| THE MONARCH CEMENT COMPANY(Exact name of registrant as specified in its charter) |
|----------------------------------------------------------------------------------|
| KANSAS(state or other jurisdiction of incorporation or organization)             | 48-0340590(IRS employer identification no.) |
|                                                                             |   |
| P.O. BOX 1000, HUMBOLDT, KANSAS(address of principal executive offices)          | 66748-0900(zip code) |

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|  Large accelerated filer       | ___                                      |                                                |  Accelerated filer     |   X                                              |
|-------------------------------------------------------------------|-----------------------------------------------|-----------------------------------------------------|---------------------------------------|-----------------------------------------------------------------|
|  Non-accelerated filer                   | ___        |  (Do not check if a smaller reporting company) |  Smaller reporting company  | ___           |

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| THE MONARCH CEMENT COMPANY AND SUBSIDIARIES                                                                   |                               |
|---------------------------------------------------------------------------------------------------------------|------------------------------------|
| CONDENSED CONSOLIDATED BALANCE SHEETS                                                                         |                               |
| June 30, 2009 and December 31, 2008                                                                      |                               |
|                                                                                                          |                               |   |   |   |   |   |   |
| ASSETS                                                                                                        |                               |   | 2 0 0 9 |   |   | 2 0 0 8 |   |
| CURRENT ASSETS:                                                                                               |                               | (Unaudited) |   |   |   |   |
|    Cash and cash equivalents                                                                   |                               | $ | 3,063,293 |   |   | $ | 3,111,509 |   |
|    Short-term investments, at cost which approximates fair value                               |                               |   | - |   |   |   | 2,100,000 |   |
|    Receivables, less allowances of $875,000 in 2009 and                                        |                               |   |   |   |   |   |   |   |
|       $788,000 in 2008 for doubtful accounts                                    |                               |   | 18,213,777 |   |   |   | 15,499,638 |   |
|    Inventories, priced at cost which is not in excess of market-                               |                               |   |   |   |   |   |   |   |
|          Finished cement                                         |                               | $ | 6,956,404 |   |   | $ | 4,507,180 |   |
|          Work in process                                         |                               |   | 1,997,460 |   |   |   | 1,681,765 |   |
|          Building products                                       |                               |   | 5,368,963 |   |   |   | 5,069,230 |   |
|          Fuel, gypsum, paper sacks and other                     |                               |   | 7,168,065 |   |   |   | 6,312,135 |   |
|          Operating and maintenance supplies                      |                               |   | 11,311,912 |   |   |   | 10,943,746 |   |
|                                                                                                          | Total inventories                  |   | $ | 32,802,804 |   |   | $ | 28,514,056 |   |
|    Refundable federal and state income taxes                                                        |                               |   | - |   |   |   | 27,102 |   |
|    Deferred income taxes                                                                       |                               |   | 710,000 |   |   |   | 710,000 |   |
|    Prepaid expenses                                                                            |                               |   | 1,037,688 |   |   |   | 508,324 |   |
|                                                                                                          | Total current assets               |   | $ | 55,827,562 |   |   | $ | 50,470,629 |   |
| PROPERTY, PLANT AND EQUIPMENT, at cost, less                                                                  |                               |   |   |   |   |   |   |   |
|    accumulated depreciation and depletion of $156,558,902                                      |                               |   |   |   |   |   |   |   |
|    in 2009 and $151,055,752 in 2008                                                            |                               |   | 89,462,596 |   |   |   | 90,803,872 |   |
| DEFERRED INCOME TAXES                                                                                         |                               |   | 19,275,540 |   |   |   | 19,473,540 |   |
| INVESTMENTS                                                                                                   |                               |   | 15,564,224 |   |   |   | 12,740,244 |   |
| OTHER ASSETS                                                                                                  |                               |   | 1,023,987 |   |   |   | 1,276,364 |   |
|                                                                                                          |                               |   | $ | 181,153,909 |   |   | $ | 174,764,649 |   |
|                                                                                                          |                               |   |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS' INVESTMENT                                                                      |                               |   |   |   |   |   |   |   |
| CURRENT LIABILITIES:                                                                                          |                               |   |   |   |   |   |   |   |
|    Accounts payable                                                                            |                               | $ | 6,726,654 |   |   | $ | 6,308,873 |   |
|    Line of credit payable                                                                      |                               |   | 9,187,241 |   |   |   | - |   |
|    Current portion of term loan                                                           |                               |   | 2,690,287 |   |   |   | 2,643,913 |   |
|    Accrued liabilities                                                                         |                               |   | 6,100,925 |   |   |   | 8,553,694 |   |
|                                                                                                          | Total current liabilities          |   | $ | 24,705,107 |   |   | $ | 17,506,480 |   |
| LONG-TERM DEBT                                                                                                |                               |   | 13,578,702 |   |   |   | 15,108,016 |   |
| ACCRUED POSTRETIREMENT BENEFITS                                                                               |                               |   | 27,021,957 |   |   |   | 26,210,409 |   |
| ACCRUED PENSION EXPENSE                                                                                       |                               |   | 15,331,295 |   |   |   | 14,720,952 |   |
| EQUITY:                                                                                                       |                               |   |   |   |   |   |   |   |
|    COMPANY STOCKHOLDERS' EQUITY:                                                                    |                               |   |   |   |   |   |   |   |
|       Capital stock, par value $2.50 per share, one vote per share -                 |                               |   |   |   |   |   |   |   |
|          Authorized 10,000,000 shares, Issued 2,525,847 shares        |                               |   |   |   |   |   |   |   |
|          at 6/30/2009 and 2,518,658 shares at 12/31/2008              |                               | $ | 6,314,618 |   |   | $ | 6,296,645 |   |
|       Class B capital stock, par value $2.50 per share, supervoting                  |                               |   |   |   |   |   |   |   |
|          rights of ten votes per share, restricted transferability,   |                               |   |   |   |   |   |   |   |
|          convertible at all times into Capital Stock on a share-for-  |                               |   |   |   |   |   |   |   |
|          share basis - Authorized 10,000,000 shares, Issued 1,498,351 |                               |   |   |   |   |   |   |   |
|          shares at 6/30/2009 and 1,505,540 shares at 12/31/2008       |                               |   | 3,745,877 |   |   |   | 3,763,850 |   |
|       Retained earnings                                                              |                               |   | 104,397,360 |   |   |   | 104,958,556 |   |
|       Accumulated other comprehensive loss                                           |                               |   | (14,173,123 | ) |   |   | (14,509,123 | ) |
|                                                                                                          | Total Company stockholders' equity |   |   | 100,284,732 |   |   |   | 100,509,928 |   |
|    Noncontrolling interest                                                                     |                               |   | 232,116 |   |   |   | 708,864 |   |
|                                                                                                          | Total equity                       |   | $ | 100,516,848 |   |   | $ | 101,218,792 |   |
|                                                                                                          |                               |   | $ | 181,153,909 |   |   | $ | 174,764,649 |   |
| See notes to condensed consolidated financial statements                                                      |                               |   |   |   |   |   |   |   |

