-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, RmsOaL78aIOyg+GXwDi72hwg459zzLyTk+J+Rciu7xwKHntMe9JmxLCDNK9U0PL4 HP6vqJBDgWdV0J7SE4wOTA== 0000950134-95-000757.txt : 19950418 0000950134-95-000757.hdr.sgml : 19950418 ACCESSION NUMBER: 0000950134-95-000757 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950417 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED STATES LIME & MINERALS INC CENTRAL INDEX KEY: 0000082020 STANDARD INDUSTRIAL CLASSIFICATION: MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400] IRS NUMBER: 750789226 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-04197 FILM NUMBER: 95529216 BUSINESS ADDRESS: STREET 1: 12221 MERIT DRIVE SUITE 500 CITY: DALLAS STATE: TX ZIP: 75251 BUSINESS PHONE: 2149918400 MAIL ADDRESS: STREET 1: 12221 MERIT DRIVE STREET 2: SUITE 500 CITY: DALLAS STATE: TX ZIP: 75251 FORMER COMPANY: FORMER CONFORMED NAME: SCOTTISH HERITABLE INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: RANGAIRE CORP DATE OF NAME CHANGE: 19900405 FORMER COMPANY: FORMER CONFORMED NAME: ROBERTS MANUFACTURING CO INC DATE OF NAME CHANGE: 19690311 10-Q 1 FORM 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION ---------------------------------- Washington, D.C. 20549 -------------------- Form 10-Q (Mark One) [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 ----------------------------------- For the quarterly period ended MARCH 31, 1995 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ........ to ........ Commission file number is 0-4197 UNITED STATES LIME & MINERALS, INC. ------------------------------------------------------ (Exact name of registrant as specified in its charter) TEXAS 75-0789226 ----- ------------ (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 12221 MERIT DRIVE, SUITE 500, DALLAS, TX 75251 - ---------------------------------------- ------- (Address of principal executive offices) (Zip Code) (214) 991-8400 ---------------------------------------------------- (Registrant's Telephone Number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ----- ----- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: As of April 13, 1995, 3,836,063 shares of common stock, $.10 par value, were outstanding. 2 PART I. FINANCIAL INFORMATION ITEM 1: FINANCIAL STATEMENTS UNITED STATES LIME & MINERALS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands of dollars) (Unaudited)
March 31, December 31, ASSETS 1995 1994 ------------- ------------ Current Assets: Cash and cash equivalents $ 157 $ 23 Trade receivables 5,519 6,002 Inventories 4,932 4,770 Prepaid expenses and other assets 633 320 ------------- ----------- Total current assets 11,241 11,115 ------------- ----------- Property, plant and equipment at cost: 50,856 50,028 Less accumulated depreciation (35,732) (35,052) ------------- ----------- Net property, plant and equipment 15,124 14,976 ------------- ----------- Note receivable 326 343 Other assets, net 993 963 ------------- ----------- Total assets $ 27,684 $ 27,397 ============= =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Current installments of long-term debt $ 1,143 $ 1,143 Accounts payable-trade 2,697 2,671 Accrued expenses 1,705 1,858 ------------- ----------- Total current liabilities 5,545 5,672 Long-term debt, excluding current installments 6,139 6,225 Other liabilities 772 698 Stockholders' equity: Common stock 529 529 Additional paid-in capital 15,848 15,848 Retained earnings 14,323 13,897 ------------- ----------- 30,700 30,274 Less treasury stock at cost; 1,458,002 shares of common stock (15,472) (15,472) ------------- ----------- Total stockholders' equity 15,228 14,802 ------------- ----------- Total liabilities and stockholders' equity $ 27,684 $ 27,397 ============= ===========
See accompanying notes to condensed consolidated financial statements. 2 3 UNITED STATES LIME & MINERALS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands of dollars, except per share data) (Unaudited)
