**FORM 10-Q**

**SECURITIES AND EXCHANGE COMMISSIONWashington, D.C.  20549**

(MarkOne) [**X**]    Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Actof 1934.             For the quarterly period ended**June 30, 2006,** or

[   ]      Transition report pursuant to Section 13 or 15(d) of the SecuritiesExchange Act of 1934.             For the transition period from                                              to                                                               .Commission file number:  **0-2757**                                                                                        

| **THE MONARCH CEMENT COMPANY**(Exact name of registrant as specified in its charter)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 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| **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)
 Registrant's telephone number, including area code: **(620) 473-2222**

                                                                                                                  (former name, former address and former fiscalyear, if changed since last report) 

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       

Indicateby check mark whether the registrant is an accelerated filer (as defined in Rule12b-2 of the Exchange Act).YES          NO   X  

Indicateby check mark whether the registrant is a large accelerated filer, anaccelerated filer, or a non-accelerated filer. See definition of acceleratedfiler and large accelerated filer in Rule 12b-2 of the Exchange Act. (Checkone):  Large accelerated filer ____  Accelerated filer____  Non-accelerated filer   X  

Indicateby check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). YES          NO   X  

As of **August 7, 2006**, there were2,471,836 shares of Capital Stock, par value $2.50 per share outstandingand 1,555,122 shares of Class B Capital Stock, par value $2.50 per shareoutstanding. 

PART I  -  FINANCIAL INFORMATION

The condensed consolidated financial statementsincluded in this report have been prepared by our Company without audit. Certaininformation and footnote disclosures normally included in financial statementsprepared in accordance with generally accepted accounting principles have beencondensed or omitted.  Our Company believes that the disclosures are adequate tomake the information presented not misleading.  The accompanying consolidatedfinancial statements reflect all adjustments that are, in the opinion ofmanagement, necessary for a fair statement of the results of operations for theinterim periods presented.  Those adjustments consist only of normal, recurringadjustments.  The condensed consolidated balance sheet of the Company as ofDecember 31, 2005 has been derived from the audited consolidated balance sheetof the Company as of that date.  These condensed consolidated financialstatements should be read in conjunction with the consolidated financialstatements and notes thereto included in our Company's most recent annual reporton Form 10‐K for 2005 filed with the Securities & Exchange Commission.  Theresults of operations for the period are not necessarily indicative of theresults to be expected for the full year.

