0000950134-01-507971.txt : 20011128
0000950134-01-507971.hdr.sgml : 20011128
ACCESSION NUMBER: 0000950134-01-507971
CONFORMED SUBMISSION TYPE: 10-Q
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20010930
FILED AS OF DATE: 20011107
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: 1776816
BUSINESS ADDRESS:
STREET 1: 13800 MONTFORT DR
STREET 2: SUITE 330
CITY: DALLAS
STATE: TX
ZIP: 75240
BUSINESS PHONE: 9729918400
MAIL ADDRESS:
STREET 1: 13800 MONTDORT DR
STREET 2: SUITE 330
CITY: DALLAS
STATE: TX
ZIP: 75240
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
FORMER COMPANY:
FORMER CONFORMED NAME: SCOTTISH HERITABLE INC
DATE OF NAME CHANGE: 19920703
10-Q
1
d91873e10-q.txt
FORM 10-Q FOR QUARTER ENDED SEPTEMBER 30, 2001
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 SEPTEMBER 30, 2001
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 000-4197
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.)
13800 MONTFORT DRIVE, SUITE 330, DALLAS, TX 75240
-------------------------------------------- ------------------------------
(Address of principal executive offices) (Zip Code)
(972) 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 October 31, 2001,
5,799,845 shares of common stock, $0.10 par value, were outstanding.
PART I. FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
UNITED STATES LIME & MINERALS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of dollars)
(Unaudited)
SEPTEMBER 30, DECEMBER 31,
2001 2000
------------ ------------
ASSETS
Current Assets:
Cash and cash equivalents $ 464 $ 5,072
Trade receivables, net 6,857 4,101
Inventories 4,863 4,232
Prepaid expenses and other assets 244 263
--------- ---------
Total current assets 12,428 13,668
Property, plant and equipment, at cost: 116,516 114,055
Less accumulated depreciation (42,499) (38,388)
--------- ---------
Property, plant and equipment, net 74,017 75,667
Deferred tax asset, net 2,454 2,453
Other assets, net 2,552 2,270
--------- ---------
Total assets $ 91,451 $ 94,058
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current installments of debt $ 5,658 $ 12,158
Accounts payable 3,074 8,426
Accrued expenses 1,825 929
--------- ---------
Total current liabilities 10,557 21,513
Debt, excluding current installments 41,667 44,167
Other liabilities 259 272
--------- ---------
Total liabilities 52,483 65,952
Stockholders' Equity:
Common stock 580 529
Additional paid-in capital 10,392 14,819
Retained earnings 27,996 26,685
--------- ---------
38,968 42,033
Less treasury stock at cost;
0 shares and 1,312,401 shares of common stock,
respectively -- (13,927)
--------- ---------
Total stockholders' equity 38,968 28,106
--------- ---------
Total liabilities and stockholders' equity $ 91,451 $ 94,058
========= =========
See accompanying notes to condensed consolidated financial statements.
2
UNITED STATES LIME & MINERALS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of dollars, except per share data)
(Unaudited)
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
------------------------------------------- ------------------------------------------
2001 2000 2001 2000
-------------------- ------------------- ------------------- -------------------
REVENUES $ 10,975 100.0% $ 9,344 100.0% $ 30,478 100.0% 25,480 100.0%
Cost of revenues:
Labor and other operating expenses 6,060 55.2% 6,282 67.2% 18,116 59.5% 16,561 65.0%
Depreciation, depletion and
amortization 1,603 14.6% 1,057 11.3% 4,301 14.1% 3,276 12.9%
-------- ----- -------- ----- -------- ----- -------- -----
7,663 69.8% 7,339 78.5% 22,417 73.6% 19,837 77.9%
-------- ----- -------- ----- -------- ----- -------- -----
GROSS PROFIT 3,312 30.2% 2,005 21.5% 8,061 26.4% 5,643 22.1%
Selling, general & administrative
expenses 939 8.6% 1,008 10.8% 2,909 9.5% 2,816 11.0%
-------- ----- -------- ----- -------- ----- -------- -----
OPERATING PROFIT 2,373 21.6% 997 10.7% 5,152 16.9% 2,827 11.1%
Other expenses (income):
Interest expense 1,229 11.2% 721 7.7% 2,900 9.5% 2,542 10.0%
Other (income), net (22) (0.2%) (104) (1.1%) (76) (0.2%) (654) (2.6%)
-------- ----- -------- ----- -------- ----- -------- -----
1,207 11.0% 617 6.6% 2,824 9.3% 1,888 7.4%
-------- ----- -------- ----- -------- ----- -------- -----
INCOME BEFORE TAXES 1,166 10.6% 380 4.1% 2,328 7.6% 939 3.7%
-------- ----- -------- ----- -------- ----- -------- -----
Income tax expense 291 2.6% 95 1.0% 582 1.9% 235 0.9%
-------- ----- -------- ----- -------- ----- -------- -----
NET INCOME $ 875 8.0% $ 285 3.1% $ 1,746 5.7% $ 704 2.8%
======== ===== ======== ===== ======== ===== ======== =====
INCOME PER SHARE
OF COMMON STOCK:
Basic $ 0.15 $ 0.07 $ 0.32 $ 0.18
======== ======== ======== ========
Diluted $ 0.15 $ 0.07 $ 0.32 $ 0.18
======== ======== ======== ========
See accompanying notes to condensed consolidated financial statements.
