our Class A Common Stock is  entitled to one vote per share and our Class B Common Stock is entitled to  ten votes per share. At the Special Meeting an aggregate of 2,625,511 shares  of Class A Common Stock and an aggregate of Class B Common Stock, totaling  26,012,631 votes, were represented at said meeting. With respect to the  Special Meeting and the Reincorporation Proposal, the results were tabulated  by the Judge of Elections as follows:

 

TOTAL:          26,012,631

FOR:                25,875,193

AGAINST:          114,079

ABSTAIN:            23,359

** **

** **

** **

15

** **

**PART II**

 

 

**ITEM 5.**

** MARKET FOR THE  REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS AND ISSUER  PURCHASES OF EQUITY SECURITIES**
   
Our Class A Common Stock is  traded on the Nasdaq Global Market under the symbol "ROAC." There  is currently no established public trading market for the Class B Common  Stock, however, the Class B Common Stock is convertible at any time into  shares of Class A Common Stock. The table below sets forth the range of high  and low per share sales prices for the Class A Common Stock as reported on  the Nasdaq Global Market for the periods indicated. 

**2009**

**HIGH**

**LOW**

First  Quarter...............................................................................................................................  

$2.48

$1.49

Second  Quarter.........................................................................................................................  

 2.48

 1.68

Third  Quarter..............................................................................................................................  

 3.88

 1.85

Fourth  Quarter............................................................................................................................

 3.66

 2.65

**2008**

**HIGH**

**LOW**

First  Quarter...............................................................................................................................  

$5.45

$3.98

Second Quarter.........................................................................................................................  

 4.33

 3.27

Third  Quarter..............................................................................................................................  

 3.36

 1.85

Fourth  Quarter............................................................................................................................

 3.39

 1.29
   
As of February 24, 2010,  based upon information provided by our transfer agent, there were 202 record  holders of Class A Common Stock and 26 record holders of Class B Common  Stock, which numbers do not include stockholders who beneficially own shares  held in street name by brokers.
   
Holders of the Common Stock  are entitled to receive such dividends as may be legally declared by the  Board of Directors and, in the event of dissolution and liquidation, to  receive the net assets of Rock of Ages remaining after payment of all  liabilities, in proportion to their respective holdings. No dividends were  paid in 2009 or 2008. In October 2007, we renewed our credit facility with  our lenders, which, in relevant part, prohibits the Company from paying  dividends without their prior consent. 
   
**RECENT SALES OF  UNREGISTERED SECURITIES**

We made no sales of  unregistered securities during fiscal 2009.
   
**ISSUER PURCHASES OF  EQUITY SECURITIES**

Neither we nor our  affiliates made any purchases of the Company's equity securities during  fiscal 2009.
   **ITEM 6.****SELECTED FINANCIAL DATA**
Not required for smaller  reporting companies.
      
**ITEM 7.**

**MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

The following discussion  should be read in conjunction with the Consolidated Financial Statements,  including the related Notes, contained elsewhere in this document.
    
 

 

 

 

 

16

**General**

Rock of Ages is an  integrated quarrier and manufacturer of granite and products manufactured  from granite. Until January 17, 2008, we were also engaged in the retail sale  of memorials. On January 17, 2008, we sold all of our retail operations and  exited the retail business entirely. Accordingly, during 2009, we had two  business segments:  quarry and manufacturing. The quarry division sells  granite blocks to the manufacturing division and to outside manufacturers, as  well as to customers outside North America. The manufacturing division's  principal product is granite memorials and mausoleums used primarily in  cemeteries, although it also manufactures some specialized granite products  for industrial applications. The retail division primarily sold granite  memorials directly to consumers. 

In 2009, revenue from our  quarry division was $22 million, down 24% from $29 million in 2008, however  divisional operating income increased to $2.8 million compared to $1.2  million in 2008.  The increase in divisional operating income is solely due  to the effect of the $3.9 million inventory write-down taken in the fourth  quarter of 2008 in our export quarries of Bethel, Salisbury and Gardenia.  Excluding the effect of the inventory write-down, quarry divisional income in  2008 would have been $5.1 million, and 2009 would have had a 45% decrease in  divisional income from the prior year.

During 2009, demand for our  granites in export markets continued to be strong but domestic demand for our  Barre Gray granite continued to decline slowly. Unfortunately, we experienced  production problems related to the quality of the granite deposits we are  currently working in our Bethel and Gardenia quarries, which had a negative  impact on the Quarry Division's 2009 results on both net revenue and gross  profit. The shortage of saleable blocks in these quarries also negatively  impacted sales of our Salisbury Pink granite. We are continuing to work  through the granite deposits and are engaged in additional quarry development  work in each of those quarries to increase the amount of saleable blocks from  each quarry. The following is a brief analysis of each of the individual  quarries.

 
- The Barre Gray quarry saw       a decline in sales of 14% or $1.3 million. This granite is mainly used       for memorials and this percentage decrease is commensurate with the       decrease in manufacturing sales. We believe much of the decrease in       sales is due to the poor economy. However we also believe that imported       granites, which generally are less expensive, are likely being       substituted in the lower end of the memorials market and the color       choices among granites in the memorial markets has reduced the share of       gray granite as a percentage of the market.  
- The Bethel quarry had a       very difficult year. We experienced production problems in the third       quarter of the year, which persisted through the end of the 4th       quarter of 2009. Due to the lack of enough saleable blocks, sales       suffered greatly. Net sales in this quarry decreased 46% from 2008       levels. However, due to many cost-cutting measures, the gross profit       margin was comparable with 2008 levels (excluding the 2008 inventory       write-down). We continue to work at developing new areas of the quarry       to ensure that future production will satisfy customer demand. Bethel       White is very popular for building purposes and demand for this granite       is still strong with our international customers.
- The Salisbury Pink quarry       in North Carolina experienced an 18% decline in net sales but maintained       the same gross profit margin percentage (excluding the 2008 inventory       write-down). We believe the demand for this stone is linked closely to       the availability not only of this stone but all of our export blocks,       especially Bethel and Gardenia White since our customer's inspectors       generally visit all of our quarries in one visit. Accordingly, we       believe the lack of available stone in those quarries contributed to the       decrease in sales in Salisbury. This granite is also mainly used for       building purposes and demand remains strong with our international       customers.  
- Our Gardenia and Rockwell       White quarries had a difficult year. During the normal production       process in 2009 we spent a considerable amount of time and money to       convert this quarry from a deep-hole quarry to a drive-in quarry. In the       long term this step will lead to increased quantities of saleable       granite blocks produced annually and reduced costs of extraction, but in       the short-term it resulted in reduced production and higher costs. We       didn't have enough saleable stone to meet demand in 2009 and sales were       down 25%, but we believe the quarry is in good position to increase       production in 2010 and the demand for this stone remains very strong.    
- The American Black quarry       net revenue was down 26% from 2008 because of poor recovery rates. This       is a difficult quarry to operate as it has the lowest recovery rate of       all our quarries. However, we can sell all the saleable blocks we       produce since the stone is very popular with our customers. This is a       full drive-in quarry and we continue to work on the production and recovery       issues.  
- Net sales from our       Canadian quarries increased by 5% over 2008 as a result of the purchase       of the Polycor Quarry in April 2009.   
-  On June 30, 2009, the       Company agreed to sell its one-third ownership interest in VIKA to the       remaining VIKA shareholder for $170,583 payable in four equal       installments of $42,646 due from July to October 2009. All payments were       collected by the end of the year.  In conjunction with this sale, the       Company entered into an exclusive distribution agreement with VIKA       pursuant to which the Company has the exclusive worldwide right to sell       and distribute all quarried products of VIKA including slabs and other       finished products for a period of five years. Production is still poor       as VIKA continues to develop the quarry.
We  will continue to aggressively market our granite blocks in the U.S. and abroad  and make productivity improvements to control costs and recovery rates.  

17

The manufacturing division's  2009 net revenue decreased 12% to $23.9 million compared to $27.2 million in  2008 as a result of sales decreases in memorials, mausoleums and precision  products. Gross margin decreased by 1% and SG&A decreased $450,000. The  entire division was significantly affected by the continued downturn in the  economy. However, our backlog at December 31, 2009 is up $300,000 from  year-end 2008. We will continue to pursue a strategy of focusing on the  mausoleum and large features market where our product is superior and margins  are generally higher, as well as increasing our efforts to expand our  wholesale distribution system to the cemetery, funeral home and traditional  memorial retailers to grow our traditional monument business.  

**Critical Accounting  Policies**

General

Management's Discussion and  Analysis of Financial Condition and Results of Operations is based upon our  Consolidated Financial Statements, which have been prepared in accordance  with accounting principles generally accepted in the United States of America  (U.S. GAAP). The preparation of these financial statements requires  management to make estimates and assumptions that affect the reported amounts  of assets, liabilities, revenue and expenses, and related disclosure of  contingent assets and liabilities. Management bases its estimates on  historical experience and on various other assumptions that are believed to  be reasonable under the circumstances. Management has discussed the  development, selection and disclosure of these estimates with the Audit  Committee and our independent auditor. Actual results may differ from these  estimates.

An accounting policy is  deemed to be critical if it requires an accounting estimate to be made based  on assumptions about matters that are highly uncertain at the time the  estimate is made, and if different estimates that reasonably could have been  used, or changes in the accounting estimates that are reasonably likely to  occur periodically, could materially impact the financial statements. 

Our critical accounting  policies are as follows:  revenue recognition, impairment of long-lived  assets and long-term investments, valuation of deferred tax assets,  accounting for pensions and other post-employment benefits and valuation of  inventory. 

Revenue  Recognition

*Quarry  Division*

The granite we quarry is sold to  outside customers and used by our manufacturing group. Our quarry division  recognizes revenue from sales of granite blocks to outside customers when  persuasive evidence of an arrangement exists, delivery has occurred or the  services have been provided and accepted by the customer, fees are  determinable and collectibility is reasonably assured.  We generally provide a 5% discount for domestic customers if payment  is made within 30 days of purchase, except in the case of December terms  described below. Sales to foreign customers are typically secured by a letter  of credit.

At our Barre, Vermont quarries, we allow  customers to purchase granite blocks and at their request we store the blocks  for them. Many of our customers do not have adequate storage space at their  facilities and want to ensure an adequate supply of blocks, especially when  the Barre quarries are closed from mid-December through March because of  weather. Our quarry division recognizes revenue in accordance with current  accounting literature regarding revenue recognition. Blocks are sold when:  the customer selects and identifies the block at the quarry site, requests  the block be stored and they have significant business reasons to do so. At  that time, the block is removed from our inventory, the customer's name is  printed on the block, and title and risk of loss pass to the buyer. The  customer is invoiced and normal payment terms apply, except in the case of  December terms described below. Granite blocks owned by customers remain on  our property for varying periods of time after title passes to the buyer. We  retain a delivery obligation using our trucks. However, we consider the  earnings process substantially complete because the cost of delivery service  is inconsequential (less than 3%) in relation to the price. Further, under  industry terms of trade, title passes and the payment obligation is  established when the block is identified at the quarry.
   
Each December, we offer  special payment terms to our Barre quarries' customers. As noted above, from  approximately mid-December to approximately March, our Barre quarries are  closed due to weather. During this time, manufacturing plants remain open and  many customers prefer to ensure they own blocks of a size and quality  selected by them prior to the quarries' closure. All blocks purchased in December  are invoiced on or about December 31 and, at that time, the blocks are  removed from inventory, the customer's name is printed on the blocks, and  title and risk of loss pass to the buyer. Payment terms are one-third of the  invoice amount on January 15, one-third on February 15, and one-third on  March 15. The program provides essentially the normal 30-day payment terms  during the months when the Barre quarries are closed notwithstanding the  customer purchases a three-month supply in December and makes payments over  90 days. Customers need not use these special December terms and may buy from  inventory during the closure period on a first-come, first-served basis with  the normal 30-day payment terms.

18
 
*Manufacturing Division*

We record revenue related  to internally transferred granite only after the granite is manufactured into  a finished product and sold to an outside customer. Manufacturing revenues  related to outside customers are recorded when the finished product is  shipped from our facilities or set in the cemetery, if we are responsible for  the setting, which is when risk of ownership transfers, assuming the other  criteria for revenue recognition (persuasive evidence of an arrangement  exists and collectibility is reasonably assured) have been met.
   
Impairment of long-lived  assets 

Our long-lived assets  consist primarily of property and equipment. Long-lived assets are reviewed  for impairment whenever events or changes in circumstances indicate the  carrying amount of such an asset may not be recoverable. Such events or  circumstances include, but are not limited to, a significant decrease in the  fair value of the underlying business or change in utilization of property  and equipment.

Recoverability of the un-depreciated  cost of property and equipment is measured by comparison of the carrying  amount to estimated future undiscounted net cash flows the assets are  expected to generate. Those cash flows include an estimated terminal value  based on a hypothetical sale at the end of the assets' depreciation period.  Estimating these cash flows and terminal values requires management to make  judgments about the growth in demand for our products, sustainability of  gross margins, and our ability to achieve economies of scale. If assets are  considered to be impaired, the impairment to be recognized is measured as the  amount by which the carrying amount of the long-lived asset exceeds its fair  value.