THREE MONTHS ENDED THREE MONTHS ENDED March 31, 1995 March 31, 1994 ------------------ -------------------- Revenues $ 8,649 100.00% $ 6,763 100.00% Cost of revenues: Labor and other operating expenses 5,854 67.68% 5,075 75.04% Depreciation, depletion and 802 9.27% 815 12.05% amortization Amortization of cost in excess of net assets acquired - 164 2.42% ---------------------- -------------------- 6,656 76.96% 6,054 89.52% ---------------------- -------------------- Gross profit 1,993 23.04% 709 10.48% Selling, general and administrative expenses 1,292 14.94% 1,234 18.25% ---------------------- -------------------- Operating profit (loss) 701 8.10% (525) -7.76% ---------------------- -------------------- Other deductions (income): Interest expense 175 2.02% 212 3.13% Other, net (9) -0.10% (11) -0.16% ---------------------- -------------------- 166 1.92% 201 2.97% ---------------------- -------------------- Net income (loss) before income taxes 535 6.19% (726) -10.73% Federal and state income taxes 109 1.26% - ---------------------- -------------------- Net income (loss) $ 426 4.93% $ (726) -10.73% ====================== ==================== Net income (loss) per share of common stock $ 0.11 $(0.19) ========= =======
See accompanying notes to condensed consolidated financial statements. 3 4 UNITED STATES LIME & MINERALS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of dollars) (Unaudited)
THREE MONTHS ENDED -------------------------------- MARCH 31, --------------------------------- 1995 1994 ------------ ---------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 426 $ (726) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation, depletion and amortization 837 1,031 Amortization of financing costs 18 18 Loss on sale of property 16 - Current assets (net change) [1] (8) 577 Other assets (14) 47 Current liabilities (net change) [2] (127) (614) Other liabilities 74 (4) ------------ --------- Net cash provided by operating activities 1,222 329 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property, plant and equipment (1,011) (342) Proceeds from sale of property, plant and equipment 9 - ------------ --------- Net cash (used in) investing activities (1,002) (342) ------------ --------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from borrowings 700 200 Principal payments of debt and lease obligations (786) (191) Amount due from ESOP net of income tax (net change) - 102 ------------ --------- Net cash provided by (used in) financing activities (86) 111 ------------ --------- Net increase in cash 134 98 Cash at beginning of period 23 414 ------------ --------- Cash at end of period $ 157 $ 512 ============ ========= Supplemental cash flow information: Interest paid $ 153 $ 125 ============ ========= Income taxes paid $ 170 $ - ============ =========
[1] Exclusive of net change in cash. [2] Exclusive of net change in debt and lease obligations. See accompanying notes to condensed consolidated financial statements. 4 5 UNITED STATES LIME & MINERALS, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) 1. Basis of Presentation The condensed consolidated financial statements included herein have been prepared by the Company without independent audit. In the opinion of the Company's management, all adjustments of a normal and recurring nature necessary to present fairly the financial position, results of operations and cash flows for the periods presented have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the period ended December 31, 1994. The results of operations for the period ended March 31, 1995 are not necessarily indicative of what the operating results for the full year will be. 2. Earnings Per Common Share Earnings per share of common stock are based on the weighted average number of common shares outstanding during each period. 3. Inventories Inventories consist of the following at:
March 31, December 31, 1995 1994 ------------- ------------ (In thousands of dollars) Raw materials $ 901 $ 714 Finished goods 2,330 2,440 Service parts 1,701 1,616 ------- ------- Total Inventories $ 4,932 $ 4,770 ======= =======