3
UNITED STATES LIME & MINERALS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of dollars)
(Unaudited)
NINE MONTHS ENDED
SEPTEMBER 30,
--------------------
2001 2000
-------- --------
OPERATING ACTIVITIES:
Net income $ 1,746 $ 704
Adjustments to reconcile net income to net cash provided by
(used in) operating activities:
Depreciation, depletion and amortization 4,820 3,598
Deferred income taxes (benefit) (1) (76)
Loss/(gain) on sale of property, plant and equipment 9 (16)
Current assets, net change[1] (3,368) (635)
Other assets (620) (384)
Current liabilities, net change[2] (4,456) 2,950
Other liabilities (13) (85)
-------- --------
Net cash provided by (used in) operating activities $ (1,883) $ 6,056
INVESTING ACTIVITIES:
Purchase of property, plant and equipment $ (3,120) $(25,001)
Proceeds from sale of property, plant and equipment 279 77
-------- --------
Net cash used in investing activities $ (2,841) $(24,924)
FINANCING ACTIVITIES:
Payment of common stock dividends $ (435) $ (300)
Proceeds from borrowings 3,325 5,000
Repayment of debt (12,325) (1,667)
Proceeds from rights offering, net 9,551 --
-------- --------
Net cash provided by financing activities $ 116 $ 3,033
-------- --------
Net decrease in cash $ (4,608) $(15,835)
Cash at beginning of period 5,072 18,021
-------- --------
Cash at end of period $ 464 $ 2,186
======== ========
Supplemental cash flow information:
Interest paid $ 3,439 $ 3,536
======== ========
Income taxes paid $ 291 $ 595
======== ========
[1] Exclusive of net change in cash
[2] Exclusive of net change in current portion of debt
See accompanying notes to condensed consolidated financial statements.
4
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,
2000. The results of operations for the three-month and nine-month periods
ended September 30, 2001 are not necessarily indicative of operating
results for the full year.
2. Inventories
Inventories consisted of the following at:
(In thousands of dollars) SEPTEMBER 30, DECEMBER 31,
2001 2000
------------- -------------
Lime and limestone inventories:
Raw materials $ 1,897 $ 1,465
Finished goods 818 793
------------- -------------
2,714 2,258
Service parts 2,149 1,974
------------- -------------
Total inventories $ 4,863 $ 4,232
============= =============
3. Banking Facilities and Other Debt
On April 22, 1999, the Company entered into a new credit agreement
with a consortium of commercial banks for a $50,000,000 Senior Secured Term
Loan (the "Loan"). The Loan is repayable over a period of approximately 8
years, maturing on March 30, 2007, and requires monthly principal payments
of $278,000, which began April 30, 2000, with a final principal payment of
$26,944,000 on March 30, 2007, which equates to a 15-year amortization. The
Company paid a fee equivalent to 2.50% of the Loan value to the placement
agent.
