2000
                                ANNUAL REPORT















                                     THE
                                   MONARCH
                                CEMENT COMPANY



















<PAGE>
                                                        March 12, 2001



	ANNUAL REPORT TO STOCKHOLDERS

     The year 2000 was a challenging year for Monarch and its subsidiaries.
The Company established a new record for clinker production made possible
through equipment upgrades completed in recent years.  Production records
should continue to grow as the Company completes other phases of its
modernization and expansion program.  The increased clinker production,
coupled with a reduction in the utilization of foreign clinker, resulted in an
increase in operating profit for the cement segment.  During 2000, the Company
also continued upgrading facilities in the ready-mixed concrete and sundry
building materials segment.  Expansion of this segment's operations to utilize
its concrete products in various construction projects resulted in an increase
in net sales; however, unusual expenses in these construction projects
resulted in higher production costs as a percent of sales.  Additional
expenses incurred in the installation and start-up of the upgraded facilities
further reduced operating profits.  On a consolidated basis, the Company's net
sales and cost of sales increased approximately 7% and 11%, respectively,
resulting in an 8% decrease in gross profit from operations.

     As we look ahead to 2001, we see signs of weakening in the commercial and
residential markets.  Since these are the primary markets for the Company's
ready-mixed concrete and sundry building materials segment, we foresee a
slight downturn in volume of sales for this segment.  However, early
indicators show that demand for cement in the public market is projected to
increase in 2001. Utilizing funding available through the Federal
Transportation Equity Act for the 21st Century (TEA-21), Kansas is actively
upgrading its highways and bridges. Overall, the five-year forecast for cement
sales continues to be strong.

     For the last several years Monarch has basically been in a sold-out
position.  The Company has depended on clinker purchased from foreign markets
to supplement its production in order to fulfill its customers' cement
requirements. Monarch's expansion project is in full swing and on schedule and
should allow the Company to replace higher priced foreign clinker with
internally produced clinker.  The new 90 ton-per-hour finish mill and one of
the precalciners and clinker coolers should be operational by early fall 2001.
The second precalciner and clinker cooler are scheduled for completion by the
summer of 2002.  Although there is a learning curve associated with operating
new equipment and attendant start-up costs involved, efforts are underway to
bring this equipment on line as efficiently as possible.  Monarch employees
are already participating in specialized training to operate and maintain this
new equipment.  We look forward to having these facilities fully operational
and realizing the benefits that can be achieved through both the additional
production capacity and this new technology.

     Through a joint effort of our employees and the numerous contractors on
site, we continue to strive to maximize production and minimize downtime.  We
wish to take this opportunity to express our appreciation to our employees for
their extra efforts and cooperation during these busy times.  We thank our
customers for their continued confidence in the quality of our product and our
ability to service their needs.  Most importantly, we thank our Heavenly
Father, because without his blessings and support, we would not have achieved
the results displayed in this report and could not meet the challenges of the
years to come.

     We wish to invite you, our stockholders, to attend Monarch's annual
meeting to be held at 2:00 p.m. on April 11, 2001 in the corporate office,
Humboldt, Kansas.  Thank you for your support throughout the years and
God Bless.


       WALTER H. WULF                           WALTER H. WULF, JR.
    Chairman of the Board             President and Vice Chairman of the Board



<PAGE>
<TABLE>
                 THE MONARCH CEMENT COMPANY AND SUBSIDIARIES

                           SELECTED FINANCIAL DATA

                 FOR THE FIVE YEARS ENDED DECEMBER 31, 2000
             (Dollar amounts in thousands except per share data)

<CAPTION>
                              2000       1999       1998      1997      1996
<S>                         <C>        <C>        <C>       <C>       <C>
Net sales . . . . . . . . . $117,050   $109,476   $99,495   $91,820   $86,733
Net income. . . . . . . . . $ 10,499     $9,654    $9,653   $10,103   $10,546
Net income per share. . . .    $2.55      $2.32     $2.30     $2.40     $2.50
Total assets. . . . . . . . $ 96,232    $89,991   $84,882   $76,233   $68,648
Long-term obligations . . . $    -      $   -     $   -     $   -     $   -
Cash dividends declared
  per share . . . . . . . .     $.78       $.74      $.68      $.60      $.52
Stockholders' investment
  per shar  . . . . . . . .   $18.36     $16.75    $15.35    $13.68    $11.73

</TABLE>



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


Liquidity

     At December 31, 2000, current assets of The Monarch Cement Company and
Subsidiaries (the Company) exceeded current liabilities by $32,951,014
resulting in a current ratio of 4.24 to 1.  The Company's cash needs in 2000
were satisfied by cash generated from operations and utilization of cash and
short-term investments of approximately $8,600,000.  In January 2001, the
Company entered into an unsecured credit commitment with the Bank of Oklahoma
N.A.  This commitment consists of a $30,000,000 advancing term loan maturing
December 31, 2005 and a $5,000,000 line of credit maturing December 31, 2002
with floating interest rates based on Chase Manhattan Bank prime rate less
1.25%.  The Company believes its internal and external capital resources are
adequate to meet its foreseeable capital expenditure requirements and
liquidity needs.


Capital Resources

     During 2000, the Company invested $18,627,165 in property, plant and
equipment.  The Company regularly has capital expenditures of $8,000,000 to
$10,000,000 per year in keeping its equipment and facilities in good operating
condition.  Due to recent and projected market demands, the Company has been
aggressively updating its equipment to improve efficiency and increase
capacity.  As a result, the Company's 2000 expenditures exceeded the amount
normally spent on capital expenditures.  The Company plans to continue its
modernization and expansion program during the year 2001 and future years.
Construction of a new 90 ton-per-hour finish mill at an estimated cost of
$17 million is underway and expected to be completed by late summer.
Contracts have been let for the installation of the two precalciners and
clinker coolers at an estimated cost of $26 million.  It is anticipated that
one precalciner and clinker cooler will be operational by the summer of 2001
and the second by the summer of 2002.  Upon completion, it is projected that
this expansion will allow the Company to produce in excess of one million tons
of cement per year.  The Company will also invest in other miscellaneous
equipment and facility improvements in both the cement and ready-mixed
concrete segments in 2001. It is expected that the Company's capital
expenditures will approximate $35,000,000 during 2001.