----

| THE MONARCH CEMENT COMPANY AND SUBSIDIARIES                                                        |   |
|----------------------------------------------------------------------------------------------------|--------|
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS                                  |   |
| For the Three Months and the Six Months Ended June 30, 2009 and 2008 (Unaudited)    |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                               |   | For the Three MonthsEnded |   |   | For the Six MonthsEnded |   |
|                                                                                               |   | June 30,2009 |   |   | June 30,2008 |   |   | June 30,2009 |   |   | June 30,2008 |   |
| NET SALES                                                                                          |   | $ | 36,164,068 |   |   | $ | 42,996,482 |   |   | $ | 61,494,804 |   |   | $ | 68,085,708 |   |
| COST OF SALES                                                                                      |   |   | 27,933,443 |   |   |   | 33,992,699 |   |   |   | 52,792,267 |   |   |   | 57,801,602 |   |
|        Gross profit from operations                             |   | $ | 8,230,625 |   |   | $ | 9,003,783 |   |   | $ | 8,702,537 |   |   | $ | 10,284,106 |   |
| SELLING, GENERAL AND                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   ADMINISTRATIVE EXPENSES                                                                |   |   | 4,032,897 |   |   |   | 3,999,798 |   |   |   | 8,154,530 |   |   |   | 7,893,997 |   |
|        Income from operations                                   |   | $ | 4,197,728 |   |   | $ | 5,003,985 |   |   | $ | 548,007 |   |   | $ | 2,390,109 |   |
| OTHER INCOME (EXPENSE):                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Interest income                                                                  |   | $ | 53,414 |   |   | $ | 62,838 |   |   | $ | 87,637 |   |   | $ | 137,736 |   |
|    Interest expense                                                                 |   |   | (182,771 | ) |   |   | (280,523 | ) |   |   | (330,465 | ) |   |   | (534,670 | ) |
|    Gains (losses) on equity investments                                             |   |   | (7,970 | ) |   |   | - |   |   |   | 69,565 |   |   |   | - |   |
|    Dividend income                                                                  |   |   | 55,880 |   |   |   | 75,804 |   |   |   | 90,759 |   |   |   | 101,513 |   |
|    Other, net                                                                       |   |   | 28,781 |   |   |   | 197,244 |   |   |   | (24,932 | ) |   |   | 437,608 |   |
|                                                                                               |   | $ | (52,666 | ) |   | $ | 55,363 |   |   | $ | (107,436 | ) |   | $ | 142,187 |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|        Income before taxes on income                            |   | $ | 4,145,062 |   |   | $ | 5,059,348 |   |   | $ | 440,571 |   |   | $ | 2,532,296 |   |
| PROVISION FOR INCOME TAXES                                                                         |   |   | 1,165,000 |   |   |   | 1,455,000 |   |   |   | 125,000 |   |   |   | 730,000 |   |
| NET INCOME                                                                                         |   | $ | 2,980,062 |   |   | $ | 3,604,348 |   |   | $ | 315,571 |   |   | $ | 1,802,122 |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Less: Net Loss attributable to noncontrolling interests                                            |   |   | (34,435 | ) |   |   | - |   |   |   | (48,799 | ) |   |   | (174 | ) |
| NET INCOME ATTRIBUTABLE TO THE COMPANY                                                             |   | $ | 3,014,497 |   |   | $ | 3,604,348 |   |   | $ | 364,370 |   |   | $ | 1,802,296 |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| RETAINED EARNINGS, beg. of period                                                                  |   |   | 102,308,429 |   |   |   | 96,686,575 |   |   |   | 104,958,556 |   |   |   | 98,488,627 |   |
| Less cash dividends                                                                                |   |   | 925,566 |   |   |   |  926,200 |   |   |   |  925,566 |   |   |   |  926,200 |   |
| RETAINED EARNINGS, end of period                                                                   |   | $ | 104,397,360 |   |   | $ | 99,364,723 |   |   | $ | 104,397,360 |   |   | $ | 99,364,723 |   |
| Basic earnings per share                                                                           |   | $ | 0.75 |   |   | $ | 0.90 |   |   | $ | 0.09 |   |   | $ | 0.45 |   |
| Cash dividends per share                                                                           |   | $ | 0.23 |   |   | $ | 0.23 |   |   | $  | 0.23 |   |   | $  | 0.23 |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)                              |   |
| For the Three Months and the Six Months Ended June 30, 2009 and 2008 (Unaudited)              |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                               |   | For the Three MonthsEnded |   |   | For the Six MonthsEnded |   |
|                                                                                               |   | June 30,2009 |   |   | June 30,2008 |   |   | June 30,2009 |   |   | June 30,2008 |   |
| NET INCOME                                                                                         |   | $ | 2,980,062 |   |   | $ | 3,604,348 |   |   | $ | 315,571 |   |   | $ | 1,802,122 |   |
| UNREALIZED APPRECIATION (DEPRECIATION)                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      ON AVAILABLE FOR SALE SECURITIES                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      (Net of deferred tax expense (benefit) of $648,000,                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      $(1,060,000), $252,000 and $(1,520,000), respectively)                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                           |   |   | 974,030 |   |   |   | (1,590,000 | ) |   |   | 377,565 |   |   |   | (2,280,000 | ) |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LESS:  RECLASSIFICATION ADJUSTMENT FOR                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      REALIZED GAINS (LOSSES) INCLUDED IN                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      NET INCOME (net of deferred tax expense (benefit)                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      of $(4,000), $-0-, $28,000 and $-0-, respectively)                   |   |   | (3,970 | ) |   |   | - |   |   |   | 41,565 |   |   |   | - |   |
| COMPREHENSIVE INCOME (LOSS)                                                                        |   | $ | 3,958,062 |   |   | $ | 2,014,348 |   |   | $ | 651,571 |   |   | $ | (477,878 | ) |
| See notes to condensed consolidated financial statements                                           |   |   |   |   |   |   |   |   |   |