Upon execution of the Loan agreement, the first $30,000,000 was
advanced, of which approximately $20,000,000 was used to retire all
then-existing bank loans, with the balance used primarily for the
modernization and expansion of the Arkansas operations. Under the terms of
the Loan agreement, the remaining $20,000,000 of the Loan facility was
drawn down in four equal quarterly installments beginning June 30, 1999,
and ending March 30, 2000.
5
The interest rate on the first $30,000,000 of the Loan is 8.875%. The
subsequent installments bear interest from the date they were funded at
3.52% above the secondary market yield of the United States Treasury
obligation maturing May 15, 2005. The blended rate for the additional
$20,000,000 is 9.65%.
The Loan is secured by a first lien on substantially all of the
Company's assets, with the exception of accounts receivable and inventories
which have been used to secure the Company's revolving credit facility. The
Loan agreement contains covenants that restrict the incurrence of debt,
guaranties and liens, and places certain restrictions on the payment of
dividends and the sale of significant assets. The Company is also required
to meet minimum debt service coverage ratios on an on-going basis and
maintain a minimum level of tangible net worth.
On December 27, 2000, the Company obtained a $5,000,000 bridge loan
under normal commercial terms from Inberdon Enterprise, Ltd. ("Inberdon"),
evidenced by a subordinated promissory note. Inberdon owned approximately
51% of the outstanding common stock of the Company at the time. The bridge
loan was unsecured, bore interest at 9.75%, and had to be repaid by March
27, 2001. The bridge loan was repaid with a portion of the proceeds of the
Company's rights offering that closed on February 8, 2001. See Note 4.
As of April 26, 2001, the Company renewed its revolving credit
facility, which now expires on May 31, 2002. The revolving credit facility
was increased from $4,000,000 to $5,000,000 and bears interest at LIBOR
plus 1.40%, which rate will increase to a maximum of LIBOR plus 3.55% in
accordance with a defined rate spread based upon the Company's then-current
ratio of total funded debt to earnings before interest, taxes, depreciation
and amortization (EBITDA). At October 31, 2001, the Company had drawn down
$2,325,000, and the average interest rate was 5.43%
A summary of outstanding debt at the dates indicated is as follows:
(In thousands of dollars)
SEPTEMBER 30, DECEMBER 31,
2001 2000
------------- -------------
Term loan $ 45,000 $ 47,500
Revolving credit facility 2,325 3,825
Subordinated promissory note -- 5,000
------------- -------------
Subtotal 47,325 56,325
Less current installments 5,658 12,158
------------- -------------
Debt, excluding current
installments $ 41,667 $ 44,167
============= =============
The carrying amount of the Company's long-term debt approximates its fair
value.
6
4. Rights Offering
On December 26, 2000, the Company initiated a rights offering for
$10,000,000. As a result of the rights offering, the Company received
$10,000,000 and issued an additional 1,818,181 shares effective February 8,
2001.
5. Loss Contingencies
On November 2, 2000, a husband and wife who own land in proximity to
the Texas Lime facility filed a suit against the Company and Texas Lime
Company, a subsidiary of the Company, in the 249th Judicial District Court,
Johnson County, Texas. The suit alleges that Texas Lime has improperly
released emissions that have caused property damage and personal injury to
the plaintiffs. The suit purports to seek class action certification of all
individuals who own property or reside within a five-mile radius of the
facility. The amount of damages is unspecified.
The Company and Texas Lime Company are seeking information through
discovery to better understand the nature of their claims, and the type of
relief sought. Based on the Company's current understanding of the facts
involved in this matter, management is of the opinion that the matter will
not have a material adverse effect on the Company's financial condition,
results of operation, or cash flows.
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
LIQUIDITY AND CAPITAL RESOURCES
Net cash used in operating activities was $1,883,000 for the nine months
ended September 30, 2001, compared to net cash provided by operating activities
of $6,056,000 for the nine months ended September 30, 2000. The decrease in cash
was primarily attributable to a decrease in accounts payable as a result of the
completion of Phase I of the Arkansas modernization and expansion project and an
increase in accounts receivable due to increased sales volumes.
The Company invested $3,120,000 in capital expenditures in the first nine
months 2001, compared to $25,001,000 in the same period last year. Capital
expenditures of approximately $715,000, down from the $1,506,000 reported
previously after the final resolution of all outstanding matters with a
contractor, related to the completion of Phase I of the modernization and
expansion project at the Arkansas facility in the first nine months 2001, as
compared to capital expenditures of approximately $18,950,000 on the project for
the same period last year.
