Exhibit 99.1
United States Lime & Minerals, Inc. News Release
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FOR IMMEDIATE RELEASE
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Contact: Timothy W. Byrne |
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(972) 991-8400 |
UNITED STATES LIME & MINERALS REPORTS
FIRST QUARTER 2011 RESULTS
Dallas, Texas, April 27, 2011 United States Lime & Minerals, Inc. (NASDAQ: USLM) today
reported first quarter 2011 results: Revenues in the first quarter 2011 decreased to $33.1 million
from $33.6 million in the prior year comparable quarter, a decrease of $549 thousand, or 1.6%.
Revenues from the Companys lime and limestone operations in the first quarter 2011 decreased $1.3
million, or 4.1%, to $30.2 million from $31.5 million in the comparable 2010 quarter, while
revenues from the Companys natural gas interests increased $730 thousand, or 34.2%, to $2.9
million from $2.1 million in the comparable 2010 quarter. The decrease in lime and limestone
revenues in the first quarter 2011 as compared to last years comparable quarter primarily resulted
from decreased sales volumes of the Companys lime and limestone products due to reduced demand
principally from its steel and oil and gas services customers, partially offset by increased demand
from the Companys highway construction customers.
Production volumes for the Companys natural gas interests for the first quarter 2011 totaled
401 thousand MCF, sold at an average price of $7.15 per MCF, from 37 wells. Production volumes in
the comparable prior year quarter were 236 thousand MCF, sold at an average price of $9.03 per MCF,
from 30 wells. In the first quarter 2011, the increase in production volumes resulting from seven
new wells completed during the second half 2010 more than offset the reduction in average price per
MCF, which was primarily due to lower natural gas prices during the 2011 quarter compared to the
comparable 2010 quarter, and the normal declines in production rates on wells completed prior to
2010.
The Company reported net income of $4.8 million ($0.75 per share diluted) for the first
quarter 2011, compared to net income of $4.7 million ($0.73 per share diluted) for the first
quarter 2010, an increase of $151 thousand, or 3.2%.
The Companys gross profit for the first quarter 2011 was $9.4 million, compared to $9.5
million for the comparable 2010 quarter, a decrease of $108 thousand, or 1.1%. Included in gross
profit for the 2011 quarter is $7.5 million from the Companys lime and limestone operations,
compared to $7.9 million in the comparable 2010 quarter, a decrease of $365 thousand. Gross profit
from the Companys natural gas interests was $1.9 million in the first quarter 2011, compared to
$1.6 million in the comparable 2010 quarter, an increase of $257 thousand.
Overall we are pleased that net income for our first quarter 2011 was slightly higher than
last years first quarter, especially given the continuing soft economy, which both impacts demand
for our lime and limestone products and presents a challenge to maintain or increase our prices,
said Timothy W. Byrne, President and Chief Executive Officer. Although governmental funding of
public sector projects remains a concern, in the first quarter 2011, we benefited from improved
highway construction demand, which mostly offset reduced demand from our steel and oil and gas
services customers. Mr. Byrne added, Additionally, due to the production from our seven new
wells, we had improved gross profit from our natural gas interests in the first quarter 2011 even
though natural gas prices declined.
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, oil and gas services, aluminum,
paper, glass, roof shingle and agriculture industries and utilities and other industries requiring
scrubbing of emissions for environmental purposes. 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 Companys filings with the Securities and
Exchange Commission.
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