4. Prepaid Expenses At March 31, 1995, prepaid expenses included $347,000 of deferred costs that will be absorbed in inventory by the end of the year based on units of production method. The costs relate to a planned aggregates production shut-down of one of the plant facilities during the first quarter of 1995. Deferred costs include maintenance and other expenses incurred during the quarter that will contribute towards revenues in subsequent quarters. 5 6 ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS LIQUIDITY AND CAPITAL RESOURCE Cash flows from continuing operating activities increased to $1,222,000 for the three months ended March 31, 1995, from $329,000 for the three months ended March 31, 1994. In February 1994, the Company fixed the interest rate on its $8,000,000 Term Loan at 7.95% per annum for three years. The Company has completed the feasibility studies for a new kiln at the Arkansas plant and has decided to proceed with this project. The new kiln will complement the existing shaft kiln by allowing the Company to expand its customer base. The lime produced on the new kiln will meet the specific chemical needs of customers the Company currently is unable to serve. The project is expected to cost approximately $5-6 million. RESULTS OF OPERATION Revenues increased from $6,763,000 in the first quarter of 1994 to $8,649,000 in the first quarter of 1995, an increase of $1,886,000 or 28%. This resulted from a 32% increase in sales volume and a 4% decrease in prices. The Company's gross profit was $1,993,000 in the first quarter of 1995, compared to $709,000 in the first quarter of 1994, a 181% increase. Gross profit margin for the first quarter of 1995 increased to 23.0%, from 10.5% in 1994. The higher gross profit was attributed to increased sales volume, improved production efficiencies, and a mild winter. In addition, gross profit was enhanced by lower depreciation costs and no amortization in this quarter of cost in excess of net assets acquired. Selling, general and administrative expenses (SG&A) increased 5% to $1,292,000 in the first quarter of 1995, compared to $1,234,000 in the first quarter of 1994. However, SG&A as a percentage of sales decreased to 14.9% from 18.3% a year ago. Interest expense decreased by $37,000 in the first quarter of 1995, compared to the first quarter of 1994. This decrease was due to decreases in the revolving credit loan and the term loan balances. The combination of a mild winter, which contributed to increased sales volumes, and improved production efficiencies were significant factors in the Company's first quarter net income. The Company reported net income of $426,000 or 11 cents per share during the first quarter of 1995, compared to a loss of $726,000 or 19 cents per share during the first quarter of 1994. 6 7 PART II. OTHER INFORMATION ITEM 6: EXHIBITS AND REPORTS ON FORM 8-K a. Exhibits: 11 - Statement re computation of per share earnings (loss) 27 - Financial Data Schedule b. Reports on Form 8-K: The Company filed no Reports on Form 8-K during the quarter ended March 31, 1995. 7 8 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. UNITED STATES LIME & MINERALS, INC. April 17, 1995 By: /s/ Robert F. Kizer Robert F. Kizer President and Chief Executive Officer April 17, 1995 By: /s/ Timothy W. Byrne Timothy W. Byrne Senior Vice President and Chief Financial Officer 8 9 UNITED STATES LIME & MINERALS, INC. Quarterly Report on Form 10-Q Quarter Ended March 31, 1995 Index to Exhibits Exhibit No. Exhibit - ----------- ------------------------------------------------------ 11 Statement re computation of per share earnings (loss). 27 Financial Data Schedule EX-11 2 COMPUTATION OF PER SHARE EARNINGS (LOSS) 1 EXHIBIT 11 STATEMENT RE COMPUTATION OF PER SHARE EARNINGS (LOSS)
THREE MONTHS ENDED MARCH 31, ---------------------------------- 1995 1994 ---- ---- Net income (loss) $ 426,000 (726,000) ========== =========== Weighted average number of common shares outstanding 3,836,063 3,836,063 ========== =========== Net income (loss) per share of common stock: $ 0.11 (0.19) ========== ===========
NOTE: Outstanding stock options are excluded from the computation as the effective dilution in earnings per share data is less than 1%. EX-27 3 FINANCIAL DATA SCHEDULE
5 1,000 3-MOS DEC-31-1995 JAN-01-1995 MAR-31-1995 157 0 5,519 0 4,932 11,241 50,856 35,732 27,684 5,545 0 529 0 0 14,699 27,684 8,649 8,649 6,656 6,656 1,283 0 175 535 109 426 0 0 0 426 .11 .11
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