During the fourth quarter 2000, the Company required additional capital
because the costs to complete both Phase I of the Arkansas modernization and
expansion project and the new pulverized limestone production line at Texas were
significantly higher than originally anticipated and because the Company's cash
flows and operating profits were lower than expected. To meet its short-term
liquidity demands, the Company determined to make a pro-rata rights offering to
its existing shareholders to raise $10,000,000 in additional equity capital.
7
On December 27, 2000, the Company obtained a $5,000,000 bridge loan
("Bridge Loan") under normal commercial terms from Inberdon Enterprise, Ltd.
("Inberdon"), its majority shareholder. Inberdon owned approximately 51% of the
outstanding common stock of the Company at the time the Bridge Loan was made.
The Bridge Loan was unsecured, carried interest at 9.75%, and matured on March
27, 2001.
The Company commenced the rights offering on December 26, 2000, and it
closed on February 8, 2001. In the rights offering, the Company raised an
additional $10,000,000 in equity capital and issued 1,818,181 shares of common
stock at the subscription price of $5.50 per share. The net proceeds of the
rights offering were used to repay the $5,000,000 Bridge Loan from Inberdon, to
repay the Company's then-outstanding $4,000,000 revolving credit facility, and
for working capital. As a result of the rights offering, Inberdon now owns
approximately 59% of the Company's outstanding common stock.
In addition, in late April 2001, the Company renewed and increased to
$5,000,000 the revolving credit facility. The $5,000,000 revolving credit
facility now expires in May 2002. At October 31, 2001, the Company had drawn
down $2,325,000 from the facility. The Company believes that funds generated
from operations and amounts still available under the revolving credit facility
will be sufficient to meet the Company's liquidity and capital needs for the
remainder of 2001.
During the fourth quarter 2000, the Company commissioned a new line for the
production of pulverized limestone at Texas Lime Company. This investment has
allowed the Company to pursue new business opportunities and to better serve
existing customers. The lack of reliability of a single production line had been
a restraining factor on sales to several large customers requiring
"around-the-clock" availability. The new line resulted in new customers during
the first and second quarters 2001. During the first quarter 2001, certain
additions were made to this production line to enhance its ability to produce
pulverized limestone more consistently during inclement weather conditions. The
total cost of the new pulverized limestone production line was approximately
$2,300,000.
As previously disclosed, as of the fourth quarter 2000, Phase I of the
modernization and expansion project for the Arkansas plant required additional
work in order to be fully operational and efficient. The Company completed this
work in the second quarter 2001.
Phase I of the Arkansas project involved the redevelopment of the quarry
plant, rebuilding of the railroad to standard U.S. gauge, and installation of a
rotary kiln with a preheater, and provides the Company with increased product
storage and loading capacity. The new kiln, which began production in October
2000, is producing excellent quality lime and has enabled the Company to attract
new customers that it previously could not serve. After final resolution of all
outstanding matters with a contractor, the total cost of Phase I was
approximately $33,000,000, a reduction from the $34,000,000 previously reported.
The $33,000,000 included approximately $1,800,000 of costs associated with the
pre-building of certain facilities for Phase II of the Arkansas project and the
purchase of, but not all of the improvements to, the out-of-state terminal in
Shreveport, Louisiana.
8
Phase II of the Arkansas project will further expand the plant capacity
through the installation of a second kiln with additional storage capacity and
includes the establishment of the out-of-state terminal in Shreveport, Louisiana
for the distribution of the Company's products. The Company may complete the
terminal before proceeding with Phase II.
Arkansas Phase II is estimated to cost approximately $12,000,000, not
including the $1,800,000 spent as part of Phase I. The Company still plans to
proceed with Phase II and will continue to review the optimum time to start the
project based on its future operating results, market demand, and ability to
secure competitive construction bids and financing.
The Company is not contractually committed to any planned capital
expenditures until actual orders are placed for equipment. As of September 30,
2001, the Company had no liability for open equipment and construction orders.
As of September 30, 2001, the Company had $47,325,000 in total debt
outstanding.
