Florida Rock Industries, Inc. Announces Record Fourth Quarter and Fiscal 2005 Results

Florida Rock Industries, Inc. (NYSE:FRK) today announcedrecord net sales, record net earnings and record diluted earnings pershare for the fourth quarter and fiscal year ended September 30, 2005.Fourth quarter net earnings increased to $46,548,000 compared to$23,995,000 for the 2004 hurricane affected fourth quarter. Fourthquarter earnings included $139,000 of after-tax real estate gains and$2,346,000 of after-tax real estate gains from a litigationsettlement, offset by a $723,000 accrual of an additional reclamationliability (after tax) for a closed quarry site. Last year's fourthquarter included $190,000 of after tax real estate gain. For the fullyear, net earnings improved to $157,653,000 versus $113,670,000 in2004.

Diluted earnings per share for fourth quarter 2005 were $.69 pershare versus $.36 per share for fourth quarter 2004. For the year,earnings per diluted share increased 37.2% to $2.36 per share versus$1.72 per share for fiscal 2004.

Fourth Quarter Results

For the fourth quarter ended September 30, 2005, total salesincreased 35.2% to $328,460,000 from last year's hurricane impacted$242,876,000. Gross profit for the fourth quarter also rose to$102,066,000 from the fourth quarter 2004 level of $61,087,000, anincrease of 67% despite much higher fuel, coal and electricity costs.Fourth quarter 2005 operating profit was $69,808,000 versus$36,697,000 in fourth quarter 2004, up 90.2%. Despite a highereffective income tax rate, net income increased 94.0% to $46,548,000in 2005 versus $23,995,000 last year. Volumes and prices were up inall segments when compared to the last quarter of 2004.

Fiscal Year Results

Fiscal 2005 as a whole was a record performance with volume,revenue and profitability growth in all three business segments.Fiscal 2005 revenues were a record $1,153,452,000, up 21.6% from$948,519,000 in fiscal 2004. The percentage improvement in grossprofit was even better at 37.6% with $351,242,000 compared to fiscal2004's $255,202,000. The Company achieved record operating profit of$249,473,000 for fiscal 2005 versus fiscal 2004 operating profit of$175,928,000, a year over year improvement of 41.8%. At the bottomline, fiscal 2005 net income was a record $157,653,000 versus fiscal2004 net income of $113,670,000, a 38.7% year over year improvement.

Selling, general and administrative expenses ("SG&A Expenses")decreased to 9.4% of sales during fiscal 2005 as compared to 9.7% forfiscal 2004. Although the profit sharing component of the SG&Aexpenses increased substantially year over year, the substantialgrowth in revenues outpaced the percentage growth in SG&A expensesagain.

Commenting on the fourth quarter and fiscal 2005 results,President and CEO, John Baker, stated, "Our 2005 results proved to beanother record as we enjoyed a 39% increase in earnings year over yearwithout benefit of an acquisition like we had in 2004 from the cementterminals at Tampa and Port Manatee. While our markets have certainlycontinued to be quite strong, our Florida Rock people have done agreat job enabling our businesses to profit from these marketopportunities. We recognize their tremendous efforts and thank themall for their contributions."

Subsequent Events

Hurricane Wilma dealt our south Florida operations a significantblow in October, but repairs are now complete and volumes now appearto be back to pre-hurricane levels.

Outlook

Residential construction in the Company's markets continues toshow strength, if not growth, and non-residential and highwayopportunities appear to be improving slightly.

The Company also will host a conference call at 10:00 a.m. ESTThursday, December 1, 2005. Analysts, stockholders and otherinterested parties may access the teleconference live by calling1-888-682-4386 (security code FLORIDA ROCK), or via the Internetthrough the Conference America, Inc. website athttp://www.yourcall.com/real/players/frk120105.smil or via theCompany's website at http://www.flarock.com. If using the Company'swebsite, click on Investor Relations - Florida Rock Industries, Inc.Conference Stream. There will be a 30-40 minute delay until thearchive is available following the conclusion of the conference call.