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| THE MONARCH CEMENT COMPANY AND SUBSIDIARIES                                                          |   |
|------------------------------------------------------------------------------------------------------|--------|
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS                                                 |   |
| For the Six Months Ended June 30, 2009 and 2008 (Unaudited)                                |   |
|                                                                                                 |   |   |   |   |   |   |
|                                                                                                 |   | 2009 |   |   | 2008 |   |
| OPERATING ACTIVITIES:                                                                                |   |   |   |   |   |   |
|   Net income                                                                               |   | $ | 315,571 |   |   | $ | 1,802,122 |   |
|   Adjustments to reconcile net income to net cash                                          |   |   |   |   |   |   |   |   |
|     provided by (used for) operating activities:                                 |   |   |   |   |   |   |   |   |
|       Depreciation, depletion and amortization                         |   |   | 6,004,666 |   |   |   | 5,834,692 |   |
|       Deferred income taxes                                            |   |   | (26,000 | ) |   |   | (28,000 | ) |
|       Gain on disposal of assets                                       |   |   | (65,874 | ) |   |   | (208,699 | ) |
|       Realized gain on sale of equity investments                      |   |   | (69,565 | ) |   |   | - |   |
|       Change in assets and liabilities:                                |   |   |   |   |   |   |   |   |
|           Receivables, net                         |   |   | (2,714,139 | ) |   |   | (8,084,781 | ) |
|           Inventories                              |   |   | (4,288,748 | ) |   |   | 1,451,786 |   |
|           Refundable income taxes             |   |   | 27,102 |   |   |   | - |   |
|           Prepaid expenses                         |   |   | (529,364 | ) |   |   | (310,980 | ) |
|           Other assets                             |   |   | 10,723 |   |   |   | 53,375 |   |
|           Accounts payable and accrued liabilities |   |   | (234,265 | ) |   |   | 4,700,133 |   |
|           Accrued postretirement benefits          |   |   | 811,548 |   |   |   | 838,164 |   |
|           Accrued pension expense                  |   |   | 610,343 |   |   |   | 219,333 |   |
|         Net cash provided by (used for) operating activities |   | $ | (148,002 | ) |   | $ | 6,267,145 |   |
|                                                                                                 |   |   |   |   |   |   |   |   |
| INVESTING ACTIVITIES:                                                                                |   |   |   |   |   |   |   |   |
|   Acquisition of property, plant and equipment                                             |   | $ | (4,420,023 | ) |   | $ | (4,722,884 | ) |
|   Proceeds from disposals of property, plant and equipment                                 |   |   | 114,570 |   |   |   | 221,850 |   |
|   Payment for acquisition of business                                                      |   |   | - |   |   |   | (2,319,934 | ) |
|   Payment for purchases of equity investments                                              |   |   | (3,128,284 | ) |   |   | (3,383,206 | ) |
|   Proceeds from disposals of equity investments                                            |   |   | 933,870 |   |   |   | - |   |
|   Decrease in short-term investments, net                                                  |   |   | 2,100,000 |   |   |   | - |   |
|         Net cash used for investing activities               |   | $ | (4,399,867 | ) |   | $ | (10,204,174 | ) |
|                                                                                                 |   |   |   |   |   |   |   |   |
| FINANCING ACTIVITIES:                                                                                |   |   |   |   |   |   |   |   |
|   Increase in line of credit, net                                                          |   | $ | 9,187,241 |   |   | $ | 7,029,435 |   |
|   Payments on bank loans                                                                   |   |   | (1,313,542 | ) |   |   | (990,917 | ) |
|   Payments on other long-term debt                                                         |   |   | (169,400 | ) |   |   | (159,176 | ) |
|   Cash dividends paid                                                                      |   |   | (2,776,697 | ) |   |   | (2,698,062 | ) |
|   Purchases of noncontrolling interests                                               |   |   | (427,949 | )  |   |   | - |   |
|         Net cash provided by financing activities            |   | $ | 4,499,653 |   |   | $ | 3,181,280 |   |
|                                                                                                 |   |   |   |   |   |   |   |   |
| Net decrease in cash and cash equivalents                                                            |   | $ | (48,216 | ) |   | $ | (755,749 | ) |
| Cash and Cash Equivalents, beginning of year                                                         |   |   | 3,111,509 |   |   |   | 4,404,116 |   |
| Cash and Cash Equivalents, end of period                                                             |   | $ | 3,063,293 |   |   | $ | 3,648,367 |   |
|                                                                                                 |   |   |   |   |   |   |   |   |
| Interest paid, net of amount capitalized                                                             |   | $ | 339,399 |   |   | $ | 547,697 |   |
| Income taxes paid, net of refunds                                                                    |   | $ | (40,488 | ) |   | $ | 560,000 |   |
| Capital equipment additions included in accounts payable                                             |   | $ | 272,322 |   |   | $ | 191,903 |   |
|                                                                                                 |   |   |   |   |   |   |   |   |
| See notes to condensed consolidated financial statements                                             |   |   |   |   |   |   |   |   |