Results of Operations

     General--For the last five years, demand for cement in the Company's
market has been excellent.  During this period, the Company sold the entire
cement production capacity of its Humboldt plant.  Plant modifications
completed in recent years increased the production capacity of the Humboldt
plant and improved its efficiency.  These favorable market conditions and the
Company's increased production capacity are the primary factors that have led
to the Company's improved profitability in recent years.

     The Company's ready-mixed concrete operations experienced a decrease in
profitability during 2000 after increasing profitability during both 1999 and
1998.  During 2000, the segment was adversely affected by volume declines in
some market areas, additional expenses incurred in the process of upgrading
facilities and weather delays creating unusual expenses in the production and
installation of concrete products.  The increased profitability in 1999 and
1998 were primarily due to improvements in ready-mixed concrete prices.
Efficiencies realized through increased sales volume also added to 1999's
profitability.  These factors vary from local market to local market and from
year to year, and no one factor or local market accounts for a significant
portion of the change in profitability during the three-year period.

     2000 Compared to 1999--The Company's 2000 net sales and cost of sales
increased approximately 7% and 11%, respectively; however, gross profit from
operations decreased 8%.

     Cement sales were excellent during both 2000 and 1999.  Although this
segment experienced a decrease in net sales to unaffiliated companies,
increased production and lower production costs combined to substantially
reduce the cement segment cost of sales and increase its income from
operations by approximately 14%.  During 2000, the Company once again
increased its level of clinker production, exceeding the previous record set
in 1999. In addition, the Company reduced its purchases of clinker from
foreign markets during 2000 as compared to 1999, further reducing the
segment's cost of sales and increasing its gross profit margin.  Supplies and
maintenance costs also decreased compared to 1999 when costs were up due to
additional maintenance on equipment that had produced at maximum levels over
extended periods.

     During these same periods, the Company's ready-mixed concrete and sundry
building materials segment increased its net sales by approximately 15%.
Expansion of this segment's operations to utilize its concrete products in
various construction projects provided the majority of the increase in net
sales.  Expenses related to these construction projects also increased
production costs as a percent of sales.  The net sales increase generated by
sales of additional concrete products was partially offset by decreases in
ready-mixed concrete sales volume in several market areas.  As expected, those
market areas with declining sales experienced a reduction in gross profit due
to fixed costs being spread over fewer units.  These factors, combined with
additional expenses incurred in the process of upgrading some of the Company's
ready-mixed concrete facilities and weather delays creating unusual expenses
in the production and installation of concrete products, resulted in a loss
from operations compared to income from operations in 1999.

     Selling, general and administrative expenses increased 18% during 2000.
Overall increases in health care costs, liability insurance, legal and
professional expenses and payroll contributed to this increase.

     The increase in "Other, net" during 2000 as compared to 1999 was due
primarily to the sale of investment securities and the allocation of net
losses of subsidiaries to minority interest.

     Income taxes for the year 2000 decreased compared to 1999 due to an
increase in depletion as a percent of consolidated taxable income and a
reduction in state income taxes.

     1999 Compared to 1998--The Company's 1999 net sales increased
approximately 10% primarily as a result of an increase in the volume of cement
and ready-mixed concrete sold and a moderate increase in the product prices.
The increase in volume in the ready-mixed concrete segments resulted in a more
favorable contribution to income for that segment.

     The Company's cost of sales increased 12% for 1999 as compared to 1998
primarily due to the increase in volume sold.  Supplies and maintenance costs
in the cement manufacturing segment increased as a result of the additional
cost of maintaining equipment over long periods of maximized production.

     Modernization in recent years allowed the Company to increase clinker
production during 1999.  The Company also increased its purchases of clinker
from foreign markets during 1999 in order to meet the anticipated demands for
cement. Higher costs associated with cement produced from purchased clinker
contributed to the increase in the Company's cost of sales and the reduction
in gross profit margin.  Although purchased clinker reduced the Company's
gross profit margin, such purchases enabled the Company to meet the service
demands of its customer base in both the cement and ready-mixed concrete
markets.

     Selling, general and administrative expenses increased 10% during 1999.
Overall increases in health care costs, sales volume based association dues,
legal and professional expenses and payroll contributed to this increase.

     The decrease in "Other, net" during 1999 as compared to 1998 was due
primarily to the reduction in interest income.  Increased capital expenditures
during 1999 reduced the amount of funds available for investment in short-term
securities.  This reduction in investments resulted in a decrease in interest
income during 1999 as compared to 1998.

     1998 Compared to 1997--The Company's 1998 net sales increased
approximately 8% primarily as a result of an increase in the volume of cement
sold and a slight increase in the product prices.

     The Company's cost of sales increased 11% for 1998 as compared to 1997.
Modernization of one of the cement kilns and major maintenance on related
equipment reduced the Company's clinker production during the second quarter
of 1998.  To help offset the reduction in clinker produced and to meet the
anticipated demand for cement, the Company purchased additional clinker from
foreign markets.  Higher costs associated with cement produced from purchased
clinker increased the Company's cost of sales and reduced its gross profit
margin to 21% for 1998 as compared to 23% for 1997.  Although purchased
clinker reduced the Company's gross profit margin, such purchases enabled the
Company to meet the service demands of its customer base in both the cement
and ready-mixed concrete markets.

Forward-Looking Statements--Certain statements in Management's Discussion and
Analysis of Financial Condition and Results of Operations and elsewhere in
this Annual Report and Form 10-K report filed with the Securities and Exchange
Commission, constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995.  Such 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; and demand for the Company's products.

     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, in its
kilns.  The Company does not anticipate a significant increase above the rate
of inflation in the cost of these solid fuels, or in the electricity required
to operate its cement manufacturing equipment.  The Company also uses natural
gas.  In recent months, the increase in natural gas prices has exceeded the
rate of inflation creating an above average increase in manufacturing costs.
The Company continues to explore methods to minimize its dependence on natural
gas.  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.  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.