Valuation of deferred  tax assets

In assessing the  realizability of deferred tax assets, management considers whether it is more  likely than not some portion or all of the current and deferred tax assets  will not be realized. The ultimate realization of current and deferred tax  assets depends upon the generation of future taxable income during the periods  in which those temporary differences become deductible. Management considers  the scheduled reversal of deferred tax liabilities, projected future taxable  income and tax planning strategies in making this assessment. This assessment  is made each reporting period. At the end of the second quarter of 2005, we  adjusted our valuation allowance against the deferred tax assets to fully  reserve for the entire net U.S. deferred tax asset.  At the end of each of  the subsequent periods we reached a similar conclusion, therefore we have  continued to fully reserve for the entire net U.S. deferred tax asset. We  will continue to assess the valuation allowance on a regular basis and may  reduce the valuation allowance when the Company has sufficient taxable income  from its U.S. operations in the future. 
   
Accounting for pensions  and other post-employment benefits

We provide defined benefit pension and  other post-employment benefit plans for certain employees. Accounting for  these plans requires the use of actuarial assumptions including estimates on  the expected long-term rate of return on assets, discount rates and, to a  lesser extent, the rates of increase in compensation and health care costs  (due to the small number of individuals receiving this benefit). The expected  long-term rate of return has remained the same at 8% and reflects the average  long-term rate of earnings expected on the funds invested or to be invested  to provide for the benefits included in the projected benefit obligation. In  2009, we changed the discount rate used to determine our liability in the  pension plans to 5.9% from 6.3%, the rate used at December 31, 2008. In both  years this rate was determined based on a bond matching model which uses data  on individual high-quality corporate bonds and the timing and amount of the  future benefit payments in our plan to develop a weighted discount rate  specific to our plan. On January 5, 2009, the Company's Board of Directors  approved actions to proceed with amendments to its defined benefit pension  plan by freezing membership and future benefits in the plan. This action was  effective as of March 31, 2009. In order to make informed assumptions, we  rely on outside actuarial experts as well as public market data and general  economic information. Any changes in one or more of these assumptions may  materially affect certain amounts reported on our balance sheet. In  particular, a decrease in the expected long-term rate of return on plan  assets or a decrease in discount rate could result in an increase in our pension  liability and a charge to equity as well as increases in pension expenses  over time. 

Inventory

Inventories are valued at  the lower of cost or market. Cost is determined using the specific annual  average cost method for the quarry segment and the specific cost method for  the manufacturing segment. Inventory is reviewed regularly for excess  inventory based on a forecast of product demand. Inventories that are in  excess of expected future demand are written down to their estimated value  based upon projected demand. Demand for our products can be forecasted based  on historical experience, current orders, age of the inventory and  discussions with customers. Although management makes every effort to ensure  the reasonableness of its forecasts of future product demand, any significant  unanticipated changes in demand could have an impact on the level of excess  material in our inventories and operating results could be affected  accordingly.
   
**Results of Operations**

The following table sets  forth certain historical statement of operations data as a percentage of net  revenues with the exception of quarry and manufacturing cost of goods sold,  gross profit and selling, general and administrative expenses, which are  shown as a percentage of their respective divisions' net revenues.

19
       
 **YEAR ENDED  DECEMBER 31,**

**STATEMENT OF OPERATIONS  DATA:**

**2009**

**2008**

Net revenues:

     Quarry

47.6%

51.3%

     Manufacturing

52.4%

48.7%

          Total  net revenues

100.0%

100.0%

Cost of goods sold:

     Quarry

76.9%

74.4%

     Quarry inventory  write-down

-

13.7%

     Manufacturing

73.7%

72.5%

          Total  cost of goods sold

75.2%

80.5%

Gross profit:

     Quarry

23.1%

11.9%

     Manufacturing

26.3%

27.5%

          Total  gross profit

24.8%

19.5%

Selling, general and  administrative expenses:

     Quarry

10.3%

7.9%

     Manufacturing

16.5%

16.1%

     Corporate overhead

6.7%

6.5%

     Impairment of long  lived asset

-

2.4%

     Effect of pension curtailment

0.2%

-

     Foreign exchange loss

0.3%

-

     Other income, net

(0.9%

)

(0.8%

)

          Total  SG&A expenses

19.9%

20.0%

Income (loss) from  continuing operations

4.9%

(0.5%

)

Interest expense

2.5%

2.4%

Income (loss) from  continuing operations before income taxes

2.4%

         (2.9%

)

Provision for income taxes

0.6%

0.7%

Income (loss) from  continuing operations

1.8%

(3.6%

)

Discontinued operations

-

(0.3%

)

Net income (loss)

1.8%

(3.9%

)

 
   
**Year Ended December  31, 2009 Compared To Year Ended December 31, 2008**

On a consolidated basis for  all segments for the year ended December 31, 2009 compared to the year ended  December 31, 2008, revenue decreased 19%, gross profit decreased 24%  (excluding the 2008 inventory write-down of $3.9 million) and total selling,  general and administrative ("SG&A") expenses decreased 19% for  reasons discussed in detail in the segment analysis below.

Quarry Segment Analysis

Revenues in our quarry  operations for the year ended December 31, 2009 decreased 24% to $21.7  million, compared to $28.7 million in 2008. See the discussion in this Item 7  *-**Management Discussion and Analysis of Financial Condition and  Results of Operations -* "General" for a detailed discussion of each  quarry. 

Gross profit decreased 32%  or $2.3 million (excluding the 2008 inventory write-down of $3.9 million). The  decreased sales also drove our gross margin down 2.5 percentage points to  23.1%.

SG&A expenses in our  quarry segment for 2009 of $2.2 million were down slightly, by $24,000, from  2008.  

 

20

Manufacturing Segment  Analysis

The manufacturing  division's 2009 net revenue decreased by 12% to $23.9 million compared to  $27.2 million in 2008. Mausoleum and memorial sales decreased by about $2  million and sales of industrial products decreased by $1.3 million in 2009  compared to 2008. These decreases are a direct result of the poor economy and  to a lesser extent the decrease in the average foreign exchange rate from  2008 to 2009. At December 31, 2009 the manufacturing backlog is $300,000  greater than at December 31, 2008 and customer deposits on mausoleums or  large civic monuments are $320,000 higher than the prior year. 

Gross profit dollars from  the manufacturing group decreased 16% or $1.2 million and gross profit as a  percentage of revenue decreased 1.2 percentage points for the year ended  December 31, 2009 compared to 2008. The decrease in gross profit margin is primarily  due to the decreased sales of higher margin mausoleums and industrial  products.  

SG&A expenses for the  manufacturing group were down $450,000 or 10% from the prior year primarily  as a result of decreased bad debt expense, commissions and incentive accruals  and partially due to the decrease in the foreign exchange rate.  

Consolidated Items

Unallocated corporate  overhead decreased 16%, or $594,000 from the prior year. The majority of this  decrease can be attributed to decreased salary and benefit costs, professional  service fees and office expenses due to decreased staff. 

Due to the consolidation of  our corporate headquarters in the manufacturing plant's existing offices in  2008, the Company had a change in the use of its corporate headquarters  building located at 772 Graniteville Road, which we concluded to be an event that  triggered an impairment analysis. We determined that the forecasted  undiscounted cash flows related to the building and land was less than its  carrying value. As a result, in 2008 we recorded an impairment charge of  $1,348,000 to reduce the carrying value of the building and land to its  estimated fair value. The estimated fair value was based on a discounted cash  flow analysis and included consultation with an outside professional real  estate appraiser.  No assurance can be given that the underlying estimates  and assumptions utilized in our determination of an asset's new carrying value  will materialize as anticipated.  As of  April 4, 2009, management had made  the decision to sell this building and it has been classified as an asset  held for sale since then.
   
Foreign exchange losses in  2009 were $131,000 compared to a gain in 2008 of $27,000 resulting from the  effect of the fluctuating value of the US dollar compared to the Canadian  dollar on transactions that are originated in US dollars in our Canadian  operations.

Total interest expense was  approximately $1.2 million in 2009 as compared to $1.4 million in 2008. Total  interest expense decreased only $200,000 even though we've decreased debt $7.5  million during the year as a result of the increase in our borrowing rates instituted  by our lenders as of March 31, 2009. 

The income tax expense for  2009 was $280,000 compared with $395,000 for 2008. The tax expense in 2009 is  made up of taxes at our Canadian subsidiary plus the accrual of the 5%  Canadian withholding tax on a $4 million expected dividend plus the U.S. federal and state taxes on that dividend. Under the rules of the Housing Assistance  Tax Act of 2008, the Company has elected to forgo bonus depreciation and  claim accelerated AMT credit carryforward from tax years beginning before  2006. The Company elected for 2008 and 2009 to benefit from the monetization  of AMT credits and included in the 2009 US provision is $302,000 of tax  benefit. The tax expense in 2008 reflects taxes at our Canadian subsidiary.  

We had a loss from the discontinued  retail operations of $142,000 in 2008. The 2008 loss is made up of $119,000  of operating losses and $23,000 of allocated interest. 
   
**Liquidity and Capital  Resources**

* *

In light of the current economic situation, we evaluated our  future liquidity needs, both from a short-term and long-term (i.e. more than  one year) basis. We believe cash on hand plus cash generated from operations  along with cash available under credit lines will be sufficient in 2010 to  service debt, finance capital expenditures, fund operations and fund the  pension plan. To provide for long-term liquidity, we believe we can generate  substantial positive cash flow, as well as obtain additional capital, if  necessary, from the use of subordinated debt or equity. In the event that our current capital resources are  not sufficient to fund requirements, we believe our access to additional  capital resources would be sufficient to meet our needs, although the  financing terms available could be significantly different than our current  terms.

Historically, we have met  our short-term liquidity requirements primarily from cash generated by  operating activities and periodic borrowings under the commercial credit  facilities described below. Our credit facility with our Lenders was renewed  on October 27, 2007 for a term of five years.

21
 
In January 2008, we  received $7.6 million in net proceeds from the sale of the retail division.  We applied $4.5 million of these proceeds to the long-term debt and $3.1  million to the revolving credit facility. During 2009 we generated $10.5  million in cash from operations and applied $7.2 million to the revolving  credit facility and $261,000 to long-term debt.

Due to the significant  worldwide decline that began in 2008 in equity prices and the value of other  financial investments, the fair value of the assets held by our defined  benefit pension plan decreased by $5.4 million in 2008. While the asset  values have recovered by approximately $3 million in 2009, the plan is still  under-funded by $4.8 million as of December 31, 2009. We have historically  contributed between $750,000 and $1.0 million per year to the plan. We  contributed $1.0 million for 2009 and expect to contribute approximately the  same amount in 2010. We will continue the process  of funding the unfunded liability which, we believe, we will be able  to fund either from cash from operations or borrowing under our credit  facilities. See Item 1A, Risk Factors and note 8 of the Notes to Consolidated  Financial Statements.

Our primary need for  capital will be to maintain and improve our quarrying and manufacturing facilities.  We have approximately $2 million budgeted for capital expenditures in 2010.  
   
Cash Flow 

At December 31, 2009, we had  cash and cash equivalents of approximately $1.7 million and working capital  of approximately $21 million, compared to approximately $888,000 million of  cash and cash equivalents and working capital of approximately $21 million at  December 31, 2008. 

*Cash from Operations.*Net cash provided by operating activities was $10.5  million in 2009 compared to**$2.3 million in 2008. The $10.5 million is  made up mainly of net income of $802,000, depreciation of $2.5 million, a  decrease in accounts receivable of $6.2 million and a decrease in inventory  of $2.4 million offset by a decrease in payables and pension liabilities of  $1.5 million. The $2.2 million net loss in 2008 is adjusted by the non-cash  impairment charges of $5.3 million and depreciation of $2.4 million and  offset by a large increase in accounts receivable along with decreases in  accounts payable, customer deposits and pension liabilities. 

*Cash from Investing  Activities.* Cash flows used in  investing activities were $2.5 million in 2009 compared to cash flows provided  by investing activities of $4.9 million in 2008. In 2009 our capital spending  was $1.7 million for property, plant and equipment (PP&E) and $1.1  million for a quarry in Stanstead, Quebec compared to $3.1 million for  PP&E in 2008. In 2009 proceeds from sales of PP&E totaled $462,000  compared to $473,000 in 2008. In 2008, proceeds from the sale of the retail division  totaled $7.7 million. 

* *

*Cash from Financing  Activities*. Financing activities  used $7.5 million in 2009 compared to $8.0 million in 2008. In 2009 our line  of credit was reduced by $7.2 million and $261,000 was paid on our long-term  debt. In 2008 our line of credit was reduced by $3.1 million and $5.0 million  was paid on our long-term debt.  

* *

Credit Facility

We have a credit facility  with the CIT Group/Business Credit and Chittenden Trust Company  ("Lenders") that is scheduled to expire in October 2012 and is  secured by substantially all assets of the Company located in the United States. The facility consists of an acquisition term loan line of credit of up to  $30.0 million and a revolving credit facility of up to another $20.0 million  based on eligible accounts receivable, inventory and certain fixed assets.  Amounts outstanding were $214,446 and $13,885,960 as of December 31, 2009 and  $7,428,085 and $14,106,939 as of December 31, 2008, on the revolving credit  facility and the term loan line of credit, respectively.  Unused availability  under the revolving credit facility was $10,745,414 as of December 31, 2009.   The term loan line of credit is available to pay for the acquisition of  quarries or manufacturers and items incidental to the acquisitions subject to  various restrictions.  The weighted average interest rate was 5.3% and 4.7% on the revolving credit  facility in 2009 and 2008, respectively. The credit facility loan agreement  places restrictions on our ability to, among other things, sell assets,  participate in mergers, incur debt, pay dividends, make capital expenditures,  repurchase stock and make investments or guarantees, without pre-approval by  the Lenders.  The credit facility agreement also contains certain covenants  for a Minimum Fixed Charge Coverage Ratio and a limit on the Total  Liabilities to Net Worth Ratio of the Company.