----

| THE MONARCH CEMENT COMPANY AND SUBSIDIARIES                    |
|----------------------------------------------------------------|
| NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS  |
| June 30, 2009 (Unaudited), and December 31, 2008          |

| 1. | For a summary of accounting policies, the reader should refer to Note 1 of the consolidated financial statements included in our Company's most recent annual report on Form 10-K. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Certain reclassifications have been made to the 2008 financial statements to conform to the current year presentation. These reclassifications had no effect on net earnings. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | For the six months ended June 30, 2009, we incurred a temporary LIFO liquidation gain due to reductions in finished cement and work in process inventory of $.1 million which we expect to be restored by the end of the year.  The temporary LIFO liquidation gain has been deferred as a component of accrued liabilities.  Wedid not have any temporary LIFO liquidation gains during the six months ended June 30, 2008. For the three months ended June 30, 2009, we restored $.2 million of the LIFO liquidation incurred in the first 3 months of 2009.We did not have any temporary LIFO liquidation gains during the three months ended June 30, 2008.  |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Basic earnings per share of capital stock has been calculated based on the weighted average shares outstanding during each of the reporting periods.  The weighted average number of shares outstanding was 4,024,198 and 4,026,958 inthe second quarter of 2009 and 2008, respectively. The weighted average number of shares outstanding was 4,024,198 and 4,026,958 in the first six months of 2009 and 2008, respectively. The Company has no common stock equivalents and therefore, does not report dilutedearnings per share. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Our Company groups its operations into two lines of business - Cement Business and Ready-Mixed Concrete Business.  The "Cement  Business" refers to our manufacture and sale of cement and "Ready-Mixed Concrete Business" refers to our ready-mixed concrete, concrete products, precast concrete construction, and sundry building materials business.  Corporate assets for 2009 and 2008 include cashand cash equivalents, deferred income taxes, investments and other assets. Following is information for each line for the periods indicated: |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                         |   |            |          |   | Ready-Mixed       |    |          | Adjustments      |   |   |         |   |
|----------------------------------------------|--------|-----------------|---------------|--------|-------------------|---------|---------------|------------------|--------|--------|--------------|--------|
|                                         |   | Cement Business |          |   | Concrete Business |    |          | and Eliminations |   |   | Consolidated |   |
| For the Three Months Ended 6/30/09           |   |            |          |   |              |    |          |             |   |   |         |   |
| Sales to unaffiliated customers              |   | $               | 15,538,024    |   |              | $       | 20,626,044    |             |   | $      | -            |   |   | $ | 36,164,068 |   |
| Intersegment sales                           |   |            | 3,141,827     |   |              |    | -             |             |   |   | (3,141,827   | )      |   |   | - |   |
|    Total net sales            |   | $               | 18,679,851    |   |              | $       | 20,626,044    |             |   | $      | (3,141,827   | )      |   | $ | 36,164,068 |   |
| Income from operations                       |   | $               | 3,624,000     |   |              | $       | 573,728       |             |   |   |         |   |   | $ | 4,197,728 |   |
| Other income (loss), net                     |   |            |          |   |              |    |          |             |   |   |         |   |   |   | (52,666 | ) |
|    Income before income taxes |   |            |          |   |              |    |          |             |   |   |         |   |   | $ | 4,145,062 |   |
| Capital Expenditures                         |   | $               |  799,007 |   |              | $  |  663,714 |             |   |   |         |   |   | $  |  1,462,721 |   |