                         DESCRIPTION OF THE BUSINESS

     The Monarch Cement Company (Monarch) was organized as a corporation under
the laws of the State of Kansas in 1913 and has been principally engaged,
throughout its history, in the manufacture and sale of portland cement.

     The manufacture of portland cement by Monarch involves the quarrying of
clay and limestone and the crushing, drying and blending of these raw
materials into the proper chemical ratio.  The raw materials are then heated
in kilns to 2800o Fahrenheit at which time chemical reactions occur forming a
new compound called clinker.  After the addition of a small amount of gypsum,
the clinker is ground into a very fine powder that is known as portland
cement.  The term "portland cement" is not a brand name but is a term that
distinguishes cement manufactured by this chemical process from natural
cement, which is no longer widely used.  Portland cement is the basic material
used in the production of ready-mixed concrete that is used in highway, bridge
and building construction where strength and durability are primary
requirements.

     The Company is also in the ready-mixed concrete, concrete products and
sundry building materials business.  Ready-mixed concrete is manufactured by
combining aggregates with portland cement, water and chemical admixtures in
batch plants.  It is then loaded into mixer trucks and mixed in transit to the
construction site where it is placed by the contractor.




                              LINES OF BUSINESS

     The Company is engaged in the manufacture and sale of the principal types
of portland cement and ready-mixed concrete and sundry building materials.
The portland cement products are sold under the "MONARCH" brand name.

     The marketing area for Monarch's products, which is limited by the
relatively high cost of transporting cement, consists primarily of the State
of Kansas, the State of Iowa, southeast Nebraska, western Missouri, northwest
Arkansas and northern Oklahoma.  Included within this area are the
metropolitan markets of Des Moines, Iowa; Kansas City, Missouri; Springfield,
Missouri; Wichita, Kansas; Omaha, Nebraska; Lincoln, Nebraska and Tulsa,
Oklahoma.  Sales are made primarily to contractors, ready-mixed concrete
plants, concrete products plants, building materials dealers and governmental
agencies.  Companies controlled by Monarch sell ready-mixed concrete, concrete
products and sundry building materials in metropolitan areas within Monarch's
primary market.  Monarch cement is delivered either in bulk or in paper bags.
The cement is distributed both by truck and rail, either common or private
carrier.

    The following table sets forth for the last three fiscal years of the
Company the percentage of total sales to unaffiliated customers (1) by the
manufacture and sale of portland cement and (2) by the sale of ready-mixed
concrete and sundry building materials:

<TABLE>
<CAPTION>
                                               Total    Sales
                                                December 31,
                                         2000       1999       1998
     <S>                                <C>        <C>        <C>
     Portland Cement . . . . . . . . .   40.4%      44.8%      43.9%
     Ready-Mixed Concrete and
       Sundry Building Materials . . .   59.6%      55.2%      56.1%
                                        100.0%     100.0%     100.0%

</TABLE>



                        STOCK MARKET AND DIVIDEND DATA

     On March 1, 2001, Monarch's stock was held by approximately 700 record
holders.  Monarch is the transfer agent for Monarch's stock which is traded on
the over-the-counter market.  Over-the-counter market quotations reflect
interdealer prices, without retail mark-up, mark-down or commission and may
not necessarily represent actual transactions.  Following is a schedule of the
range of high and low bid quotations of Monarch's stock as reported by
Fahnestock & Co. Inc. and dividends declared for each quarter of its two
latest fiscal years:

<TABLE>
<CAPTION>
                           2000                        1999
                     Price        Dividends      Price       Dividends
     Quarter      Low     High    Declared    Low     High   Declared
      <S>       <C>      <C>        <C>      <C>     <C>       <C>
      First     $17.625  $20.625    $ -      $19.00  $22.50    $ -
      Second    $16.500  $19.750    $.19     $19.00  $22.00    $.18
      Third     $17.125  $19.000    $.19     $20.00  $22.00    $.18
      Fourth    $17.500  $18.500    $.40*    $20.00  $21.00    $.38*

      <FN>
*Reflects declaration of two $.20 and $.19 dividends payable in the
         first quarter of 2001 and 2000, respectively.

</TABLE>


<PAGE>






                                                               ARTHUR ANDERSEN




REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS



To the Board of Directors and Stockholders of
The Monarch Cement Company:

We have audited the accompanying consolidated balance sheets of The Monarch
Cement Company (a Kansas Corporation) and Subsidiaries as of December 31, 2000
and 1999, and the related consolidated statements of income, comprehensive
income, stockholders' investment and cash flows for each of the three years in
the period ended December 31, 2000.  These financial statements are the
responsibility of the Company's management.  Our responsibility is to express
an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally
accepted in the United States.  Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial
statements.  An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation.  We believe that our audits provide
a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of The Monarch Cement Company
and Subsidiaries as of December 31, 2000 and 1999, and the results of their
operations and their cash flows for each of the three years in the period
ended December 31, 2000, in conformity with accounting principles generally
accepted in the United States.

ARTHUR ANDERSEN LLP


Kansas City, Missouri,
  February 16, 2001

<PAGE>

<TABLE>

THE MONARCH CEMENT COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2000 AND 1999

<CAPTION>
ASSETS                                                  2 0 0 0      1 9 9 9
<S>                                                   <C>          <C>
CURRENT ASSETS:
  Cash and cash equivalents                           $ 9,451,281  $ 4,782,168
  Short-term investments, at cost which
    approximates market                                 2,543,286   15,834,044
  Receivables, less allowances of $375,000 in 2000
    and $409,000 in 1999 for doubtful accounts          8,430,945    9,850,345
  Inventories, priced at cost which is not in
    excess of market-
    Cost determined by last-in, first-out method-
      Finished cement                                 $ 3,675,351  $ 3,224,596
      Work in process                                   4,373,014    2,763,016
      Building products                                 1,250,120    1,226,697
    Cost determined by first-in, first-out method-
      Fuel, gypsum, paper sacks and other               2,268,434    2,566,098
    Cost determined by average method-
      Operating and maintenance supplies                9,458,554    7,609,733
        Total inventories                             $21,025,473  $17,390,140
  Refundable federal and state income taxes             1,200,000      166,900
  Deferred income taxes                                   415,000      415,000
  Prepaid expenses                                         63,031       34,855
        Total current assets                          $43,129,016  $48,473,452