RESULTS OF OPERATIONS
Revenues increased to $10,975,000 in the third quarter 2001 from $9,344,000
in the third quarter 2000, an increase of $1,631,000, or 17.5%. The increase
resulted from a 16.5% increase in sales volume and a 1.0% increase in prices.
The increase in sales volumes was primarily attributed to increased lime sales
at Arkansas and increased pulverized limestone sales at Texas, as a result of
the Company's modernization and expansion efforts at the two facilities.
During the third quarter 2001, demand slowed somewhat in the Texas market.
In addition, the markets served by the Arkansas plant are continuing to tighten
due to a number of factors, including the added new capacity, weaknesses in the
steel and paper markets, and the effects of competitive pressures.
Revenues for the nine months ended September 30, 2001 were $30,478,000, an
increase of $4,998,000, or 19.6%, from the $25,480,000 reported for the nine
months ended September 30, 2000. The increase resulted from a 18.3 % increase in
sales volume and a 1.3% increase in prices.
The Company's gross profit was $3,312,000 for the third quarter 2001,
compared to $2,005,000 for the third quarter 2000, a 65.2% increase. Gross
profit margin as a percentage of revenues for the third quarter 2001 increased
to 30.2% from 21.5% in the same period 2000. Gross profit increased to
$8,061,000 for the first nine months 2001, from $5,643,000 for the first nine
months 2000, a 42.9% increase. Gross profit margin for the nine months ended
September 30, 2001 increased to 26.4%, from 22.1% in the same period 2000.
Gross profit and gross profit margins improved during the third quarter and
for the first nine months 2001 due to the increased sales volumes and increased
production efficiencies at both the Texas and Arkansas facilities. These
increases helped to overcome the negative impact of higher depreciation expense
resulting from the Company's modernization and expansion efforts, higher fuel
prices during the first half of the year, a lightning strike in the middle of
August at the Texas plant which curtailed production for almost a week, and
unseasonable rain in Texas in September which reduced lime shipments to the
construction market.
9
Although the cost of natural gas continued to decrease in the third quarter
2001, and was slightly less expensive in the third quarter compared to the same
period last year, the Company was negatively impacted by a total fuel (coal,
coke and natural gas) price variance of approximately $800,000 for the first
nine months 2001, compared to the first nine months last year. The cost of
electricity for the third quarter approximated last year's cost for the
comparable period; however, it was higher for the first nine months 2001 than in
the first nine months 2000 due to the utility companies passing on their higher
costs of fuel to produce the energy earlier in the year.
The Company believes that the enhanced production capacity resulting from
its modernization and expansion efforts at the Texas and Arkansas plants and the
operational strategies implemented by management earlier this year has allowed
the Company to increase production, improve product quality, and better serve
existing customers and attract new customers. During the first nine months 2001,
the Company has focused on increasing sales volumes, improving production
efficiencies, reducing the size of the work force, containing costs, and
implementing other management strategies to improve results of operations and
maximize cash flow. To the extent that the Company's revenues may be impacted by
the slowing economy and increasing competitive pressures, the Company must
continue to work on further improving production efficiencies and containing
costs at both plants, and seek additional sales for the increased capacity at
the Arkansas facility, in order for the Company to sustain its current levels of
revenues and gross profit.
Selling, general and administrative expenses ("SG&A") decreased by $69,000,
or 6.9%, to $939,000 in the third quarter 2001, compared to $1,008,000 in the
third quarter 2000. As a percentage of sales, SG&A decreased to 8.6%, from 10.8%
in the same period a year ago. SG&A increased by $93,000, or 3.3%, to $2,909,000
in the first nine months 2001, compared to $2,816,000 in the first nine months
2000, while decreasing as a percentage of sales to 9.5% from 11.0%.
Interest expense in the third quarter 2001 was $1,229,000, compared to
$721,000 in the third quarter 2000, after $488,000 had been capitalized as part
of the Arkansas Phase I project costs in the third quarter 2000. Interest
expense for the first nine months 2001 was $2,900,000, compared to $2,542,000 in
the same period 2000. Interest costs of approximately $845,000 and $944,000 were
capitalized in the first nine months 2001 and 2000, respectively.