Florida Rock Industries, Inc. is one of the nation's leadingproducers of construction aggregates, a major provider of ready-mixedconcrete and concrete products in the Southeastern and Mid-AtlanticStates and a significant supplier of cement in Florida and Georgia.

Investors are cautioned that any statements in this press releasewhich relate to the future are, by their nature, subject to risks anduncertainties that could cause actual results and events to differmaterially from those indicated in such forward-looking statements.These include general business conditions, competitive factors,political, economic, regulatory and weather conditions, pricing,government spending levels on transportation projects, interest ratechanges, energy and transportation costs and technologicalcontingencies. Additional information regarding these and other riskfactors and uncertainties may be found in the Company's filings withthe Securities and Exchange Commission.
FLORIDA ROCK INDUSTRIES, INC.
Summary of Consolidated Sales and Earnings
(Amounts in thousands except per share amounts)
(Unaudited)

FOR THE QUARTER AND TWELVE MONTHS ENDED SEPTEMBER 30

Three Months Twelve Months
Ended Ended

2005 2004 2005 2004
------- ------- --------- --------
Net Sales 320,754 237,192 1,126,608 926,609
Freight Revenues 7,706 5,684 26,844 21,910
------- ------- --------- --------
Total Sales 328,460 242,876 1,153,452 948,519
Gross Profit 102,066 61,087 351,242 255,202
Operating Profit 69,808 36,697 249,473 175,928
Interest Income/Expense (net) 224 (274) (295) (1,340)
Other Income/Expense (net) 4,775 973 6,454 3,365
Income before taxes 74,807 37,396 255,632 177,953
Net Income 46,548 23,995 157,653 113,670
Earnings per common share:
Basic $.71 $.37 $2.41 1.75
Diluted $.69 $.36 $2.36 1.72
Weighted average shares outstanding:
Basic 65,499 64,958 65,306 64,810
Diluted 67,083 66,317 66,764 66,133

FLORIDA ROCK INDUSTRIES, INC.
Balance Sheet Data
(Amounts in thousands)
(Unaudited)

September 30, September 30,
2005 2004

Cash and cash equivalents 68,921 45,891
Accounts receivable, net 146,501 107,000
Inventories 43,682 35,100
Other current assets 7,721 10,345
Property, plant and equipment, net 578,500 520,959
Other non-current assets 207,666 215,634
------- -------

Total Assets 1,052,991 934,929
========= ==========

Current liabilities 145,280 158,901
Long-term debt (excluding current maturities) 18,437 41,927
Deferred income taxes 87,789 79,181
Other non-current liabilities 53,552 34,040
Shareholders' equity 747,933 620,880
------- -------
Total Liabilities and Shareholders' Equity 1,052,991 934,929
========= ==========
FLORIDA ROCK INDUSTRIES, INC.
Business Segments
(Amounts in thousands)
(Unaudited)

The Company has identified its business segments as Aggregates,
Concrete Products, Cement and Calcium Products. All of the company's
operations are located in the Southeastern and Mid-Atlantic states and
each is managed separately along product lines. Operating results for
the Company's business segments are as follows:

Three Months Twelve Months
Ended Ended
September 30 September 30

2005 2004 2005 2004
------- ------- ------- -------
Net Sales, excluding freight
Aggregates 91,383 74,126 325,254 291,550
Concrete products 212,077 149,664 728,272 575,053
Cement and calcium 54,370 38,236 206,254 164,251
Inter-segment sales (37,076)(24,834) (133,172)(104,245)
-----------------------------------
Total Net Sales, excluding freight 320,754 237,192 1,126,608 926,609
===================================
Operating Profit
Aggregates 23,608 16,227 94,552 87,518
Concrete products 37,109 14,784 118,116 60,009
Cement and calcium 11,941 9,712 57,336 46,123
Corporate overhead (2850) (4,026) (20,576) (17,722)
-----------------------------------
Total Operating profit 69,808 36,697 249,473 175,928
===================================