PROPERTY, PLANT AND EQUIPMENT, at cost, less
  accumulated depreciation and depletion of
  $83,666,552 in 2000 and $78,397,517 in 1999          45,809,748   34,166,683

DEFERRED INCOME TAXES                                   2,430,000    1,750,000

OTHER ASSETS                                            4,862,955    5,601,246

                                                      $96,231,719  $89,991,381

LIABILITIES AND STOCKHOLDERS' INVESTMENT
CURRENT LIABILITIES:
  Accounts payable                                    $ 5,452,004  $ 5,041,988
  Accrued liabilities-
    Federal and state income taxes                        128,979      275,083
    Dividends                                           1,640,358    1,570,498
    Compensation and benefits                           2,007,394      885,500
    Miscellaneous taxes                                   500,334      445,377
    Other                                                 448,933      419,042
      Total current liabilities                       $10,178,002  $ 8,637,488

ACCRUED POSTRETIREMENT BENEFITS                         8,397,620    9,368,746

MINORITY INTEREST IN CONSOLIDATED SUBSIDIARIES          2,346,663    2,765,235

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' INVESTMENT:
  Capital Stock, par value $2.50 per share-
    Authorized 10,000,000 shares, Issued

    2,312,547 shares at December 31, 2000
    and 2,285,678 shares at December 31, 1999         $ 5,781,368  $ 5,714,195
  Class B Capital Stock, par value $2.50 per
    share-Authorized 10,000,000 shares, Issued
    1,788,349 shares at December 31, 2000 and
    1,846,836 shares at December 31, 1999               4,470,872    4,617,090
  Retained Earnings                                    64,117,194   57,308,627
  Accumulated other comprehensive income                  940,000    1,580,000
    Total stockholders' investment                    $75,309,434  $69,219,912

                                                      $96,231,719  $89,991,381

<FN>
The accompanying notes are an integral part of these consolidated balance sheets.

</TABLE>

<PAGE>
<TABLE>
THE MONARCH CEMENT COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998


<CAPTION>
                                              2 0 0 0       1 9 9 9       1 9 9 8
<S>                                         <C>           <C>           <C>
NET SALES                                   $117,049,788  $109,475,532  $99,494,758

COST OF SALES                                 97,040,783    87,686,175   78,349,584
         Gross profit from operations       $ 20,009,005  $ 21,789,357  $21,145,174

SELLING, GENERAL AND
  ADMINISTRATIVE EXPENSES                      8,754,637     7,428,497    6,725,013
         Income from operations             $ 11,254,368  $ 14,360,860  $14,420,161

OTHER INCOME (EXPENSE):
  Interest income                           $    883,114  $  1,028,727  $ 1,222,052
  Other, net                                   2,861,868      (435,158)    (389,405)
                                            $  3,744,982  $    593,569  $   832,647
INCOME BEFORE PROVISION FOR INCOME TAXES    $ 14,999,350  $ 14,954,429  $15,252,808

PR0VISION FOR INCOME TAXES                     4,500,000     5,300,000    5,600,000

NET INCOME                                  $ 10,499,350  $  9,654,429  $ 9,652,808

Basic earnings per share                           $2.55         $2.32        $2.30
<FN>
The accompanying notes are an integral part of these consolidated statements.
</TABLE>


<TABLE>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998


<CAPTION>

                                              2 0 0 0       1 9 9 9       1 9 9 8
<S>                                         <C>           <C>           <C>
NET INCOME                                  $ 10,499,350  $  9,654,429  $ 9,652,808

UNREALIZED APPRECIATION (DEPRECIATION)
  ON AVAILABLE FOR SALE SECURITIES (Net
  of deferred tax (benefit) expense of
  $(425,000), $(400,000) and $350,000 for
  2000, 1999 and 1998, respectively)            (640,000)     (620,000)     540,000

COMPREHENSIVE INCOME                        $  9,859,350  $  9,034,429  $10,192,808
<FN>
The accompanying notes are an integral part of these consolidated statements.
</TABLE>

<PAGE>
<TABLE>

THE MONARCH CEMENT COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' INVESTMENT
FOR THE YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998


<CAPTION>
                                                                           Accum-
                                     Class B                            lated Other   Stock-
                         Capital     Capital     Retained    Treasury   Comprehen-    holders'
                          Stock       Stock      Earnings      Stock    sive Income  Investment

<S>                     <C>         <C>         <C>          <C>        <C>         <C>
Balance at 1/1/1998     $5,732,227  $4,807,058  $45,486,139  $   -      $1,660,000  $57,685,424
Net income                   -           -        9,652,808      -           -        9,652,808
Dividends declared
 ($.68 per share)            -           -       (2,849,221)     -           -       (2,849,221)
Transfer of shares          88,691     (88,691)       -          -           -            -
Purchase of
 treasury stock              -           -            -       (893,247)      -         (893,247)
Retirement of
 treasury stock            (95,795)      -         (797,452)   893,247       -            -
Accumulated other
 comprehensive income        -           -            -          -         540,000      540,000
Balance at 12/31/1998   $5,725,123  $4,718,367  $51,492,274  $   -      $2,200,000  $64,135,764
Net income                   -           -        9,654,429      -           -        9,654,429
Dividends declared
 ($.74 per share)            -           -       (3,066,148)     -           -       (3,066,148)
Transfer of shares         101,277    (101,277)       -          -           -            -
Purchase of
 treasury stock              -           -            -       (884,133)      -         (884,133)
Retirement of
 treasury stock           (112,205)      -         (771,928)   884,133       -            -
Accumulated other
 comprehensive income        -           -            -          -        (620,000)    (620,000)
Balance at 12/31/1999   $5,714,195  $4,617,090  $57,308,627  $   -      $1,580,000  $69,219,912
Net income                   -           -       10,499,350      -           -       10,499,350
Dividends declared
 ($.78 per share)            -           -       (3,201,569)     -           -       (3,201,569)
Transfer of shares         146,218    (146,218)       -          -           -            -
Purchase of
 treasury stock              -           -            -       (568,259)      -         (568,259)
Retirement of
 treasury stock            (79,045)      -         (489,214)   568,259       -            -
Accumulated other
 comprehensive income        -           -            -          -        (640,000)    (640,000)
Balance at 12/31/2000   $5,781,368  $4,470,872  $64,117,194  $   -      $  940,000  $75,309,434
<FN>
The accompanying notes are an integral part of these consolidated statements.
</TABLE>
<PAGE>
<TABLE>
THE MONARCH CEMENT COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998


