United States Lime & Minerals Reports First Quarter 2022 Results and Declares Regular Quarterly Cash Dividend
United States Lime & Minerals, Inc. (NASDAQ: USLM) reported a 22.2% increase in first quarter 2022 revenues to $50.9 million, compared to $41.7 million in Q1 2021. Net income rose 23.3% to $8.7 million ($1.53 per share diluted). The growth was driven by higher sales volumes and prices for lime and limestone products, despite rising production costs and ongoing supply chain issues. The Board declared a quarterly cash dividend of $0.20 per share, payable on June 17, 2022.
- Revenues increased by 22.2% to $50.9 million.
- Net income rose by 23.3% to $8.7 million.
- Gross profit increased by 22.5% to $14.5 million.
- Quarterly dividend of $0.20 per share declared.
- Increased selling, general and administrative expenses of $3.6 million.
- Rising costs associated with energy and transportation.
- Ongoing supply chain delays and disruptions may adversely affect profitability.
DALLAS, April 27, 2022 (GLOBE NEWSWIRE) -- United States Lime & Minerals, Inc. (NASDAQ: USLM) today reported first quarter 2022 results:
The Company’s revenues in the first quarter 2022 were
The Company’s gross profit was
Selling, general and administrative (“SG&A”) expenses were
The Company reported net income of
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
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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 |
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