Item 1.       Financial Statements
THE MONARCH CEMENT COMPANY AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETSJune 30, 2006 and December 31, 2005 ASSETS2 0 0 6     2 0 0 5     CURRENT ASSETS:(Unaudited)      Cash and cash equivalents $    2,706,815 $    4,895,561    Short-term investments, at cost which approximates market                  -          1,500,000         Receivables, less allowances of $599,000 in 2006 and      $602,000 in 2005 for doubtful accounts     20,965,310     14,186,551    Inventories, priced at cost which is not in excess of market-         Finished cement $    4,272,889 $    1,868,412          Work in process       3,068,355             1,632,780               Building products       3,973,578       3,457,813               Fuel, gypsum, paper sacks and other      3,396,654             3,317,283               Operating and maintenance supplies      7,788,702             7,850,617        Total inventories  $  22,500,178 $  18,126,905    Deferred income taxes         663,902               665,000         Prepaid expenses              608,229           80,843       Total current assets  $  47,444,434  $  39,454,860 PROPERTY, PLANT AND EQUIPMENT, at cost, less       accumulated depreciation and depletion of $125,302,995   in 2006 and $121,060,864 in 2005     93,587,954     85,815,343 DEFERRED INCOME TAXES       3,919,310              4,111,000      INVESTMENTS      13,952,743      13,454,631 OTHER ASSETS       1,108,747        1,219,082          $160,013,188   $144,054,916LIABILITIES AND STOCKHOLDERS' INVESTMENT CURRENT LIABILITIES:   Accounts payable $  9,050,311 $    8,971,830    Line of credit payable      9,986,551                  -           Current portion of advancing term loan2,080,460       1,965,106         Accrued liabilities      6,651,327       6,499,821       Total current liabilities $  27,768,649  $  17,436,757 LONG-TERM DEBT      20,989,054      22,121,890 ACCRUED POSTRETIREMENT BENEFITS      12,209,873      11,456,039 ACCRUED PENSION EXPENSE       2,305,101        2,121,155      MINORITY INTEREST IN CONSOLIDATED SUBSIDIARIES      1,126,856        1,246,317      STOCKHOLDERS' INVESTMENT:       Capital stock, par value $2.50 per share, one vote per share -      Authorized 10,000,000 shares, Issued 2,471,816 shares      at 6/30/2006 and 2,464,926 shares at 12/31/2005 $    6,179,540 $    6,162,315    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 1,555,142      shares at 6/30/2006 and 1,562,032 shares at 12/31/2005      3,887,855       3,905,080         Retained earnings     82,618,260     76,965,363    Accumulated other comprehensive income      2,928,000       2,640,000       Total stockholders' investment $  95,613,655  $  89,672,758     $160,013,188  $144,054,916 See notes to condensed consolidated      financial statementsTHE MONARCH CEMENT COMPANY AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGSFor the Three Months and Six      Months Ended June 30, 2006 and 2005 (Unaudited)       
For the Three Months Ended
For the Six Months EndedJune 30, 2006   June 30, 2005   June 30, 2006   June 30, 2005NET SALES  $43,570,624    $37,272,061  $74,782,126  $61,813,142   COST OF SALES   32,004,639             30,303,009  
   58,368,595            52,140,349          Gross profit from      operations $  11,565,985           $  6,969,052  
 $16,413,531          $  9,672,793   SELLING, GENERAL AND   ADMINISTRATIVE EXPENSES     3,419,112              3,270,282  6,852,658              6,092,463          Income  from      operations $   8,146,873          $  3,698,770  
 $  9,560,873          $  3,580,330   OTHER INCOME (EXPENSE):  Interest income $      102,248   $      49,482  $     181,110   $     136,519     Interest expense                     (565,327)                     (424,717)
       (758,491)       (750,593)  Other, net         257,496         69,488  415,066                 624,228           $      (205,583)        $    (305,747)$    (162,315)        $      10,154            Income      before taxes on income $    7,941,290          $  3,393,023  
 $  9,398,558          $  3,590,484   PROVISION FOR INCOME TAXES              2,450,000                1,115,000  2,900,000                        1,180,000 NET INCOME $    5,491,290          $  2,278,023   $  6,498,558          $  2,410,484   RETAINED EARNINGS, beginning of period    77,972,631     70,661,021  
   76,965,363     70,528,560         Less cash dividends845,661         805,392  
        845,661         805,392   RETAINED EARNINGS, end of period $  82,618,260          $72,133,652   $82,618,260          $72,133,652   Basic earnings per share $                 1.36          $                0.57   $                1.61          $                0.60   Cash dividends per share $            0.21          $                0.20   $                0.21          $                0.20   CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOMEFor the Three Months and Six Months Ended June 30, 2006 and 2005 (Unaudited)         
For the Three Months Ended
For the Six Months EndedJune 30, 2006June 30, 2005June 30, 2006June 30, 2005NET INCOME $  5,491,290           $  2,278,023   $   6,498,558          $   2,410,484  UNREALIZED APPRECIATION (DEPRECIATION)     ON AVAILABLE FOR SALE SECURITIES (Net      of deferred tax expense (benefit) of $(1,223,000),      $20,000, $192,000 and $(255,000), respectively)     (1,832,000)       30,000         288,000       (340,000)LESS:  RECLASSIFICATION ADJUSTMENT FOR     REALIZED GAINS (LOSSES) INCLUDED      IN     NET INCOME (net of deferred tax (benefit) expense      of $-0-, $-0-,$-0- and $155,000, respectively)                       -                           -            -          230,000  COMPREHENSIVE INCOME$  3,659,290          $2,308,023  $    6,786,558         $   1,840,484  See notes to condensed consolidated financial statementsTHE MONARCH CEMENT COMPANY AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWSFor the Six Months Ended June 30, 2006 and      2005 (Unaudited) 2006      2005     OPERATING ACTIVITIES:  Net income $   6,498,558    $      2,410,484    Adjustments to reconcile net income to    net cash provided by operating activities:      Depreciation, depletion and amortization      4,906,051        5,236,143        Minority interest in earnings      of subsidiaries               24,388          30,635        Deferred income taxes                     788                     -          Gain on disposal of assets        (169,958)          (125,394)      Realized gain on sale of other      investments                   -            (384,376)      Change in assets and liabilities:          Receivables, net             (6,778,759)     (4,728,153)          Inventories     (4,373,273)     (3,380,948)          Refundable income taxes                   -                  812,807            Prepaid expenses             (527,386)                (418,907)          Other assets  9,775                    9,283            Accounts payable and accrued      liabilities      3,686,516        2,209,978            Accrued postretirement benefits              753,834                712,045            Accrued pension expense                183,946                246,435          Net cash      provided by operating activities $  4,214,480    $  2,630,032   INVESTING ACTIVITIES:     Acquisition of property, plant and equipment $  (14,457,678)  $  (7,958,435)  Proceeds from disposals of property, plant      and equipment              203,788                359,136    Payment for purchases of equity investments               (18,112)                   -      Proceeds from disposals of equity      investments                   -          1,150,245    Proceeds from short-term investments      1,500,000                 -      Purchases of subsidiaries' stock        (118,116)          (105,400)        Net cash used for investing activities $  (12,890,118)  $  (6,554,454) FINANCING ACTIVITIES:    Increase in line of credit, net $    9,986,551    $   6,734,282    Payments on bank loans             (915,747)         (951,414)  Payments on other long-term debt               (101,735)         (185,277)  Cash dividends paid     (2,456,444)      (2,416,175)  Subsidiaries' dividends paid to      minority interest(25,733) -            Net cash provided by financing      activities $    6,486,892    $   3,181,416   Net decrease in cash and cash equivalents $  (2,188,746)  $  (743,006)Cash and Cash Equivalents, beginning of year      4,895,561         4,999,253  Cash and Cash Equivalents, end of period $    2,706,815    $   4,256,247   Interest paid, net of amount capitalized $      748,225    $      776,054  Income taxes paid, net of refunds $   1,668,235   $      159,200  Capital equipment additions included in      accounts payable $            192,092   $      149,419  See notes to condensed consolidated financial      statementsTHE MONARCH CEMENT COMPANY AND SUBSIDIARIESNOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS
June 30, 2006 and 2005 (Unaudited), and December 31, 2005
  -  For a summary of accounting policies, the readershould refer to Note 1 of the consolidated financial statements included in ourCompany's most recent annual report on Form 10‐K. 
-  Basic earnings per share of capital stock has beencalculated based on the weighted average shares outstanding during each of thereporting periods.  The weighted average number of shares outstanding was4,026,958 in the second quarter of 2006 and 2005 and in the first six months of2006 and 2005.  The Company has no commonstock equivalents and therefore, does not report diluted earnings per share. 
-  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 and  sundry building materials business.  Following is condensed information  for each line for the periods indicated (in thousands):  
Three Months Ended
Six Months Ended  6/30/06  6/30/05   6/30/06  6/30/05   Sales toUnaffiliated Customers       Cement Business $      21,389         $  17,955  $ 32,362        $  26,404   Ready-Mixed Concrete Business22,182               19,317  42,420              35,409  Intersegment Sales       Cement Business 3,549               3,536  6,693              6,045   Ready-Mixed Concrete Business-    -  -    -  OperatingIncome (Loss)       Cement Business8,067               4,769  9,607         5,565   Ready-Mixed Concrete Business80         (1,071)(46) (1,985)CapitalExpenditures       Cement Business  2,525               1,345  11,575        4,604   Ready-Mixed Concrete Business353         1,498  1,037        3,354                           Balance as of
      6/30/0612/31/05Identifiable Assets       Cement Business   $ 99,782  $ 82,406  Ready-Mixed Concrete Business   37,880  35,804 Corporate Assets22,351 25,845  
-  The following table presents the components of net periodic costs for the sixmonths ended June 30, 2006 and 2005:
      Pension Benefits               
      Other Benefits                       
      2006     
      2005     
      2006 
      2005    Service cost      $ 348,838         $ 255,833         $ 254,152 
$   277,085Interest cost1,144,253             839,178  799,826      759,919Expected return on plan assets              (1,274,949)       (935,028)        -        -Amortization of prior service      cost51,116             37,488         -       -Recognized net actuarial gain 66,765   48,964          -        -Unrecognized net loss -     -   400,254       278,424    Net periodic      expense       $ 336,023   $ 246,435   $ 1,454,232 $ 1,315,428
 