<CAPTION>
                                                         2 0 0 0       1 9 9 9       1 9 9 8
<S>                                                    <C>           <C>           <C>
OPERATING ACTIVITIES:
Net income                                             $ 10,499,350  $  9,654,429  $  9,652,808
Adjustments to reconcile net income to net
 cash provided by operating activities:
  Depreciation and depletion                              6,754,783     6,025,901     5,564,672
  Gain on disposal of assets                                (63,379)      (67,332)     (119,398)
  Realized gain on sale of other investments             (2,382,261)        -             -
  Change in assets and liabilities:
    Receivables, net                                      1,419,400       674,824    (2,552,470)
    Inventories                                          (3,635,333)   (3,885,150)   (2,198,752)
    Refundable federal and state income taxes            (1,033,100)     (152,849)      207,021
    Prepaid expenses                                        (28,176)       10,429       (17,363)
    Deferred income taxes                                  (680,000)     (365,000)      425,000
    Other assets                                            422,326        18,239      (508,570)
    Long-term notes receivable                                -             -              (750)
    Accounts payable and accrued liabilities                335,654      (133,153)    2,166,077
    Accrued postretirement expense                          163,874      (251,507)     (218,652)
    Accrued pension expense                                (175,159)      (50,276)     (270,908)
    Minority interest in earnings of subsidiaries          (408,744)      534,013       558,627
  Net cash provided by operating activities            $ 11,189,235  $ 12,012,568  $ 12,687,342
INVESTING ACTIVITIES:
Acquisition of property, plant and equipment           $(18,627,165) $(10,847,723) $ (9,519,155)
Proceeds from disposals of property,
 plant and equipment                                        302,437        94,758       219,366
Payment for purchases of equity investments              (1,039,456)     (733,336)     (517,939)
Proceeds from disposals of equity investments             3,263,100         -             -
Decrease in short-term investments, net                  13,290,758     4,025,252     1,070,827
  Net cash used for investing activities               $ (2,810,326) $ (7,461,049) $ (8,746,901)
FINANCING ACTIVITIES:
Subsidiaries' dividends paid to minority interest      $     (9,828) $   (140,379) $   (191,450)
Cash dividends                                           (3,131,709)   (2,999,634)   (2,694,266)
Purchase of treasury stock                                 (568,259)     (884,133)     (893,247)
  Net cash used for financing activities               $ (3,709,796) $ (4,024,146) $ (3,778,963)
Net Increase in Cash and Cash Equivalents              $  4,669,113  $    527,373  $    161,478
Cash and Cash Equivalents, beginning of year              4,782,168     4,254,795     4,093,317
Cash and Cash Equivalents, end of year                 $  9,451,281  $  4,782,168  $  4,254,795
<FN>
The accompanying notes are an integral part of these consolidated statements.

</TABLE>



<PAGE>



THE MONARCH CEMENT COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2000, 1999 AND 1998


(1) SUMMARY OF ACCOUNTING POLICIES


    (a) Description of Business--The Monarch Cement Company (Monarch) is
principally engaged in the manufacture and sale of portland cement.  The
marketing area for Monarch's products consists primarily of the State of
Kansas, the State of Iowa, southeast Nebraska, western Missouri, northwest
Arkansas and northern Oklahoma.  Sales are made primarily to contractors,
ready-mixed concrete plants, concrete products plants, building materials
dealers and governmental agencies.  Companies controlled by Monarch sell
ready-mixed concrete, concrete products and sundry building materials in
metropolitan areas within Monarch's marketing area.

     Monarch has direct control of certain operating companies that have been
deemed to be subsidiaries within the meaning of generally accepted accounting
principles and the rules and regulations of the Securities and Exchange
Commission.  Accordingly, the financial statements of such companies have been
consolidated with Monarch's financial statements.  All significant
intercompany transactions have been eliminated in consolidation.  Minority
interests in net income (loss) have been recorded as reductions or increases
in other income in the accompanying statements of income.  The minority
interests in net income (loss) were $(408,744), $534,014 and $558,627 during
2000, 1999 and 1998, respectively.

    (b) Use of Estimates--The preparation of financial statements in
conformity with generally accepted accounting principles requires management
to make estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and
expenses during the reporting period.  Actual results could differ from those
estimates.

    (c) Inventories--Inventories of finished cement, work in process and
building products are priced by the last-in, first-out (LIFO) method.  Under
the average cost method of accounting (which approximates current cost), these
inventories would have been $1,362,000, $2,351,000 and $2,061,000 higher than
those reported at December 31, 2000, 1999 and 1998, respectively.  The cost of
manufactured items includes all material, labor, factory overhead and
production-related administrative overhead required in their production.

        Other inventories are purchased from outside suppliers.  Fuel and
other materials are priced by the first-in, first-out (FIFO) method while
operating and maintenance supplies are priced by the average cost method.

    (d) Property, Plant and Equipment--Depreciation of property, plant and
equipment is provided by charges to operations over the estimated useful lives
of the assets using primarily the declining balance method.  Depletion rates
for quarry lands are designed to amortize the cost over the estimated
recoverable reserves.  Expenditures for improvements that significantly
increase the assets' useful lives are capitalized while maintenance and
repairs are charged to expense as incurred.

    (e) Earnings per Share--Basic earnings per share is based on the weighted
average common shares outstanding during each year.  Dilutive earnings per
share is based on the weighted average common and common equivalent shares
outstanding each year.  Monarch has no common stock equivalents and therefore,
does not report dilutive earnings per share.  The weighted average number of
shares outstanding was 4,113,984 in 2000, 4,154,426 in 1999 and 4,198,333 in
1998.