  * *

*Minimum Fixed Charge  Coverage Ratio*. The facility  requires the ratio of the sum of earnings before interest, taxes,  depreciation and amortization (EBITDA), to the sum of income taxes paid,  capital expenditures, interest and scheduled debt repayments be at least 1.10  for any trailing twelve-month period at the end of a quarter. As of December  31, 2009 we were in compliance with the Minimum Fixed Charge Coverage Ratio. Due  to the non-cash impairment charges on the write-down of inventory and the  corporate building in 2008 we were in violation of the covenant at December  31, 2008. We received a waiver of this covenant from the Lenders and amended  the agreement effective March 31, 2009. As a result of the amendment the  unused line fee went from .25% to .50% and the existing interest rate pricing  grid was changed as follows:

 

22

**Revolving Credit Facility**

**Term Loan**

Previous Rate Formula

Prime or Libor +2%  

Prime + .25% or Libor +2.25%

Amended Rate Formula

Prime + 3% or Libor + 4%

Prime + 3.5% or Libor + 4.5%
   
*Total Liabilities to Net  Worth Ratio.* Our credit facility  also requires that the ratio of our total liabilities to net worth (the  "Leverage Ratio") not exceed 2.0. The Leverage Ratio excludes from  the calculation the change in tangible net worth directly resulting from the  Company's compliance with accounting rules regarding unfunded retirement  liabilities, up to $6.0 million. In relevant part, this rule required us to  place on our books certain unrecognized and unfunded retirement liabilities  as of December 31, 2006. As of December 31, 2009, we were in compliance with  the Leverage Ratio covenant.

*Interest Rates.* We can elect the interest rate structure under the  credit facility based on the prime rate or LIBOR for both the revolving  credit facility and the term loan with a LIBOR floor of 2.0%. 
   
The rates in effect as of  December 31, 2009 were as follows:

**AmountOutstanding**

** **

**Formula**

** **

**Effective Rate**

Revolving Credit Facility

$

214,000

Prime + 3.0%

6.25%

Term Loan A

13.9 million

Prime + 3.5%

6.75%
   
*Canadian Credit Facility*
   
The Company's Canadian  subsidiary has a line of credit agreement with the Royal Bank of Canada that is renewable annually in December. Under the terms of this agreement, a maximum  of $2.5 million CDN may be advanced based on eligible accounts receivable,  eligible inventory, and tangible fixed assets.  The line of credit bears  interest at the Canadian prime rate plus 0.5%. 

The Canadian subsidiary  also has a non-revolving term loan which cannot exceed $4,000,000 CDN bearing  interest at the Canadian prime rate plus 0.95%. Amortization of the loan is  based on 72 months but the interest rate is negotiated yearly. There was  nothing outstanding on either loan at December 31, 2009 or December 31, 2008.  However, in the first quarter of 2010, Rock of Ages Canada borrowed $4  million on their term loan and paid a dividend of $4 million to Rock of Ages  Corporation. The Company did this to take advantage of the historically high  exchange rates, the difference in interest rates under its credit facilities  with the Royal Bank of Canada and the CIT Group, and to take advantage of  current income tax deductions in Canada.

**Off-Balance Sheet  Arrangements**

With the exception of our  operating leases, we do not have any off-balance sheet arrangements, and we  do not have, nor do we engage in, transactions with any special purpose  entities.

**Seasonality**

Historically, the Company's  operations have experienced certain seasonal patterns. Generally, our net  sales have been highest in the second or third quarter and lowest in the  first quarter of each year due primarily to weather. Cemeteries in northern  areas generally do not accept granite memorials during winter months when the  ground is frozen because they cannot be properly set under those conditions.  In addition, we typically close certain of our Vermont and Canadian quarries  during these months because of increased operating costs attributable to  adverse weather conditions. As a result, we have historically incurred a net  loss during the first three months of each calendar year.

**Recent Accounting  Pronouncements**
   
In December 2008, the  FASB issued an amendment to the *Compensation*topic regarding employer's  disclosures about postretirement benefit plan assets. This guidance requires  more detailed disclosures about plan assets of a defined benefit pension or  other postretirement plan, including investment strategies; major categories  of plan assets; concentrations of risk within plan assets; inputs and  valuation techniques used to measure the fair value of plan assets; and the  effect of fair-value measurements using significant unobservable inputs on  changes in plan assets for the period. It is effective for fiscal years  ending after December 15, 2009, with earlier application permitted. The  adoption of this amended guidance did not have a material effect on our  financial position or results of operations but did result in expanded  financial statement disclosures (see note 8).

23
 
In May 2009, the FASB  issued the *Subsequent Events*topic which establishes standards under  which an entity shall recognize and disclose events that occur after a  balance sheet date, but before the related financial statements are issued or  are available to be issued. The guidance is effective for fiscal years and  interim periods ending after June 15, 2009. The Company has evaluated and  disclosed subsequent events through the date of this filing. See note 18 for  a discussion of subsequent events.
   
In January 2010, the FASB issued accounting guidance to enhance  fair value measurement disclosures by requiring the reporting entity to  disclose separately the amounts of significant transfers in and out of Level  1 and Level 2 fair value measurements and describe the reason for the  transfers. Furthermore, activity in Level 3 fair value measurements should  separately provide information about purchases, sales, issues and settlements  rather than providing that information as one net number. These new  disclosures are effective for interim and annual reporting periods beginning  after December 15, 2009, with the exception of the enhanced Level 3  disclosures, which are effective for interim and annual reporting periods  beginning after December 15, 2010. The Company does not expect that  application of this guidance will have a material impact on our financial position  or results of operations. 
      
**ITEM 7A.  **

**QUANTITATIVE AND  QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

Not required for smaller  reporting companies.
      
**ITEM 8.  **

**FINANCIAL STATEMENTS  AND SUPPLEMENTARY DATA**

The information required  for this item is included in this Annual Report on Form 10-K on Pages 43  through 72, inclusive, and is incorporated herein by reference.

**ITEM 9. **

**CHANGES IN AND  DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE**

None.

**ITEM 9A(T).**

**CONTROLS AND  PROCEDURES**

*Evaluation of Disclosure  Controls and Procedures*

The Company, with the  participation of our Chief Executive Officer and Chief Financial Officer, has  evaluated the effectiveness of our disclosure controls and procedures, as  such term is defined under Rules 13a-15(e) and 15d-15(e) promulgated  under the Securities Exchange Act of 1934, as amended, as of December 31,  2009. Based on this evaluation, our Chief Executive Officer and Chief  Financial Officer have determined, that such disclosure controls and procedures are effective to ensure that information required  to be disclosed in our filings under the Securities Exchange Act of 1934 is  recorded, processed, summarized and reported within the time periods  specified in the Securities and Exchange Commission's rules and forms. Disclosure  controls and procedures include controls and procedures designed to reasonably ensure that such  information is accumulated and communicated to our management, including our  Chief Executive Officer and Chief Financial Officer, as appropriate to allow  timely decisions regarding required disclosure. Management has concluded that  the consolidated financial statements in this Form 10-K fairly present, in  all material respects, the Company's financial position, results of  operations and cash flows for the periods and dates presented.  
   
*Management's Report on  Internal Control Over Financial Reporting.*

* *

Management is responsible  for establishing and maintaining adequate internal control over financial  reporting (as defined in Rule 13a-15(f) under the Securities Exchange  Act of 1934, as amended).  Management assessed the effectiveness of our  internal control over financial reporting as of December 31, 2009.  In  making this assessment, management used the framework in "Internal  Control-Integrated Framework" issued by the Committee of Sponsoring  Organizations of the Treadway Commission ("COSO").  Based on these criteria,  management has concluded that, as of December 31, 2009, the Company's  internal control over financial reporting is effective.

This annual report does not  include an attestation report of our independent registered public accounting  firm regarding internal control over financial reporting. Management's report  was not subject to attestation by our independent registered public  accounting firm pursuant to temporary rules of the Securities and Exchange  Commission that permit us to provide only management's report in this annual  report.

*Changes in Internal  Control over Financial Reporting*

24

There have been no changes in  our internal controls over financial reporting that has occurred during our  fiscal quarter ended December 31, 2009 that has materially affected, or is  reasonably likely to materially affect our internal control over financial  reporting.  

**ITEM 9B.**

**OTHER INFORMATION**

As  previously disclosed in its current report on Form 8-K filed with the  Commission on February 22, 2010, at its regular meeting held on February 18, 2010,  our Board of Directors set the date for the Company's Annual Meeting of  Shareholders for Thursday, August 12, 2010 at 10:30 a.m., EDT. The meeting  will be held at our Visitors Center located at 560 Graniteville Road, Graniteville, Vermont. The Board set the record date for the Annual Meeting of  Stockholders for June 4, 2010. We decided to move the annual meeting about 60  days from the middle of June to August 12 so as to be able to publicly  discuss our results through June 30, 2010 with our shareholders at the  meeting. 

 

Because  the Annual Meeting will be delayed by more than 30 calendar days from the  date of last year's Annual Meeting, the following revised dates apply to  shareholder proposals:

 

Under  the rules and regulations of the Securities and Exchange Commission,  proposals of shareholders intended to be presented in the Company's proxy  statement and forms of proxy for the Company's 2010 Annual Meeting of  Shareholders must be received by the Company at its principal executive  offices no later than March 1, 2010, and must otherwise satisfy the  conditions established by the Securities and Exchange Commission to be  considered for inclusion in the Company's proxy statement and proxy cards for  that meeting.

 

Under  our By-Laws, proposals of shareholders intended to be submitted for a formal  vote (other than proposals to be included in the Company's proxy statement  and forms of proxy) at the Company's 2010 Annual Meeting of Shareholders may  be made only by a shareholder of record who has given notice of the proposal  to the Secretary of the Company which is received at the Company's principal  executive offices not later than May 14, 2010. The notice must contain  certain information as specified in our By-Laws. Any such proposal received  after May 14, 2010 will not be considered "timely" under the  federal proxy rules for purposes of determining whether the proxies  designated by the Company for such meeting may use discretionary authority to  vote on such proposal.
      
**ITEM 10.**

**DIRECTORS, EXECUTIVE  OFFICERS AND CORPORATE GOVERNANCE**

Certain information  concerning our directors and executive officers is set forth below. Our  executive officers serve for a term of one year (and until his or her  successor is duly elected and qualified) at the discretion of the Board of  Directors. 

Our Articles of  Incorporation provide that our Board of Directors shall be comprised of not  less than three and not more than fifteen members. Our Board of Directors is  currently comprised of seven directors.
   
Our Articles further  provide that at the next annual shareholders' meeting, which has been set for  August 12, 2010 (the "2010 Annual Meeting"), the initial Board of Directors  will be divided into three classes (Classes I, II and III), each class  consisting, as nearly as possible, of one-third of the total number of  directors constituting the entire Board of Directors. At the 2010 Annual  Meeting, the Class I directors will stand for election for a term that  expires at the next annual shareholders meeting after such election; the  Class II directors will stand for election for a term that expires at the  second annual shareholders meeting after such election; and the Class III  directors will stand for election for a term that expires at the third annual  shareholders' meeting after such election. At each succeeding annual  shareholders' meeting, successors to the class of directors whose term  expires at that annual meeting will stand for election for three-year terms.

Unless otherwise indicated,  none of the companies or organizations referred to below is a parent,  subsidiary or affiliate of the Company.

 
   
 

**NAMES OF DIRECTORS  AND EXECUTIVE OFFICERS**

**AGE**

**POSITIONS WITH THE  COMPANY**

James L. Fox

58

Director

Paul H. Hutchins

54

Vice President/Administration

Richard C. Kimball 

69

Director and Vice Chairman

Donald M. Labonte

48

Director, President and Chief  Executive Officer 

Laura A. Plude

52

Vice President, Chief  Financial Officer, Treasurer and Assistant Secretary

Pamela G. Sheiffer

63

Director

Kurt M. Swenson

65

Chairman of the Board of  Directors

Charles M. Waite

77

Director

Frederick E. Webster Jr.

72

Director

25
James L. Fox has been a  director of the Company since October 1997. Since January 2007, he has been  President and Chief Executive Officer, and from October 2005 to December 2006,  he was Executive Vice President and Chief Operating Officer of FundQuest,  Inc., a global provider of turnkey, open architecture wealth management  programs and services for financial institutions and advisors. From September  2003 to October 2005, he was Executive Vice President and Chief Financial  Officer of The BISYS Group, Inc. He was President of Fund Services Division  of The BISYS Group, Inc. from April 2003 to September 2003. From August 2001  to April 2003, he was President and Chief Executive Officer of govOne  Solutions, L.P., an electronic government payment service. From June 2000 to  August 2001, he was Vice President-Corporate Development and Chief Financial  Officer of Gomez, Inc., a research and consulting firm specializing in  Internet quality measurement. Prior to joining Gomez, Mr. Fox had been Vice  Chairman of PFPC Inc., a division of the PNC Financial Services Group, Inc.  from December 1999 to June 2000. Before joining PFPC, Inc., Mr. Fox had an  eleven year career with the Investor Services Group of First Data  Corporation, a provider of processing and mutual fund and retirement services  for mutual fund complexes, banks, insurance companies and advisory firms,  including serving as President and Chief Executive Officer (1999) and Chief  Operating Officer (1997-1999). Mr. Fox has also been a director of Pegasus  Solutions, Inc., a global provider of third-party marketing and reservation  services to the travel industry, since June 2006. Mr. Fox's current term as a  director of the Company expires at the Company's 2010 Annual Meeting.   
Mr. Fox brings extensive executive  management experience in both public and private companies, including  knowledge and experience in managing financial and accounting matters and  working with independent outside accounting firms in his capacity as Chief  Financial Officer and Chief Executive Officer in a number of large companies.

