DALLAS, July 23, 2014 /PRNewswire/ -- United States
Lime & Minerals, Inc. (NASDAQ: USLM) today reported second
quarter 2014 results: Revenues increased to $38.7 million from $35.2
million in the comparable prior year quarter, an increase of
$3.5 million, or 10.0%.
Revenues from the Company's lime and limestone operations in the
second quarter 2014 increased $3.6
million, or 10.8%, to $37.3
million from $33.7 million in
the comparable 2013 quarter, while revenues from its natural gas
interests decreased $0.1 million, or
8.9%, to $1.4 million from
$1.5 million in the comparable prior
year quarter. For the six months ended June 30, 2014, revenues increased to $75.4 million from $66.8
million in the comparable 2013 period, an increase of
$8.6 million, or 12.9%.
Revenues from the Company's lime and limestone operations in the
first six months 2014 increased $8.5
million, or 13.4%, to $72.4
million from $63.8 million in
the comparable 2013 period, while revenues from its natural gas
interests increased $0.1 million, or
2.7%, to $3.0 million from
$2.9 million in the comparable prior
year period.
The increase in lime and limestone revenues in the second
quarter 2014, as compared to last year's second quarter, resulted
primarily from increased sales volumes of the Company's lime and
limestone products due to increased demand, principally from its
industrial and oil and gas services customers. The increase
in lime and limestone revenues in the first six months 2014
resulted from increased sales volumes to the Company's
construction, industrial and oil and gas services customers,
compared to the comparable 2013 period. In addition, in the
second quarter 2014, a significant portion of the increase in lime
and limestone sales volumes resulted from lime sales to another
lime producer for delivery to its customers. The Company
expects these sales to continue, although at a reduced rate,
through the remainder of 2014. Also, prices realized for the
Company's lime and limestone products in the 2014 periods increased
slightly, compared to the 2013 periods.
Production volumes from the Company's natural gas interests in
the second quarter 2014 totaled 214 thousand MCF, sold at an
average price of $6.33 per MCF,
compared to 251 thousand MCF, sold at an average price of
$5.92 per MCF, in the comparable 2013
quarter. Production volumes in the first six months 2014 from
natural gas interests totaled 432 thousand MCF, sold at an average
price of $6.93 per MCF, compared to
the first six months 2013 when 512 thousand MCF was produced and
sold at an average price of $5.70 per
MCF. The Company's 2014 average prices per MCF were higher
than the prior year's average prices primarily due to increases in
natural gas prices.
The Company's gross profit was $10.4
million in the second quarter 2014, compared to $9.0 million in the comparable 2013 quarter, an
increase of $1.5 million, or 16.3%.
Gross profit in the first six months 2014 was $19.0 million, an increase of $3.8 million, or 24.6%, from $15.3 million in the first six months 2013.
Included in gross profit in the second quarter and first six
months 2014 were $9.7 million and
$17.4 million, respectively, from the
Company's lime and limestone operations, compared to $8.4 million and $14.0
million, respectively, in the comparable 2013 periods.
The increased gross profit for the Company's lime and
limestone operations in the second quarter and first six months
2014 resulted primarily from the increased revenues discussed
above.
Gross profit from the Company's natural gas interests increased
to $0.7 million and $1.6 million in the second quarter and first six
months 2014, respectively, from $0.6
million and $1.2 million,
respectively, in the comparable 2013 periods.
The Company reported net income of $5.7
million ($1.02 per share
diluted) in the second quarter 2014, compared to net income of
$4.6 million ($0.83 per share diluted) in the second quarter
2013, an increase of $1.1 million, or
23.6%. In the first six months 2014, net income increased by
$2.8 million, or 38.3%, to
$10.2 million ($1.83 per share diluted), compared to
$7.4 million ($1.33 per share diluted) in the first six months
2013.
"We are pleased with the improvements in our second quarter
results compared to the comparable 2013 quarter," said Timothy W. Byrne, President and Chief Executive
Officer. "With the economy stabilizing, we expect demand for
our lime and limestone products to increase slightly in the
remainder of 2014, compared to the last year's second half," Mr.