    (f) Comprehensive Income--Comprehensive income is composed of two subsets;
net income and other comprehensive income.  Included in other comprehensive
income for the Company is unrealized appreciation (depreciation) for
securities classified as available-for-sale, net of deferred income tax.

    (g) Statements of Cash Flows--The Company considers overnight cash
investments to be cash equivalents.  All other highly liquid short-term
investments, generally with an original maturity of six months or less, are
considered short-term investments.  Interest and income taxes paid during each
of the three years for the period ended December 31, are as follows:

<TABLE>
<CAPTION>
                                       2000         1999         1998
         <S>                        <C>          <C>          <C>
         Interest paid              $    7,076   $    1,313   $    1,517
         Income taxes paid          $5,935,016   $6,094,546   $4,624,633
</TABLE>

(2) PROPERTY, PLANT AND EQUIPMENT

<TABLE>
    Property, plant and equipment at December 31, 2000 and 1999 consisted of:

<CAPTION>
                                    Depreciation
                                    Lives (Years)      2000          1999
     <S>                                <C>        <C>           <C>
     Quarry lands                                  $  1,220,514  $    753,769
     Mill site and buildings            12 - 50      18,922,096    17,041,461
     Machinery and equipment             5 - 25      70,561,855    68,499,398
     Transportation equipment            3 - 12      24,261,907    21,471,094
     Office furniture and fixtures       5 - 20         925,516       901,002
     Office and other buildings         10 - 30       2,751,097     2,479,774
     Construction in process                         10,833,315     1,417,702
                                                   $129,476,300  $112,564,200
     Less--Accumulated depreciation and depletion    83,666,552    78,397,517
                                                   $ 45,809,748  $ 34,166,683
</TABLE>

(3)  Investments

     The Company's short-term investments consist of corporate commercial
paper with maturities of six months or less and have been classified as held-
to-maturity.  The amortized cost, which approximates market value, is
reflected in the balance sheet.  Other assets includes equity securities which
have been classified as available-for-sale.  Realized gains are computed using
the specific identification method.  The equity investment results for the
years ended December 31, 2000, 1999 and 1998 are as follows:


<TABLE>

<CAPTION>
                                              2000        1999        1998
      <S>                                  <C>         <C>         <C>
      Fair value of investments            $3,700,000  $4,605,000  $4,890,000
      Cost of investments                   2,135,000   1,975,000   1,240,000
        Fair value in excess of cost       $1,565,000  $2,630,000  $3,650,000
      Unrealized gain recorded in equity   $  940,000  $1,580,000  $2,200,000
      Deferred income taxes                   625,000   1,050,000   1,450,000
                                           $1,565,000  $2,630,000  $3,650,000

      Proceeds from sale of securities     $3,263,100  $    -      $    -
      Realized gains                       $2,382,261  $    -      $    -

</TABLE>


(4) INCOME TAXES

    The components of the provision for federal and state income taxes in the
accompanying consolidated statements of income are as follows:

<TABLE>

<CAPTION>
                                         2000        1999        1998
    <S>                               <C>         <C>         <C>
    Current provision for income tax:
      Federal                         $4,425,000  $4,435,000  $4,480,000
      State                              330,000     830,000   1,045,000
                                      $4,755,000  $5,265,000  $5,525,000
    Deferred provision for income tax:
      Federal                         $ (135,000) $   30,000  $   60,000
      State                             (120,000)      5,000      15,000
                                      $ (255,000) $   35,000  $   75,000
        Provision for income taxes    $4,500,000  $5,300,000  $5,600,000

</TABLE>

    The provision for federal and state income taxes in the accompanying
consolidated statements of income differs from the amount computed at the
federal statutory income tax rate as follows:

<TABLE>

<CAPTION>
                                         2000        1999        1998
      <S>                             <C>         <C>         <C>
      Provision for federal taxes
        at statutory rates            $5,150,000  $5,134,000  $5,238,000
      State income taxes, net of
        federal tax benefit              137,000     543,000     680,000
      Percentage depletion              (697,000)   (591,000)   (546,000)
      Minority interest in
        consolidated income (loss)      (163,000)    214,000     223,000
      Other, net                          73,000       -           5,000
        Provision for income taxes    $4,500,000  $5,300,000  $5,600,000

</TABLE>

     The tax effect of significant temporary differences representing deferred
tax assets and (liabilities) are as follows:

<TABLE>

<CAPTION>


                                                2000             1999
     <S>                                     <C>              <C>
     Current:
       Reserve for bad debts                 $   150,000      $   165,000
       Vacation                                  265,000          250,000
         Net current deferred tax assets     $   415,000      $   415,000

     Noncurrent:
       Depreciation                          $  (450,000)     $  (620,000)
       Postretirement benefits                 3,815,000        3,745,000
       Pension                                  (405,000)        (335,000)
       Unrealized holding gains                 (625,000)      (1,050,000)
       Other, net                                 95,000           10,000
         Net long-term deferred tax assets   $ 2,430,000      $ 1,750,000
</TABLE>


(5) POSTRETIREMENT BENEFITS

    Monarch provides certain postretirement health care, accident and life
insurance benefits to all retired employees who, as of their retirement date,
have completed ten or more years of credited service under the pension plans.
These benefits are self-insured by Monarch and are paid out of Monarch's
general assets.

Following is a reconciliation of benefit obligations and funded status as
of December 31, 2000 and 1999:

<TABLE>

<CAPTION>
                                                   2000           1999
<S>                                            <C>            <C>
Reconciliation of benefit obligation
  Accumulated postretirement benefit
    obligation at beginning of year            $  9,298,360   $  9,983,477
  Service cost                                      108,040         99,410
  Interest cost                                     895,420        697,195
  Actuarial (gain) loss                           3,532,357       (578,176)
  Benefits and expenses paid                       (906,723)      (903,546)
    Accumulated postretirement benefit
      obligation at end of year                $ 12,927,454   $  9,298,360

Funded status                                  $(12,927,454)  $ (9,298,360)
Unrecognized actuarial (gain) loss                3,394,834        (70,386)
Accrued benefit cost                           $ (9,532,620)  $ (9,368,746)
</TABLE>

    The assumed annual rate of increase in the per capita cost of covered
health care benefits was 7% for 2000, 4% for 1999 and 5% for 1998. This rate
is assumed to decrease 1% per year to an ultimate rate of 4%.

