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

Management Revises 2003 Earnings Guidance

     CONCORD, NEW HAMPSHIRE, November 4, 2003 . . . Rock of Ages Corporation (NASDAQ/NMS:ROAC) today announced financial results for the third quarter and first nine months of 2003.

     For the three months ended September 30, 2003, revenue increased to $23,215,000 from $22,954,000 for the third quarter of 2002. Pre-tax income for this year's third quarter increased to $2,230,000, or 9.6% of revenue, from $1,943,000, or 8.5% of revenue, for the same period of the prior year. Net income for the 2003 third quarter was $912,000, or $0.13 per diluted share, reflecting a 59% tax rate. This compares to net income for last year's third quarter of $1,675,000, or $0.22 per diluted share, which included pre-tax arbitration expenses of approximately $550,000, or $0.05 per share after tax.

     Based on the Company's current projection of results for 2003, it was necessary to adjust a portion of accrued tax benefits from prior quarters. This resulted in the abnormally high tax rate for this year's third quarter.

     For the nine months ended September 30, 2003, revenue declined to $59,028,000 from $62,115,000 for the first nine months of 2002. The net loss for this year's first nine months was $2,617,000, or $0.36 per share, which included pre-tax arbitration expenses of $2,441,000, or $0.32 per share after tax. This compares to a net loss for the same period last year of $26,911,000, or $3.40 per share, which included pre-tax arbitration expenses of $700,000 and charges for the cumulative effect of changes in accounting principles of $28,710,000 net of tax. Net income before the cumulative effect of changes in accounting principles for the first nine months of 2002 was $1,799,000.

     Stockholders' equity at September 30, 2003 was $58,294,000, or $8.12 per outstanding share.

Operations Review

     Chairman and CEO Kurt Swenson said, "Manufacturing Division revenue met our growth projection for the third quarter, and gross margin and operating income both exceeded our expectations. Quarrying Division revenue, gross margin and operating income declined from prior year and were below our plan primarily because the rate of recovery of saleable granite was unusually low at certain of our quarries during the period. We expect recoveries to improve beginning in the current quarter.

     "In the Retail Division, revenue increased slightly compared to last year and gross margin improved to 58.3% from 55.4%. New orders and backlog also have continued to recover from the slow pace we reported for the first half of the year. We currently are focused on reducing selling and administrative costs in our Retail Division through the consolidation of certain sales and management functions and related steps."

Cemetery Sale Update

    In July 2003, the Company signed an asset purchase agreement with Saber Management LLC for the sale of all of its cemeteries to Saber. At the request of Saber, the closing date for the transaction as set forth in the agreement was recently extended until December 15, 2003 in consideration of a $100,000 non-refundable deposit paid by Saber to the Company at the execution of the extension agreement. The purpose of the extension was to allow Saber to undertake surveys of all the cemeteries as required by their lenders as well as finalizing other items relating to the financing. The transaction remains subject to numerous closing conditions. As a result of the transaction, the Company has classified the results of the Cemetery operations as discontinued. Assuming the timely completion of all closing conditions, the cemetery sale currently is expected to close on December 15, 2003 in accordance with the extension agreement.

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Rock of Ages Reports Third Quarter Results
November 4, 2003
Page Two

Eurimex Arbitration Update

     On April 18, 2001, the Company received a Request for Arbitration from its former distributor outside the United States, Eurimex, S. A., in connection with the termination by Rock of Ages of the distribution agreements for certain of the Company's granite products. Pursuant to those agreements, the arbitration hearing took place in Luxembourg during the week of May 24, 2003.

     During the second half of 2002, pre-tax expenses associated with the Eurimex arbitration, which were included in quarry selling, general and administrative expenses for that period, totaled $1,575,000. With the arbitration hearing now completed, the Company believes that it has established adequate reserves to cover all further costs of the arbitration expected to be incurred in the second half of 2003.

     "We look forward to a decision on this matter from the arbitrators on or about November 30, 2003, the date their decision is due under the agreed arbitration procedures" Swenson said.

Management Revises 2003 Earnings Guidance

     In view of the Company's performance for the first nine months of 2003 and the current outlook for the fourth quarter, management now expects the Company to roughly break even for 2003, including costs of the Eurimex arbitration and including any gain from the sale of the Company's cemeteries to Saber Management LLC, on revenue of about $83 million (excluding cemetery revenue). The Company expects to report a gain on the cemetery sale.

Dividend

     The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.01 per share payable on December 17, 2003 to shareholders of record on November 17, 2003. This is the fourth consecutive quarterly dividend since the Company initiated a dividend program in the first quarter of 2003.

Conference Call

     Rock of Ages has scheduled a conference call today at 11:00 a.m. ET. A live Webcast may be accessed from the Audio Presentations link atwww.RockofAges.com/investor. A Webcast replay will be available after 1:00 p.m. ET at these same Internet addresses.For a telephone replay, dial (800) 633-8284, reservation #21163813, after 1:00 p.m. ET.

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.

