8-K
UNITED STATES LIME & MINERALS INC (USLM)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 28, 2021
UNITED STATES LIME & MINERALS, INC.
(Exact name of registrant as specified in its charter)
| | | | | |
|---|---|---|---|---|
| TEXAS | | 0-4197 | | 75-0789226 |
| (State or other jurisdiction of | | (Commission File Number) | | (IRS Employer Identification No.) |
| incorporation) | | | | |
| | | | | |
| 5429 LBJ FREEWAY, SUITE 230 , DALLAS , TEXAS | | 75240 | ||
| (Address of principal executive offices) | | (Zip Code) |
( 972 ) 991-8400
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common stock, $0.10 par value | USLM | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On April 28, 2021, United States Lime & Minerals, Inc. issued a News Release announcing the financial results for the quarter ended March 31, 2021. A copy of the News Release is attached hereto as Exhibit 99.1 and incorporated by reference herein in response to this Item 2.02.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
The Exhibit Index set forth below is incorporated by reference in response to this Item.
EXHIBIT INDEX
| | | |
|---|---|---|
| ExhibitNumber | | Exhibit |
| | | |
| 99.1 | | News Release of United States Lime & Minerals, Inc. dated April 28, 2021. |
| 104 | | Cover Page Interactive Data File (formatted as Inline XBRL). |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, United States Lime & Minerals, Inc. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | |
|---|---|---|
| Date: April 28, 2021 | UNITED STATES LIME & MINERALS, INC. | |
| | | |
| | By: | /s/ Michael L. Wiedemer |
| | | Michael L. Wiedemer, Vice President and |
| | | Chief Financial Officer |
3
Exhibit 99.1
UNITED STATES LIME & MINERALS, INC. — NEWS RELEASE
| | | | |
|---|---|---|---|
| FOR IMMEDIATE RELEASE | | | Contact: Timothy W. Byrne |
| | | | (972) 991-8400 |
UNITED STATES LIME & MINERALS REPORTS FIRST QUARTER 2021
RESULTS AND DECLARES REGULAR QUARTERLY CASH DIVIDEND
Dallas, Texas, April 28, 2021 - United States Lime & Minerals, Inc. (NASDAQ: USLM) today reported first quarter 2021 results: The Company’s revenues in the first quarter 2021 were $41.7 million, compared to $38.4 million in the first quarter 2020, an increase of $3.2 million, or 8.4%.
The Company’s revenues from its lime and limestone operations in the first quarter 2021 were $41.4 million, compared to $38.2 million in the first quarter 2020, an increase of $3.1 million, or 8.2%. Carthage Crushed Limestone (“Carthage”), which the Company acquired on July 1, 2020, contributed $2.2 million to the Company’s lime and limestone revenues for the first quarter 2021. The increase in Company revenues in the first quarter 2021, compared to the first quarter 2020, resulted primarily from increased sales of the Company’s lime and limestone products, principally due to the addition of limestone sales by Carthage to agriculture and roofing customers, and increased sales to the Company’s construction customers, partially offset by decreased sales to the Company’s oil and gas services customers. First quarter 2021 revenues were also favorably impacted by increases in the average selling prices for the Company’s lime and limestone products.
The Company’s gross profit was $11.8 million in the first quarter 2021, compared to $9.9 million in the first quarter 2020, an increase of $1.9 million, or 19.5%. The Company’s gross profit from its lime and limestone operations in the first quarter 2021 was $11.8 million, compared to $10.0 million in the first quarter 2020, an increase of $1.8 million, or 17.6%. The increase in gross profit in the first quarter 2021, compared to the first quarter 2020, resulted primarily from the increased revenues discussed above and increased operating efficiencies.
Selling, general and administrative (“SG&A”) expenses were $3.1 million in the first quarter 2021, compared to $3.2 million in the first quarter 2020, a decrease of $0.2 million, or 4.7%, primarily due to higher legal expenses in the first quarter 2020 related to the acquisition of Carthage, partially offset by increased stock-based compensation expense, principally due to higher prices for the Company’s common stock.