Byrne added. "However, we remain concerned about the
possible adverse impact on demand from our construction customers
of the Congress's inability to enact legislation providing
long-term funding for the Highway Trust Fund."
Dividend
The Company also announced today that its
Board of Directors has declared a regular quarterly cash dividend
of $0.125 (12.5 cents) per share on the Company's common
stock. This dividend is payable on September
19, 2014 to shareholders of record at the close of business
on August 29, 2014.
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), metals (including steel producers),
environmental (including municipal sanitation and water treatment
facilities and flue gas treatment), oil and gas services,
industrial (including paper and glass manufacturers), roof shingle
and agriculture (including poultry and cattle feed producers)
industries. The Company operates lime and limestone plants
and distribution facilities in Arkansas, Colorado, Louisiana, 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 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 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,
|
INCOME
STATEMENTS
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
Lime and
limestone operations
|
|
|
|
$ 37,320
|
|
$ 33,684
|
|
$ 72,371
|
|
$ 63,839
|
Natural gas
interests
|
|
|
|
1,356
|
|
1,488
|
|
2,996
|
|
2,918
|
Total
|
|
|
|
|
|
$ 38,676
|
|
$ 35,172
|
|
$ 75,367
|
|
$ 66,757
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
|
|
|
|
|
|
|
|
|
Lime and
limestone operations
|
|
|
|
$ 9,704
|
|
$ 8,363
|
|
$ 17,366
|
|
$ 14,030
|
Natural gas
interests
|
|
|
|
719
|
|
601
|
|
1,649
|
|
1,225
|
Total
|
|
|
|
|
|
$ 10,423
|
|
$ 8,964
|
|
$ 19,015
|
|
$ 15,255
|
Operating
profit
|
|
|
|
|
$ 8,005
|
|
$ 6,665
|
|
$ 14,415
|
|
$ 10,813
|
Interest
expense
|
|
|
|
|
408
|
|
465
|
|
807
|
|
954
|
Other income,
net
|
|
|
|
|
(55)
|
|
(36)
|
|
(53)
|
|
(74)
|
Income tax
expense
|
|
|
|
|
1,934
|
|
1,610
|
|
3,451
|
|
2,551
|
Net
income
|
|
|
|
|
$ 5,718
|
|
$ 4,626
|
|
$ 10,210
|
|
$ 7,382
|
Income per share of
common stock:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
$ 1.03
|
|
$ 0.83
|
|
$ 1.83
|
|
$
1.33
|
Diluted
|
|
|
|
|
|
$ 1.02
|
|
$ 0.83
|
|
$ 1.83
|
|
$
1.33
|
Weighted-average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
5,578
|
|
5,560
|
|
5,577
|
|
5,559
|
Diluted
|
|
|
|
|
|
5,589
|
|
5,569
|
|
5,588
|
|
5,568
|
Cash dividend per
share of common stock
|
|
$ 0.125
|
|
$
-
|
|
$ 0.250
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
BALANCE
SHEETS
|
|
|
|
|
|
|
|
2014
|
|
2013
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
$ 86,429
|
|
$ 78,844
|
Property, plant and equipment, net
|
|
|
|
|
|
|
106,420
|
|
108,487
|
Other
assets, net
|
|
|
|
|
|
|
|
|
171
|
|
195
|
Total
assets
|
|
|
|
|
|
|
|
|
$ 193,020
|
|
$ 187,526
|
Liabilities and Stockholders' Equity:
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
$ 12,805
|
|
$ 14,348
|
Debt,
excluding current installments
|
|
|
|
|
|
|
14,167
|
|
16,667
|
Deferred
tax liabilities, net
|
|
|
|
|
|
|
|
18,126
|
|
17,799
|
Other
liabilities
|
|
|
|
|
|
|
|
|
1,660
|
|
1,907
|
Stockholders' equity
|
|
|
|
|
|
|
|
146,262
|
|
136,805
|
Total liabilities and
stockholders' equity
|
|
|
|
|
|
$ 193,020
|
|
$ 187,526
|
SOURCE United States Lime & Minerals, Inc.