The following table presents the components of net periodic costs for the threemonths ended June 30, 2006 and 2005:
 
      Pension Benefits                
      Other Benefits                       
      2006     
      2005     
      2006 
      2005    Service cost      $ 165,785         $ 127,665         $ 127,076 
$  180,400Interest cost543,805         418,764         399,913       494,756Expected return on plan assets              (605,918)       (466,595)        -        -Amortization of prior service cost      24,293         18,707          -        -Recognized net actuarial gain 31,730   24,434          -        -Unrecognized net loss -    -          200,127       181,272    Net periodic expense       $ 159,695   $ 122,975   $ 727,116 $ 856,428
 

As previously disclosed in our financial statements for the year ended December31, 2005, Monarch expects to contribute approximately $914,000 to the pensionfund in 2006. As of June 30, 2006, we have contributed about $152,000 andanticipate contributing an additional $762,000 to this plan in 2006 for a totalof $914,000. The other benefits consist of postretirement benefits that areself-insured by Monarch and are paid out of Monarch's general assets.  Aspreviously disclosed in our financial statements for the year ended December 31,2005, Monarch expects to payapproximately $1,360,000 for benefits under this plan in 2006.  As of June 30, 2006, we havecontributed about $700,000 and anticipate contributing an additional $660,000to this plan in 2006 for a total of $1,360,000.
-  A Monarch subsidiary, Monarch and three  officers of Monarch are involved in a lawsuit with the former officers of that subsidiaryand companies formed by those officers.  We believe all claims filed against oursubsidiary, Monarch and its officers are without merit and we are pursuingjudgment against the former officers and their companies.  We plan to vigorouslypursue this case and do not anticipate any liability as a result of thislawsuit. 