Richard C. Kimball has been  a director of the Company since 1986, and Vice Chairman since 1993. From 1993  to January 2001, he was Chief Operating Officer - Memorials Division of the  Company and from January 2001 to December 2004, he was Chief Strategic and  Marketing Officer. Prior to joining the Company, Mr. Kimball served as a  director, principal and President of The Bigelow Company, Inc., a strategic  planning and investment banking firm from 1972 until 1993. Mr. Kimball  retired as an employee of the Company on December 31, 2004 and served as a consultant to the Company during 2005 and 2006. He returned to The Bigelow  Company, Inc. in 2006, where he presently serves as a Senior Advisor. Mr.  Kimball's current term as a director expires at the Company's 2010 Annual  Meeting.

Mr. Kimball has extensive  experience in investment banking and strategic consulting for many different  businesses and provides the Board with valuable expertise and insight in  evaluating the Company's strategic business development.  He is also a former  executive officer of the Company and as such provides institutional and  industry knowledge.

Paul H. Hutchins has been  Vice President/Administration of the Company since October 2004.  From  September 1993 to October 2004, he was Manager of Administration.  Mr.  Hutchins has held numerous other positions during his 27 year career at Rock  of Ages, including Director of Information Services (June 1989 - September  1993), Production Manager (Rock of Ages Canada, Inc., October 1987 - June  1989), Purchasing and Transportation Manager (June 1984 - October 1987) and  Staff Engineer (December 1981 - June 1984).

Donald   Labonte has been  a director of the Company since 2008. He has been President and Chief  Executive Officer since July 2008 and was Chief Operating Officer from  February 2008 to June 2008.  He was President and Chief Operating Officer/Quarry  Division from December 2007 to February 2008, and President and Chief  Operating Officer/Manufacturing Division from August 2002 to February 2008.   Mr. Labonte has been President of Rock of Ages Canada, Inc., a wholly owned  subsidiary of the Company, since 1999. From January 2002 to July 2002, he was  Vice President of the Manufacturing Division of the Company. From 1998 to  1999, he was Vice President/General Manager of Rock of Ages Canada, Inc. From  1993 to 1998, Mr. Labonte was Director of Operations of Rock of Ages Canada,  Inc. From 1980 to 1993, Mr. Labonte held various positions in the  manufacturing plant at Rock of Ages Canada, Inc. Mr. Labonte's current term expires  at the Company's 2010 Annual Meeting. 

Mr. Labonte is one of the  most experienced, knowledgeable and effective executives in the granite  industry, and he provides unique and necessary perspective on the Company's  current operations and strategic focus, as well as extensive industry  knowledge.

Laura  Plude has been Vice President and CFO of the Company since August 2007.  She  served briefly as Vice President/Finance from July 2007 to August 2007.  Ms.  Plude was Director of Finance of the Company from August 2004 to July 2007.  She was a staff accountant at the Company from August 1999 to August 2004.  Prior to joining the Company, Ms. Plude was a self-employed CPA.

Pamela G. Sheiffer has been  a director of the Company since June 2004. Since 1997, she has been President  of P. Joyce Associates, Inc., a consulting firm specializing in retail and  apparel sectors, and providing services to the investment community. Prior to  that, Ms. Sheiffer held various senior management positions in the retail and  apparel industry including Senior Vice President of May Department Stores. She  has been a director of New York & Company (NYSE: NWY), a specialty  retailer of fashion oriented, moderately priced women's apparel, since August  2006, and a Trustee of the American Management Association since June 2007.  

26

She is currently Vice Chairman of Learning Lenders, New York  City's largest educational nonprofit with over 12,000 volunteers in New York  City schools. Ms. Sheiffer's current term as a director expires at the Company's 2010  Annual Meeting.   
Ms. Sheiffer has extensive  executive management experience with companies engaged in the design and  retail sales of products (included branded products) marketed primarily to  women.  Since the large majority of granite memorials sold in North America are purchased by women, Ms. Sheiffer brings a unique and helpful perspective  to the sales and marketing programs for our branded memorials.
   
Kurt M. Swenson has been  Chairman of the Board of Directors of the Company since 1984. From 1984 to  June 30, 2008 he was President and Chief Executive Officer of the Company.  Prior to the Company's initial public offering in 1997, Mr. Swenson had been  the Chief Executive Officer and a director of Swenson Granite Company, Inc.  from 1974 to September of 1997. Mr. Swenson currently serves as non-executive  Chairman of the Board of Swenson Granite Company, LLC, a Delaware limited  liability company engaged in the granite curb and landscaping business.  Swenson Granite Company, LLC may be deemed an affiliate of the Company. He is  also a director of the National Building Granite Quarries Association, an  industry association of United States-based dimension granite quarriers. Mr.  Swenson's current term as a director expires at the Company's 2010 Annual  Meeting.
   
Mr. Swenson has over 36  years of experience in the granite industry.  He provides extensive industry  knowledge and contacts, and as a former executive officer, also provides  institutional continuity and Company knowledge to the Board.  
   
Charles M. Waite has been a  director of the Company since 1985. Since 1989, Mr. Waite has been managing  partner of Chowning Partners, a financial consulting firm that provides  consulting services to New England companies. Mr. Waite's current term as a  director expires at the Company's 2010 Annual Meeting.
   
Mr. Waite brings a strong  sense of executive management and leadership to the Board.  He is a graduate  of the Harvard Business School, and has extensive experience, as an executive  running business operations as well as a consultant to numerous companies  with both domestic and overseas operations.
   
Frederick E. Webster Jr.,  Ph.D. has been a director of the Company since October 1997. He was Professor  of Management at the Amos Tuck School of Business Administration of Dartmouth College from 1965 until 2002, and is now the Charles Henry Jones Professor of  Management Emeritus. He is also a management consultant and lecturer, and is  the Jon Underwood Distinguished Research Fellow in Marketing at the Eller  College of Management, University of Arizona. Mr. Webster's current term as a  director expires at the Company's 2010 Annual Meeting.
   
Mr. Webster is nationally  recognized as an expert in marketing. In addition to his academic  accomplishment, he has served as a consultant to a wide number of companies.   Mr. Webster brings to the Board expertise in marketing branded products,  managing channel conflicts, marketing through exclusive territories, pricing  policy and implementing customer-driven initiatives.
   
**SECTION 16(A) BENEFICIAL  OWNERSHIP REPORTING COMPLIANCE**

Section 16(a) of the  Exchange Act requires directors, certain officers and beneficial owners of  more than 10% of our Common Stock to file reports of initial beneficial  ownership and changes in beneficial ownership of our Class A Common Stock  with the Securities and Exchange Commission. Based solely upon a review of  reports filed pursuant to Section 16(a) of the Exchange Act and written  representations by directors and such officers, the Company believes that  during 2009 such persons made all required filings, except that Mr. Hutchins  and Mrs. Plude filed on a timely basis a Form 5 (Annual Statement of Changes  In Beneficial Ownership) reporting the grant on February 19, 2009 of 5,000  and 10,000 options, respectively, to purchase shares of Class A Common Stock.  The grants should have been reported on Form 4, but such reports were not  timely filed due to inadvertent clerical error.
   
**AUDIT COMMITTEE**

Rock of Ages has a  separately designated standing Audit Committee established in accordance with  Section 3(a)(58)(A) of the Exchange Act. The members of the Audit Committee  are James L. Fox (Chairman), Richard C. Kimball and Frederick E. Webster Jr.  The Board of Directors has determined that James L. Fox, Chairman of the  Audit Committee is an audit committee financial expert as defined by Item  407(d)(5) of Regulation S-K of the Exchange Act, and is independent under  Rule 10A-3(b)(1) under the Exchange Act and as independence is defined for  audit committee members in the listing standards of The Nasdaq Stock Market,  Inc.
   
**BOARD LEADERSHIP  STRUCTURE AND ROLE IN RISK OVERSIGHT**

With the streamlining of our management  structure after the sale of our retail division in 2007, and the retirement of  Kurt M. Swenson, our former Chief Executive Officer ("CEO") in June 2008, our  Board of Directors determined it would be in the best interests of the Company  and its shareholders to separate the roles of Chairman and CEO. Accordingly,  Mr. Swenson, who served as Chairman of the Board and CEO from 1984 until June  2008, now serves as the non-executive Chairman of the Board. 

 
27
As Chairman, he organizes the Board's activities to enable it  to effectively provide guidance to, and oversight and accountability of, our  management. As directors continue to have more oversight responsibilities than  ever before, we believe it is beneficial to have a non-executive Chairman  whose sole job is to lead the Board, serve as a resource to the CEO, and  advise the CEO as to the Board's needs, interests and opinions. The CEO's  responsibility is to run the day to day operations of the Company. We believe  having a non-executive Chairman is beneficial to the CEO and allows him to  focus his entire energy on his numerous responsibilities running both our  quarry and manufacturing operations. The Board of Directors continually  evaluates our leadership structure and could in the future decide to combine  the Chairman and CEO positions if it determines that doing so would serve the  best interests of the Company.   
Our Audit Committee is  primarily responsible for overseeing our risk management processes on behalf  of the full Board. The Audit Committee receives and reviews periodic reports  from management, auditors, legal counsel and others, as considered  appropriate regarding the Company's assessment of risks. In addition, the  Audit Committee reports regularly to the full Board, which also considers our  risk profile. The Audit Committee and the full Board focus on the most  significant risks facing the Company and the Company's general risk  management strategy. While the Board oversees the Company's risk management,  management is responsible for day to day risk management processes. We  believe this division of responsibilities is the most effective approach for  addressing the risks facing the Company.
   
**CODE OF ETHICS**

On October 20, 2008, the  Board of Directors adopted a revised code of business ethics for directors,  officers (including Rock of Ages' principal executive officer and principal  financial and accounting officer) and employees. The revised code of business  ethics is available on Rock of Ages' website at www.rockofages.com. Shareholders  can also request a free copy by making such request in writing to Rock of  Ages Corporation, PO Box 482, Barre, Vermont 05641, attn: Vice President of  Administration. We intend to satisfy the disclosure requirement under Item  5.05 of Form 8-K regarding an amendment to, or a waiver from, a provision of  our code of ethics that applies to our principal executive officer, principal  financial officer, or principal accounting officer or controller by  disclosing such information on our website in accordance with Item 5.05 of  Form 8-K.

**ITEM 11.**

**EXECUTIVE  COMPENSATION**

**SUMMARY  COMPENSATION TABLE**

The following table sets forth compensation  information concerning the compensation of our Chief Executive Officer and  our other two most highly compensated executive officers who served in such  capacities during the year ended December 31, 2009 (the "Named Executive  Officers").
                              
Name and Principal Position

Year

Salary

($)

Bonus

($)

Stock Awards

($)

Option Awards

($)

Non-Equity Incentive Plan Compensation

(1)

Nonqualified Deferred Compensation Earnings

($)

All Other Compensation ($)

Total ($)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

Donald M. Labonte,  President/CEO

2009

2008

$238,950 (2)

$253,800 (2)

-

$40,000 (3)

-

-

-

$7,947

$19,238

-

-

-

$31,575 (4)

$33,537 (5)

$289,763

$335,284

Paul H. Hutchins, 

Vice President  Administration

2009

2008

$125,004

$125,004

-

$10,000 (7)

-

-

$3,350

$467

$9,375

-

-

-

$5,608(6)

$1,385(6)

$143,337

$136,856

Laura A. Plude, CFO

Vice President Finance

2009

2008

$100,841

$100,008

-

$10,000 (7)

-

-

$6,700

$14,550

$7,563

-

-

-

$4,678(6)

$1,750 (6)

$119,782

$126,308
      (1)
Incentive payments earned  under the 2009 Annual Incentive Plan were accrued in 2009 but paid in 2010.   
      
(2)

For 2009 and 2008, Mr.  Labonte was paid an annual base salary of $270,000 CDN.  For the purposes of  this table, to calculate his 2009 and 2008 annual base salary in U.S.  dollars, we used a currency conversion rate of $.885 and $.94 U.S. to $1.00 CDN, respectively which represents the average of the exchange rates as of  each month during fiscal 2009 and 2008, as published in the Wall Street  Journal. 

(3)

Discretionary bonus of $40,000  ($42,554 CDN) paid in 2009 for 2008 performance. To calculate the amounts  paid in U.S. dollars, we used a currency conversion rate of $.94 U.S. to $1.00 CDN, which represents the average of the exchange rates as of the end of each  month during fiscal 2008, as published in the Wall Street Journal.
 
28

(4)

Includes $19,470 ($22,000  CDN) paid by the Company to Mr. Labonte's self-directed retirement account  under the Retirement Plan for Salaried Employees of Rock of Ages Canada, Inc.  and $788 ($890 CDN) paid for a life insurance policy on Mr. Labonte's life,  payable to his heirs. Rock of Ages Canada paid $11,317 ($12,787 CDN) into the  supplemental retirement plan for Mr. Labonte for 2009. For the purposes of  this table, to calculate the amounts paid in 2009 for Mr. Labonte's  retirement arrangements, we used a currency conversion rate of $.885 USD to  $1.00 CDN, which represents the average of the exchange rates as of each  month during fiscal 2009, as published in the Wall Street Journal. See  "Narrative to Summary Compensation Table" and "PENSION AND  POST-RETIREMENT BENEFITS - Canadian Retirement Plans" at page 35 of this  report.

