United States Lime & Minerals Reports First Quarter 2022 Results and Declares Regular Quarterly Cash Dividend
April 27 2022 - 5:06PM
United States Lime & Minerals, Inc. (NASDAQ: USLM) today
reported first quarter 2022 results:
The Company’s revenues in the first quarter 2022 were $50.9
million, compared to $41.7 million in the first quarter 2021, an
increase of $9.2 million, or 22.2%. Lime and limestone revenues
were $50.3 million in the first quarter 2022, compared to $41.4
million in the first quarter 2021, an increase of $8.9 million, or
21.6%. The increase in Company revenues in the first quarter 2022,
compared to the first quarter 2021, resulted primarily from
increased sales volumes of the Company’s lime and limestone
products, principally due to increased demand from the Company’s
construction, industrial, environmental, and oil and gas services
customers. The first quarter 2022 was also favorably impacted by
increases in the average selling prices for the Company’s lime and
limestone products.
The Company’s gross profit was $14.5 million in the first
quarter 2022, compared to $11.8 million in the first quarter 2021,
an increase of $2.7 million, or 22.5%. Lime and limestone gross
profit was $14.2 million in the first quarter 2022, compared to
$11.8 million in the first quarter 2021, an increase of $2.4
million, or 20.3%. The increase in gross profit in the first
quarter 2022, compared to the first quarter 2021, resulted
primarily from the increased revenues discussed above, partially
offset by increased production costs.
Selling, general and administrative (“SG&A”) expenses were
$3.6 million in the first quarter 2022, compared to $3.1 million in
the first quarter 2021, an increase of $0.6 million, or 18.5%. The
increase in SG&A expenses was primarily due to increased
personnel expenses.
The Company reported net income of $8.7 million ($1.53 per share
diluted), compared to $7.0 million ($1.24 per share diluted) in the
first quarter 2021, an increase of $1.6 million, or 23.3%.
The Company is continuing to experience rising costs,
particularly those associated with energy and transportation.
Additionally, the Company is challenged by ongoing supply chain
delays and disruptions which, if they persist, could adversely
affect the Company’s profitability.
“We are pleased with our results for the first quarter 2022 and
the ability of our team to address the effects of rising costs and
supply chain issues,” said Timothy W. Byrne, President and Chief
Executive Officer. Mr. Byrne added, “We are continuing to increase
the prices of our lime and limestone products in an effort to
mitigate the effects of our increasing costs.”
Dividend
The Company announced today that the Board of Directors has
declared a regular quarterly cash dividend of $0.20 per share on
the Company’s common stock. This dividend is payable on June 17,
2022 to shareholders of record at the close of business on May 27,
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, ART Quarry TRS LLC (DBA Carthage Crushed
Limestone), Colorado Lime Company, Mill Creek Dolomite, LLC, Texas
Lime Company, U.S. Lime Company, U.S. Lime Company – Shreveport,
U.S. Lime Company – St. Clair, 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 rising costs
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 |
|
|
|
|
March 31, |
|
|
|
|
2022 |
|
|
2021 |
|
|
INCOME STATEMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
$ |
50,909 |
|
|
$ |
41,674 |
|
|
Cost of revenues |
|
|
|
36,442 |
|
|
|
29,869 |
|
|
Gross profit |
|
|
$ |
14,467 |
|
|
$ |
11,805 |
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
|
$ |
3,635 |
|
|
$ |
3,067 |
|
|
Operating profit |
|
|
$ |
10,832 |
|
|
$ |
8,738 |
|
|
Interest expense |
|
|
|
63 |
|
|
|
62 |
|
|
Interest and other income,
net |
|
|
|
(60 |
) |
|
|
(34 |
) |
|
Income tax expense |
|
|
|
2,161 |
|
|
|
1,679 |
|
|
Net income |
|
|
$ |
8,668 |
|
|
$ |
7,031 |
|
|
|
|
|
|
|
|
|
|
|
Income per share of common
stock: |
|
|
|
|
|
|
|
|
Basic |
|
|
$ |
1.53 |
|
|
$ |
1.24 |
|
|
Diluted |
|
|
$ |
1.53 |
|
|
$ |
1.24 |
|
|
Weighted-average shares
outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
|
5,667 |
|
|
|
5,651 |
|
|
Diluted |
|
|
|
5,677 |
|
|
|
5,664 |
|
|
Cash dividends per share of
common stock |
|
|
$ |
0.20 |
|
|
$ |
0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
|
|
2022 |
|
2021 |
|
BALANCE
SHEETS |
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
Current assets |
|
|
$ |
152,766 |
|
|
$ |
150,430 |
|
|
Property, plant and equipment, net |
|
|
|
168,153 |
|
|
|
162,172 |
|
|
Other non-current assets |
|
|
|
3,828 |
|
|
|
3,594 |
|
|
Total assets |
|
|
$ |
324,747 |
|
|
$ |
316,196 |
|
|
Liabilities and Stockholders’ Equity: |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
$ |
10,937 |
|
|
$ |
11,188 |
|
|
Deferred tax liabilities, net |
|
|
|
23,493 |
|
|
|
23,055 |
|
|
Other long-term liabilities |
|
|
|
4,011 |
|
|
|
3,747 |
|
|
Stockholders’ equity |
|
|
|
286,306 |
|
|
|
278,206 |
|
|
Total liabilities and stockholders’ equity |
|
|
$ |
324,747 |
|
|
$ |
316,196 |
|
|
Contact: Timothy W.
Byrne |
(972)
991-8400 |
United States Lime and M... (NASDAQ:USLM)
Historical Stock Chart
From Mar 2024 to Apr 2024
United States Lime and M... (NASDAQ:USLM)
Historical Stock Chart
From Apr 2023 to Apr 2024