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

       Certain statements under  the caption "Management's Discussion and Analysis of Financial Condition and  Results of Operations," and elsewhere in this Form 10-Q report filed with the  Securities and Exchange Commission, constitute "forward-looking statements".   Except for historical information, the statements made in this report are  forward-looking statements that involve risks and uncertainties.  You can  identify these statements by forward-looking words such as "should", "expect",  "anticipate", "believe", "intend", "may", "hope", "forecast" or similar  words.  In particular, statements with respect to variations in future demand  for our products in our market area, the timing, scope, cost and benefits of  our proposed and recently completed capital improvements and expansion plans,  including the resulting increase in production capacity, our forecasted cement  sales, the timing and source of funds for the repayment of our line of credit,  and our anticipated increase in solid fuels and electricity required to  operate our facilities and equipment are all forward-looking statements.  You  should be aware that forward-looking statements involve known and unknown  risks, uncertainties, and other factors that may affect the actual results,  performance or achievements expressed or implied by such forward-looking  statements. Such factors include, among others:
-    general  economic and business conditions; 
-    competition; 
-    raw  material and other operating costs; 
-    costs of  capital equipment; 
-    changes in  business strategy or expansion plans; 
-    demand for  our Company's products; 
-    cyclical  and seasonal nature of our business; 
-    the affect  weather has on our business; 
-    the affect  of environmental and other government regulation; and 
-    the affect  of federal and state funding on demand for our products. 

**RESULTS OF OPERATIONS - CRITICAL ACCOUNTING POLICIES**

    Reference is made to the Management's Discussion  and Analysis of Financial Condition and Results of Operations - Accounting  Policies incorporated herein by reference to Item 7 of the Company's Annual  Report on Form 10-K for the year ended December 31, 2005 for accounting  policies which are considered by management to be critical to an understanding  of the Company's financial statements.

**RESULTS OF OPERATIONS - OVERVIEW**

    Our products are used in residential, commercial  and governmental construction.  In recent years we experienced the return of  increased demand for our products.  The combination of residential, commercial  and governmental construction activities resulted in the need for increased  production to meet our customers' needs.  In response to those needs, we have  made, and continue to make, investments in our plant and equipment to increase  production and improve efficiencies. 

    Operating results for the first six  months vary considerably from year-to-year.  Sales and the resulting  income (loss) are significantly affected by the length and severity of winter  weather and the corresponding slowdown in construction activity.  Cement  and ready-mixed concrete sales for the first six months of 2006 benefited from a shorter period  of cold, wet weather  in our  markets.  Volume increases made possible by the favorable weather conditions,  combined with increases in price, resulted in a substantial improvement in net  income.  Price increases play a key role in helping us keep pace with  increases in the cost of labor, raw materials, and transportation and the  expense of maintaining state-of-the-art equipment in our capital intensive  industry.  The higher sales volumes resulted in better utilization of our  equipment also contributing to the substantial improvement in operating  profits.  While it is anticipated that higher interest rates, oil prices, and  inflation will slow economic growth in the second half of this year, we  believe that Monarch will be able to maintain the gains made to date  over 2005 through the end of the year.

**RESULTS OF OPERATIONS - SECOND QUARTER OF 2006 COMPARED  TO SECOND QUARTER OF 2005**

    Consolidated net  sales for the three months ended June 30, 2006, increased by $6.3 million  when compared to the three months ended June 30, 2005.  Sales in our Cement  Business were higher by $3.4 million and sales in our Ready-Mixed Concrete  Business were higher by $2.9 million.  Cement Business sales increased $.8  million due to increased volume sold and $2.6 million due to price increases.   Sales in the Ready-Mixed Concrete Business increased $1.5 million due to increased volume and $1.4 million due to  price increases, with such increases primarily attributed to an increase in  sales of ready-mixed concrete.

    Consolidated cost of sales for the three months  ended June 30, 2006, increased by $1.7 million when compared to the three  months ended June 30, 2005.  Cost of sales in our Cement Business was higher  by $.2 million and cost of sales in our Ready-Mixed Concrete Business was  higher by $1.5 million.  Cement Business cost of sales increased about $.5  million due to the 4.7% increase in volume sold which was partially offset by  efficiencies in production.  Ready-Mixed Concrete  Business cost of sales increased due to a combination of raw material price  increases and the increased volume sold.  Raw materials, including cement,  rock, sand and sundry building materials purchased for resale, increased in  price by $.8 million or an average of 9.0% due in large part to higher energy  prices.  The remaining increase of $.7 million is due to the 7.6%  increase in volume.  

    As a result of the  above sales and cost of sales factors, our overall gross profit rate for the  three months ended June 30, 2006 was 26.6% versus 18.7% for the three months  ended June 30, 2005.