<TABLE>
<CAPTION>
                                            2000         1999        1998
<S>                                      <C>          <C>         <C>
Components of net periodic benefit cost
  Service cost                           $  108,040   $  99,410   $  85,689
  Interest cost                             895,420     697,195     687,667
  Unrecognized net (gain) loss               67,136       -           -
    Net periodic benefit cost            $1,070,596   $ 796,605   $ 773,356

Weighted-average assumptions
  as of December 31
  Discount rate                               7.50%       8.00%       7.00%
</TABLE>

    Assumed health care cost trend rates have a significant effect on the
amounts reported for the health care plans.  A one-percentage-point change in
assumed health care cost trend rates would have the following effects:

<TABLE>
<CAPTION>
                                              1% Increase   1% Decrease
<S>                                           <C>           <C>
Effect on net periodic benefit cost           $  218,282    $   (98,492)
Effect on postretirement benefit obligation    1,374,189     (1,113,274)
</TABLE>


(6) PENSION PLANS

    Monarch has defined benefit pension plans covering substantially all
permanent employees.  Plans covering staff (salaried) employees provide
pension benefits that are based on years of service and the employee's last
sixty calendar months of earnings or the highest five consecutive calendar
years of earnings out of the last ten calendar years of service, whichever is
greater.  Plans covering production (hourly) employees provide benefits of
stated amounts for each year of service.  Generally, Monarch's funding policy
is to contribute annually the maximum amount that can be deducted for federal
income tax purposes.  Contributions are intended to provide for benefits
attributed to service to date and for those expected to be earned in the
future.  The assets of the plans are primarily equities, bonds and government
securities.

    Following is a reconciliation of benefit obligations, plan assets and
funded status as of December 31, 2000 and 1999:

<TABLE>
<CAPTION>
                                                        2000         1999
   <S>                                               <C>          <C>
   Reconciliation of projected benefit obligation
     Projected benefit obligation at
      beginning of year                              $20,989,864  $22,492,790
     Service cost                                        293,441      342,594
     Interest cost                                     1,617,150    1,559,670
     Actuarial (gain) loss                               734,549   (1,819,259)
     Plan amendment                                        -           37,715
     Benefits paid and expenses                       (1,647,532)  (1,623,646)
       Projected benefit obligation at end of year   $21,987,472  $20,989,864
   Reconciliation of fair value of plan assets
     Fair value of plan assets at beginning of year  $24,096,707  $25,761,275
     Actual return on plan assets                      2,334,054      (40,922)
     Benefits paid and expenses                       (1,647,532)  (1,623,646)
       Fair value of plan assets at end of year      $24,783,229  $24,096,707
   Funded status                                     $ 2,795,757  $ 3,106,843
   Unrecognized net actuarial loss                    (2,250,731)  (2,794,255)
   Unrecognized transitional obligation                   14,342       24,209
   Unrecognized prior service cost                       459,982      507,394
       Prepaid benefit cost                          $ 1,019,350  $   844,191

</TABLE>

    The following table presents the components of net periodic pension cost
as of December 31, 2000, 1999 and 1998:

<TABLE>

<CAPTION>
                                            2000        1999         1998
<S>                                     <C>          <C>          <C>
Service cost                            $   293,441  $   342,594  $   324,782
Interest cost                             1,617,150    1,559,670    1,518,426
Expected return on plan assets           (2,095,648)  (2,245,751)  (2,229,872)
Amortization of transitional obligation       9,867        9,863        9,863
Amortization of prior service cost           47,412       45,130       45,130
Recognized net actuarial gain               (47,381)     (31,967)    (104,537)
  Net periodic pension (income)         $  (175,159) $  (320,461) $  (436,208)
</TABLE>

    The weighted average assumptions used to determine net pension cost and
benefit obligations as of December 31 are as follows:

<TABLE>

<CAPTION>
                                                     2000    1999    1998
    <S>                                              <C>     <C>     <C>
    Discount rate                                    7.50%   8.00%   7.00%
    Expected return on plan assets                   9.00%   9.00%   9.00%
    Rate of compensation increase (Staff plan only)  4.50%   4.50%   4.50%
</TABLE>


(7) COMMITMENTS AND CONTINGENCIES

    According to various agreements with certain minority stockholders of
subsidiaries, under specified circumstances, the Company is obligated to
acquire certain minority shares, if requested to do so, at a value that
approximates the minority interest on the Balance Sheet.


(8) STOCKHOLDERS' INVESTMENT

    Class B Capital Stock has supervoting rights of ten votes per share and
restricted transferability.  Class B Capital Stock is convertible at all times
into Capital Stock on a share-for-share basis.  Capital Stock has only one
vote per share and is freely transferable.


(9) BUSINESS SEGMENTS

    The Company groups its operations into two business segments - cement
manufacturing and the sale of ready-mixed concrete and sundry building
materials.  The Company's business segments are separate business units that
offer different products.  The accounting policies for each segment are the
same as those described in the summary of significant accounting policies.

     Following is information for each segment for the years ended December 31,
2000, 1999 and 1998:

<TABLE>
<CAPTION>
                                            Ready-Mixed
                                             Concrete
                                  Cement    and Sundry  Adjustments
FOR THE YEAR ENDED                 Manu-     Building       and
  DECEMBER 31, 2000:             facturing   Materials  Eliminations  Consolidated
  <S>                           <C>         <C>         <C>           <C>
  Sales to unaffiliated
    customers                   $47,289,360 $69,760,428 $     -       $117,049,788
  Intersegment sales              9,265,934       5,192   (9,271,126)        -
    Total net sales             $56,555,294 $69,765,620 $ (9,271,126) $117,049,788
  Income (loss) from operations $13,019,516 $(1,765,148)              $ 11,254,368
  Other income, net                                                      3,744,982
    Income before income taxes                                        $ 14,999,350
  Identifiable assets at
    December 31, 2000           $47,123,981 $28,205,216               $ 75,329,197
  Corporate assets                                                      20,902,522
    Total assets at
      December 31, 2000                                               $ 96,231,719

