United States Lime & Minerals Reports First Quarter Results and Declares Dividend

Apr 27, 2001, 01:00 ET from United States Lime & Minerals, Inc.

    DALLAS, April 27 /PRNewswire/ --
 United States Lime & Minerals, Inc. (Nasdaq: USLM) today reported first
 quarter 2001 results:  Revenues increased by 13.1% to $8,691,000 over the
 prior-year period.  The Company reported a net loss of $165,000 ($0.03 per
 share) in the first quarter, compared to net income of $262,000 ($0.07 per
 share) in first quarter 2000.  The higher net income for the first quarter
 last year included interest income of $192,000 received on funds held in
 escrow during that period to finance Phase I of the modernization and
 expansion project for the Arkansas plant.
     For the first quarter 2001, EBITDA (earnings before interest, taxes,
 depreciation and amortization) was $1,722,000, an 82.2% increase from the
 fourth quarter 2000, but a decrease of 28.6% from that generated in first
 quarter 2000.
     Timothy W. Byrne, President and Chief Executive Officer, commented: "The
 increased first quarter sales are encouraging.  The sales growth was
 particularly strong at the Arkansas plant as a result of the new capacity
 added.  We expect to see this trend continue.  This sales growth was obtained
 in spite of severe wet weather in our Texas and Arkansas markets.  The weather
 also caused operational inefficiencies, impacting our operating profits.
 However, the largest impact on operating profits was a result of continued
 high fuel prices, particularly natural gas, which resulted in approximately
 $600,000 price variance from the first quarter last year.  During the first
 quarter, higher gas prices also began to impact the cost of our electricity.
 The Company has taken a number of steps to reduce costs, including reducing
 the workforce by approximately 10% during the first quarter, further
 curtailing the use of gas in our kilns, and negotiating concessions with the
 electric utility serving the Texas plant to reduce costs," added Mr. Byrne.
     As previously announced, in February 2001, the Company successfully
 completed a $10 million rights offering.  The proceeds from the offering were
 fully utilized to repay short-term indebtedness.  In addition, in late April
 2001, the Company renewed and increased its revolving credit facility.  The
 revolving credit facility was increased from $4 million to $5 million and now
 expires in May 2002.  "The Company believes that funds generated from
 operations and available under the revolving credit facility will be
 sufficient to meet the Company's liquidity and capital needs for the year,"
 stated Mr. Byrne.
     The Company also moved forward with its modernization and expansion
 projects at the Texas and Arkansas plants during the first quarter 2000.  "As
 we previously announced, during fourth quarter 2000 the Company commissioned a
 new line for the production of pulverized limestone for the Texas plant.
 During the first quarter 2001, the Company completed certain additions to the
 project to further enhance its ability to produce pulverized limestone more
 consistently during inclement weather conditions," stated Mr. Byrne.
     "We also previously announced that, as of the fourth quarter 2000, Phase I
 of the modernization and expansion project for the Arkansas plant required
 additional work in order to be fully operational and efficient, and that we
 expected to complete that work during the first quarter 2001.  As of April
 2001 that work has been completed," continued Mr. Byrne.  Mr. Byrne also
 stated that the estimated cost of Phase I of the Arkansas project is still
 approximately $34 million, but cautioned that the estimate is subject to
 change upon the resolution of various outstanding matters with vendors and
 contractors.
     In addition, the Company announced that the Board of Directors today
 declared its regular quarterly cash dividend of $0.025 (21/2 cents) per share,
 payable on June 15, 2001, to shareholders of record at the close of business
 on June 1, 2001.
     United States Lime & Minerals, Inc. is a Nasdaq-listed public company with
 headquarters in Dallas, Texas, supplying lime and limestone products primarily
 to the steel, paper, agriculture, environmental protection and construction
 industries from plants situated in Texas, Arkansas and Colorado.
     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)
 
                                                            Quarter Ended
                                                              March 31,
     INCOME STATEMENTS                                   2001           2000
 
     Revenues                                    $      8,691          7,686
     Operating profit                                     399          1,014
     Interest expense                                     661            904
     Other (income), net                                  (42)          (240)
     Income tax expense (benefit)                         (55)            88
 
     Net income (loss)                           $       (165)           262
 
 
     Net income (loss) per share of common stock:
       Basic                                           ($0.03)         $0.07
       Diluted                                         ($0.03)         $0.07
 
     Weighted average shares outstanding:
       Basic                                            5,012          3,982
       Diluted                                          5,012          3,982
 
 
                                                       March 31,   December 31,
                                                         2001           2000
     BALANCE SHEETS
 
     Assets:
       Current assets                              $     11,128         13,668
       Property, plant and equipment, net                76,266         75,667
       Deferred tax asset, net                            2,453          2,453
       Other assets                                       2,443          2,270
         Total assets                              $     92,290         94,058
 
     Liabilities and Stockholders' Equity:
       Current liabilities                         $     11,326         21,513
       Long-term debt, excluding current
        installments                                     43,333         44,167
       Other liabilities                                    265            272
       Stockholders' equity                              37,366         28,106
         Total liabilities
          and stockholders' equity                 $     92,290         94,058
 