(5)

Includes $19,740 ($21,000  CDN) paid by the Company to Mr. Labonte's self-directed retirement account  under the Retirement Plan for Salaried Employees of Rock of Ages Canada, Inc.  and $837 ($890 CDN) paid for a life insurance policy on Mr. Labonte's life,  payable to his heirs. Rock of Ages Canada paid $12,960 ($13,787 CDN) into the  supplemental retirement plan for Mr. Labonte for 2008. For the purposes of  this table, to calculate the amounts paid in 2008 for Mr. Labonte's  retirement arrangements, we used a currency conversion rate of $.94 USD to  $1.00 CDN, which represents the average of the exchange rates as of each  month during fiscal 2008, as published in the Wall Street Journal. See  "Narrative to Summary Compensation Table" and "PENSION AND  POST-RETIREMENT BENEFITS - Canadian Retirement Plans" at page 35 of this  report.

(6)

For 2009 and 2008,  respectively, amount represents Company match on 401(k) deferrals.   

(7)

Discretionary bonus paid in  2009 for 2008 performance.

 

**Narrative  to Summary Compensation Table**

The  Compensation Committee of the Board of Directors (the "Compensation  Committee") is primarily responsible for reviewing, approving, and  overseeing the Company's compensation plans and practices, and works with  management to establish the Company's executive compensation programs.  Our  executive compensation program consists of four key components:  base salary,  annual bonus awards, equity based incentives in the form of stock options,  and retirement benefits.  

 

*Base  Salary*

The  Compensation Committee annually reviews the Chief Executive Officer's  ("CEO") salary and the CEO's recommendations with regard to the  base salaries of our other executive officers. The Compensation Committee did  not increase the rate of base salaries for executive officers in 2009 and  again decided that it would not increase base salaries for executive officers  in 2010 except for the Chief Financial Officer who received a $10,000  increase.  

 

*Non-Equity  Incentive Plans and Cash Bonuses*

Our  executive officers, including the Named Executive Officers, participated in  the 2009 Annual Incentive Plan, which was adopted by the Compensation  Committee and set forth corporate and divisional performance measures for  each participating employee, as well as target award values.  Performance  under the Incentive Plan is measured by the achievement of certain levels of  earnings before interest and taxes ("EBIT"), net of incentive  payments, cash flow from operations and return on assets.  The following  named executive officer's incentive targets are set at the corporate level  only. The target award values for 2009 for the named executive officers under  the Incentive Plan as a percentage of base salary are set forth below:
          
** **

**Target Award Values (% of Base Salary)**

Threshold

Target

Maximum

Donald M. Labonte,    President and CEO

10%

15%

25%

Paul H. Hutchins, Vice    President of Administration

10%

15%

25%

Laura A. Plude, CFO and    Vice President of Finance

10%

15%

25%

The Compensation  Committee may also pay discretionary bonuses to officers if, in the  Compensation Committee's sole discretion, a participant has achieved  corporate, divisional or personal goals worthy of reward.  

The Compensation  Committee did not award discretionary bonuses for 2009 performance to the  Named Executive Officers.

*Stock  Options*

Our  2005 Stock Plan was established to provide certain employees with an  opportunity to share, along with our stockholders, in our long-term  performance.  Historically, we have granted stock options which vest based  upon continued employment, typically over a three to five year period. All  options are granted with maximum terms that expire ten years after the date  of grant (or upon earlier termination of the option holder's employment).   Typically, we have granted options to executive officers when they are first  appointed.  In 2009, the Compensation Committee determined it would be  appropriate to grant options to certain individuals, including the Named  Executive Officers. See the information concerning option holdings among our  Named Executive Officers at page 30 of this report under the caption  "OUTSTANDING EQUITY AWARDS AT FISCAL YEAR END."

 

29

*Retirement  Benefits*

We  maintain a defined benefit plan (the "DB Plan") for non-union  employees who were vested in the DB Plan on March 31, 2009.   Due to the  recent significant worldwide decline in equity prices and the value of other  financial investments, the fair value of the assets held by the DB Plan  decreased by $5.4 million in 2008.  As a result, the plan was significantly  under-funded, and we decided to terminate participation in the DB Plan and  the future accrual of benefits.  As an alternative to the DB Plan, we increased  the Company match for our 401K plan to 4%.  We have entered into salary  continuation agreements (the "SC Agreements") with certain individuals  who are not Named Executive Officers.  We also have a deferred salary plan  (the "DS Plan") for certain management and highly compensated  employees.  At the present time, there are no current employees participating  in the DS Plan.  Our CEO, who is a Canadian citizen, is not eligible to  participate in these plans.  Accordingly, we provide retirement benefits to  our CEO and our Canadian employees through separate retirement plans  sponsored by Rock of Ages Canada, Inc, our Canadian subsidiary.  For further  information on our retirement programs please see the information at page 30  of this report under the caption "PENSION AND POST-RETIREMENT  BENEFITS."
   
*Employment  Agreements*

The  CEO is the only Named Executive Officer that currently has an employment  agreement with the Company.  This agreement generally provides for the  payment of base salary, severance, and change in control payments and is  described in greater detail at page 32 of this report under the caption  "EMPLOYMENT AGREEMENTS AND CHANGE IN CONTROL ARRANGEMENTS."

**OUTSTANDING  EQUITY AWARDS AT FISCAL YEAR END**

The following table sets forth information concerning  options to purchase Class A Common Stock held by the Named Executive Officers  at December 31, 2009.

Option Awards

Stock Awards

Name

Number of Securities Underlying Unexercised Options

Exercisable

Number of Securities Underlying Unexercised Options

Unexercisable

Equity Incentive Plan Awards: Number of Securities  Underlying Unexercised Unearned Options

Option Exercise Price

($)

Option Expiration Date

Number of Shares or Units of Stock That Have Not  Vested

Market Value of Shares or Units of Stock That Have  Not Vested

($)

Equity Incentive Plan Awards: Number of Unearned  Shares, Units or Other Rights That Have Not Vested

Equity Incentive Plan Awards: Market or Payout Value  of Unearned Shares, Units or Other Rights That Have Not Vested

($)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

Donald M. Labonte

15,000

-

-

$5.98

2/8/2012

-

-

-

-

17,000

68,000

-

$2.63

8/7/2018

-

-

-

-

Paul H. Hutchins

15,000

-

-

$5.98

2/8/2012

-

-

-

-

1,000

4,000

-

$2.63

8/7/2018

-

-

-

-

5,000

-

$2.63

2/19/2019

-

-

-

-

Laura A. Plude

10,000

15,000

-

$5.93

8/14/2017

-

-

-

-

10,000

-

$2.63

2/19/2019

-

-

-

-
   
Eachof the options shown above vest over five years in equal 20% increments, andexpire ten years after the date of grant.
   
**OPTION  EXERCISES AND STOCK VESTED**
   
During  2009 none of the Named Executive Officers exercised any stock options or  became vested in any restricted stock.
   
**PENSION  AND POST-RETIREMENT BENEFITS**
   
**Defined  Benefit Pension Plan**
   
We maintain a  qualified defined benefit pension plan (the "DB Plan") for non-union employees  of Rock of Ages Corporation. The DB Plan is noncontributory and provides  benefits based upon a formula calculated by reference to length of service and  final average earnings. The DB Plan provides an annual life annuity at age 65  equal to 1.8% per year of a participant's highest consecutive five year  average compensation (excluding bonus) during the last ten years of  employment" ("Final Average Compensation"), plus 0.4% per year of a  participant's Final Average Compensation in excess of social security covered  compensation times the years of service, up to a maximum of 30 years.   Participants who have attained the age of 55 and who have at least 10 years of  service may elect to receive early retirement benefits under the DB Plan.   In the case of early retirement, the amount of the monthly pension benefit  will be equal to the monthly accrued pension benefit, determined as of the  early retirement date, reduced actuarially for each month that the early  retirement date precedes the normal retirement date.  

30
As of March 31, 2009 the DB Plan was amended by freezing  membership and future benefits in the plan. The total annual retirement  benefits payable upon normal retirement under the DB Plan for the Named  Executive Officers will not change in the future except to be reduced for  early retirements.   
The  Vice President of Administration and the CFO are the only named executive  officers participating in the DB Plan. The VP of Administration has 27 years  of service and the CFO has 9 years of service and their annual retirement  benefits will be $66,500 and $14,600, respectively.  The current CEO, a  Canadian citizen, is not eligible to participate in the DB Plan. 
   
**Salary  Continuation Agreements**

In  addition to the DB Plan, we have salary continuation agreements ("SC  Agreements") which provide for supplemental pension benefits to certain  former officers of the Company.  No Named Executive Officers are covered by  an SC Agreement. 
   
**Deferred  Salary Plan**

We  established the Rock of Ages Key Employees Deferred Salary Plan (the "DS  Plan") for certain management and highly compensated employees.   Participation in the DS Plan is limited to those employees designated by the  Board of Directors in its sole discretion, and who satisfy the following  criteria:  (1) the employee has attained the age of 55; (2) the employee is  an executive officer; (3) the employee has completed a minimum of ten years  of continuous service with the Company; and (4) the employee's annual base  salary, fringe benefits and other non-cash compensation exceeds $200,000  (subject to adjustment each year to reflect the average percentage change in  the base salaries of all officers of the Company).  No executive officers currently  participate in the DS Plan.  

Participants  may make an irrevocable election to defer up to $100,000 annually under the  DS Plan. Any amounts deferred are reflected in deferred salary accounts  created by the Company.  Interest at the rate of 12% per annum is credited on  a monthly basis to each Participant's deferred salary account. The aggregate  account balances remain part of the general unrestricted assets of the  Company. Participants do not have any right or claim to any specific assets  of the Company, but only a claim against the Company as a general, unsecured  creditor to the extent of the undistributed portion of their deferred salary  account. Benefits under the DS Plan are paid upon the retirement, death or  disability of the participant or other termination of participation, subject  to certain procedures relating to distribution. Each year prior to making a  deferral, participants must elect the method of distribution that will apply  to that deferral upon retirement under the DS Plan.  Participants have three  distribution options:  (i) Interest only on the undistributed account balance  at 12% per annum, payable monthly, quarterly or annually for the life of the  participant or his/her spouse, with distribution of the remaining account  balance payable upon the death of the participant or his/her spouse,  whichever is later; (ii) as provided in (i) above, but subject to a term  certain of not less than 10 nor more than 20 years with respect to the  payment of interest only; or (iii) level payment amortization of the  participant's account balance as of the commencement of payments, plus  interest on the undistributed account balance at 12% per annum, over any of  the time periods available under (i) or (ii) above.

**Canadian  Retirement Plans**

Our  Canadian subsidiary, Rock of Ages Canada, Inc. ("ROA Canada"), has a  retirement plan for our Canadian employees, the Retirement Plan for Salaried  Employees of Rock of Ages Canada, Inc. (the "Basic Canadian Retirement  Plan") which is registered with the Province of Quebec and the  Government of Canada. All salaried, non-union employees of ROA Canada are  participants in the Basic Canadian Retirement Plan, including our President  and CEO, Mr. Labonte. Pursuant to the Basic Canadian Retirement Plan, ROA  Canada contributes 8% of a participant's monthly compensation each month to  each participant's account. The investments in the account are self-directed  by each participant with a range of investment options. ROA Canada may, in  its discretion, make an additional contribution to a participant's account,  up to a maximum aggregate amount of 13% of a participant's salary per year  (including amounts previously contributed during the year). For 2009,  Canadian law allowed a maximum contribution per individual to the Basic  Canadian Retirement Plan of $22,000 CDN.  

In  2009, we contributed $19,470 (the full $22,000 CDN allowable under Canadian  law) and in 2008, we contributed $19,740 (the full $21,000 CDN allowable  under Canadian law) to Mr. Labonte's self-directed retirement account under  the Basic Canadian Retirement Account.  Effective in 2007 ROA Canada  established a supplemental retirement plan for Mr. Labonte ("Canadian  Supplemental Plan"). The Canadian Supplemental Plan is funded as a  retirement compensation arrangement as defined in Article 248 of the Canadian  Income Tax Act. The only participant in the Canadian Supplemental Retirement  Plan is Mr. Labonte. Each year, ROA Canada may make a contribution to the  Canadian Supplemental Plan equal to 13% of Mr. Labonte's base salary, less  any amounts paid to the Basic Canadian Retirement Plan for Mr. Labonte.  We  made contributions to the Canadian Supplemental Plan equal to $11,317 ($12,787  CDN) and $12,960 USD ($13,787 CDN) in 2009 and 2008, respectively. We may  make additional contributions to the Canadian Supplemental Retirement Plan at  our discretion. Normal retirement age under the Canadian Supplemental Plan is  65 years however the participant may elect early retirement at age 55, or may  elect to postpone normal retirement to not later than age 71. Upon early,  normal or postponed retirement, Mr. Labonte is entitled to a lump sum equal to  the value of the contributions made to the Canadian Supplemental Plan, plus  accrued earnings of the Plan, or he may elect to be paid in installments over  5 years from the retirement date.