    Selling, general, and administrative  expenses increased by 4.6% during the second quarter of 2006 compared to the  second quarter of 2005.  These costs are normally considered fixed costs  that do not vary significantly with changes in sales volume.   This  increase is primarily due to expenses related to pending litigation.

    Other, net increased approximately $.2  million during the second quarter of 2006 as compared to the second quarter of  2005.  The increase was not due to any one significant activity.

    The effective tax rates for the three months  ended June 30, 2006 and 2005 were 30.9% and 32.9%, respectively.  The  Company's effective tax rate differs from the federal and state statutory  income tax rate primarily due to the effects of percentage depletion, minority  interest in consolidated income and valuation allowance.  Taxes for the  current year are estimated based on prior year effective tax rates.  

**RESULTS OF OPERATIONS - FIRST SIX MONTHS OF 2006 COMPARED  TO THE FIRST SIX MONTHS OF 2005**

    Consolidated net  sales for the six months ended June 30, 2006, increased by $13.0 million  when compared to the six months ended June 30, 2005.  Sales in our Cement  Business were higher by $6.0 million and sales in our Ready-Mixed Concrete  Business were higher by $7.0 million.  Cement Business sales increased $2.5  million due to increased volume sold and $3.5 million due to price increases.   Sales in the Ready-Mixed Concrete Business increased $3.7 million due to increased volume primarily attributed to  construction contracts and $3.3 million due to price increases primarily in  sales of ready-mixed concrete.

    Consolidated cost of sales for the six months  ended June 30, 2006, increased by $6.2 million when compared to the six  months ended June 30, 2005.  Cost of sales in our Cement Business was higher  by $1.7 million and cost of sales in our Ready-Mixed Concrete Business was  higher by $4.5 million.  Cement Business cost of sales increased due to the 9.5% increase in volume sold.  Ready-Mixed Concrete  Business cost of sales increased due to a combination of raw material price  increases and the increased volume sold.  Raw materials, including  cement, rock, sand and sundry building materials purchased for resale,  increased in price by $1.6 million or  an average of 9.0% due in large part to higher energy prices.  The  remaining increase of $2.9 million is due to the 10.4% increase in volume.  

    As a result of the  above sales and cost of sales factors, our overall gross profit rate for the  six months ended June 30, 2006 was 22.0% versus 15.6% for the six months  ended June 30, 2005.

    Selling, general,  and administrative expenses increased by 12.5% during the first half of  2006 compared to the first half of 2005.  These costs are normally  considered fixed costs that do not vary significantly with changes in sales  volume.  This increase is primarily due to an increase in management  personnel in the first quarter of 2006 as compared to the first quarter of  2005.  Early in the first quarter of 2005, the departure of management  personnel responsible for design/build projects reduced our administrative  costs.  These personnel have been replaced.  Legal and professional  fees also increased during the first half  of 2006 as compared to the  first half of  2005 due  to pending litigation. 

    Other, net decreased  approximately $.2 million for the first half of 2006 as compared to the first  half of 2005 primarily due to a decrease  in the amount of gain  realized on the sale of other equity investments.

    The effective tax rates for the six months  ended June 30, 2006 and 2005 were 30.9% and 32.9%, respectively.  The  Company's effective tax rate differs from the federal and state statutory  income tax rate primarily due to the effects of percentage depletion, minority  interest in consolidated income  and valuation allowance.  Taxes for the  current year are estimated based on prior year effective tax rates.  

** LIQUIDITY**

**   **  We are able to meet our  cash needs primarily from a combination of operations and bank loans.  Cash  decreased during the first six months of 2006 primarily due to increases in  receivables and inventories, the purchase of equipment and the payment of  dividends.   

       In December 2005, we  renewed our line of credit with our current lender.  Our current unsecured  credit commitment consists of a $25 million advancing term loan maturing  December 31, 2009 and a $10 million line of credit maturing December 31,  2006.  The term loan bears a floating interest rate based on JP Morgan Chase  prime rate less .75% and the line of credit bears a floating interest rate  based on lender's national prime rate less 1.00%.  The loan agreement contains  a financial covenant related to net worth which the Company was in compliance  with at the end of the first six months of 2006.  As of June 30, 2006, we had  borrowed $22.3 million on the advancing term loan and $10 million on the line  of credit leaving a balance available on the line of credit of $0. The annual weighted average  interest rate we paid on the advancing term loan during the second quarter of  2006 and 2005 was 7.1% and 5.2%,  respectively, and for the first six months of 2006 and 2005 was 6.9% and 4.9%,  respectively.  The annual weighted average interest rate we paid on the  line of credit during the second quarter of 2006 and 2005 was 6.9% and 4.9%, respectively,  and for the first six months of 2006 and 2005 was 6.7% and 4.7%, respectively.   As of June 30, 2006, the applicable interest rate was 7.3% on the advancing  term loan and 7.0% on the line of credit. The  advancing term loan was used to help finance the expansion project at our  cement manufacturing facility.  The line of credit was used to cover  operating expenses during the first six months of the year when we build  inventory due to the seasonality of our business.  We  anticipate that the line of credit maturing December 31, 2006 will be paid  using funds from operations or replacement bank financing.  Our board of  directors has given management the authority to borrow an additional $15  million for a maximum of $50 million. 

