MONARCH CEMENT CO

CIK:0000067517|SEC Filings

Condensed Consolidated Statements Of Income (Loss) And Retained Earnings (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Statement [Abstract]
NET SALES	$ 44,970,920	$ 38,167,606	$ 111,764,454	$ 95,057,325
COST OF SALES	32,797,657	32,378,577	88,609,931	82,401,911
Gross profit from operations	12,173,263	5,789,029	23,154,523	12,655,414
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	4,131,984	3,730,580	11,636,439	10,965,657
Income from operations	8,041,279	2,058,449	11,518,084	1,689,757
OTHER INCOME (EXPENSE):
Interest income	13,720	48,999	75,379	108,719
Interest expense	(71,843)	(91,525)	(197,772)	(230,220)
Gain on sale of equity investments	0	0	0	3,881,872
Dividend income	422,650	87,786	622,496	1,573,786
Other, net	194,083	20,498	457,668	(12,628)
Total other income (expense)	558,610	65,758	957,771	5,321,529
Income from continuing operations before income taxes	8,599,889	2,124,207	12,475,855	7,011,286
PROVISION FOR INCOME TAXES	2,405,000	702,000	3,490,000	1,963,000
Equity in affiliate income (loss), net of tax	52,489	(3,022)	58,327	(15,275)
Net income from continuing operations	6,247,378	1,419,185	9,044,182	5,033,011
Discontinued operations:
Loss from operations of Tulsa Dynaspan, Inc. and Beaver Lake Concrete, Inc. (including gain on disposal of assets of $0, $0, $0, and $0, respectively)	0	616,180	(177,306)	(4,359,989)
PROVISION FOR (BENEFIT FROM) INCOME TAXES	0	66,000	(50,000)	(1,218,000)
Net income (loss) from discontinued operations	0	550,180	(127,306)	(3,141,989)
NET INCOME	6,247,378	1,969,365	8,916,876	1,891,022
RETAINED EARNINGS, beginning of period	100,247,941	96,413,662	98,518,546	97,758,013
Dividends, Common Stock, Cash	913,211	919,544	1,824,501	1,842,680
Stock Repurchased and Retired During Period, Value	45,916	387,416	74,729	730,288
RETAINED EARNINGS, end of period	$ 105,536,192	$ 97,076,067	$ 105,536,192	$ 97,076,067
Basic earnings (loss) per share:
From continuing operations	$ 1.57	$ 0.36	$ 2.28	$ 1.26
From discontinued operations	$ 0.00	$ 0.14	$ (0.03)	$ (0.78)
Net earnings per share	$ 1.57	$ 0.50	$ 2.25	$ 0.48
Common Stock, Dividends, Per Share, Declared	$ 0.23	$ 0.23	$ 0.46	$ 0.46

Condensed Consolidated Statements Of Cash Flows (USD $)	9 Months Ended
Condensed Consolidated Statements Of Cash Flows (USD $)	Sep. 30, 2014	Sep. 30, 2013
OPERATING ACTIVITIES:
Net income	$ 8,916,876	$ 1,891,022
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	9,549,348	8,821,833
(Income) loss from equity method investments, net of dividends	(51,038)	20,898
Deferred income taxes	(174,000)	(219,000)
Gain on disposal of assets	(434,850)	(2,770,792)
Realized gain on sale of equity investments	0	(3,881,872)
Postretirement benefits and pension expense	(3,250,182)	1,702,702
Change in assets and liabilities:
Receivables, net	(5,753,127)	(444,604)
Inventories	437,041	2,542,789
Refundable income taxes	0	1,441,206
Prepaid expenses	(793,578)	(392,264)
Other assets	1,131	2,622
Accounts payable and accrued liabilities	4,485,798	(1,896,287)
Net cash provided by operating activities	12,933,419	6,818,253
INVESTING ACTIVITIES:
Acquisition of property, plant and equipment	(10,267,755)	(12,769,695)
Proceeds from disposals of property, plant and equipment	599,663	3,934,653
Payments to Acquire Businesses, Net of Cash Acquired	(2,494,250)	0
Payment for purchases of available-for-sale equity investments	(36,615)	(914,340)
Proceeds from disposals of available-for-sale equity investments	0	5,262,458
Payment for acquisition of equity method investments	(528,465)	0
Net cash used for investing activities	(12,727,422)	(4,486,924)
FINANCING ACTIVITIES:
Increase (decrease) in revolving loan, net	0	(110,137)
Proceeds from bank loans	0	4,472,950
Payments on bank loans	(1,071,428)	(1,071,429)
Payments on other long-term debt	(187,869)	(142,567)
Cash dividends paid	(2,736,895)	(2,765,816)
Purchases of capital stock	(82,268)	(813,755)
Net cash used for financing activities	(4,078,460)	(430,754)
Net increase (decrease) in cash and cash equivalents	(3,872,463)	1,900,575
Cash and Cash Equivalents, beginning of year	6,401,752	1,440,959
Cash and Cash Equivalents, end of period	2,529,289	3,341,534
Supplemental disclosures:
Interest paid, net of amount capitalized	197,772	230,535
Income taxes paid	2,000,000	1,424,378
Capital equipment additions included in accounts payable and accrued liabilities	$ 130,665	$ 106,754

Condensed Consolidated Balance Sheets (USD $)	Sep. 30, 2014	Dec. 31, 2013
ASSETS
Cash and cash equivalents	$ 2,529,289	$ 6,401,752
Receivables, less allowances of $560,000 in 2014 and $490,000 in 2013 for doubtful accounts	17,919,793	12,139,618
Inventories, priced at cost which is not in excess of market-
Finished cement	4,031,293	4,420,327
Work in process	3,600,643	3,595,223
Building products	4,230,625	3,883,085
Fuel, gypsum, paper sacks and other	5,886,894	6,570,913
Operating and maintenance supplies	13,236,996	12,794,198
Total inventories	30,986,451	31,263,746
Deferred income taxes	660,000	660,000
Prepaid expenses	1,835,611	1,042,033
Total current assets	53,931,144	51,507,149
Property, Plant and Equipment, at cost, less accumulated depreciation and depletion of $198,747,997 in 2014 and $183,868,729 in 2013	85,254,822	80,940,604
DEFERRED INCOME TAXES	6,742,576	8,179,577
INVESTMENTS	29,379,249	25,292,634
INVESTMENTS IN AFFILIATES	4,008,136	3,428,633
OTHER ASSETS	3,092,868	4,757,265
Total Assets	182,408,795	174,105,862
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	6,795,921	6,327,952
Current portion of term loan	1,428,571	1,428,571
Current portion of other long-term debt	175,000	175,000
Accrued liabilities	9,249,624	6,754,288
Total current liabilities	17,649,116	14,685,811
LONG-TERM DEBT	10,921,867	12,061,164
ACCRUED POSTRETIREMENT BENEFITS	25,231,702	24,917,379
ACCRUED PENSION EXPENSE	5,167,675	8,009,127
STOCKHOLDERS' EQUITY
Capital stock	6,497,603	6,498,830
Additional paid-in-capital	2,485,125	2,485,125
Retained earnings	105,536,192	98,518,546
Accumulated other comprehensive income	5,507,330	3,511,383
TOTAL STOCKHOLDERS' EQUITY	123,438,435	114,432,381
Total Liabilities and Stockholders' Equity	182,408,795	174,105,862
Class B Capital Stock [Member]
STOCKHOLDERS' EQUITY
Capital stock	$ 3,412,185	$ 3,418,497