United States Lime & Minerals Reports Second Quarter 2023 Results and Declares Regular Quarterly Cash Dividend
DALLAS, Aug. 02, 2023 (GLOBE NEWSWIRE) -- United States Lime & Minerals, Inc. (NASDAQ: USLM) today reported second quarter 2023 results: The Company’s revenues in the second quarter 2023 were
The Company’s gross profit was
Selling, general and administrative (“SG&A”) expenses were
Interest and other income, net was
The Company reported net income of
“We are pleased with our strong performance in the second quarter 2023. We continue to see pressure on our lime and limestone production costs, particularly for energy, parts and supplies, and labor. Softening demand from our steel customers is potentially an indicator of some hesitancy from that sector as the U.S. economy faces uncertainty for the remainder of 2023 and higher interest rates adversely impact the construction markets. This could impact future demand and prices for our products,” said Timothy W. Byrne, President and Chief Executive Officer.
Dividend
The Company announced today that the Board of Directors has declared a regular quarterly cash dividend of
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 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-operated working interests in natural gas wells located in Johnson County, Texas, in the Barnett Shale Formation.
Any statements contained in this news release, including, but not limited to, statements relating to the impact of increasing costs, economic uncertainty, and higher interest rates, 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 | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
INCOME STATEMENTS | |||||||||||||||
Revenues | $ | 73,983 | $ | 60,492 | $ | 140,760 | $ | 111,401 | |||||||
Cost of revenues | 46,852 | 44,011 | 89,637 | 80,453 | |||||||||||
Gross profit | $ | 27,131 | $ | 16,481 | $ | 51,123 | $ | 30,948 | |||||||
Selling, general and administrative expenses | $ | 4,319 | $ | 3,848 | $ | 8,471 | $ | 7,483 | |||||||
Operating profit | $ | 22,812 | $ | 12,633 | $ | 42,652 | $ | 23,465 | |||||||
Interest expense | 64 | 63 | 128 | 126 | |||||||||||
Interest and other income, net | (1,889 | ) | (177 | ) | (3,460 | ) | (237 | ) | |||||||
Income tax expense | 4,925 | 2,509 | 9,168 | 4,670 | |||||||||||
Net income | $ | 19,712 | $ | 10,238 | $ | 36,816 | $ | 18,906 | |||||||
Income per share of common stock: | |||||||||||||||
Basic | $ | 3.46 | $ | 1.80 | $ | 6.47 | $ | 3.33 | |||||||
Diluted | $ | 3.45 | $ | 1.80 | $ | 6.46 | $ | 3.33 | |||||||
Weighted-average shares outstanding: | |||||||||||||||
Basic | 5,692 | 5,672 | 5,688 | 5,670 | |||||||||||
Diluted | 5,706 | 5,680 | 5,702 | 5,679 | |||||||||||
Cash dividends per share of common stock | $ | 0.20 | $ | 0.20 | $ | 0.40 | $ | 0.40 | |||||||
June 30, | December 31, | ||||||||||||||
2023 | 2022 | ||||||||||||||
BALANCE SHEETS | |||||||||||||||
Assets: | |||||||||||||||
Current assets | $ | 222,107 | $ | 189,990 | |||||||||||
Property, plant and equipment, net | 174,531 | 171,970 | |||||||||||||
Other non-current assets | 5,734 | 5,812 | |||||||||||||
Total assets | $ | 402,372 | $ | 367,772 | |||||||||||
Liabilities and Stockholders’ Equity: | |||||||||||||||
Current liabilities | $ | 14,564 | $ | 15,537 | |||||||||||
Deferred tax liabilities, net | 25,129 | 25,582 | |||||||||||||
Other long-term liabilities | 5,428 | 5,565 | |||||||||||||
Stockholders’ equity | 357,251 | 321,088 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 402,372 | $ | 367,772 |
Contact: Timothy W. Byrne |
(972) 991-8400 |