       The Company completed  the conversion of one of its two preheater kilns to a precalciner kiln in 2001  and completed the conversion of our remaining preheater kiln to a precalciner  kiln during the first quarter of 2006 at a total cost of approximately $17.0  million.  The conversion of this kiln should increase our production capacity  by approximately 200,000 tons per year.  Although we had to shut down this  kiln for about six weeks during the conversion, we are projecting a 15%  increase in total clinker production for the year 2006 as compared to 2005 due  to the increased kiln capacity after the conversion.  This kiln was also shut  down approximately six weeks during early 2005 for the cooler installation.   We began depreciating the precalciner equipment and related installation  costs in the second quarter of 2006.  

      The Company is in the  process of expanding its corporate office.  Completion is anticipated in the  third quarter of 2006 at a total cost of approximately $3.4 million.  As of  the end of the second quarter of 2006, we had spent approximately $2.7 million  on this expansion.  We have not started depreciating this addition.

      Other projects,  including changes to our quarrying and grinding operation to supply the raw  materials required by the increased kiln capacity and increasing our finished  cement storage capacity, are currently under consideration.  Although we  anticipate an increase in capital expenditures during 2006, we do not  anticipate the need for additional bank financing other than that available  under existing lines of credit.

      For several years the  Company has paid a $.20 per share dividend in January, March, June and  September.  At the April 2006 Board of Directors meeting, the Board elected to  increase the dividend payable in June 2006 to $.21 per share.  Although  dividends are declared at the Board's discretion, we project future earnings  will support the continued payment of dividends at the current level.

**FINANCIAL  CONDITION**

      Total assets as of  June 30, 2006 were $160.0 million, an increase of $16.0 million since December  31, 2005 due to increases in receivables and inventories of approximately $6.8  million and $4.4 million, respectively.  These variations are common  during the first six months of the year due to the seasonality of our business  (see Seasonality below).   Property, plant and equipment increased $7.8 million primarily due to the  installation of the precalciner during the first six months of 2006.   Investments increased approximately $.5 million as a result of an unrealized  gain during the first half of 2006.

    Indebtedness  increased about $9.0 million during  the first six months of 2006 primarily due to capital expenditures of about  $14.5 million and funding the increase in inventories and receivables of about  $4.4 million and $6.8 million, respectively.

**CAPITAL  RESOURCES**

    The Company  regularly invests in miscellaneous equipment and facility improvements in both  the Cement Business and Ready-Mixed Concrete Business.  Capital expenditures  during the first six months of 2006 included completion of the installation of a precalciner and work towards the expansion and remodeling of our corporate  offices.  We also invested in routine equipment purchases during the first  half of 2006, primarily in the Ready-Mixed Concrete Business. During the  first half of 2006, cash expenditures for property, plant and equipment  totaled approximately $14.5 million, excluding the amounts that are included in  accounts payable.  Other routine equipment purchases are also planned during  the remainder of 2006.

    The Company plans to complete the office addition in  the third quarter of 2006.  In addition, preliminary plans under  consideration for 2006 include changes to our quarrying and grinding operation  to supply the raw materials required by the increased kiln capacity.  We  do not anticipate the need for additional bank financing beyond the amount  available through our existing line of credit.

**MARKET RISK**     

    Market risks  relating to the Company's operations result primarily from changes in demand  for our products.  A significant increase in interest rates could lead to  a reduction in construction activities in both the residential and commercial  market.  Budget shortfalls during economic slowdowns could cause money to  be diverted away from highway projects, schools, detention facilities and  other governmental construction projects.  Reduction in construction  activity lowers the demand for cement, ready-mixed concrete, concrete products  and sundry building materials.  As demand decreases, competition to  retain sales volume could create downward pressure on sales prices.  The  manufacture of cement requires a significant investment in property, plant and  equipment and a trained workforce to operate and maintain this equipment.  These costs do not materially vary with the level of production.  As a  result, by operating at or near capacity, regardless of demand, companies can  reduce per unit production costs.  The continual need to control  production costs encourages overproduction during periods of reduced demand.

**INFLATION**

      Inflation  directly affects the Company's operating costs.  The manufacture of cement  requires the use of a significant amount of energy.  The Company burns  primarily solid fuels, such as coal and petroleum coke, and to a lesser extent  natural gas, in its kilns and uses a significant amount of electricity to  operate our cement manufacturing equipment.  An increase in such manufacturing  components could adversely affect us.  Prices of the specialized replacement  parts and equipment the Company must continually purchase tend to increase  directly with the rate of inflation causing manufacturing costs to increase. 

