United States Lime & Minerals, Inc. (NASDAQ: USLM) today
reported fourth quarter and full year 2021 results: The Company’s
revenues in the fourth quarter 2021 were $46.1 million, compared to
$41.0 million in the fourth quarter 2020, an increase of $5.1
million, or 12.5%. For the full year 2021, the Company’s revenues
were $189.3 million, compared to $160.7 million in the full year
2020, an increase of $28.6 million, or 17.8%.
The Company’s revenues from its lime and limestone operations in
the fourth quarter and full year 2021 were $45.5 million and $187.4
million, respectively, compared to $40.7 million and $159.7
million, respectively, in the comparable 2020 periods. Lime and
limestone revenues increased $4.9 million, or 12.0%, and $27.7
million, or 17.3%, in the fourth quarter and full year 2021,
respectively, compared to the fourth quarter and full year 2020.
Carthage Crushed Limestone (“Carthage”), which the Company acquired
on July 1, 2020, contributed $9.9 million to the Company’s lime and
limestone revenues in the full year 2021, compared to $4.6 million
in the full year 2020. The increase in Company revenues
in the fourth quarter 2021, compared to the fourth quarter 2020,
resulted primarily from increased sales of the Company’s lime and
limestone products, principally due to increased demand from the
Company’s environmental, construction, and industrial customers.
Including the additional revenues from Carthage, the increase in
revenues in the full year 2021, compared to the full year 2020,
resulted primarily from increased sales of the Company’s lime and
limestone products, principally due to increased demand from the
Company’s construction, steel, environmental, industrial, roofing,
and agriculture customers. The COVID-19 pandemic and
related restrictions on business activities that began in the first
quarter 2020 resulted in a general economic slowdown, which
disproportionately impacted certain industries that purchase the
Company’s lime and limestone products. Both the fourth quarter and
the full year 2021 were also favorably impacted by slight increases
in the average selling prices for the Company’s lime and limestone
products.
The Company’s gross profit was $13.3 million in the fourth
quarter 2021, compared to $13.2 million in the fourth quarter 2020,
an increase of $0.1 million, or 1.1%. Gross profit in the full year
2021 was $59.3 million, an increase of $11.7 million, or 24.5%,
from $47.6 million in the full year 2020. Lime and limestone gross
profit was $13.0 million in the fourth quarter 2021, compared to
$13.2 million in the fourth quarter 2020, a decrease of $0.2
million or 1.2%. Lime and limestone gross profit in the full year
2021 was $58.7 million, compared to $48.0 million in the full year
2020, an increase of $10.7 million, or 22.2%. The decrease in gross
profit from lime and limestone in the fourth quarter 2021, compared
to the fourth quarter 2020, resulted primarily from increased
energy costs, partially offset by the increased revenues discussed
above. The increase in gross profit from lime and limestone in the
full year 2021, compared to the full year 2020, resulted primarily
from the increased revenues discussed above and increased operating
efficiencies, partially offset by higher energy costs.
Selling, general and administrative (“SG&A”) expenses were
$3.7 million in the fourth quarter 2021, compared to $3.2 million
in the fourth quarter 2020, an increase of $0.5 million, or 16.3%.
SG&A expenses were $12.8 million in the full year 2021,
compared to $12.2 million in the full year 2020, an increase of
$0.7 million, or 5.5%. The increases in SG&A expenses in the
fourth quarter and full year 2021, compared to fourth quarter and
full year 2020, were primarily due to increased personnel
expenses.
The Company reported net income of $7.6 million ($1.34 per share
diluted) and $37.0 million ($6.54 per share diluted) in the fourth
quarter and full year 2021, respectively, compared to $7.3 million
($1.28 per share diluted) and $28.2 million ($5.00 per share
diluted) in the fourth quarter and full year 2020, respectively,
increases of $0.4 million, or 4.9%, and $8.8 million, or 31.3%,
respectively. In the fourth quarter 2020, the Company recognized an
impairment charge of $1.6 million ($1.2 million, net of tax) to the
carrying values of the long-lived assets of its natural gas
interests.
The Company continues to monitor and assess the impact of the
COVID-19 pandemic in the United States, including the emergence of
new variants of the virus, implementation of new or enhanced
pandemic-related restrictions, and the possibility of additional
wide-spread or localized outbreaks of the virus, any of which could
have an adverse effect on the Company’s financial condition,
results of operations, cash flows and competitive position.
