Ready Mix, Inc. Reports Second Quarter Results.(Financial report)

LAS VEGAS -- Ready Mix, Inc. (RMI) (AMEX:RMX) today announced financial results for the second quarter and first half of 2008.

"The decline in residential construction that began nearly two years ago in our market, which consists of the metropolitan areas of Las Vegas, Nevada and Phoenix, Arizona, continued to affect Ready Mix, Inc.'s operating performance in the second quarter, offset somewhat by non-residential construction activity that has held up better and longer than in previous construction industry cycles," said Chief Executive Officer Bradley Larson.

"The recent stabilization of new home building permits in our market is a welcome sign that residential construction may be nearing a bottom, but we are taking nothing for granted. During the second quarter we completed the installation of a fourth batch plant in Phoenix that allows us to make more efficient use of our existing fleet of ready mix trucks, and gives us a strong presence in a geographic location projected for rapid growth in the future. We remain focused on keeping our costs as low as possible, while seeing to it that Ready Mix, Inc. is fully equipped to take advantage of the upturn when it finally takes hold," Larson said.

Second Quarter Results

For the three months ended June 30, 2008, revenue decreased 24.1% to $17.1 million, compared to revenue of $22.5 million for the second quarter of 2007. Cubic yards of concrete sold decreased 19.1% for this year's second quarter compared to the same period of 2007, while average unit sales price decreased 6.0%.

Gross profit decreased to $0.3 million, or 1.7% of revenue, compared to gross profit of $2.4 million, or 10.5% of revenue, a year earlier.

The net loss for the second quarter of 2008 was $0.5 million, or $0.12 per diluted share. This compares to net income for the second quarter of 2007 of $0.8 million, or $0.21 per diluted share.

First Half of 2008 Results

For the six months ended June 30, 2008, revenue decreased 23.3% to $32.9 million, compared to revenue of $42.9 million for the first six months of 2007. Cubic yards of concrete sold decreased 18.4% for this year's first half compared to the same period of 2007, while average unit sales price decreased 5.6%.

Gross profit decreased to $0.3 million, or 0.9% of revenue, compared to gross profit of $4.5 million, or 10.4% of revenue, a year earlier.

The net loss for the first six months of 2008 was $1.1 million, or $0.29 per diluted share. This compares to net income for the first six months of 2007 of $1.5 million, or $0.39 per diluted share.

Balance Sheet Highlights

At June 30, 2008, Ready Mix, Inc. reported working capital of approximately $10.9 million, including cash and cash equivalents of $7.4 million, a current ratio of approximately 2.3, and total stockholders' equity of $28.2 million, or approximately $7.41 per outstanding share. At December 31, 2007, Ready Mix, Inc. reported working capital was approximately $11.8 million, including cash and cash equivalents of $9.2 million, the current ratio was approximately 2.5, and total stockholders' equity was $29.2 million, or approximately $7.67 per outstanding share.

Conference Call

Ready Mix, Inc. has scheduled a conference call today at 10:00 a.m. EDT. To participate in the call, dial (212) 231-2900 and ask for the Ready Mix conference call, reservation #21389293. A simultaneous webcast of the conference call may be accessed online at the Investor Information link of www.readymixinc.com. A replay will be available after 12:00 p.m. EDT at this same Internet address. For a telephone replay, dial (800) 633-8284, reservation #21389293 after 12:00 p.m. EDT.

About Ready Mix, Inc.

Ready Mix, Inc. (RMI) has provided ready-mix concrete products to the construction industry since 1997. RMI currently operates four ready-mix concrete plants in the metropolitan Phoenix, Arizona area, three plants in the metropolitan Las Vegas, Nevada area, and one plant in Moapa, Nevada. The Company also operates two sand and gravel crushing and screening facilities near Las Vegas, Nevada, which provide raw materials for its Las Vegas and Moapa concrete plants.

Forward-Looking Statements

The statements in this press release that are forward looking are based on current expectations and actual results or future events may differ materially. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results of the Company or future events to differ materially from those expressed in or underlying such forward-looking statements, including without limitation: national and local economic, business, real estate and other market conditions; the competitive environment in which the Company operates; the execution of the Company's business plan; financing risks; acquisition and location development risks; potential environmental and other liabilities; and other factors affecting the construction industry generally. For further discussion of the factors that could affect outcomes, please refer to the "Risk Factors" section of the Company's annual report on Form 10-K for the year ended December 31, 2007, and other subsequent filings by the Company with the Securities and Exchange Commission.

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