**SEASONALITY**

    Portland cement is the basic material used in  the production of ready-mixed concrete that is used in highway, bridge and  building construction.  These construction activities are seasonal in nature.   During winter months when the ground is frozen, groundwork preparation cannot  be completed.  Cold temperatures affect concrete set-time, strength and  durability, limiting its use in winter months.  Dry ground conditions are also  required for construction activities to proceed.  During the summer, winds and  warmer temperatures tend to dry the ground quicker creating fewer delays in  construction projects.

    Variations in weather conditions from  year-to-year significantly affect the demand for our products during any  particular quarter; however, our Company's highest revenue and earnings  historically occur in its second and third fiscal quarters, April through  September.

**FUTURE  CHANGE IN ACCOUNTING PRINCIPLES**

    The Financial Accounting Standards Board (FASB)  has issued the following new accounting pronouncement and exposure draft.

   In June 2006, the  Financial Accounting Standards Board (FASB) issued Interpretation No. 48, "Accounting  for Uncertainty in Income Taxes, an interpretation of FASB Statement No. 109"  ("FIN48").  FIN 48 clarifies the application of Statement 109 by defining  a recognition threshold of "more likely than not" that the position would be  sustained upon examination before any part of the benefit of that position be  recognized in an enterprise's financial statements. It also provides guidance  on the measurement of the tax position. This Interpretation will be effective  for fiscal years beginning after December 15, 2006.  The Company has not  yet determined the impact, if any, that this new pronouncement will have on the  Company's consolidated financial statements.

     The  Financial Accounting Standards Board (FASB) issued the Exposure Draft  "Employers' Accounting for Defined Benefit Pension and Other Postretirement  Plans, an amendment of FASB Statements No. 87, 88, 106, and 132(R)". The most  significant proposed change would impact how companies recognize  postretirement pension and medical plans on their balance sheets. If adopted  as proposed, companies would have to reflect outstanding balances of prior  service costs and gain or loss in Other Comprehensive Income. It is expected  to be effective for fiscal years ending after December 15, 2006.  The  Company has not yet determined the exact amount that this new pronouncement  would impact the Company's Consolidated Balance Sheet and Statement of  Stockholders' Investment.

Item 3.        Quantitative and Qualitative Disclosures  about Market Risk

    The Company owns $14.0 million of equity  securities, primarily publicly traded entities, as of June 30, 2006.  These  investments are not hedged and are exposed to the risk of changing market  prices.  The Company classifies these securities as "available-for-sale" for  accounting purposes and marks them to market on the balance sheet at the end  of each period.  Management estimates that its investments will generally be  consistent with trends and movements of the overall stock market excluding any  unusual situations.  An immediate 10% change in the market price of our equity  securities would have a $.8 million effect on comprehensive income.

    The Company also has $32.3 million of bank loans  as of June 30, 2006.  Interest rates on the Company's advancing term loan and  line of credit are variable and are based on the JP Morgan Chase prime rate  less .75% and lender's national prime rate less 1.00%, respectively. 

Item 4.          Controls and Procedures 

    The Company maintains disclosure controls and  procedures (as defined in Rules 13a-5(e) and 15d-15(e) under the Exchange Act)  that are designed to ensure that information required to be disclosed in the  Company's reports under the Exchange Act is recorded, processed, summarized  and reported within the time periods specified in the rules and forms of the  Securities and Exchange Commission, and that such information is accumulated  and communicated to the Company's management, including its President and  Chief Financial Officer, as appropriate, to allow timely decisions regarding  required disclosures.  Any controls and procedures, no matter how well  designed and operated, can provide only reasonable assurance of achieving the  desired control objectives.

    As of the end of the period covered by this  report, an evaluation was carried out by the Company's management, including  its President and Chairman of the Board of Directors and Chief Financial  Officer, of the effectiveness of its disclosure controls and procedures (as  defined in Rules 13a-5(e) under the Securities Exchange Act of 1934).  Based  upon that evaluation, the Company's President and Chairman of the Board of  Directors and Chief Financial Officer concluded that these disclosure controls  and procedures were effective as of the end of the period covered by this  report.

    There were no changes in our internal control  over financial reporting that occurred during the quarter ended June 30, 2006  that materially affected, or are reasonably likely to materially affect, our  internal control over financial reporting. 