Other income decreased by $82,000 to $22,000 in the third quarter 2001,
compared to $104,000 in the third quarter 2000. Other income decreased by
$578,000 to $76,000 for the first nine months 2001, compared to $654,000 in the
same period 2000. The decreases were primarily attributable to interest income
received on funds held in escrow during the third quarter and first nine months
2000 to finance Phase I of the Company's Arkansas project.
The Company reported net income of $875,000 ($0.15 per share) for the third
quarter 2001, compared to net income of $285,000 ($0.07 per share) for the third
quarter 2000, an increase of 207%. For the first nine months 2001, the Company
reported net income of $1,746,000 ($0.32 per share), compared to net income of
$704,000 ($0.18 per share) in the first nine months 2000, an increase of 148%.
The Company achieved the increase in earnings per share for the third quarter
and nine months ended September 30, 2001 even after taking into account the
increase in the number of shares outstanding as a result of the Company's rights
offering.
10
EBITDA (earnings before interest, taxes, depreciation and amortization) was
$4,053,000 for the third quarter ended September 30, 2001, an increase of 83.9%
from third quarter 2000 EBITDA of $2,204,000. For the nine months ended
September 30, 2001, EBITDA was $9,711,000, an increase of 41.1% from the
$6,881,000 generated in the same period 2000.
FORWARD-LOOKING STATEMENTS. Any statements contained in this Quarterly Report
that are not statements of historical fact are forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995. Forward-looking
statements in this Report, including without limitation, statements relating to
the Company's plans, strategies, objectives, expectations, intentions, and
adequacy of resources, are identified by such words as "will," "could,"
"should," "believe," "expect," "intend," "plan," "schedule," "estimate,"
"unless," and "project." The Company undertakes no obligation to publicly update
or revise any forward-looking statements. Investors are cautioned that
forward-looking statements involve risks and uncertainties that could cause
actual results to differ materially from expectations, including without
limitation the following: (i) the Company's plans, strategies, objectives,
expectations, and intentions are subject to change at any time at the discretion
of the Company; (ii) the Company's plans and results of operations will be
affected by the Company's ability to manage its growth and modernization,
generate increased sales, improve production efficiencies, and control costs;
(iii) changing economic conditions; and (iv) other risks and uncertainties,
including without limitation those risks and uncertainties indicated from time
to time in the Company's filings with the Securities and Exchange Commission,
including the Company's Form 10-K for the fiscal year ended December 31, 2000.
ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
Not Applicable.
PART II. OTHER INFORMATION
ITEM 6: EXHIBITS AND REPORTS ON FORM 8-K
a. Exhibits:
11 Statement re computation of per share earnings
b. Reports on Form 8-K:
The Company filed no Reports on Form 8-K during the quarter
ended September 30, 2001.
11
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.
November 5, 2001 By: /s/ Timothy W. Byrne
--------------------------------------------
Timothy W. Byrne
President and Chief Executive Officer
(Principal Executive Officer)
November 5, 2001 By: /s/ Larry T. Ohms
--------------------------------------------
Larry T. Ohms
Vice President of Finance, Corporate
Controller and Secretary
(Principal Financial and Accounting Officer)
12
UNITED STATES LIME & MINERALS, INC.
Quarterly Report on Form 10-Q
Quarter Ended
September 30, 2001
Index to Exhibits
EXHIBIT
NUMBER DESCRIPTION
------- ---------------------------------------------------------------
11 Statement re computation of per share earnings
EX-11
3
d91873ex11.txt
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
EXHIBIT 11
STATEMENT RE COMPUTATION
OF PER SHARE EARNINGS
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
------------------------- -------------------------
2001 2000 2001 2000
---------- ---------- ---------- ----------
Numerator:
Net income for basic and
diluted earnings per share $ 875,000 $ 285,000 $1,746,000 $ 704,000
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Denominator:
Denominator for basic earnings
per common share -
weighted-average shares 5,799,845 3,981,664 5,540,105 3,981,664
Effect of dilutive securities:
Employee stock options -- -- -- --
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Denominator for diluted earnings
per common share -
weighted-average shares 5,799,845 3,981,664 5,540,105 3,981,664
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Basic earnings per common share $ 0.15 $ 0.07 $ 0.32 $ 0.18
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Diluted earnings per common share $ 0.15 $ 0.07 $ 0.32 $ 0.18
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