Additionally, the Company is experiencing rising costs and supply
chain delays or disruptions which, if they persist, could adversely
affect the Company’s profitability.
“We are pleased with our results for 2021 in the face of what
continues to be a challenging environment against the backdrop of
the ongoing global pandemic,” said Timothy W. Byrne, President and
Chief Executive Officer. Mr. Byrne added, “Our costs have risen
rapidly in recent months, and we believe that inflationary
pressures and supply chain issues will continue to impact our costs
in 2022. We are increasing the prices of our lime and limestone
products in an effort to mitigate our increasing costs.”
Dividend
The Company announced today that the Board of Directors has
declared an increased regular quarterly cash dividend of $0.20 per
share on the Company’s common stock. This dividend is payable on
March 18, 2022 to shareholders of record at the close of business
on February 25, 2022.
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, inflationary pressures, and supply chain issues, 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 |
|
Year Ended |
|
December 31, |
|
December 31, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
INCOME STATEMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
46,108 |
|
|
$ |
40,990 |
|
|
$ |
189,255 |
|
|
$ |
160,704 |
|
Cost of revenues |
|
32,789 |
|
|
|
27,819 |
|
|
|
129,995 |
|
|
|
113,117 |
|
Gross profit |
$ |
13,319 |
|
|
$ |
13,171 |
|
|
$ |
59,260 |
|
|
$ |
47,587 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
$ |
3,674 |
|
|
$ |
3,159 |
|
|
$ |
12,843 |
|
|
$ |
12,168 |
|
Impairment of long-lived
assets |
|
— |
|
|
|
1,550 |
|
|
|
— |
|
|
|
1,550 |
|
Operating profit |
$ |
9,645 |
|
|
$ |
8,462 |
|
|
$ |
46,417 |
|
|
$ |
33,869 |
|
Interest expense |
|
63 |
|
|
|
62 |
|
|
|
250 |
|
|
|
248 |
|
Interest and other income,
net |
|
(79 |
) |
|
|
(51 |
) |
|
|
(351 |
) |
|
|
(451 |
) |
Income tax expense |
|
2,048 |
|
|
|
1,197 |
|
|
|
9,473 |
|
|
|
5,849 |
|
Net income |
$ |
7,613 |
|
|
$ |
7,254 |
|
|
$ |
37,045 |
|
|
$ |
28,223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per share of common
stock: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
1.35 |
|
|
$ |
1.29 |
|
|
$ |
6.55 |
|
|
$ |
5.01 |
|
Diluted |
$ |
1.34 |
|
|
$ |
1.28 |
|
|
$ |
6.54 |
|
|
$ |
5.00 |
|
Weighted-average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
5,658 |
|
|
|
5,634 |
|
|
|
5,656 |
|
|
|
5,629 |
|
Diluted |
|
5,669 |
|
|
|
5,647 |
|
|
|
5,668 |
|
|
|
5,640 |
|
Cash dividends per share of
common stock |
$ |
0.160 |
|
|
$ |
0.160 |
|
|
$ |
0.640 |
|
|
$ |
0.640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
|
|
|
2021 |
|
2020 |
BALANCE
SHEETS |
|
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
$ |
150,430 |
|
|
$ |
123,996 |
|
Property, plant and equipment, net |
|
|
|
|
|
|
|
162,172 |
|
|
|
152,461 |
|
Other non-current assets |
|
|
|
|
|
|
|
3,594 |
|
|
|
2,641 |
|
Total assets |
|
|
|
|
|
|
$ |
316,196 |
|
|
$ |
279,098 |
|
Liabilities and Stockholders’ Equity: |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
$ |
11,188 |
|
|
$ |
11,588 |
|
Deferred tax liabilities, net |
|
|
|
|
|
|
|
23,055 |
|
|
|
21,531 |
|
Other long-term liabilities |
|
|
|
|
|
|
|
3,747 |
|
|
|
2,787 |
|
Stockholders’ equity |
|
|
|
|
|
|
|
278,206 |
|
|
|
243,192 |
|
Total liabilities and stockholders’ equity |
|
|
|
|
|
|
$ |
316,196 |
|
|
$ |
279,098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact: Timothy W. Byrne(972) 991-8400
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