8-K

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, 2010

UNITED STATES LIME & MINERALS, INC.
(Exact name of registrant as specified in its charter)

TEXAS	0-4197	75-0789226
(State or other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

5429 LBJ FREEWAY, SUITE 230, DALLAS, TEXAS	75240
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (972) 991-8400

(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:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On April 28, 2010, United States Lime & Minerals, Inc. issued a News Release announcing the financial results for the quarter ended March 31, 2010. A copy of the News Release is attached hereto as Exhibit 99.1 and incorporated by reference herein response to this Item 2.02.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

Exhibit
Number	Exhibit
99.1	News Release of United States Lime & Minerals, Inc. dated April 28, 2010

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, 2010

UNITED STATES LIME & MINERALS, INC.

By: /s/ M. Michael Owens                
M. Michael Owens, Vice President and
Chief Financial Officer

2

EXHIBIT INDEX

Exhibit
Number	Exhibit
99.1	News Release of United States Lime & Minerals, Inc. dated April 28, 2010

3

EX-99.1

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 2010 RESULTS

Dallas, Texas, April 28, 2010 — United States Lime & Minerals, Inc. (NASDAQ: USLM) today reported first quarter 2010 results: Revenues in the first quarter 2010 increased to $33.6 million from $28.3 million in the prior year comparable quarter, an increase of $5.3 million, or 18.7%. Revenues from the Company’s lime and limestone operations in the first quarter 2010 increased $5.0 million, or 18.7%, to $31.5 million from $26.5 million in the comparable 2009 quarter, while revenues from the Company’s natural gas interests increased $334 thousand, or 18.6%, to $2.1 million from $1.8 million in the comparable 2009 quarter. The increase in lime and limestone revenues in the first quarter 2010 as compared to last year’s comparable quarter primarily resulted from increased sales volumes of the Company’s lime products due to improved demand, principally from its steel and oil and gas services customers, and price increases for the Company’s lime and limestone products.

Production volumes for the Company’s natural gas interests for the first quarter 2010 totaled 236 thousand MCF, sold at an average price of $9.03 per MCF, from 30 wells. Production volumes in the comparable prior year quarter were 364 thousand MCF, sold at an average price of $5.71 per MCF, from 30 wells. Average price per MCF improved in the 2010 quarter compared to the 2009 quarter because of increased prices for natural gas liquids contained in the Company’s natural gas, which is attributable to the increase in the price of crude oil over the same period. A total of ten new wells drilled in the fourth quarter 2009 and the first quarter 2010 are expected to be completed as producing wells by the fourth quarter 2010.

The Company reported net income of $4.7 million ($0.73 per share diluted) for the first quarter 2010, compared to net income of $2.7 million ($0.43 per share diluted) for the first quarter 2009, an increase of $1.9 million, or 70.4%.

The Company’s gross profit for the first quarter 2010 was $9.5 million, compared to $6.2 million for the comparable 2009 quarter, an increase of $3.3 million, or 52.9%. Included in gross profit for the 2010 quarter is $7.9 million from the Company’s lime and limestone operations, compared to $5.2 million in the comparable 2009 quarter, an increase of $2.7 million. The benefits of cost reductions and other operating efficiencies, along with the increase in prices, resulted in improved gross profit and gross profit margin as a percentage of revenues for the Company’s lime and limestone operations in the first quarter 2010 compared to last year’s quarter. Gross profit from the Company’s natural gas interests was $1.6 million in the first quarter 2010, compared to $1.1 million in the comparable 2009 quarter, an increase of $559 thousand.

Interest expense in the first quarter 2010 decreased to $654 thousand from $750 thousand in the first quarter 2009, a decrease of $96 thousand, or 12.8%, primarily due to decreased average outstanding debt.

“We are pleased that our focus on cost reductions, implemented at the beginning of the economic downturn, and continued improvement in operating efficiencies, as well as price increases, have led to enhanced gross profits and margins as the demand for our lime products improved in the first quarter 2010,” said Timothy W. Byrne, President and Chief Executive Officer. “Additionally, due to the liquids contained in our natural gas, we had improved prices per MCF in the first quarter even though natural gas prices and our production volumes declined.” Mr. Byrne added, “All of these factors combined for a good quarter.” Mr. Byrne concluded, “Finally, we feel that construction demand has bottomed out and is starting to show signs of a slow recovery.”

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, steel, municipal sanitation and water treatment, aluminum, paper, utilities, glass, roof shingle and agriculture industries. The Company is headquartered in Dallas, Texas and 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 March 31,
INCOME STATEMENTS	2010			2009
Revenues
Lime and limestone operations	$	31,481		$	26,513
Natural gas interests		2,134			1,800
Total	$	33,615		$	28,313
Gross profit	$	9,520		$	6,227
Operating profit	$	7,155		$	4,305
Interest expense		654			750
Other income, net		(2	)		(2	)
Income tax expense		1,841			821
Net income	$	4,662		$	2,736
Income per share of common stock:
Basic	$	0.73		$	0.43
Diluted	$	0.73		$	0.43
Weighted average shares outstanding:
Basic		6,397			6,329
Diluted		6,414			6,371

	March 31,		December 31,
	2010		2009
BALANCE SHEETS
Assets:
Current assets	$	46,194	$	40,760
Property, plant and equipment, net		129,319		130,900
Other assets, net		351		410
Total assets	$	175,864	$	172,070
Liabilities and Stockholders’ Equity:
Current liabilities	$	15,722	$	16,150
Debt, excluding current installments		35,416		36,666
Deferred tax liabilities, net		6,672		6,026
Other liabilities		3,549		3,247
Stockholders’ equity		114,505		109,981
Total liabilities and stockholders’ equity	$	175,864	$	172,070

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