-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, U+IdfqnZI/rn+cTjFaFbXrzMJA6FAj+tz0cd23Sd38bZUFzuhto92z05TBGLHo1B aSt8mpKEGmXRXbGOUeWE8g== 0000950134-96-001429.txt : 19960422 0000950134-96-001429.hdr.sgml : 19960422 ACCESSION NUMBER: 0000950134-96-001429 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960419 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: 96548920 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 QUARTER END MARCH 31, 1996 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, 1996 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 12, 1996, 3,861,853 shares of common stock, $.10 par value, were outstanding. 2 CONFORMED 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, 1996 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 12, 1996, 3,861,853 shares of common stock, $.10 par value, were outstanding. 3 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 1996 1995 - ------ ---- ---- Current Assets: Cash and cash equivalents $ 24 $ 1,161 Trade receivables 5,244 5,509 Inventories 5,494 5,332 Prepaid expenses and other assets 1,008 234 ---------- ------------- Total current assets 11,770 12,236 ---------- ------------- Property, plant and equipment at cost: 55,574 53,927 Less accumulated depreciation (38,343) (37,503) ---------- ------------- Net property, plant and equipment 17,231 16,424 ---------- ------------- Other assets, net 1,296 1,133 ---------- ------------- Total assets $ 30,297 $ 29,793 ========== ============= LIABILITIES AND STOCKHOLDERS' EQUITY - ------------------------------------ Current Liabilities: Current installments of long-term debt $ 1,143 $ 1,143 Accounts payable-trade 2,902 2,568 Accrued expenses 2,334 2,369 ---------- ------------- Total current liabilities 6,379 6,080 Long-term debt, excluding current installments 4,095 4,381 Other liabilities 582 583 Stockholders' equity: Common stock 529 529 Additional paid-in capital 15,658 15,848 Retained earnings 18,252 17,844 ---------- ------------- 34,439 34,221 Less treasury stock at cost; 1,432,212 and 1,458,002 shares of common stock (15,198) (15,472) ---------- ------------- Total stockholders' equity 19,241 18,749 ---------- ------------- Total liabilities and stockholders' equity $ 30,297 $ 29,793 ========== =============
See accompanying notes to condensed consolidated financial statements. 2 4 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, 1996 March 31, 1995 -------------- -------------- Revenues $8,523 100.00% $8,649 100.00% Cost of revenues: Labor and other operating expenses 5,872 68.90% 5,928 68.54% Depreciation, depletion and amortization 841 9.86% 802 9.27% --------------------------- ------------------------- 6,713 78.76% 6,730 77.81% --------------------------- ------------------------- GROSS PROFIT 1,810 21.24% 1,919 22.19% Selling, general and administrative expenses 1,105 12.97% 1,218 14.09% --------------------------- ------------------------- OPERATING PROFIT 705 8.27% 701 8.10% --------------------------- ------------------------- Other deductions (income): Interest expense 134 1.57% 175 2.02% Other, net (58) -0.68% (9) -0.10% --------------------------- ------------------------- 76 0.89% 166 1.92% --------------------------- ------------------------- NET INCOME BEFORE INCOME TAXES 629 7.38% 535 6.18% Federal and state income taxes 126 1.48% 109 1.26% --------------------------- ------------------------- NET INCOME $ 503 5.90% $ 426 4.92% =========================== ========================= NET INCOME PER SHARE OF COMMON STOCK $ 0.13 $ 0.11 ======= =======
See accompanying notes to condensed consolidated financial statements. 3 5 UNITED STATES LIME & MINERALS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of dollars) (Unaudited)
THREE MONTHS ENDED ------------------- MARCH 31, ---------- 1996 1995 ---- ---- CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 503 $ 426 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion and amortization 884 837 Amortization of financing costs 25 18 Loss on sale of property - 16 Current assets (net change) [1] (696) (8) Other assets (163) (14) Current liabilities (net change) [2] 299 (127) Other liabilities (1) 74 ---------- --------- Net cash provided by operating activities 851 1,222 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property, plant and equipment (1,691) (1,011) Proceeds from sale of property, plant and equipment - 9 ---------- --------- Net cash (used in) investing activities (1,691) (1,002) ---------- --------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise of stock options 84 - Payment of common stock dividends (95) - Proceeds from borrowings - 700 Principal payments of debt and lease obligations (286) (786) ---------- --------- Net cash (used in) financing activities (297) (86) ---------- --------- Net increase (decrease) in cash (1,137) 134 Cash at beginning of period 1,161 23 ---------- --------- Cash at end of period $ 24 $ 157 ========== ========= Supplemental cash flow information: Interest paid $ 109 $ 153 ========== ========= Income taxes paid $ 219 $ 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 6 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, 1995. The results of operations for the period ended March 31, 1996 are not necessarily indicative of what the operating results for the full year will be. Certain prior year amounts have been reclassified for comparison purposes. 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 of 3,846,371 and 3,836,063, respectively. 3. Inventories Inventories consist of the following at:
March 31, December 31, 1996 1995 --------- ------------ (In thousands of dollars) Raw materials $ 658 $1,000 Finished goods 2,897 2,436 Service parts 1,939 1,896 ------ ------ Total Inventories $5,494 $5,332 ====== ======
4. Prepaid Expenses At March 31, 1996, prepaid expenses included $557,000 of deferred costs that will be absorbed in inventory by the end of the year based on units of production method. The deferred costs at March 31, 1995 were $347,000. The 1996 costs relate to a planned aggregates production shut-down of one of the plant facilities during the first quarter of 1996. Deferred costs include maintenance and other expenses incurred during the first quarter that will contribute towards revenues in subsequent quarters. 5 7 ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS LIQUIDITY AND CAPITAL RESOURCES Net cash provided by operating activities was $851,000 for the three months ended March 31, 1996, as compared to $1,222,000 for the three months ended March 31, 1995. In addition, the Company made $1,691,000 in capital expenditures for the first quarter of 1996, compared to $1,011,000 for the same quarter a year ago. 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 kilns by allowing the Company to expand its customer base. The lime produced on the new kiln will meet the specific chemical needs of both the existing customer base and customers the Company currently is unable to serve. The project is expected to cost approximately $9-10 million. The Company's progress on this project has been slowed due to the state regulatory authorities requiring the Arkansas plant to apply for and obtain a new plant-wide permit. The new permit replaced the existing permit and now allows the Company to proceed with the permitting process of the new kiln. This permit is expected to be secured by the end of 1996. The new kiln will be financed by internally generated funds and/or alternative sources of financing. RESULTS OF OPERATIONS Revenues decreased from $8,649,000 in the first quarter of 1995 to $8,523,000 in the first quarter of 1996, a decrease of $126,000 or 1.5%. This resulted from a 8.4% decrease in sales volume and a 6.9% increase in prices. The Company's gross profit was $1,810,000 in the first quarter of 1996, compared to $1,919,000 in the first quarter of 1995, a 5.7% decrease. Gross profit margin for the first quarter of 1996 decreased to 21.2%, from 22.2% in 1995. The lower gross profit and gross profit margins were attributed to decreased shipments and production volumes as a result of poor weather in the first quarter. Selling, general and administrative expenses (SG&A) decreased 9.3% to $1,105,000 in the first quarter of 1996, compared to $1,218,000 in the first quarter of 1995. The reduction in SG&A was due to the recovery of amounts accrued for doubtful accounts and reduced professional fees. Other, net increased by $47,000 in the first quarter of 1996, compared to the first quarter of 1995. The increase was mainly due to the sale of timber at one of the plants and the final payment from a judgment awarded in 1993. Interest expense decreased by $41,000 in the first quarter of 1996, compared to the first quarter of 1995. This decrease was due primarily to lower balances outstanding. The Company reported net income of $503,000 or 13 cents per share during the first quarter of 1996, compared to net income of $426,000 or 11 cents per share during the first quarter of 1995. 6 8 PART II. OTHER INFORMATION ITEM 6: EXHIBITS AND REPORTS ON FORM 8-K a. Exhibits: 11 Statement re computation of per share earnings 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, 1996. 7 9 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 19, 1996 By: /s/ Robert F. Kizer ----------------------------------- Robert F. Kizer President and Chief Executive Officer April 19, 1996 By: /s/ Timothy W. Byrne ----------------------------------- Timothy W. Byrne Senior Vice President and Chief Financial Officer 8 10 UNITED STATES LIME & MINERALS, INC. Quarterly Report on Form 10-Q Quarter Ended March 31, 1996 Index to Exhibits
Exhibit No. Exhibit ----------- ----------------------------------------------- 11 Statement re computation of per share earnings 27 Financial Data Schedule
EX-11 2 STATEMENT RE COMPUTATION OF PER SHARE EARNINGS 1 Exhibit 11 STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
THREE MONTHS ENDED MARCH 31, ---------------------------- 1996 1995 ---- ---- Net income $ 503,000 426,000 ========== ========== Weighted average shares outstanding 3,846,371 3,836,063 ========== ========== Net income per share $ 0.13 0.11 ========== ==========
NOTE: Outstanding stock options are excluded from the computation as the effective dilution in earnings per share data was insignificant. EX-27 3 FINANCIAL DATA SCHEDULE
5 1,000 3-MOS DEC-31-1996 JAN-01-1996 MAR-31-1996 24 0 5244 0 5494 11770 55574 38343 30297 6379 0 529 0 0 18712 30297 8523 8523 6713 6713 1047 0 134 629 126 503 0 0 0 503 .13 0
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