Florida Rock Industries, Inc. Announces Record Third Quarter Results

Consolidated total sales for the quarter increased 25% to$313,499,000 from $251,649,000 in the same quarter last year. Productvolumes increased in all segments versus the third quarter of 2004with aggregate volumes up 3.6%, concrete yardage and block up 9.6% and9.7% respectively and cement volume up 16.8%. Improved pricingoccurred in all segments as well generating an increase in grossprofit of approximately 37% to $102,116,000 compared to $74,812,000 inthe same quarter last year.

The third quarter operating profit of fiscal year 2005 increased50% to $76,890,000 versus $51,153,000 in the third quarter of fiscalyear 2004.

Included in this quarter's income were real estate gains of$1,842,000 ($1,157,000 after tax) and insurance proceeds of $3,871,000($2,653,000 after tax). These non-recurring items were partiallyoffset at the net income line by a depletion adjustment to deferredtaxes of $2,862,000.

Selling, general and administrative expenses for the third quarterof fiscal year 2005 were $27,068,000 versus $23,588,000 for the thirdquarter of fiscal year 2004. As a percentage of sales, SG&A expensesdeclined from 9.4% for the third quarter of fiscal year 2004 to 8.6%for the third quarter of fiscal year 2005.

Commenting on the third quarter results, President and CEO JohnBaker stated that:

Although the hurricane season began earlier than normal in thesoutheast, we were fortunate that none of our operations were affectedby the first storms of the season. Despite plenty of rain in June, weenjoyed strong sales in all of our product segments. The demand forcement remains at an all time high and most of our facilities areoperating near capacity. Rail transportation performance improvedduring the quarter but still is not back to the levels we enjoyed twoyears ago.

For the nine months ended June 30, 2005, consolidated total salesincreased 17% to $824,992,000 from $705,643,000 in fiscal 2004. Grossprofit for the first nine months of fiscal year 2005 was $249,176,000versus $194,115,000 through the third quarter of fiscal year 2004, anincrease of 28%. Net income for the nine months increased 24% to$111,105,000 or $1.67 per diluted share versus $89,675,000 or $1.36per diluted share in fiscal 2004. During the third quarter of fiscalyear 2005, the Company reduced its long-term debt by $22,955,000 from$43,612,000 at the end of the second quarter to $20,657,000 at the endof the third quarter.

Outlook: Product demand levels in our markets continue to bestrong and appear to be sustainable for the coming fourth quarter.July pricing improvements have again been effected in our Floridacement, stone and concrete operations and have the potential toimprove our future performance subject to the risks of an alreadyactive hurricane season.

The Company will host a conference call at 10:00 a.m. E.D.T. onTuesday, July 26, 2005. Analysts, stockholders and other interestedparties may access the teleconference live by calling 1-888-682-4386(security code FLORIDA ROCK), or via the Internet through ConferenceAmerica, Inc.'s website athttp://www.yourcall.com/real/players/frk072605.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 THREE AND NINE MONTHS ENDED JUNE 30

THREE MONTHS NINE MONTHS
2005 2004 2005 2004
---------- ---------- ----------- -----------
Net Sales $305,514 245,334 805,854 689,417
Freight Revenues 7,985 6,315 19,138 16,226
---------- ---------- ----------- -----------
Total Sales 313,499 251,649 824,992 705,643
Gross Profit 102,116 74,812 249,176 194,115
SG&A 27,068 23,588 75,655 67,750
(Gain)loss on sale of
real estate (1,842) 71 (6,144) (12,866)
Operating Profit 76,890 51,153 179,665 139,231
Interest
Income/Expense (net) 243 (389) (519) (1,066)
Other Income/Expense
(net) 646 1,038 1,679 2,392
Income before taxes 77,779 51,802 180,825 140,557
Net Income $45,878 33,050 111,105 89,675
Earnings per common
share:
Basic $.70 .51 1.70 1.38
Diluted $.69 .50 1.67 1.36
Weighted average
shares outstanding:
Basic 65,407 64,889 65,240 64,761
Diluted 66,821 66,152 66,676 66,054


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

June 30, 2005 September 30, 2004
Cash and cash equivalents $33,951 45,891
Accounts receivable, net 141,398 107,000
Inventories 42,239 35,100
Other current assets 10,206 10,345
Property, plant and
equipment, net 563,280 520,959
Other non-current assets 214,392 215,634
------------------ ------------------
Total Assets $1,005,466 934,929
================== ==================

Current liabilities $141,763 158,901
Long-term debt (excluding
current maturities) 20,290 41,927
Deferred income taxes 86,543 79,181
Other non-current liabilities 43,121 34,040
Shareholders' equity 713,749 620,880
------------------ ------------------
Total Liabilities and
Shareholders' Equity $1,005,466 934,929
================== ==================


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 Ended Nine Months Ended
June 30 June 30
2005 2004 2005 2004
---------- ---------- ---------- ----------
Net Sales, excluding
freight
Aggregates $89,883 77,865 233,871 217,424
Concrete products 195,531 152,967 516,195 425,389
Cement and calcium 56,375 42,271 151,884 126,015
Inter-segment
sales (36,275) (27,769) (96,096) (79,411)
---------- ---------- ---------- ----------
Total Net Sales,
excluding freight $305,514 245,334 805,854 689,417
========== ========== ========== ==========
Operating Profit
Aggregates $31,474 22,968 70,944 71,291
Concrete products 34,847 21,062 81,052 45,225
Cement and calcium 18,598 13,922 45,395 36,411
Corporate overhead (8,029) (6,799) (17,726) (13,696)
---------- ---------- ---------- ----------
Total Operating profit $76,890 51,153 179,665 139,231
========== ========== ========== ==========