|                                         |   |    |          |   |   |   |            |   |   |   |       |   |
|----------------------------------------------|--------|---------|---------------|--------|--------|--------|-----------------|--------|--------|--------|------------|--------|
| For the Three Months Ended 6/30/08           |   |    |          |   |   |   |            |   |   |   |       |   |
| Sales to unaffiliated customers              |   | $       | 19,627,142    |   |   | $      | 23,369,340      |   |   | $      | -          |   |   | $ | 42,996,482 |   |
| Intersegment sales                           |   |    | 4,602,382     |   |   |   | -               |   |   |   | (4,602,382 | )      |   |   | - |   |
|    Total net sales            |   | $       | 24,229,524    |   |   | $      | 23,369,340      |   |   | $      | (4,602,382 | )      |   | $ | 42,996,482 |   |
| Income from operations                       |   | $       | 4,751,065     |   |   | $      | 252,920         |   |   |   |       |   |   | $ | 5,003,985 |   |
| Other income, net                            |   |    |          |   |   |   |            |   |   |   |       |   |   |   | 55,363 |   |
|    Income before income taxes |   |    |          |   |   |   |            |   |   |   |       |   |   | $ | 5,059,348 |   |
| Capital Expenditures                         |   | $  |  427,992 |   |   | $      |  4,482,091 |   |   |   |       |   |   | $  |  4,910,083 |   |

----

|                                         |   |            |            |   | Ready-Mixed       |    |            | Adjustments      |   |   |         |   |
|----------------------------------------------|--------|-----------------|-----------------|--------|-------------------|---------|-----------------|------------------|--------|--------|--------------|--------|
|                                         |   | Cement Business |            |   | Concrete Business |    |            | and Eliminations |   |   | Consolidated |   |
| For the Six Months Ended 6/30/09             |   |            |            |   |              |    |            |             |   |   |         |   |
| Sales to unaffiliated customers              |   | $               | 25,480,566      |   |              | $       | 36,014,238      |             |   | $      | -            |   |   | $ | 61,494,804 |   |
| Intersegment sales                           |   |            | 5,544,944       |   |              |    | -               |             |   |   | (5,544,944   | )      |   |   | - |   |
|    Total net sales            |   | $               | 31,025,510      |   |              | $       | 36,014,238      |             |   | $      | (5,544,944   | )      |   | $ | 61,494,804 |   |
| Income (loss) from operations                |   | $               | 1,529,043       |   |              | $       | (981,036        | )                |   |   |         |   |   | $ | 548,007 |   |
| Other income (loss), net                     |   |            |            |   |              |    |            |             |   |   |         |   |   |   | (107,436 | ) |
|    Income before income taxes |   |            |            |   |              |    |            |             |   |   |         |   |   | $ | 440,571 |   |
| Capital Expenditures                         |   | $          | 2,886,059  |   |              | $  | 1,584,373  |             |   |   |         |   |   | $  | 4,470,432 |   |

|                                         |   |    |       |   |   |    |       |   |   |   |       |   |
|----------------------------------------------|--------|---------|------------|--------|--------|---------|------------|--------|--------|--------|------------|--------|
| For the Six Months Ended 6/30/08             |   |    |       |   |   |    |       |   |   |   |       |   |
| Sales to unaffiliated customers              |   | $       | 29,161,923 |   |   | $       | 38,923,785 |   |   | $      | -          |   |   | $ | 68,085,708 |   |
| Intersegment sales                           |   |    | 7,218,092  |   |   |    | -          |   |   |   | (7,218,092 | )      |   |   | - |   |
|    Total net sales            |   | $       | 36,380,015 |   |   | $       | 38,923,785 |   |   | $      | (7,218,092 | )      |   | $ | 68,085,708 |   |
| Income (loss) from operations                |   | $       | 3,318,658  |   |   | $       | (928,549   | )      |   |   |       |   |   | $ | 2,390,109 |   |
| Other income, net                            |   |    |       |   |   |    |       |   |   |   |       |   |   |   | 142,187 |   |
|    Income before income taxes |   |    |       |   |   |    |       |   |   |   |       |   |   | $ | 2,532,296 |   |
| Capital Expenditures                         |   | $  | 990,767    |   |   | $  | 4,916,090  |   |   |   |       |   |   | $  | 5,906,857 |   |
|                                         |   |    |       |   |   |    |       |   |   |   |       |   |   |   |   |   |
|                                         |   |    |       |   |   |    |       |   |   |   |       |   |   |   |   |   |