Forward-Looking Statements

     This press release contains statements that are forward-looking statements within the meaning of the Private Securities Arbitration 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)

ROCK OF AGES CORPORATION
Condensed Consolidated Statements of Operations
(in thousands except per share amounts) (Unaudited)

		Three Months Ended				Six Months Ended
		September 30				September 30
		2003		2002		2003			2002
Net revenue:
Quarrying	$	7,781	$	8,243	$	18,927		$	20,879
Manufacturing		6,000		5,342		14,979			14,314
Retailing		9,434		9,369		25,122			26,922
Total net revenues		23,215		22,954		59,028			62,115
Gross profit:
Quarrying		3,243		4,123		5,905			8,794
Manufacturing		1,890		1,706		4,206			3,783
Retailing		5,504		5,194		14,140			14,912
Total gross profit		10,637		11,023		24,251			27,489
Selling, general and administrative expenses
Quarrying		747		1,283		4,705			3,017
Manufacturing		952		860		2,690			2,498
Retailing		5,372		5,008		15,596			15,277
Total SG&A expenses		7,071		7,151		22,991			20,792
Divisional operating income
Quarrying		2,496		2,840		1,200			5,777
Manufacturing		938		846		1,516			1,285
Retailing		132		186		(1,456	)		(365	)
Total divisional operating income		3,566		3,872		1,260			6,697
Unallocated corporate overhead		1,188		1,754		3,694			4,137
Earnings (loss) from continuing operations before interest and taxes		2,378		2,118		(2,434	)		2,560
Interest expense		148		175		458			537
Income (Loss) from continuing operations before taxes		2,230		1,943		(2,892	)		2,023
Income tax expense (benefit)		1,322		558		(211	)		586
Income (Loss) from continuing operations before
cumulative effect of changes in accounting principles		908		1,385		(2,681	)		1,437
Discontinued operations, net of income taxes		4		290		64			362
Income (Loss) before cumulative effect of changes in accounting principles		912		1,675		(2,617	)		1,799
Cumulative effect in prior years of changes in accounting principles, net		—		—		—			(28,710	)
Net Income (Loss)		912		1,675		(2,617	)		(26,911	)
Net Income (Loss) per share — basic
Income from continuing operations before
cumulative effect of changes in accounting principles		0.13		0.18		(0.37	)		0.18
Discontinued operations		0.00		0.04		0.01			0.05
Cumulative effect of changes in accounting principles		0.00		0.00		0.00			(3.65	)
Net Income (Loss) per share ‑ basic		0.13		0.22		(0.36	)		(3.42	)
Net Income (Loss) per share — diluted
Income from continuing operations before
cumulative effect of changes in accounting principles		0.13		0.18		(0.37	)		0.18
Discontinued operations		0.00		0.04		0.01			0.05
Cumulative effect of changes in accounting principles		0.00		0.00		0.00			(3.63	)
Net loss ‑ diluted	$	0.13	$	0.22	$	(0.36	)	$	(3.40	)
Weighted average number of common shares outstanding — basic		7177		7862		7179			7856
Weighted average number of common shares outstanding — diluted		7215		7862		7179			7913

ROCK OF AGES CORPORATION
Comparative Balance Sheet
($ in thousands) (Unaudited)

		Sep. 30,			Dec. 31,
		2003			2002
ASSETS
CURRENT ASSETS
Cash & Cash Equivalents	$	809		$	6,185
Trade Receivables		16,231			17,671
Inventories		21,338			21,654
Other Current Assets		6,303			5,198
Assets of Discontinued Operations ‑ Held for sale		28,183			—
TOTAL CURRENT ASSETS		72,864			50,708
OTHER ASSETS
C.S.V. Life Insurance		742			766
Other Intangibles		472			574
Deferred Tax Assets ‑ Long Term		5,169			6,249
Prearranged Receivables		—			14,013
Intangible Pension Asset		1,136			1,136
Cemetery Property		—			6,056
Other		1,641			2,411
TOTAL OTHER ASSETS		9,160			31,205
Property and Equipment, net		42,226			43,921
TOTAL ASSETS	$	124,250		$	125,834
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Borrowings under Line of Credit	$	5,014		$	4,386
Current Portion LTD		125			205
Deferred Compensation Payable		330			324
Accounts Payable		2,373			1,966
Accrued Expenses		4,567			5,001
Customer Deposits		9,219			7,318
Liabilities of Discontinued Operations		22,451			—
TOTAL CURRENT LIABILITIES		44,079			19,200
Long‑Term Debt, Excluding Current Portion		12,802			12,832
Deferred Compensation		4,803			4,649
Prearranged Deferred Revenue		—			21,846
Accrued Pension Cost		2,766			2,691
Other Liabilities		1,506			1,970
TOTAL LIABILITIES		65,956			63,188
STOCKHOLDERS' EQUITY:
Common Stock		72			77
Additional Paid In Capital		65,794			68,574
Retained Earnings		(6,059	)		(3,442	)
Cumulative Translation Adjustment		(1,513	)		(2,563	)
TOTAL EQUITY		58,294			62,646
TOTAL LIABILITIES & EQUITY	$	124,250		$	125,834