United States Lime & Minerals, Inc. (NASDAQ: USLM) today
reported first quarter 2021 results: The Company’s revenues in the
first quarter 2021 were $41.7 million, compared to $38.4 million in
the first quarter 2020, an increase of $3.2 million, or 8.4%.
The Company’s revenues from its lime and limestone operations in
the first quarter 2021 were $41.4 million, compared to $38.2
million in the first quarter 2020, an increase of $3.1 million, or
8.2%. Carthage Crushed Limestone (“Carthage”), which the Company
acquired on July 1, 2020, contributed $2.2 million to the Company’s
lime and limestone revenues for the first quarter 2021. The
increase in Company revenues in the first quarter 2021, compared to
the first quarter 2020, resulted primarily from increased sales of
the Company’s lime and limestone products, principally due to the
addition of limestone sales by Carthage to agriculture and roofing
customers, and increased sales to the Company’s construction
customers, partially offset by decreased sales to the Company’s oil
and gas services customers. First quarter 2021 revenues were also
favorably impacted by increases in the average selling prices for
the Company’s lime and limestone products.
The Company’s gross profit was $11.8 million in the first
quarter 2021, compared to $9.9 million in the first quarter 2020,
an increase of $1.9 million, or 19.5%. The Company’s gross profit
from its lime and limestone operations in the first quarter 2021
was $11.8 million, compared to $10.0 million in the first quarter
2020, an increase of $1.8 million, or 17.6%. The increase in gross
profit in the first quarter 2021, compared to the first quarter
2020, resulted primarily from the increased revenues discussed
above and increased operating efficiencies.
Selling, general and administrative (“SG&A”) expenses were
$3.1 million in the first quarter 2021, compared to $3.2 million in
the first quarter 2020, a decrease of $0.2 million, or 4.7%,
primarily due to higher legal expenses in the first quarter 2020
related to the acquisition of Carthage, partially offset by
increased stock-based compensation expense, principally due to
higher prices for the Company’s common stock.
The Company reported net income of $7.0 million ($1.24 per share
diluted) in the first quarter 2021, compared to $5.5 million ($0.98
per share diluted) in the first quarter 2020, an increase of $1.5
million, or 26.8%.
Federal, state, and local governmental restrictions in response
to the COVID-19 pandemic have continued to impact general business
activities in the markets for the Company’s lime and limestone
products. While vaccination programs are having a positive effect
on the resumption of normal business activities, the COVID-19
pandemic is ongoing, and its magnitude and continuing effects
remain uncertain.
In February 2021, the Southern United States experienced severe
winter storms which interrupted transportation, commerce, and
utility services in the affected areas, including the delivery of
electricity and natural gas to the Company’s plants. While the
Company’s operations were briefly curtailed, the Company’s plants
did not sustain any significant damage from the storms.
“During the first quarter 2021, we continued to see strong
demand from our construction customers and improved demand from our
environmental and steel customers,” said Timothy W. Byrne,
President and Chief Executive Officer. Mr. Byrne added, “We are
pleased that, through the efforts of our dedicated team, we
continue to navigate our way through the COVID-19 pandemic and were
successful in mitigating the adverse impact of February’s winter
storms on our operations and plants.”
Dividend
The Company announced today that the Board of Directors has
declared a regular quarterly cash dividend of $0.16 per share on
the Company’s common stock. This dividend is payable on June 11,
2021 to shareholders of record at the close of business on May 21,
2021.
United States Lime & Minerals, Inc., a
NASDAQ-listed public company with headquarters in Dallas, Texas, is
a manufacturer of lime and limestone products, supplying primarily
the construction (including highway, road and building
contractors), industrial (including paper and glass manufacturers),
metals (including steel producers), environmental (including
municipal sanitation and water treatment facilities and flue gas
treatment processes), roof shingle manufacturers, agriculture
(including poultry and cattle feed producers), and oil and gas
services industries. The Company operates lime and limestone plants
and distribution facilities in Arkansas, Colorado, Louisiana,
Missouri, Oklahoma and Texas through its wholly owned subsidiaries,
Arkansas Lime Company, Colorado Lime Company, Texas Lime Company,
U.S. Lime Company, U.S. Lime Company – Shreveport, U.S. Lime
Company – St. Clair, ART Quarry TRS LLC (DBA Carthage Crushed
Limestone), and U.S. Lime Company – Transportation. In addition,
the Company, through its wholly owned subsidiary, U.S. Lime Company
– O & G, LLC, has royalty and non-operating working
interests pursuant to an oil and gas lease and a drillsite
agreement on its Johnson County, Texas property, located in the
Barnett Shale Formation.
Any statements contained in this news release, including, but
not limited to, statements relating to the impact of the COVID-19
pandemic, that are not statements of historical fact are
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. The Company undertakes no obligation
to publicly update or revise any forward-looking statements, and
investors are cautioned that such statements involve risks and
uncertainties that could cause actual results to differ materially
from expectations, including without limitation those risks and
uncertainties indicated from time to time in the Company’s filings
with the Securities and Exchange Commission.
(Tables Follow)United States
Lime & Minerals, Inc.CONDENSED
CONSOLIDATED FINANCIAL DATA(In thousands, except
per share amounts)(Unaudited)
|
Three Months Ended |
|
March 31, |
|
2021 |
|
2020 |
INCOME STATEMENTS |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
41,674 |
|
|
$ |
38,440 |
|
Cost of revenues |
|
29,869 |
|
|
|
28,563 |
|
Gross profit |
$ |
11,805 |
|
|
$ |
9,877 |
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
$ |
3,067 |
|
|
$ |
3,219 |
|
Operating profit |
$ |
8,738 |
|
|
$ |
6,658 |
|
Interest expense |
|
62 |
|
|
|
62 |
|
Interest and other income,
net |
|
(34 |
) |
|
|
(247 |
) |
Income tax expense |
|
1,679 |
|
|
|
1,299 |
|
Net income |
$ |
7,031 |
|
|
$ |
5,544 |
|
|
|
|
|
|
|
Income per share of common
stock: |
|
|
|
|
|
Basic |
$ |
1.24 |
|
|
$ |
0.99 |
|
Diluted |
$ |
1.24 |
|
|
$ |
0.98 |
|
Weighted-average shares
outstanding: |
|
|
|
|
|
Basic |
|
5,651 |
|
|
|
5,624 |
|
Diluted |
|
5,664 |
|
|
|
5,634 |
|
Cash dividends per share of
common stock |
$ |
0.160 |
|
|
$ |
0.160 |
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
2021 |
|
2020 |
BALANCE
SHEETS |
|
|
|
|
|
Assets: |
|
|
|
|
|
Current assets |
$ |
131,445 |
|
|
$ |
123,996 |
|
Property, plant and equipment, net |
|
151,638 |
|
|
|
152,461 |
|
Other non-current assets |
|
2,327 |
|
|
|
2,641 |
|
Total assets |
$ |
285,410 |
|
|
$ |
279,098 |
|
Liabilities and Stockholders’ Equity: |
|
|
|
|
|
Current liabilities |
$ |
10,743 |
|
|
$ |
11,588 |
|
Deferred tax liabilities, net |
|
22,271 |
|
|
|
21,531 |
|
Other long-term liabilities |
|
2,626 |
|
|
|
2,787 |
|
Stockholders’ equity |
|
249,770 |
|
|
|
243,192 |
|
Total liabilities and stockholders’ equity |
$ |
285,410 |
|
|
$ |
279,098 |
|
|
|
|
|
|
|
|
|
Contact: Timothy W. Byrne(972) 991-8400
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