| Balance as of 6/30/09  |   |   |        |   |   |   |       |   |   |   |   |   |
|-----------------------------|--------|--------|-------------|--------|--------|--------|------------|--------|--------|--------|--------|--------|
| Identifiable Assets    |   | $      | 100,186,464 |   |   | $      | 41,330,401 |   |   |   |   |   |   | $ | 141,516,865 |   |
| Corporate Assets       |   |   |        |   |   |   |       |   |   |   |   |   |   |   | 39,637,044 |   |
|                        |   |   |        |   |   |   |       |   |   |   |   |   |   | $ | 181,153,909 |   |

| Balance as of 6/30/08     |   |   |       |   |   |   |       |   |   |   |   |   |
|--------------------------------|--------|--------|------------|--------|--------|--------|------------|--------|--------|--------|--------|--------|
| Identifiable Assets       |   | $      | 97,326,572 |   |   | $      | 44,691,781 |   |   |   |   |   |   | $ | 142,018,353 |   |
| Corporate Assets          |   |   |       |   |   |   |       |   |   |   |   |   |   |   | 33,576,742 |   |
|       |   |   |       |   |   |   |       |   |   |   |   |   |   |   | $ | 175,595,095 |   |

| 6. | The following table presents the components of net periodic pension and postretirement benefit costs allocated to Cost of Sales and Selling, General and Administrative expenses for the six months ended June 30, 2009 and 2008: |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                          |   | Pension Benefits  |       |   | Other Benefits  |   |
|-----------------------------------------------|--------|------------------------|------------|--------|----------------------|--------|
|                                          |   | 2009                   |       |   | 2008                 |   |   | 2009 |   |   | 2008 |   |
| Service cost                                  |   | $                 | 843,973    |   |                 | $      | 341,598 |   |   | $  | 267,327 |   |   | $ | 257,633 |   |
| Interest cost                                 |   |                   | 2,732,873  |   |                 |   | 1,060,437 |   |   |   | 909,933 |   |   |   | 796,000 |   |
| Expected return on plan assets                |   |                   | (2,904,416 | )      |                 |   | (1,240,953 | ) |   |   | - |   |   |   | - |   |
| Amortization of prior service cost            |   |                   | 197,644    |   |                 |   | 45,040 |   |   |   | - |   |   |   | - |   |
| Recognized net actuarial gain                 |   |                   | 285,550    |   |                 |   | 75,817 |   |   |   | - |   |   |   | - |   |
| Unrecognized net loss                         |   |                   | -          |   |                 |   | - |   |   |   | 396,950 |   |   |   | 507,938 |   |
|     Net periodic expense  |   | $                      | 1,155,624  |   |                 | $      | 281,939 |   |   | $ | 1,574,210 |   |   | $ | 1,561,571 |   |

|                                          |   | Pension Benefits  |       |   | Other Benefits  |   |
|-----------------------------------------------|--------|------------------------|------------|--------|----------------------|--------|
|                                          |   | 2009                   |       |   | 2008                 |   |   | 2009 |   |   | 2008 |   |
| Service cost                                  |   |                   | 421,986    |   |                 | $      | 186,164 |   |   |   | 135,500 |   |   | $ | 109,635 |   |
| Interest cost                                 |   |                   | 1,366,437  |   |                 |   | 577,917 |   |   |   | 461,217 |   |   |   | 338,735 |   |
| Expected return on plan assets                |   |                   | (1,452,208 | )      |                 |   | (676,294 | ) |   |   | - |   |   |   | - |   |
| Amortization of prior service cost            |   |                   | 98,822     |   |                 |   | 24,546 |   |   |   | - |   |   |   | - |   |
| Recognized net actuarial gain                 |   |                   | 142,775    |   |                 |   | 41,318 |   |   |   | - |   |   |   | - |   |
| Unrecognized net loss                         |   |                   | -          |   |                 |   | - |   |   |   | 201,202 |   |   |   | 216,151 |   |
|     Net periodic expense  |   | $                      | 577,812    |   |                 | $      | 153,651 |   |   | $ | 797,919 |   |   | $ | 664,521 |   |

