DALLAS, May 2 /PRNewswire-FirstCall/ -- United States Lime & Minerals,
Inc. (Nasdaq: USLM) today reported record first quarter 2005 results:
Revenues in the first quarter 2005 increased to $15,466,000 from $12,075,000
in the first quarter 2004, an increase of $3,391,000, or 28.1%.
The Company reported net income of $1,495,000 ($0.25 per share) in the
first quarter 2005, compared to net income of $830,000 ($0.14 per share) in
the first quarter 2004, an increase of $665,000, or 80.1%.
The Company's gross profit was $4,389,000 for the first quarter 2005,
compared to $3,415,000 for the comparable 2004 quarter, an increase of
$974,000, or 28.5%. The revenue and gross profit increases were primarily due
to increased lime sales resulting from lime production from the new kiln at
the Company's Arkansas plant, which came on line in late February 2004, and an
8.5%, on average, increase in product prices compared to the 2004 quarter.
The Company historically has lower gross profit margins in the first quarter
due to winter maintenance programs at its Arkansas and Texas plants as well as
reduced construction related demand for lime and limestone products.
Interest expense in the first quarter 2005 decreased $69,000, or 5.7%, to
$1,138,000, compared to $1,207,000 in the first quarter 2004. The decrease,
which is principally attributable to the Company's August 2004 debt
refinancing and $7,300,000 of net debt repayments over the last 12 months,
would have been greater except for the fact that $303,000 of interest was
capitalized in the 2004 quarter as part of the Company's Arkansas expansion
project. Also, due to an increase of approximately 50% in the per share
average closing price for the last 30 trading days ending on March 31, 2005,
compared to the last 30 trading days ending on December 31, 2004, the first
quarter 2005 included a $347,000 non-cash charge to interest for a mark-to-
market adjustment on the Company's warrant share put liability, compared to a
$31,000 charge in the comparable 2004 quarter.
"The market for our products, particular for steel-related uses, remained
strong in the first quarter," said Timothy W. Byrne, President and Chief
Executive Officer. "Although our energy costs have increased, we are pleased
that increases in our sales volumes and product prices allowed us to report
the highest first quarter revenues and net income in the Company's history."
United States Lime & Minerals, Inc. is a Nasdaq-listed public company with
headquarters in Dallas, Texas, supplying lime and limestone products primarily
to the construction, steel, municipal sanitation and water treatment, paper,
chemical, roof shingle, agriculture and glass industries from plants and
facilities situated in Texas, Arkansas, Colorado and Louisiana.
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.
United States Lime & Minerals, Inc.
Condensed Consolidated Financial Data
(In thousands, except per share amounts)
(Unaudited)
Quarter Ended
March 31,
INCOME STATEMENTS 2005 2004
Revenues $15,466 12,075
Gross profit $4,389 3,415
Operating profit $2,989 2,227
Interest expense 1,138 1,207
Other (income), net (18) (18)
Income tax expense 374 208
Net income $1,495 830
Income per share of common stock:
Basic $0.26 0.14
Diluted $0.25 0.14
Weighted average shares outstanding:
Basic 5,861 5,818
Diluted 5,984 5,979
March 31, December 31,
2005 2004
BALANCE SHEETS
Assets:
Current assets $16,261 15,802
Property, plant and equipment, net 84,592 83,541
Other assets, net 1,595 996
Total assets $102,448 100,339
Liabilities and Stockholders' Equity:
Current liabilities $9,895 9,669
Long-term debt, excluding current
installments 40,764 41,390
Other liabilities 1,332 1,057
Stockholders' equity 50,456 48,223
Total liabilities and stockholders'
equity $102,524 100,339
SOURCE United States Lime & Minerals, Inc.
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Related links:
http://www.uslm.com
CONTACT:
Timothy W. Byrne of United States Lime &
Minerals, Inc., +1-972-991-8400
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