31

**Post  Employment Health Care Policy**

It  is our policy to provide post-employment health care coverage to our  executive officers and their spouses who retire at age 55 or older. The form  and type of benefits to be provided is the coverage that is in effect for  active employees from time to time, and the retiree pays his or her portion  of the premium for such coverage, as the same may be set from time to time.  We reserve the right, in our sole discretion, to change or amend such  coverage, the retiree's share of the premium and/or such other terms of the  coverage as we deem necessary or advisable, or to cease providing such  coverage altogether.  Coverage is provided to  executive officers who retire  at age 55 or older and to their spouses until they reach age 65, provided,  however, that health care coverage for a spouse terminates when the executive  officer reaches (or would have reached) age 68, regardless of whether the  spouse has reached age 65.  
   
**EMPLOYMENT AGREEMENTS AND  CHANGE IN CONTROL ARRANGEMENTS**

***Labonte  Employment Agreement***

The  Company has an employment agreement with the CEO, Mr. Labonte (the  "Labonte Employment Agreement"), for retention of his services as  President and Chief Executive Officer of the Company. The term of the Labonte  Employment Agreement commenced on July 1, 2008, the date he began his duties  as Chief Executive Officer, and continues until the fifth anniversary thereof  unless extended or terminated. The Labonte Employment Agreement provides for  continued payment of salary and benefits for an additional twelve months if  Mr. Labonte's employment is terminated by the Company without Cause (as  defined in the Labonte Employment Agreement). If Mr. Labonte's employment is  terminated by the Company within twelve months after a Change in Control (as  defined in the Labonte Employment Agreement) then the Company will pay Mr.  Labonte a lump sum in cash within 15 days after the date of termination equal  to one times the then current Annual Base Salary.  
   
**NON-EMPLOYEE DIRECTOR Compensation**

For the 2009 fiscal year, directors who are not also employees  of the Company were paid annual directors' retainers of $30,000.  Audit  Committee members were paid an additional annual retainer fee of $2,000 and  members of other committees are paid additional annual retainers of $1,000  for each committee.  The non-executive Chairman receives an annual retainer  that is at least $20,000 higher than the highest paid non-employee director,  or such other fee as determined by the Compensation Committee or the full  board (excluding the Chairman) in its sole discretion. Directors are also  eligible for grants under the 2005 Stock Plan.  We reimburse our non-employee  directors for travel and lodging expenses that they incur in connection with  their attendance of directors' meetings and meetings of shareholders of the  Company.  
   
**Actual Fiscal 2009 Non-Employee  Director Compensation**

The following table shows the  compensation paid to our non-employee directors for the 2009 fiscal year:
                        
**Name**

**Fees Earned or Paid in Cash ($)**

**Stock Awards ($)**

**Option Awards ($)**

**Non-Equity Incentive Plan  Compensation ($)**

**Non-**

**qualified Deferred Compensation  Earnings**

**All Other Compensation ($)**

**Total ($)**

James  L. Fox

32,500

-

-

-

-

-

32,500

Richard  C. Kimball

32,500

-

-

-

-

-

32,500

Pamela  G. Sheiffer

32,000

-

-

-

-

-

32,000

Kurt  M. Swenson

50,000

-

-

-

-

-

50,000

Charles  M. Waite

32,500

-

-

-

-

-

32,500

Frederick  E. Webster, Jr.

32,000

-

-

-

-

-

32,000

**ITEM 12.**

**SECURITY OWNERSHIP OF  CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS**

The following table sets  forth, as of March 20, 2010, certain information with respect to the  beneficial ownership of our Common Stock by each (i) director, (ii) Named  Executive Officer (iii) beneficial owner of more than 5% of either class of  the outstanding Common Stock known to us, based on Securities and Exchange  Commission filings and other available information and (iv) by all directors  and executive officers of the Company as a group. This information is based  upon information received from or on behalf of the individuals or entities  named below, except as otherwise noted. The Class B Common Stock is  convertible on a share-for-share basis into Class A Common Stock. The Class B  Common Stock is entitled to ten votes per share and the Class A Common Stock  is entitled to one vote per share. Beneficial ownership has been determined in  accordance with the rules of the Securities 

 

32

and Exchange Commission. Except as indicated in the footnotes  below, we believe, based on the information furnished or otherwise available  to us, the persons and entities named in the table below have sole voting and  investment power with respect to all shares of Common Stock shown as  beneficially owned by them, subject to applicable community property laws.  Ownership percentages are based upon 4,812,342 shares of Class A Common Stock  and 2,603,721 shares of Class B Common Stock outstanding as of March 22, 2010.   
In computing the number of  shares of Common Stock beneficially owned by a person and the percentage  ownership of such person, shares of Class A Common Stock subject to options  held by that person that are currently exercisable or exercisable within 60  days of March 20, 2009 were deemed to be outstanding. Such shares were not  deemed to be outstanding, however, for the purpose of computing the  percentage ownership of any other person.
                         
** **

** **

** **

**SHARES OF CLASS B    COMMON STOCK    BENEFICIALLY OWNED**

** **

**SHARES OF CLASS A    COMMON STOCK    BENEFICIALLY OWNED**

**NAME AND ADDRESS OF    BENEFICIAL OWNER (1)**

 

**NUMBER**

 

**PERCENT OF    CLASS**

 

**NUMBER (2)**

 

**PERCENT OF     CLASS (2)**

North Star Investment    Management Corp.(3)

20 North Wacker Drive,      Suite 1416

Chicago, IL 60606

-

-

718,473

14.9%

Kuby Gottlieb Special    Value Fund, LP(4)

20 North Wacker Drive, Suite1416

Chicago, IL 60606

-

-

423,986

8.8%

Dimensional Fund Advisors,    Inc (5)      1299 Ocean Avenue      Santa Monica, CA 90401 

-

-

312,531

6.5%

Kurt M. Swenson (6) **

1,005,000

38.6%

1,135,000

19.5%

Kevin C. Swenson (7)    Willougby Colby Rd.    Warner, NH 03278

1,023,489

39.3%

1,023,489

17.5%

Robert Pope

46 Grand View Farm Road

Barre, VT 05641-8335

144,875

5.3%

159,875

3.2%

Richard C. Kimball **

29,126

1.1%

72,126

1.5%

Charles M. Waite**

29,126

1.1%

45,000

*

James L. Fox**

  

-

-

5,000

*

Frederick E. Webster Jr.**    

-

-

5,000

*

Donald Labonte (8)**

-

-

35,000

*

Pamela G. Sheiffer**

-

-

5,000

*

Paul H. Hutchins(9)**

-

-

29,200

*

Laura A. Plude (10) **

-

-

15,000

*

All directors and    executive officers as a group (9 persons)

1,063,252

38.8%

1,346,326

22.9%

**  Named ExecutiveOfficer and/or Director*    Less than 1%

 

(1)

The business address of  each director and executive officer of the Company is c/o Rock of Ages  Corporation, 560 Graniteville Road, Graniteville, Vermont 05654.

(2)

For each beneficial owner  (and directors and executive officers as a group), (i) the number of shares  of Class A Common Stock listed includes (or is comprised solely of) the  number of Class A shares owned outright or under outstanding vested options  and a number of shares equal to the number of shares of Class B Common Stock,  if any, listed as beneficially owned by such beneficial owner(s) and (ii) the  percentage of Class A Common Stock listed assumes the conversion on March 22,  2010 of all shares of Class B Common Stock, if any, listed as beneficially  owned by such beneficial owner(s) into Class A Common Stock and also that no  other shares of Class B Common Stock beneficially owned by others are so  converted.

(3)

According to a Form 4 dated  March 17, 2010, Northstar Investment Management Corp., in its capacity as  an investment advisor or manager, may be deemed to be the beneficial owner of  the listed shares.

 

33

(4)

According to a Schedule 13G  dated January 8, 2009, Kuby Gottleib Special Value Fund, LP in its capacity  as an investment advisor or manager, may be deemed to be the beneficial owner  of the listed shares that are held of record by certain investment companies,  trusts or other accounts it advises or manages.
      
(5)

 According to a  Schedule 13G dated February 10, 2010, Dimensional Fund Advisors, Inc., in its  capacity as an investment advisor or manager, may be deemed to be the  beneficial owner of the listed shares that are held of record by certain  investment companies, trusts or other accounts it advises or manages.
      
(6)

Kurt M. Swenson is the  brother of Kevin C. Swenson. Includes 1,005,000 shares of Class B Common  Stock and 130,000 shares of Class A Common Stock held by the Kurt M. Swenson  Revocable Trust of 2000. Kurt M. Swenson, as the sole trustee of the Kurt M.  Swenson Revocable Trust of 2000, beneficially owns such shares. 
      
(7)

Kevin C. Swenson is the  brother of Kurt M. Swenson. 

(8)

Includes 32,000 shares of  Class A Common Stock subject to currently exercisable stock options.
      
(9)

Includes 17,000 shares of  Class A Common Stock subject to currently exercisable options.

(10)

Includes 12,000 shares of  Class A Common Stock subject to currently exercisable options.

**Equity Compensation Plan Information**

The following table sets  forth information regarding the Company's equity compensation plan as of  December 31, 2009.

Plan Category

Number of securities  to be issued upon  exercise of  outstanding options,  warrants and rights

Weighted-average  exercise price of  outstanding options,  warrants and rights

Number of securities  remaining available for future  issuance under equity  compensation plans (excluding  securities reflected in column(a))

(a)

(b)

(c)

Equity compensation plans  approved by security holders

314,000

$4.08

330,833

Equity compensation plans  not approved by security holders

None

None

None

Total

314,000

$4.08

330,833

(1)

On June 22, 2005 at our Annual Meeting of Stockholders, the stockholders approved the Rock of Ages Corporation 2005 Stock  Plan (the "2005 Plan"). The 2005 Plan permits awards of stock  options (including both incentive stock options and nonqualified stock options)  and restricted stock. A maximum of 550,000 shares of Class A Common Stock may  be issued under the 2005 Plan. The 2005 Plan is administered by the  Compensation Committee, which has the authority to determine the recipients  of awards under the 2005 Plan and, subject to the 2005 Plan, the terms and  condition of such awards. The 2005 Plan replaces the Rock of Ages Corporation  1994 Stock Plan (the "1994 Plan") which expired in November 2004.  Although grants made under the 1994 Plan prior to its expiration remain  outstanding, no further grants may be made under the 1994 Plan.

**ITEM 13.**

**CERTAIN RELATIONSHIPS  AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE**

***Transactions with  Related Persons, Promoters and Certain Control Persons***

*Transactions With  Related Persons*

In connection with and  prior to its initial public offering in 1997, the Company effected a  reorganization whereby, among other things, the Company's then parent  corporation, Swenson Granite Company, Inc. ("Swenson Granite"), was  merged with and into the Company, with the Company as the surviving  corporation, and, immediately prior to such merger, Swenson Granite  distributed its curb and landscaping business to its stockholders through a  pro rata distribution of all of the member interests in a newly formed  limited liability company named Swenson Granite Company LLC ("Swenson  LLC"). Kurt M. Swenson, the Company's Chairman, and his brother Kevin C.  Swenson, each own approximately 31% of Swenson Granite LLC. Certain other  directors of the Company collectively own approximately 9% of Swenson LLC.  Kurt M. Swenson serves as a non-officer Chairman of the Board of Swenson LLC,  but has no involvement with its day-to-day operations. Robert Pope, a holder  of more than 5% of the Class B Common Stock, is Swenson LLC's President and  Chief Executive Officer, and including shares owned by his wife and children,  owns approximately 12% of Swenson LLC. Neither Kurt M. Swenson nor any other  officer or director of the Company, receives salary, bonus, expenses or other  compensation from Swenson LLC, except for any pro rata share of earnings  attributable to their ownership interest in Swenson LLC.

34

Swenson LLC owns two  granite quarries: one in Concord, New Hampshire and another in Woodbury, Vermont. Both have been owned by Swenson LLC (or its predecessor Swenson Granite)  for more than 40 years. Because of the proximity of the Woodbury quarry to Barre, Vermont, the Company provides, and may continue to provide, certain maintenance  services and parts to the Woodbury quarry and is reimbursed for the cost of  such services. During 2009, the Company received approximately $6,100 for  such maintenance services and parts. Both the Company and Swenson LLC have  the right to terminate these services at any time. The Company also purchases  Concord blocks and other products from Swenson LLC at market prices. The  Company's purchases of granite and other products provided by Swenson LLC in  2009 were approximately $73,000. Swenson LLC also purchases granite blocks  and slabs and miscellaneous services from the Company. Such purchases  amounted to approximately $53,000 in 2009. The Company believes these  arrangements with Swenson LLC are not material and that they are on terms as  favorable, or more favorable, to the Company than would be available from an  unrelated party for comparable granite products. Both of Swenson LLC 's  quarries produce gray granite primarily for curb and landscape use. Although  Rock of Ages' gray granite from its Barre and Stanstead quarries is used  primarily for memorial use, it may be in competition with Swenson LLC in some  markets, including the supply of its gray granites for other than memorial  use. Swenson LLC has supplied its Woodbury granite to manufacturers of  government grave markers made for the Veterans' Administration for many years  and Rock of Ages has not been in the business of selling or manufacturing its  gray granites for use in Veterans markers. 
   
The determination to sell  the retail operations in 2008 was reached after our Board engaged in a  lengthy process of fully exploring strategic alternatives with the assistance  of Covington Associates, LLC, a Boston-based investment banking firm selected  by a special committee of non-employee directors and retained by the Company  in 2006.  The sale to PKDM was recommended to the Board by this special  committee following the solicitation of bids from interested parties, and  Covington Associates delivered a favorable opinion to the Board with respect  to the fairness to the Company, from a financial point of view, of the consideration  to be received by the Company in the transaction.
   