| 7.      | The Company or one of its subsidiaries files income tax returns in the U.S. Federal jurisdiction and various state jurisdictions.  With few exceptions, the Company is no longer subject to U.S. Federal or state income tax examinations by tax authorities for years before 2005. |
|----------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | As of June 30, 2009, the amount of accounts payable related to property, plant and equipment was $272,322 compared to December 31, 2008 which was $221,914. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.        | Financial Accounting Standards Board (FASB) Statement of Financial Accounting Standards (SFAS) 157, "Fair Value Measurements" establishes asingle definition of fair value and a framework for measuring fair value, sets out a fair value hierarchy to be used to classify the source of information used in fair value measurements and requires new disclosures of assets and liabilities measured at fair value based on their level in the hierarchy. The standard describes three levels of inputs that may be used to measure fair value.  Level 1 uses quoted prices in active markets for identical assets or liabilities.  Level 2 uses observable inputsother than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in active markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.  Level 3 uses unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.  SFAS 157 is effective on a prospective basis for all fiscal yearsbeginning after November 15, 2007 and interim periods within those fiscal years.  In February 2008, the FASB issued Staff Positions (FSP) 157-1 which removed certain leasing transactions from its scope and FSP 157-2 which partially deferred the effective date of SFAS 157 for one year for certain non-financial assets and liabilities to fiscal years beginning after November 15, 2008. The Company's adoption of FSP 157-2 on January 1,2009 did not have a material impact on the consolidated financial statements.  In October 2008, the FASB issued FSP FAS 157-3, "Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active".  This FSP provides additional guidance regarding the application of SFAS 157, "FairValue Measurements", in an inactive market and illustrates how an entity would determine fair value when the market for a financial asset is not active.  FSP FAS 157-3 is effective immediately upon issuance and applies to prior periods for which financial statements have not been issued.  We adopted the provisions of FSP FAS 157-3 as of December 31, 2008.  The adoption of this standard did not have a material impact on our consolidated financial statements.TheCompany also adopted FSP FAS 157-4, "Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly",  on April 1, 2009, which provides guidance on how to determine the fair value of assets and liabilities when the volume and level of activity for the asset or liability has significantly decreased when compared withnormal market activity for the asset or liability as well as guidance on identifying circumstances that indicate a transaction is not orderly. The adoption of this standard did not have a material impact on our consolidated financial statements. |
|-----------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                                              |   |          |       |   | Fair Value Measurements at Reporting Date Using: |   |
|-------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|--------|--------------------------------------------------|--------|
|                                        |   |          |       |   | Quoted Prices                                    |   |   |   |   |   |   |   |
|                                                                                                              |   |          |       |   | in Active                                        |   |   | Significant |   |   |   |   |
|                                                                                                              |   |          |       |   | Markets for                                      |   |   | Other |   |   | Significant |   |
|                                                                                                              |   |          |       |   | Identical                                   |   |   |  Observable |   |   |  Unobservable |   |
|                                                                                                              |   |          |       |   |  Assets                                     |   |   | Inputs |   |   | Input |   |
| June 30, 2009                                                                                           |   |  Balance |       |   | (Level 1)                                        |   |   | (Level 2) |   |   | (Level 3) |   |
| Assets:                                                                                                           |   |          |       |   |                                             |   |   |   |   |   |   |   |
| Available-for-sale securities                                                                                     |   | $             | 13,765,275 |   |                                             | $      | 13,765,275 |   |   | $ | - |   |   | $ | - |   |
| Total                                                                                                             |   | $             | 13,765,275 |   |                                             | $      | 13,765,275 |   |   | $ | - |   |   | $ | - |   |
|                                                                                                              |   |          |       |   |                                             |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 2008                 |   |          |       |   |                                             |   |   |   |   |   |   |   |   |   |   |   |
| Assets:                                                                                                           |   |          |       |   |                                             |   |   |   |   |   |   |   |   |   |   |   |
| Available-for-sale securities                                                                                     |   | $             | 10,939,044 |   |                                             | $      | 10,939,044 |   |   | $ | - |   |   | $ | - |   |
| Total                                                                                                             |   | $             | 10,939,044 |   |                                             | $      | 10,939,044 |   |   | $ | - |   |   | $ | - |   |

|                                          |   | Less than 12 Months |      |   | 12 Months or Greater |   |      | Total  |   |
|-----------------------------------------------|--------|---------------------|-----------|--------|----------------------|--------|-----------|-------------|--------|
|                                          |   |                |      |   | Unrealized           |   |      |        |   |   | Unrealized |   |   |   |   |   | Unrealized |   |
| Description of Securities                |   | Fair Value          |      |   | Losses               |   |      | Fair Value  |   |   | Losses |   |   | Fair Value |   |   | Losses |   |
| Marketable equity securities                  |   | $                   | 3,626,082 |   |                 | $      | 1,149,938 |        |   | $ | - |   |   | $ | - |   |   | $ | 3,626,082 |   |   | $ | 1,149,938 |   |
| Investments in equity                         |   |                |      |   |                 |   |      |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     securities carried at cost |   |                | 1,434,500 |   |                 |   | 223,100   |        |   |   | -  |   |   |   | -  |   |   |   | 1,434,500 |   |   |   | 223,100 |   |
| Total                                         |   | $                   | 5,060,582 |   |                 | $      | 1,373,038 |        |   | $ | - |   |   | $ | - |   |   | $ | 5,060,582 |   |   | $ | 1,373,038 |   |