The Company reported net income of $7.0 million ($1.24 per share diluted) in the first quarter 2021, compared to $5.5 million ($0.98 per share diluted) in the first quarter 2020, an increase of $1.5 million, or 26.8%.
Federal, state, and local governmental restrictions in response to the COVID-19 pandemic have continued to impact general business activities in the markets for the Company’s lime and limestone products. While vaccination programs are having a positive effect on the resumption of normal business activities, the COVID-19 pandemic is ongoing, and its magnitude and continuing effects remain uncertain.
In February 2021, the Southern United States experienced severe winter storms which interrupted transportation, commerce, and utility services in the affected areas, including the delivery of electricity and natural gas to the Company’s plants. While the Company’s operations were briefly curtailed, the Company’s plants did not sustain any significant damage from the storms.
“During the first quarter 2021, we continued to see strong demand from our construction customers and improved demand from our environmental and steel customers,” said Timothy W. Byrne, President and Chief Executive Officer. Mr. Byrne added, “We are pleased that, through the efforts of our dedicated team, we continue to navigate our way through the COVID-19 pandemic and were successful in mitigating the adverse impact of February’s winter storms on our operations and plants.”
Dividend
The Company announced today that the Board of Directors has declared a regular quarterly cash dividend of $0.16 per share on the Company’s common stock. This dividend is payable on June 11, 2021 to shareholders of record at the close of business on May 21, 2021.
* * *
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, Colorado Lime Company, Texas Lime Company, U.S. Lime Company, U.S. Lime Company – Shreveport, U.S. Lime Company – St. Clair, ART Quarry TRS LLC (DBA Carthage Crushed Limestone), 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 the COVID-19 pandemic, 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, | **** | ||||
| | **** | **** | 2021 | **** | 2020 | **** | ||
| INCOME STATEMENTS | | | | | | | | |
| | | | | | | | | |
| Revenues | | | $ | 41,674 | | $ | 38,440 | |
| Cost of revenues | | | | 29,869 | | | 28,563 | |
| Gross profit | | | $ | 11,805 | | $ | 9,877 | |
| | | | | | | | | |
| Selling, general and administrative expenses | | | $ | 3,067 | | $ | 3,219 | |
| Operating profit | | | $ | 8,738 | | $ | 6,658 | |
| Interest expense | | | **** | 62 | | 62 | | |
| Interest and other income, net | | | **** | (34) | | (247) | | |
| Income tax expense | | | **** | 1,679 | | 1,299 | | |
| Net income | | | $ | 7,031 | | $ | 5,544 | |
| | | | | | | | | |
| Income per share of common stock: | | | | | | | | |
| Basic | | | $ | 1.24 | | $ | 0.99 | |
| Diluted | | | $ | 1.24 | | $ | 0.98 | |
| Weighted-average shares outstanding: | | | | | | | | |
| Basic | | | **** | 5,651 | | 5,624 | | |
| Diluted | | | **** | 5,664 | | 5,634 | | |
| Cash dividends per share of common stock | | | $ | 0.160 | | $ | 0.160 | |
| | | | | | | | | |
| | | | March 31, | | December 31, | | ||
| | | | 2021 | | 2020 | | ||
| BALANCE SHEETS | | | | | | | | |
| Assets: | | | | | | | | |
| Current assets | | | $ | 131,445 | | $ | 123,996 | |
| Property, plant and equipment, net | | | **** | 151,638 | | 152,461 | | |
| Other non-current assets | | | **** | 2,327 | | 2,641 | | |
| Total assets | | | $ | 285,410 | | $ | 279,098 | |
| Liabilities and Stockholders’ Equity: | | | | | | | | |
| Current liabilities | | | $ | 10,743 | | $ | 11,588 | |
| Deferred tax liabilities, net | | | **** | 22,271 | | 21,531 | | |
| Other long-term liabilities | | | **** | 2,626 | | 2,787 | | |
| Stockholders’ equity | | | **** | 249,770 | | 243,192 | | |
| Total liabilities and stockholders’ equity | | | $ | 285,410 | | $ | 279,098 | |
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