  PART  II.   OTHER INFORMATION

Item 1.        Legal Proceedings

     The Company and its subsidiary, Tulsa Dynaspan, Inc. ("TDI"), are involved in  litigation with David G. Markle ("Markle"), a former director, president and  employee of TDI, Richard L. Evilsizer, a former officer and employee of TDI  and certain other former employees and companies controlled by one or more of  such persons (the "Markle Parties").  Markle and Mr. Evilsizer are also  minority shareholders in TDI.  In the litigation TDI is seeking damages based  on allegations that one or more of the Markle Parties have (1) breached their  fiduciary duty to TDI, (2) violated noncompete agreements, (3) improperly used  TDI computers in violation of the Federal Computer Fraud and Abuse Act, (4)  improperly used TDI trade secrets and other proprietary information and (5)  made defamatory and disparaging statements about TDI.  The Markle Parties have  alleged that the Company has defamed them and interfered with contractual  relations.  Markle and Mr. Evilsizer have alleged that the Company, as the  majority shareholder of TDI, has breached its duty to them as minority  shareholders.  Certain of the Markle Parties have made claims against three  directors of TDI who are also officers of Monarch, as well as derivative claims against TDI and Monarch.  The  litigation also involves a declaratory judgment as to whether TDI or Markle  owns an alleged invention for a method for the construction of parking  garages.

    Two actions have been filed in this litigation.  One was filed on December 28,  2004, in the District Court for Tulsa County, Oklahoma by Markle against TDI  and the Company (the "State Court Action") .  The other was filed by TDI  against the Markle Parties on April 27, 2005, in the United States District  Court for the Northern District of Oklahoma, but that litigation has been  stayed pending judgment in the state court action.  All of the Markle Parties  are now parties in the State Court Action.  This litigation is in the  discovery stage and no trial date has been set.  The Company and TDI believe  that all claims made by the Markle Parties are without merit and intend to  vigorously defend such claims.  TDI intends to vigorously pursue its claims  against the Markle Parties for damages, as well as its ownership of the  alleged invention.  On April 25, 2006, the District Court partially  sustained motions to dismiss filed by Monarch and the directors. A motion  for reconsideration by the Plaintiffs has been denied.  Plaintiffs were given until August 18th to file an amended petition.  No assurances can be given as to the outcome of this  litigation.

Item 4.       Submission of Matters to a  Vote of Security Holders 

    At the annual meeting of the stockholdersof The Monarch Cement Company held on April 13, 2005, the stockholders electedfour Class II Directors, namely, Byron J. Radcliff, Michael R. Wachter, WalterH. Wulf, Jr., and Walter H. Wulf, III to serve terms expiring at the annualmeeting of stockholders in 2009.   Class I Directors, namely, David L. Deffner,Gayle C. McMillen, and Richard N. Nixon and Class III Directors, namely, Jack R.Callahan, Ronald E. Callaway, Robert M. Kissick and Byron K. Radcliff, continueto serve terms expiring at the annual meetings of stockholders in 2008 and 2007,respectively.

           The following is a summary of votes cast:                  
     For     Withhold Authority/    Against        Abstentions/Broker      Non-votesByron J. Radcliff    16,076,434     42,014 0Michael R. Wachter16,177,017 42,014 0Walter H. Wulf, Jr.16,147,110 42,014 0Walter H. Wulf, III16,075,978 42,014 0
  Item 6.        Exhibits

31.1  Certificate of the President and Chairman of the Board pursuant to  Section 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934.

31.2  Certificate of the Chief Financial Officer pursuant to Section  13a‐14(a)/15d‐14(a) of the Securities Exchange Act of 1934.

32.1  18 U.S.C. Section 1350 Certificate of the President and Chairman of the  Board dated August 14, 2006.

32.2  18 U.S.C. Section 1350 Certificate of the Chief Financial Officer dated August 14, 2006.

   

  S I G N A T U R E S

  Pursuant to the  requirements of the Securities Exchange Act of 1934, the registrant has duly  caused this report to be signed on its behalf by the undersigned thereunto  duly authorized.

  The Monarch Cement Company                                                                                                 (Registrant)

  Date      August  14, 2006                                              /s/ Walter H. Wulf, Jr.             

  Walter H. Wulf, Jr.                                                                                 President and                                                                                  Chairman of the Board

  Date      August  14, 2006                                               /s/ Debra P. Roe                     

  Debra P. Roe, CPA                                                                                 Chief Financial Officer  and                                                                                           Assistant  Secretary‐Treasurer 

   

   

  EXHIBIT INDEX

   

   Exhibit   Number                                                         Description                                   

  31.1                             Certificate of the President and Chairman of  the                                              Board pursuant to Section 13a-14(a)/15d-14(a)                                              of the Securities Exchange Act of 1934.

  31.2                            Certificate of the Chief Financial Officer  pursuant                                             to Section 13a-14(a)/15d-14(a) of the                                              Securities Exchange Act of 1934.

  32.1                           18 U.S.C. Section  1350 Certificate of the President                                             and Chairman of the Board dated August  14, 2006.

  32.2                           18 U.S.C. Section  1350 Certificate of the                                              Chief Financial Officer dated August  14, 2006. |