FOR THE YEAR ENDED
  DECEMBER 31, 1999:
  Sales to unaffiliated
    customers                   $48,995,241 $60,480,291 $     -       $109,475,532
  Intersegment sales              7,690,066     697,177   (8,387,243)        -
    Total net sales             $56,685,307 $61,177,468 $ (8,387,243) $109,475,532
  Income from operations        $11,406,669 $ 2,954,191               $ 14,360,860
  Other income, net                                                        593,569
    Income before income taxes                                        $ 14,954,429
  Identifiable assets at
    December 31, 1999           $36,252,363 $25,189,660               $ 61,442,023
  Corporate assets                                                      28,549,358
    Total assets at
      December 31, 1999                                               $ 89,991,381

FOR THE YEAR ENDED
  DECEMBER 31, 1998:
  Sales to unaffiliated
    customers                   $43,726,111 $55,768,647 $     -       $99,494,758
  Intersegment sales              8,191,578     407,764   (8,599,342)       -
    Total net sales             $51,917,689 $56,176,411 $ (8,599,342) $99,494,758
  Income from operations        $12,019,185 $ 2,400,976               $14,420,161
  Other income, net                                                       832,647
    Income before income taxes                                        $15,252,808
  Identifiable assets at
    December 31, 1998           $33,384,302 $20,063,428               $53,447,730
  Corporate assets                                                     31,434,291
    Total assets at
      December 31, 1998                                               $84,882,021
</TABLE>

    Total sales by segment before adjustments and eliminations includes both
sales to unaffiliated customers (as reported in the Company's consolidated
statements of income, comprehensive income and stockholders' investment) and
intersegment sales.  Intersegment sales are accounted for by the same method
as sales to unaffiliated customers.

    Income from operations is total net sales less operating expenses.  In
computing income from operations, none of the following items have been added
or deducted:  general corporate income and expenses, interest expense and
income taxes.  Depreciation for cement manufacturing and ready-mixed concrete,
respectively, was:  $2,571,183 and $4,183,600 in 2000; $2,951,294 and
$3,074,607 in 1999; and $2,924,251 and $2,640,421 in 1998.  Capital
expenditures for cement manufacturing and ready-mixed concrete, respectively,
including capital assets of businesses acquired were:  $11,051,905 and
$7,575,260 in 2000; $2,749,880 and $8,097,843 in 1999; and $4,966,346 and
$4,552,809 in 1998.  Identifiable assets by segment are those assets that are
used in the Company's operations in each industry.

    During 2000, 1999 and 1998, there were no sales to any one customer in
excess of 10% of consolidated net sales.


(10) Quarterly Financial Information (Unaudited)

<TABLE>
<CAPTION>
                              First       Second        Third       Fourth
                             Quarter      Quarter      Quarter      Quarter
2000
  <S>                      <C>          <C>          <C>          <C>
  Net sales                $22,388,688  $34,257,052  $37,481,924  $22,922,124
  Income from operations     1,575,353    5,280,529    5,545,759   (1,147,273)
  Net income                 1,066,777    3,472,159    3,739,286    2,221,128
  Basic earnings per share        $.26         $.84         $.91         $.54

1999
  Net sales                $18,271,807  $28,094,077  $36,025,222  $27,084,426
  Income from operations       828 851    3,617,387    6,352,281    3,562,341
  Net income                   578,473    2,380,638    4,061,319    2,633,999
  Basic earnings per share        $.14         $.57         $.98         $.63
</TABLE>

<PAGE>
CORPORATE  INFORMATION



CORPORATE OFFICE                       DIRECTORS
449 1200 Street                        Jack R. Callahan
P.O. Box 1000                          Retired President, The Monarch
Humboldt, KS 66748                     Cement Company
Phone:  (620) 473-2222
Fax:  (620) 473-2447                   Ronald E. Callaway
                                       Retired transport truck driver
                                       Agricultural Carriers, Inc.
AUDITORS
Arthur Andersen LLP                    David L. Deffner
Kansas City, Missouri                  Professor of Music, American
                                       River College

ANNUAL MEETING                         Robert M. Kissick
The annual meeting of the              Chairman, Hydraulic Power Systems, Inc.
stockholders of The Monarch
Cement Company is held the             Gayle C. McMillen
second Wednesday in April of           Music Instructor, Salina School
each year at the Company's             District
corporate offices.
                                       Richard N. Nixon
                                       Shareholder in law firm of Stinson,
TRANSFER AGENT AND REGISTRAR           Mag & Fizzell, P.C.
The Monarch Cement Company
P.O. Box 1000                          Byron J. Radcliff
Humboldt, KS 66748-1000                Rancher

                                       Byron K. Radcliff
STOCK TRADING INFORMATION              Owner/Manager, Radcliff Ranch
Trading Symbol: MCEM
Over-the-Counter Market                Michael R. Wachter
                                       Civil Engineer and Director of
                                       Operations, Concrete Technology Corp.
INVESTOR RELATIONS
Inquiries may be directed to           Walter H. Wulf
Lyndell G. Mosley, Chief Financial     Chairman of the Board
Officer and Assistant Secretary-
Treasurer, at the corporate            Walter H. Wulf, Jr.
address shown above.                   President and Vice Chairman
                                       of the Board

FORM 10-K                              Officers
The Company's Annual Report on        *Walter H. Wulf
Form 10-K, as filed with the           Chairman of the Board
Securities and Exchange Commission,
is available without charge upon       Walter H. Wulf, Jr.
written request to Lyndell G.          President and Vice Chairman
Mosley at the corporate office.        of the Board

The Company's financial               *Robert M. Kissick
information is also available          Vice President
from the SEC at their EDGAR
internet address                      *Byron K. Radcliff
(http://www.sec.gov).                  Secretary and Treasurer

                                       Lyndell G. Mosley
                                       Chief Financial Officer and
                                       Assistant Secretary-Treasurer

                                       Debra P. Roe
                                       Principal Accounting Officer and
                                       Assistant Secretary-Treasurer


                                      *Not active in the daily affairs
                                        of the Company.