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SOURCE United States Lime & Minerals, Inc.
    DALLAS, April 27 /PRNewswire/ --
 United States Lime & Minerals, Inc. (Nasdaq: USLM) today reported first
 quarter 2001 results:  Revenues increased by 13.1% to $8,691,000 over the
 prior-year period.  The Company reported a net loss of $165,000 ($0.03 per
 share) in the first quarter, compared to net income of $262,000 ($0.07 per
 share) in first quarter 2000.  The higher net income for the first quarter
 last year included interest income of $192,000 received on funds held in
 escrow during that period to finance Phase I of the modernization and
 expansion project for the Arkansas plant.
     For the first quarter 2001, EBITDA (earnings before interest, taxes,
 depreciation and amortization) was $1,722,000, an 82.2% increase from the
 fourth quarter 2000, but a decrease of 28.6% from that generated in first
 quarter 2000.
     Timothy W. Byrne, President and Chief Executive Officer, commented: "The
 increased first quarter sales are encouraging.  The sales growth was
 particularly strong at the Arkansas plant as a result of the new capacity
 added.  We expect to see this trend continue.  This sales growth was obtained
 in spite of severe wet weather in our Texas and Arkansas markets.  The weather
 also caused operational inefficiencies, impacting our operating profits.
 However, the largest impact on operating profits was a result of continued
 high fuel prices, particularly natural gas, which resulted in approximately
 $600,000 price variance from the first quarter last year.  During the first
 quarter, higher gas prices also began to impact the cost of our electricity.
 The Company has taken a number of steps to reduce costs, including reducing
 the workforce by approximately 10% during the first quarter, further
 curtailing the use of gas in our kilns, and negotiating concessions with the
 electric utility serving the Texas plant to reduce costs," added Mr. Byrne.
     As previously announced, in February 2001, the Company successfully
 completed a $10 million rights offering.  The proceeds from the offering were
 fully utilized to repay short-term indebtedness.  In addition, in late April
 2001, the Company renewed and increased its revolving credit facility.  The
 revolving credit facility was increased from $4 million to $5 million and now
 expires in May 2002.  "The Company believes that funds generated from
 operations and available under the revolving credit facility will be
 sufficient to meet the Company's liquidity and capital needs for the year,"
 stated Mr. Byrne.
     The Company also moved forward with its modernization and expansion
 projects at the Texas and Arkansas plants during the first quarter 2000.  "As
 we previously announced, during fourth quarter 2000 the Company commissioned a
 new line for the production of pulverized limestone for the Texas plant.
 During the first quarter 2001, the Company completed certain additions to the
 project to further enhance its ability to produce pulverized limestone more
 consistently during inclement weather conditions," stated Mr. Byrne.
     "We also previously announced that, as of the fourth quarter 2000, Phase I
 of the modernization and expansion project for the Arkansas plant required
 additional work in order to be fully operational and efficient, and that we
 expected to complete that work during the first quarter 2001.  As of April
 2001 that work has been completed," continued Mr. Byrne.  Mr. Byrne also
 stated that the estimated cost of Phase I of the Arkansas project is still
 approximately $34 million, but cautioned that the estimate is subject to
 change upon the resolution of various outstanding matters with vendors and
 contractors.
     In addition, the Company announced that the Board of Directors today
 declared its regular quarterly cash dividend of $0.025 (21/2 cents) per share,
 payable on June 15, 2001, to shareholders of record at the close of business
 on June 1, 2001.
     United States Lime & Minerals, Inc. is a Nasdaq-listed public company with
 headquarters in Dallas, Texas, supplying lime and limestone products primarily
 to the steel, paper, agriculture, environmental protection and construction
 industries from plants situated in Texas, Arkansas and Colorado.
     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)
 
                                                            Quarter Ended
                                                              March 31,
     INCOME STATEMENTS                                   2001           2000
 
     Revenues                                    $      8,691          7,686
     Operating profit                                     399          1,014
     Interest expense                                     661            904
     Other (income), net                                  (42)          (240)
     Income tax expense (benefit)                         (55)            88
 
     Net income (loss)                           $       (165)           262
 
 
     Net income (loss) per share of common stock:
       Basic                                           ($0.03)         $0.07
       Diluted                                         ($0.03)         $0.07
 
     Weighted average shares outstanding:
       Basic                                            5,012          3,982
       Diluted                                          5,012          3,982
 
 
                                                       March 31,   December 31,
                                                         2001           2000
     BALANCE SHEETS
 
     Assets:
       Current assets                              $     11,128         13,668
       Property, plant and equipment, net                76,266         75,667
       Deferred tax asset, net                            2,453          2,453
       Other assets                                       2,443          2,270
         Total assets                              $     92,290         94,058
 
     Liabilities and Stockholders' Equity:
       Current liabilities                         $     11,326         21,513
       Long-term debt, excluding current
        installments                                     43,333         44,167
       Other liabilities                                    265            272
       Stockholders' equity                              37,366         28,106
         Total liabilities
          and stockholders' equity                 $     92,290         94,058
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X68471828
 
 SOURCE  United States Lime & Minerals, Inc.