Exhibit 99.1

Rock of Ages FOR IMMEDIATE RELEASE  Investor Contact:
Neil G Berkman
Berkman Associates
(310) 277-5162
info@BerkmanAssociates.com Company Contact:
Kurt Swenson
Chairman & CEO
(603) 225-8397
www.RockofAges.com

Rock of Ages Reports Third Quarter Results

CONCORD, NEW HAMPSHIRE, November 1, 2002 . . . ROCK OF AGES CORPORATION (NASDAQ/NMS:ROAC) announced today that net income for the third quarter of 2002 was $1,604,000, or $0.20 per diluted share, after a previously announced one-time severance charge of $750,000. This compares to a net loss for the third quarter of 2001 of $1,033,000, or $0.14 per share, after a loss on the sale of assets of $2,363,000. Revenue for this year's third quarter was $24,207,000 compared to $24,722,000 for the same period last year.

Before the severance charge, pre-tax income for the third quarter of 2002 was $2,958,000. This compares to pre-tax income for the third quarter of 2001 of $2,422,000 before amortization of goodwill and the loss on sale of assets.

For the first nine months of 2002, net income before the write-off of goodwill was $1,553,000, or $0.20 per share. After the write-off of goodwill, the net loss was $26,877,000, or $3.42 per share. For the first nine months of 2001, the net loss was $626,000, or $0.08 per share, after the loss on sale of assets. Revenue for the first nine months of 2002 was $65,355,000 compared to $69,337,000 for the same period of 2001.

Cash generated from operations totaled $2,631,000 for the third quarter and $4,711,000 for the first nine months of 2002. Debt was reduced by $4,310,000 since December 31, 2001 to $14,653,000 at September 30, 2002. Shortly after the close of the quarter, Rock of Ages entered into a five-year, $50,000,000 renewal financing agreement, consisting of a $30,000,000 acquisition term loan facility and a $20,000,000 revolving loan facility. As a result, $12,500,000 classified as short-term debt at December 31, 2001 was converted to a non-amortizing term note due December 31, 2007 and reclassified as long-term debt on the September 30, 2002 balance sheet. Stockholders' equity at September 30, 2002 was $62,769,000, or $7.98 per outstanding share.

Third Quarter Operations Review

Operating income for Rock of Ages' Quarrying Division increased 25% for the third quarter on a 23% increase in revenue. Operating income for the Manufacturing Division increased 144% on lower revenue as the divestiture program completed last year to reduce manufacturing capacity continued to have a positive impact on profitability as anticipated. Operating income for the Cemetery Division rose to $363,000 for this year's third quarter versus a loss of $205,000 last year on a 66% increase in revenue. In the Retail Division, operating income fell to $188,000 from $1,016,000 a year earlier as revenue declined 17%.

Noting that retail order backlog increased to $15,625,000 at September 30, 2002 compared to $14,800,000 at the same time last year and $14,384,000 at June 30, 2002, Chairman and Chief Executive Officer Kurt Swenson said, "We are encouraged by the incipient signs of an upturn in our retail operations. Order receipts are recovering from the decline we experienced earlier in the year. Year to date, orders are running slightly better than last year on a same-store basis, reflecting the closure of certain unprofitable stores last year. Our new retail management team, led by President Terry Shipp, is working hard to achieve the high returns we believe are attainable in this division. Our goal is to build our retail operations into a significant profit center and growth engine to complement the continued strong performance of our core quarry and manufacturing operations.

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Rock of Ages Reports Third Quarter Results

November 1, 2002

Page Two

With the appointment of five new members, Terry has completed the staffing of our regional management team, which now consists of four regional operating managers and four regional sales managers responsible for the performance of our sixteen retail profit centers. He is also implementing his proven sales activity and results management system, and fine-tuning our branded and unbranded price and procurement policies. In addition, we are implementing an aggressive program to increase referrals from funeral directors and cemeterians, and have established a five-person team with responsibility for carrying out our new store and acquisition program. We are pleased by the team's progress in rebuilding our new store and acquisition pipeline for future growth."

2002 Earnings Guidance

Assuming normal winter weather conditions, Swenson said that the Company currently expects net income for 2002 to be at about the midpoint of the previously announced range of $0.40 to $0.50 per diluted share before the write-off of goodwill.

Impact of FASB 142

Rock of Ages adopted FASB 142 effective January 1, 2002. The new FASB standard eliminates the amortization of goodwill and requires an annual review for impairment. Had the standard been implemented at the beginning of 2001, net income for the third quarter of that year would have increased by approximately $227,000, or approximately $0.03 per diluted share.

About Rock of Ages

Rock of Ages (www.RockofAges.com) is the largest integrated granite quarrier, manufacturer and retailer of finished granite memorials and granite blocks for memorial use in North America.

Conference Call

Rock of Ages has scheduled a conference call today at 11:00 AM EDT. A live Webcast may be accessed at http://www.CompanyBoardroom.com/company.asp?client=cb&ticker=roac or at http://www.RockofAges.com/investor/audio.html?ticker=ROAC&script=1100. A Webcast replay will be available after 1:00 PM EDT at these same Internet addresses. For a telephone replay, dial (800) 633-8284, reservation #20992997, after 1:00 PM EDT.