|                                                                        |   | 06/30/2009 |       |   | 12/31/2008 |   |
|-----------------------------------------------------------------------------|--------|------------|------------|--------|------------|--------|
| Fair value of equity securities                                             |   | $          | 15,564,224 |   |       | $      | 12,740,244 |   |
| Cost of equity securities                                                   |   |       | 13,024,224 |   |       |   | 10,760,244 |   |
|    Net unrealized gains                                           |   | $          | 2,540,000  |   |       | $      | 1,980,000 |   |
|                                                                        |   |       |       |   |       |   |   |   |
| Unrealized gain (loss) recorded in equity                                   |   |       |       |   |       |   |   |   |
|    Equity securities carried at fair value         |   | $          | 1,747,000  |   |       | $      | 1,411,000 |   |
|    Equity securities carried at cost                    |   |       | (223,000   | )      |       |   | (223,000 | ) |
|    Deferred income taxes                                          |   |       | 1,016,000  |   |       |   | 792,000 |   |
|                                                                        |   | $          | 2,540,000  |   |       | $      | 1,980,000 |   |
|                                                                        |   |       |       |   |       |   |   |   |
| Proceeds from sale of equity securities                                     |   | $          | 933,870    |   |       | $      | - |   |
| Realized gains on equity securities                                         |   | $          | 69,565     |   |       | $      | - |   |
| Realized losses due to other-than-temporary impairment of equity securities |   | $          | -          |   |       | $      | (4,157,612 | ) |

| 10.   | In April 2009, the FASB issued FSP No. FAS 107-1 and Accounting Principles Board (APB) Opinion 28-1, “InterimDisclosures about Fair Value of Financial Instruments, an amendment of FASB Statement No. 107.”  This FSP essentially expands the disclosure about the fair value of financial instruments that were previously required only annually to also be required for interim period reporting. In addition, the FSP requires certain additional disclosures regarding the methods and significant assumptions used to estimate the fair value of financial instruments. This FSP was effective for the Company beginningApril 1, 2009 on a prospective basis. The adoption of FSP FAS 107-1 and APB 28-1 did not have a financial impact on the Company's Consolidated Financial Statements. See Note 9 for disclosures required by this standard. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Codificationand the Hierarchy of Generally Accepted Accounting Principles”. SFAS No. 168 identifies the FASB Accounting Standards Codification as the authoritative source of generally accepted accounting principles in the United States. Rules and interpretive releases of the Securities and Exchange Commission (SEC) under federal securities laws are also sources of authoritative GAAP for SEC registrants. SFASNo. 168 is effective for financial statements issued for interim and annual periods ending after September 15, 2009. We do not expect adoption to have a material impact on our consolidated financial statements.

| 11.   | Other, net contains miscellaneous nonoperating income (expense) items other than interest income, interest expense, gains on equity investments and dividend income.  There were no material items in other, net for the first six months of 2009.  Material items in other, net included income from oil properties of $207,372 and income from scrap sales of $159,748 for the first six months of 2008.  There were no materialitems in other, net for the three months ending June 30, 2009. For the three months ending June 30, 2008, material items in other, net included income from oil properties of $118,017 and income from scrap sales of $84,493. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.   | Subsequent events have been evaluated through August 10, 2009, which is the date the financial statements were issued.  During this period, no material recognizable subsequent events were identified.   |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| THE MONARCH CEMENT COMPANY AND SUBSIDIARIES      |
|--------------------------------------------------|
| ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS     |
| OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |

|                | For        |   | Withhold Authority/Against |   | Abstentions/BrokerNon-votes |
|---------------------|------------|--------|---------------------------------|--------|-----------------------------|
| Byron J. Radcliff   | 14,747,556 |   | 113,192                         |   | -            |
| Michael R. Wachter  | 15,024,591 |   | 113,192                         |   | -            |
| Walter H. Wulf, Jr. | 14,771,114 |   | 113,192                         |   | -            |
| Walter H. Wulf, III | 14,771,250 |   | 113,192                         |   | -            |

----

|                                                                                                          |                                             |                                                                                                         |   |  The Monarch Cement Company                                                                                                                     |   |
|---------------------------------------------------------------------------------------------------------------|--------------------------------------------------|--------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                     |                                             |                    |   |                   (Registrant)                                  |   |
|                                                                                                          |                                             |                                                                                                         |   |                                                                                                                                                 |   |
|                                                                                                          |                                             |                                                                                                         |   |                                                                                                                                                 |   |
|                                                                                                          |                                             |                                                                                                         |   |                                                                                                                                                 |   |
|                                                                                                          |                                             |                                                                                                         |   |                                                                                                                                                 |   |
|  Date      August 10, 2009         |          |                                                                                                         |   |   /s/ Walter H. Wulf, Jr.                                                 |   |
|                                                                                                          |          |                                                                                                         |   |  Walter H. Wulf, Jr.                                                                                                                            |   |
|                                                                                                          |          |                                                                                                         |   |  President and                                                                                                                                  |   |
|                                                                                                          |          |                                                                                                         |   |  Chairman of the Board                                                                                                                          |   |
|                                                                                                          |                         |                                                                                                         |   |                                                                                                                                                 |   |
|                                                                                                          |                                             |                                                                                                         |   |                                                                                                                                                 |   |
|                                                                                                          |                                             |                                                                                                         |   |                                                                                                                                                 |   |
|  Date      August 10, 2009         |                                             |                                                                                                         |   |  /s/ Debra P. Roe                      |   |
|                                                                                                          |                                             |                                                                                                         |   |  Debra P. Roe, CPA                                                                                                                              |   |
|                                                                                                          |                                             |                                                                           |   |  Chief Financial Officer and                                                                                                          |   |
|                                                                                                          |                                             |                                                                                                         |   |  Assistant Secretary-Treasurer                                                                                                                  |   |

----