In connection with the sale  of our retail division to PKDM Holdings, Inc. in 2008, a corporation owned by  Richard M. Urbach, the former President and Chief Operating Officer of the  retail division, and James Barnes, the financial manager of the retail  division, we entered into a five year supply agreement with PKDM and its  operating subsidiary, North American Heritage Services, Inc. ("NAHS"),  naming it as an authorized Rock of Ages retailer in the existing retail  territories formerly serviced by its owned retail stores, and PKDM agreed to  minimum annual memorial purchases from the Company of $3.5 million during  each year of the five year term, excluding private mausoleums. PKDM's minimum purchase obligation under the Supply  Agreement is subject to reduction if PKDM permanently closes or sells stores  that were operated by them on the date of the original Supply Agreement.  Pursuant to the Supply Agreement, the amount of such reduction is equal to the  three year average annual purchases of closed or sold stores. Due to the  closure or sale of a number of locations by PKDM during 2008, effective  January 16, 2009 the parties agreed to revise the minimum purchase  requirements to $1,780,000 for the year of the agreement ending on January  17, 2009 and to $1,210,000 for each of the remaining years of the initial  term and any renewal term.

***Review, Approval or  Ratification of Transactions with Related Persons***

Upon the recommendation of  the Audit Committee, in March 2007 the Company's Board of Directors adopted a  written policy under which related person transactions must be pre-approved  by the Audit Committee.  Under the policy, generally a related person  transaction is any transaction, arrangement or relationship involving an  amount exceeding $75,000 between the Company and any executive officer,  director or 5% stockholder (and their family members), or any entity in which  any such person is an executive officer, director, general partner, managing  member or person in a similar position, has a 5% or greater ownership  interest, or of which such person is an employee who will receive a direct  economic benefit from the transaction.  Prior to the Company entering into a  related person transaction, the Company's management must submit the proposed  transaction to the Audit Committee for consideration at a meeting.  The Audit  Committee considers all of the relevant facts and circumstances available to  it, including (if applicable) but not limited to:  the benefits to the  Company; the impact on a director's independence in the event the person in  question is a director, an immediate family member of a director, or an  entity in which a director is an equity holder or of which a director is an  executive officer, general partner, managing partner or a person in a similar  position; the availability of other sources for comparable products or  services; the terms of the proposed transaction; and the terms available to  unrelated third parties or to employees generally.  No member of the Audit  Committee may participate in any review, consideration or approval of any  related person transaction with respect to which such member of any of his or  her immediate family members is the related person.  The Audit Committee will  approve only those related person transactions that are in, or not  inconsistent with, the best interests of the Company and its stockholders.  Approval by a majority of the members of the Audit Committee (or by the  Chairman of the Audit Committee in the circumstances described below) will be  sufficient to approve a related person transaction.

*** ***

As described above, the written policy  provides that proposed related person transactions would normally be  considered by the Audit Committee at a meeting.  However, the policy  includes procedures to address situations when approvals need to be sought  between scheduled Audit Committee meetings.  The policy provides that in  those instances in which the Company's general counsel, in consultation with  the Company's Chief Executive Officer and the Chairman of the Audit Committee,  determines that it is not practical or desirable for the Company to delay  seeking approval of a related person transaction until the next scheduled  
 
35

Audit Committee, or until a special meeting  of the Audit Committee can be convened, the management shall submit the  proposed related person transaction to the Chairman of the Audit Committee,  who will have delegated authority to consider and act on behalf of the  Committee with respect to the proposed related person transaction.  In  that event, the Chairman of the Audit Committee will consider all of the  relevant facts and circumstances available to the Chairman, including (if  applicable) but not limited to those described above which would be considered  by the Audit Committee at a meeting at which the proposed related person  transaction was being considered.  If a related person transaction is  approved in this manner by the Chairman of the Audit Committee, such approval  will be reported to the Audit Committee at its next meeting.
   
***Director Independence***

The  Board of Directors has determined that each of our directors, other than Mr.  Swenson and Mr. Labonte, is independent under the listing standards of The  Nasdaq Stock Market, Inc.  Mr. Swenson serves as our Chairman, and until June  30, 2008, served as our CEO and Mr. Labonte currently serves as our CEO. Therefore,  the Board of Directors determined that they are not independent under the  listing standards of the Nasdaq Stock Market, Inc. In making its independence  determinations, the Board of Directors reviewed transactions and  relationships, if any, between the directors or any member of his or her  immediate family and us or one or more of our subsidiaries or affiliates  based on information provided by the directors, Company records and publicly  available information.
      
**ITEM 14.**

**PRINCIPAL ACCOUNTANT  FEES AND SERVICES**

The  following table shows the fees paid by Rock of Ages for the audit and other  services provided by Grant Thornton LLP and its affiliates for fiscal 2009  and 2008. The Audit Committee considered all of these services rendered by  Grant Thornton LLP and its affiliates to be compatible with the maintenance  of Grant Thornton LLP's and its affiliates' independence.  

The Audit Committee did not  utilize the de minimis exception to the pre-approval requirements to approve  any services provided by Grant Thornton LLP and its affiliates during fiscal  2009.

2009

2008

Audit Fees (1)

$

291,643

$

410,950

Tax Fees (2)

78,260

81,830

All Other Fees 

-

-

Total

$

369,903

$

492,780

The Audit Committee has  delegated to the Chair of the Audit Committee the authority to pre-approve  audit-related and non-audit services not prohibited by law to be performed by  Rock of Ages' independent auditors, provided the Chair shall report any  decisions to pre-approve such audit-related or non-audit services and fees to  the full Audit Committee at its next regular meeting and the Audit Committee  ratifies the approval of such non-audit services by the Chair.
      
(1)

Audit fees represent fees  for professional services provided in connection with the audit of our  financial statements and review of our quarterly financial statements and  audit services provided in connection with other statutory or regulatory  filings, including out of pocket expenses.
      
(2)

For 2008, tax fees included  $9,000 for tax consultations related to the filing of the IRS Form 338(h)(10)  election which was an election to treat the stock sale of the retail division  as an asset sale for tax purposes. 

 

 

 

 

 

 

36

 

**PARTIV**

 

**ITEM 15.**

**EXHIBITS AND  FINANCIAL STATEMENT SCHEDULES**

 
 
(a)

The following documents are  filed as part of or are included in this Annual Report on Form 10-K and are  incorporated herein by reference: 

  

1.

The financial statements  listed in the Index to Consolidated Financial Statements and Financial  Statement Schedule, filed as part of this Annual Report on Form 10-K. 

  

2.

All schedules for which  provision is made in the applicable accounting regulations of the Securities  and Exchange Commission are not required under the related instructions or  are inapplicable and therefore have been omitted. 

  

3.

The exhibits listed in the  Exhibit Index filed as part of this Annual Report on Form 10- K. 

 

**EXHIBIT INDEX**

** **

**EXHIBIT  NUMBER**

**DESCRIPTION**

2.1

Agreement and Plan of  Merger dated October 21, 2009 by and between Rock of Ages Corporation (a  Delaware corporation) and Rock of Ages Corporation (Vermont) (incorporated  herein by reference to Exhibit 2.1 to the Company's Current Report on Form  8-K filed with the Securities and Exchange Commission on December 8, 2009).

3.1

Articles of Incorporation  of the Company (incorporated herein by reference to Exhibit 3.1 to the  Company's Current Report on Form 8-K filed with the Securities and Exchange  Commission on December 8, 2009).

3.2

By-laws of the Company  (incorporated herein by reference to Exhibit 3.2 to the Company's Current  Report on Form 8-K and filed with the Securities and Exchange Commission on December  8, 2009).

3.3

Articles of Merger filed  with the Vermont Secretary of State dated December 7, 2009 (incorporated  herein by reference to Exhibit 3.3 to the Company's Current Report on Form  8-K filed with the Securities and Exchange Commission on December 8, 2009).

3.4

Certificate of Merger filed  with the Delaware Secretary of State dated December 7, 2009 (incorporated  herein by reference to Exhibit 3.4 to the Company's Current Report on Form  8-K filed with the Securities and Exchange Commission on December 8, 2009).

4.1

Specimen Certificate  representing the Class A Common Stock (incorporated herein by reference to  Exhibit 4.1 to the Company's Amendment No. 2 to Registration Statement on  Form 8-A (Commission File No. 0-2964) filed with the Securities and Exchange  Commission on December 15, 2009).

10.1*

First Amendment and  Restatement of Rock of Ages Corporation Key Employees Deferred Salary Plan  dated April 6, 2006 (incorporated herein by reference to Exhibit 10.1 to the  Company's Annual Report on Form 10-K for the year ended December 31, 2006 and  filed with the Securities and Exchange Commission on April 2, 2007).

10.2*

Rock of Ages 2005 Stock  Plan (incorporated herein by reference to Exhibit 10.1 to the Company's  Current Report on Form 8-K and filed with the Securities and Exchange  Commission on June 23, 2005).
10.3*
Amendment to Salary  Continuation Agreement of Kurt M. Swenson dated April 20, 2006 (incorporated  herein by reference to Exhibit 10.7 to the Company's Quarterly Report on Form  10-Q for the quarterly period ended July 1, 2006 and filed with the  Securities and Exchange Commission on August 14, 2006).

37

 
10.4*

Retirement Agreement of  Kurt M. Swenson dated April 28, 2008 (incorporated herein by reference to  Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the  Securities and Exchange Commission on April 29, 2008).
      
10.5*

Form of Salary Continuation  Agreement (incorporated herein by reference to Exhibit 10.15 to the Company's  Registration Statement on Form S-1 (Registration No. 333-33685) filed with  the Securities and Exchange Commission on August 15, 1997 and declared  effective on October 20, 1997).
      
10.6

Form of Collective  Bargaining Agreement between Rock of Ages Corporation - Quarry Division and  the United Steelworkers of America, AFL_CIO_CLC on behalf of Amalgamated  Local #4 (incorporated by reference to Exhibit 10.4 to the Company's  Quarterly Report on Form 10-Q for the quarterly period ended July 4, 2009 and  filed with the Securities and Exchange Commission on August 14, 2009).
      
10.7

Form of Collective  Bargaining Agreement between Rock of Ages Corporation - Manufacturing  Division and the United Steelworkers of America, AFL_CIO_CLC on behalf of  Amalgamated Local #4 (incorporated by reference to Exhibit 10.5 to the  Company's Quarterly Report on Form 10-Q for the quarterly period ended July  4, 2009 and filed with the Securities and Exchange Commission on August 14,  2009).
      
10.8

Form of Collective  Bargaining Agreement between Rock of Ages Corporation - Manufacturing  Division and the Granite Cutter's Association  (incorporated by reference to  Exhibit 10.6 to the Company's Quarterly Report on Form 10-Q for the quarterly  period ended July 4, 2009 and filed with the Securities and Exchange  Commission on August 14, 2009).
      
10.9

Credit Facility dated as of  October 26, 2009 between Royal Bank of Canada and Rock of Ages Canada, Inc.  

10.10

Supply Agreement dated as  of January 11, 2002 by and between Rock of Ages Corporation and Adams Granite  Co., Inc. (incorporated herein by reference to exhibit 10.15 to the Company's  Annual Report on Form 10-K for the fiscal year ended December 31, 2001 and  filed with the Securities and Exchange Commission on April 1, 2002).

10.11

Amendment to Supply  Agreement dated as of January 1, 2004 by and between Rock of Ages Corporation  and Adams Granite Co., Inc. (Incorporated by reference to Exhibit 10.2 to the  Company's annual Report on Form 10-K for the fiscal year ended December 31,  2006 and filed with the Securities and Exchange Commission on April 2, 2007).

10.12

Amendment No. 2 to Supply  Agreement dated as of January 16, 2007 by and between Rock of Ages  Corporation and Adams Granite Co., Inc. (incorporated by reference to Exhibit  10.21 to the Company's Annual Report on Form 10-K for the fiscal year ended  December 31, 2006 and filed with the Securities and Exchange Commission on  April 2, 2007)

10.13

Stock Purchase Agreement  dated as of January 17, 2008 by and between PKDM Holdings, Inc. and Rock of  Ages Corporation (incorporated herein by reference to Exhibit 2.1 to the  Company's Current Report on Form 8-K and filed with the Securities and  Exchange Commission on January 23, 2008).

10.14

Termination Agreement and  General Release dated January 17, 2008 by and between Richard M. Urbach and  the Company (incorporated by  reference to Exhibit 10.25 to the  Company's Annual Report on Form 10-K for the fiscal year ended December 31,  2007 and filed with the Securities and Exchange Commission on March 31, 2008).

10.15

Authorized Retailer Supply  and License Agreement dated January 17, 2008 by and between the Company, PKDM  Holdings, Inc., North American Heritage Services, Inc., Keith Monument  Company, LLC, and Sioux Falls Monument Co., LLC (incorporated by reference to Exhibit 10.26 to the Company's Annual Report on Form 10-K for the  fiscal year ended December 31, 2007 and filed with the Securities and  Exchange Commission on March 31, 2008). †

10.16

Amendment No. 1 to Supply  Agreement dated as of January 16, 2009 (executed and delivered March 10,  2009) by and between Rock of Ages Corporation and PKDM Holdings, Inc.  (incorporated by reference to Exhibit 10.1 to the Company's Current Report on  Form 8-K filed with the Securities and Exchange Commission on March 11, 2009).