Forward-Looking Statements

This press release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and the following: changes in demand for the Company's products, product mix, the timing of customer orders and deliveries, the impact of competitive products and pricing, the success of the Company's branding programs; the excess or shortage of production capacity, difficulties encountered in the integration of acquired businesses; weather conditions and other risks discussed from time to time in the Company's Securities and Exchange Commission filings and reports. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.

(tables attached)

#3144

ROCK OF AGES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OPERATIONS
($ in thousands except per share amounts)(unaudited)

		Three Months Ended					Nine Months Ended
		Sep. 30,					Sep. 30,
		2002		2001			2002			2001
Net revenues:
Quarrying	$	8,243	$	6,692		$	20,879		$	18,468
Manufacturing		5,342		6,053			14,314			17,583
Retailing		9,369		11,221			26,922			30,949
Cemeteries		1,253		756			3,240			2,337
Total net revenues		24,207		24,722			65,355			69,337
Gross profit:
Quarrying		4,026		3,357			8,457			7,524
Manufacturing		1,706		1,530			3,783			4,085
Retailing		5,194		6,682			14,912			18,137
Cemeteries		653		144			1,409			652
Total gross profit		11,579		11,713			28,561			30,398
Selling, general and administrative expenses:
Quarrying		1,283		1,162			3,018			2,831
Manufacturing		860		1,184			2,499			3,532
Retailing		5,006		5,666			15,276			16,257
Cemeteries		290		349			957			733
Total SG&A expenses		7,439		8,361			21,750			23,353
Divisional operating income:
Quarrying		2,743		2,195			5,439			4,693
Manufacturing		846		346			1,284			553
Retailing		188		1,016			(364	)		1,880
Cemeteries		363		(205	)		452			(81	)
Divisional operating income		4,140		3,352			6,811			7,045
Unallocated corporate overhead		1,757		811			4,136			2,595
Gain (Loss) on Sale of Assets		—		(2,363	)		—			(2,561	)
Earnings before interest and taxes		2,383		178			2,675			1,889
Interest expense		175		396			537			1,486
Income (Loss) from operations		2,208		(218	)		2,138			403
Income tax (benefit)		604		815			585			1,029
Income (Loss) before change in accounting principle		1,604		(1,033	)		1,553			(626	)
Effect of change in accounting principle, net of tax		—		—			(28,430	)		—
Net income (loss)	$	1,604	$	(1,033	)	$	(26,877	)	$	(626	)
Per share information:
Net Income -basic
Income before cumulative effects of changes in accounting principle		0.20		(0.14	)		0.20			(0.08	)
Cumulative effect of change in accounting principle		0.00		0.00			(3.62	)		0.00
Net loss - basic	$	0.20	$	(0.14)		$	(3.42)		$	(0.08)
Net Income -diluted
Income before cumulative effects of changes in accounting principle		0.20		(0.14	)		0.20			(0.08	)
Cumulative effect of change in accounting principle		0.00		0.00			(3.60	)		0.00
Net loss - diluted	$	0.20	$	(0.14	)	$	(3.40	)	$	(0.08	)
Weighted average number of common shares  outstanding
basic		7,862		7,603			7,856			7,575
diluted		7,862		7,603			7,899			7,575

 

ROCK OF AGES CORPORATION
COMPARATIVE BALANCE SHEET
(US $ IN THOUSANDS)

		Sep.30,			Dec. 31,
		2002			2001
ASSETS		(unaudited)			(audited)
CURRENT ASSETS:
Cash & Cash Equivalents	$	3,156		$	3,435
Trade Receivables		18,195			16,119
Inventories		23,416			22,680
Other Current Assets		5,850			4,914
Current Assets to be Disposed of		—			2,546
TOTAL CURRENT ASSETS		50,617			49,694
OTHER ASSETS:
C.S.V. Life Insurance		749			811
Goodwill		—			33,782
Other Intangibles		617			761
Deferred Tax Assets - Long Term		6,365			873
Prearranged Receivables		15,059			15,388
Cemetery Property		6,043			5,998
Other		2,865			3,343
TOTAL OTHER ASSETS		31,698			60,956
FIXED ASSETS:
Property and Equipment		69,825			66,902
Less Accumulated Depreciation		26,192			23,759
NET FIXED ASSETS		43,633			43,143
TOTAL ASSETS	$	125,948		$	153,793
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Borrowings under Line of Credit	$	1,618		$	3,970
Current Portion LTD		213			14,671
Deferred Compensation Payable		279			279
Accounts Payable		2,112			1,946
Accrued Expenses		5,817			5,237
Income Taxes Payable		4			86
Customer Deposits		10,187			6,711
TOTAL CURRENT LIABILITIES		20,230			32,900
Long-Term Debt, Excluding Current Portion		12,822			323
Deferred Compensation		4,379			4,070
Prearranged Deferred Revenue		23,276			24,224
Other Liabilities		2,472			2,606
TOTAL LIABILITIES		63,179			64,123
STOCKHOLDERS 'EQUITY:
Common Stock		79			78
Additional Paid In Capital		69,329			69,067
Retained Earnings		(5,404	)		21,473
Cumulative Translation Adjustment		(886	)		(948	)
Treasury Stock - at cost - 81,800 shares of Class A		(348	)		—
TOTAL EQUITY		62,769			89,670
TOTAL LIABILITIES & EQUITY		$125,948			$153,793