10.17

Amended and Restated  Financing Agreement  dated October 24, 2007 by and between The CIT  Group/Business Credit, Inc. and Carolina Quarries, Inc., Pennsylvania Granite  Corp., Keith Monument Company, LLC, Rock of Ages Memorials, Inc., Sioux Falls  Monument Co., and the Company (incorporated herein by reference to Exhibit  10.1 to the Company's Current Report on Form 8-K and filed with the  Securities and Exchange Commission on October 25, 2007).
 
38
 
10.18

First Amendment to Amended  and Restated Financing Agreement dated March 30, 2009 by and between The CIT  Group/Business Credit, Inc. and Carolina Quarries, Inc., Pennsylvania Granite  Corp., and the Company (incorporated herein by reference to Exhibit 10.1 to  the Company's Current Report on Form 8-K and filed with the Securities and  Exchange Commission on March 31, 2009).

10.19

Letter from The CIT  Group/Business Credit, Inc. to Carolina Quarries, Inc., Pennsylvania Granite  Corp., Keith Monument Company, LLC, Rock of Ages Memorials, Inc., Sioux Falls  Monument Co., and the Company consenting to sale of the Company's retail  division (incorporated by  reference to Exhibit 10.28 to the  Company's Annual Report on Form 10-K for the fiscal year ended December 31,  2007 and filed with the Securities and Exchange Commission on March 31, 2008).

10.20

Consent and Assumption  Agreement dated December 7, 2009 by and among the Company, Rock of Ages  Corporation (a Delaware corporation), The CIT Group/Business Credit, Inc. and  Peoples United Bank (incorporated herein by reference to Exhibit 10.1 to the  Company's Current Report on Form 8-K filed with the Securities and Exchange  Commission on December 8, 2009).

10.21

Supplemental Retirement  Plan for Donald Labonté  dated as of January 1, 2007 (incorporated by reference to Exhibit 10.29 to the Company's Annual Report on Form 10-K for the  fiscal year ended December 31, 2007 and filed with the Securities and  Exchange Commission on March 31, 2008) 
      
10.22

Employment Agreement of Donald  M. Labonte dated as of July 1, 2008 (executed and delivered on August 26,  2008) (incorporated herein by reference to Exhibit 10.1 to the Company's  Current Report on Form 8-K and filed with the Securities and Exchange  Commission on August 28, 2008)
      
10.23

Asset Purchase Agreement  dated April 17, 2009 by and between Rock of Ages Canada, Inc., a wholly-owned  subsidiary of the Company, and Carrieres Polycor, Inc., for the purchase of  real and personal property comprising the Polycor Stanstead Quarry, located  in Stanstead, Quebec (incorporated by reference to Exhibit 10.3 to the  Company's Quarterly Report on Form 10-Q for the quarterly period ending April  4, 2009 and filed with the Securities and Exchange Commission on May 19,  2009). This exhibit is the original contract written in French.
      
10.24

English translation of the  Asset Purchase Agreement dated April 17, 2009 by and between Rock of Ages  Canada, Inc., a wholly-owned subsidiary of the Company, and Carrieres  Polycor, Inc., for the purchase of real and personal property comprising the  Polycor Stanstead Quarry, located in Stanstead, Quebec (incorporated by  reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q for  the quarterly period ending April 4, 2009 and filed with the Securities and  Exchange Commission on May 19, 2009).
      
11.

Statement re: computation  of per share earnings (incorporated herein by reference to Note (1)(n) of the  Company's consolidated financial statements (filed herewith))
      
21.

Subsidiaries of the Company 
      
23.1

Consent of Grant Thornton  LLP
      
31.1

Certification of CEO  pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act  of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of  2002.
      
31.2

Certification of CFO pursuant  to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934,  as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
      
32.1

Certification of CEO  pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the  Sarbanes Oxley Act of 2002.
      
32.2

Certification of CFO  pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the  Sarbanes Oxley Act of 2002.

 

** ***      This exhibit is amanagement contract or compensatory plan or arrangement.

†      Portions of this exhibit have been omitted andfiled separately with the Securities and Exchange Commission pursuant to arequest for confidential treatment.

39

 
 

 

 

**ROCK OF AGES CORPORATION AND SUBSIDIARIES**

** **

Consolidated Financial Statements

 

December 31, 2009 and 2008

(With Report of Independent Registered PublicAccounting Firm Thereon)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

40
 
 

**ROCK OF AGES CORPORATION AND SUBSIDIARIES**Table of Contents

**PAGE**

Report of Independent  Registered Public Accounting Firm

42
      
Consolidated Balance Sheets

43
      
Consolidated Statements of  Operations

45
      
Consolidated Statements of  Stockholders' Equity and Comprehensive Income (Loss)

46

Consolidated Statements of  Cash Flows 

47

Notes to Consolidated  Financial Statements

49

Supplementary Information:

          Schedule  II-Valuation and Qualifying Accounts and Reserves

70

 

** **

** **

 

** **

** **

** **

** **

** **

** **

** **

 

** **

** **

41
   
**REPORT OF INDEPENDENT  REGISTERED PUBLIC ACCOUNTING FIRM**
   
The Board of Directors and  Stockholders 

Rock of Ages Corporation:
   
We have audited the  accompanying consolidated balance sheets of Rock of Ages Corporation (a Vermont  Corporation) and subsidiaries (collectively, the "Company") as of  December 31, 2009 and 2008 and the related statements of operations,  stockholders' equity and comprehensive income (loss), and cash flows for the  years then ended. Our audits of the basic financial statements included the  financial statement schedule listed in the index appearing under Item 15  (a)(2). These financial statements and financial statement schedule are the  responsibility of the Company's management. Our responsibility is to express  an opinion on these financial statements and financial statement schedule  based on our audits.
   
We conducted our audits in  accordance with the standards of the Public Company Accounting Oversight  Board (United States). Those standards require that we plan and perform the  audit to obtain reasonable assurance about whether the financial statements  are free of material misstatement. The Company is not required to have, nor  were we engaged to perform, an audit of its internal control over financial  reporting. Our audit included consideration of internal control over  financial reporting as a basis for designing audit procedures that are  appropriate in the circumstances, but not for the purpose of expressing an  opinion on the effectiveness of the Company's internal control over financial  reporting.  Accordingly, we express no such opinion.  An audit also  includes examining, on a test basis, evidence supporting the amounts and the  disclosures in the financial statements, assessing the accounting principles  used and significant estimates made by management, as well as evaluating the  overall financial statement presentation.  We believe that our audits  provide a reasonable basis for our opinion.
   
In our opinion, the  consolidated financial statements referred to above present fairly, in all  material respects, the financial position of Rock of Ages Corporation and  subsidiaries as of December 31, 2009 and 2008 and the results of their  operations and their cash flows for the years then ended in conformity with  accounting principles generally accepted in the United States of America.  Also in our opinion, the related financial statement schedule, when  considered in relation to the basic financial statements taken as a whole,  presents fairly, in all material respects, the information set forth therein.

/s/ Grant Thornton LLP Boston, MassachusettsMarch 31, 2010

 

 

 

 

 

 

 

 

 

42

**ROCK OF AGES CORPORATION AND SUBSIDIARIES**Consolidated Balance SheetsDecember 31, 2009 and 2008

 

**2009**

**2008**

**ASSETS**

Current assets:

   Cash and  cash equivalents

$

1,712,760

$

888,099

   Trade  receivables, less allowance for doubtful accounts of       $324,446 in 2009 and $342,039 in 2008

7,241,144

13,314,324

   Inventories  

15,076,775

16,839,448

   Income  taxes receivable

429,281

135,682

   Other  current assets

1,191,124

1,425,065

   Assets held for sale

758,501

477,274

          Total  current assets

26,409,585

33,079,892

Property, plant and  equipment:

   Granite  reserves and development costs

17,636,252

16,300,376

   Land

3,917,749

3,963,610

   Buildings  and improvements

11,215,557

10,950,292

   Machinery  and equipment

28,411,977

27,304,228

   Furniture  and fixtures

931,912

965,006

   Construction-in-process

7,333

292,029

62,120,780

59,775,541

   Less  accumulated depreciation, depletion and amortization

31,562,227

29,777,079

          Net  property, plant and equipment

30,558,553

29,998,462

Other assets:

   Cash  surrender value of life insurance policies

136,792

132,184

   Identified  intangible assets, net 

476,144

570,954

   Goodwill 

387,156

387,156

   Debt  issuance costs, net

105,978

143,381

   Deferred tax asset

39,534

-

   Other  long-term assets

338,303

130,833

          Total  other assets

1,483,907

1,364,508

          Total  assets 

$

58,452,045

$

64,442,862

Seeaccompanying notes to consolidated financial statements.

 

 

 

 

43

**ROCKOF AGES CORPORATION AND SUBSIDIARIES**Consolidated Balance SheetsDecember 31, 2009 and 2008

**2009**

**2008**

**LIABILITIES AND  STOCKHOLDERS' EQUITY**

Current liabilities:

   Borrowings  under line of credit 

$

214,446

$

7,428,085

   Current  maturities of long-term debt 

800,616

517,113

   Trade  payables

1,285,295

1,334,125

   Accrued  expenses

1,264,287

2,225,986

   Salary  continuation and other post-employment liabilities 

690,654

567,274

   Customer  deposits

773,717

453,595

   Current deferred tax  liabilities

236,000

-

          Total  current liabilities

5,265,015

12,526,178

Long-term debt, net of  current maturities 

13,361,451

13,904,214

Salary continuation  liabilities, net of current portion 

5,386,090

5,381,913

Accrued pension cost 

4,809,907

9,025,673

Accrued post-employment  benefit cost 

1,621,954

1,622,671

Other liabilities

1,503,701

1,523,338

Deferred tax liabilities 

-

27,421

          Total  liabilities

31,948,118

44,011,408

Commitments and  contingencies (Note 4)

Stockholders' equity:

   Preferred  stock - No par value;        2,500,000 shares authorized; none issued

-

-

   Common  stock - Class A, No par value;        30,000,000 shares authorized; 4,812,342  shares issued and 

      outstanding as of  December 31, 2009 and 2008

48,124

48,124

   Common Stock -  Class B, No par value;        15,000,000 shares authorized; 2,603,721  shares issued and

      outstanding as of  December 31, 2009 and 2008

26,037

26,037

     Additional paid-in capital

65,750,600

65,688,524

     Accumulated deficit

(34,745,545

)

(35,547,869)

     Accumulated other comprehensive loss

(4,575,289

)

(9,783,362)

          Total  stockholders' equity

26,503,927

20,431,454

          Total  liabilities and stockholders' equity

$

58,452,045

$

64,442,862

Seeaccompanying notes to consolidated financial statements.

 

44

 

**ROCK OF AGES CORPORATION AND SUBSIDIARIES**Consolidated Statements of OperationsYears ended December 31, 2009 and 2008

 

  

**2009**

**2008**

Net revenues:

   Quarry

$

21,682,316

$

28,685,500

   Manufacturing

23,838,831

27,183,365

      Total  net revenues

45,521,147

55,868,865

Cost of goods sold:

   Quarry

16,670,187

21,332,267

   Quarry  inventory write-down

-

3,929,686

   Manufacturing

17,571,473

19,715,534

      Total  cost of goods sold

34,241,660

44,977,487

Gross profit:

   Quarry

5,012,129

3,423,547

   Manufacturing

6,267,358

7,467,831

      Total  gross profit

11,279,487

10,891,378

Selling, general and  administrative expenses:

   Quarry

2,242,915

2,266,873

   Manufacturing

3,933,555

4,382,813

   Corporate  overhead

3,042,110

3,635,699

   Impairment of long-lived  assets

-

1,348,253

   Effect of pension  curtailment

95,136

-

   Foreign exchange loss  (income)

131,161

(27,071)

   Other income, net

(405,385)

(424,555)

      Total  selling, general and administrative expenses

9,039,492

11,182,012

   Income (loss) from  operations

2,239,995

(290,634)

Interest expense, net

1,157,808

1,367,564

   Income (loss)  from continuing operations before income taxes

1,082,187

(1,658,198)

Provision for income taxes 

279,863

394,980

  Income (loss)  from continuing operations 

802,324

(2,053,178)

Discontinued operations

-

     (142,311)

   Net income  (loss)

$

802,324

$

(2,195,489)

Net income (loss) per share  - basic and diluted:

  Income (loss)  from continuing operations 

$

0.11

$

(0.28)

  Discontinued  operations

-

(0.02)

        Net  income (loss) per share

$

0.11

$

(0.30)

Weighted average number of  common shares outstanding 

   Basic and diluted

7,416,063

7,416,063

Seeaccompanying notes to consolidated financial statements.

 

45

 

**ROCK OF AGES CORPORATION AND SUBSIDIARIES**Consolidated Statements ofStockholders' Equity and Comprehensive Income (Loss)Years ended December 31, 2009 and 2008

 

**CLASS A  COMMONSTOCK**

**CLASS B  COMMONSTOCK**

**ADDITIONAL  PAID-INCAPITAL**

**ACCUMULATED**

**DEFICIT**

**ACCUMULATED  OTHER  COMPREHENSIVELOSS**

**TOTAL   STOCKHOLDERS'EQUITY**

Balance at December 31, 2007

 $

46,775

$

27,386

$

65,656,658

$

(33,352,380)

$

(1,907,703)

$

30,470,736

Comprehensive loss:

     Net loss  

-

-

-

(2,195,489)

-

(2,195,489)

     Cumulative  translation adjustment

-

-

-

-

(2,020,538)

(2,020,538)

     Net unrealized loss on  securities available for sale

-

-

-

-

(94,600)

(94,600)

    Pension  liability adjustment, net

-

-

-

-

(5,760,521)

(5,760,521)

Total comprehensive loss |
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