-----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, iLxlps3QWv8Lo9jAcpjwLpHpBCAw6T4SF/YHEi5la3wwpRmm9lR+KB22ALsvWejK ZylMatDfMyEYKOqthEJGPg== 0000950134-95-001656.txt : 19950721 0000950134-95-001656.hdr.sgml : 19950721 ACCESSION NUMBER: 0000950134-95-001656 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19950720 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: 95554967 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 JUNE 30, 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 July 17, 1995, 3,836,063 shares of common stock, $.10 par value, were outstanding. 2 UNITED STATES CONFORMED 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 JUNE 30, 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 July 17, 1995, 3,836,063 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)
JUNE 30, DECEMBER 31, ASSETS 1995 1994 - ------ ---- ---- Current Assets: Cash and cash equivalents $ 663 $ 23 Trade receivables 6,907 6,002 Inventories 4,913 4,770 Prepaid expenses and other assets 444 320 ----------- ------------- Total current assets 12,927 11,115 ----------- ------------- Property, plant and equipment at cost: 52,916 50,028 Less accumulated depreciation (36,510) (35,052) ----------- ------------- Net property, plant and equipment 16,406 14,976 ----------- ------------- Note receivable 301 343 Other assets, net 1,134 963 ----------- ------------- Total assets $ 30,768 $ 27,397 =========== ============= LIABILITIES AND STOCKHOLDERS' EQUITY - ------------------------------------ Current Liabilities: Current installments of long-term debt $ 1,143 $ 1,143 Accounts payable-trade 3,715 2,671 Accrued expenses 1,915 1,858 ----------- ------------- Total current liabilities 6,773 5,672 Long-term debt, excluding current installments 6,353 6,225 Other liabilities 1,069 698 ----------- ------------- Total liabilities 14,195 12,595 Stockholders' equity: Common stock 529 529 Additional paid-in capital 15,848 15,848 Retained earnings 15,668 13,897 ----------- ------------- 32,045 30,274 Less treasury stock at cost; 1,458,002 shares of common stock (15,472) (15,472) ----------- ------------- Total stockholders' equity 16,573 14,802 ----------- ------------- Total liabilities and stockholders' equity $ 30,768 $ 27,397 =========== =============
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 SIX MONTHS ENDED JUNE 30, 1995 JUNE 30, 1994 JUNE 30, 1995 JUNE 30, 1994 ------------- ------------- ------------- ------------- Revenues $ 11,458 100.0% $ 10,165 100.0% $ 20,107 100.0% $ 16,928 100.0% Cost of revenues: Labor and other operating expenses 7,442 64.9% 6,941 68.3% 13,296 66.1% 12,016 71.0% Depreciation, depletion and amortization 774 6.8% 769 7.6% 1,576 7.8% 1,584 9.4% Amortization of cost in excess of net assets acquired - - 128 1.2% - - 292 1.7% ------------------ ----------------- ----------------- ----------------- 8,216 71.7% 7,838 77.1% 14,872 74.0% 13,892 82.1% ------------------ ----------------- ----------------- ----------------- GROSS PROFIT 3,242 28.3% 2,327 22.9% 5,235 26.0% 3,036 17.9% Selling, general and administrative expenses 1,273 11.1% 1,288 12.7% 2,565 12.8% 2,522 14.9% ------------------ ----------------- ----------------- ----------------- OPERATING PROFIT 1,969 17.2% 1,039 10.2% 2,670 13.3% 514 3.0% ------------------ ----------------- ----------------- ----------------- Other deductions (income): Interest expense 177 1.6% 236 2.3% 352 1.8% 448 2.6% Other, net 2 0.0% (458) -4.5% (7) -0.0% (469) -2.8% ------------------ ----------------- ----------------- ----------------- 179 1.6% (222) -2.2% 345 1.7% (21) -0.2% ------------------ ----------------- ----------------- ----------------- NET INCOME BEFORE INCOME TAXES 1,790 15.6% 1,261 12.4% 2,325 11.6% 535 3.2% Federal and state income taxes 350 3.0% 107 1.1% 459 2.3% 107 0.6% ------------------ ----------------- ----------------- ----------------- Net income 1,440 12.6% 1,154 11.3% 1,866 9.3% 428 2.6% ========= ======== ======== ======== NET INCOME PER SHARE OF COMMON STOCK $ 0.38 $ 0.30 $ 0.49 $ 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)
SIX MONTHS ENDED ---------------- JUNE 30, -------- 1995 1994 ---- ---- CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 1,866 $ 428 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion and amortization 1,648 2,014 Amortization of financing costs 37 37 Loss on sale of property 28 - Current assets (net change) [1] (1,172) (914) Other assets (166) 108 Current liabilities (net change) [2] 1,101 (349) Other liabilities 371 (436) ---------- --------- Net cash provided by operating activities 3,713 888 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property, plant and equipment (3,117) (1,391) Proceeds from sale of property, plant and equipment 10 88 ---------- --------- Net cash (used in) investing activities (3,107) (1,303) ---------- --------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from borrowings 1,600 500 Principal payments of debt (1,471) (477) Payment of common stock dividends (95) - Amount due from ESOP net of income tax (net change) - 102 ---------- --------- Net cash used in financing activities 34 125 ---------- --------- Net increase (decrease) in cash and cash equivalents 640 (290) Cash and cash equivalents at beginning of period 23 414 ---------- --------- Cash and cash equivalents at end of period $ 663 $ 124 ========== ========= Supplemental cash flow information: Interest paid $ 311 $ 341 ========== ========= Income taxes paid $ 297 $ - ========== =========
[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, 1994. The results of operations for the periods ended June 30, 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:
June 30, December 31, 1995 1994 -------- -------- (In thousands of dollars) Raw materials $1,145 $ 714 Finished goods 1,979 2,440 Service parts 1,789 1,616 ------ ------ Total Inventories $4,913 $4,770 ====== ======
4. Prepaid Expenses and Other Assets At June 30, 1995, prepaid expenses and other assets included $216,000 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 June 30, 1994 were $531,000. The 1995 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 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 Cash flows from operating activities increased to $3,713,000 for the six months ended June 30, 1995 from $888,000 for the six months ended June 30, 1994. During the second quarter of 1995, the Company paid a dividend of 2.5 cents per share, the first cash dividend the Company has paid since 1986. In February 1994, the Company fixed the interest rate on its $8,000,000 Term Loan at 7.95% per annum through February 28, 1997. The amount outstanding on the Term Loan at June 30, 1995 was $6,095,000. 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 customers the Company currently is unable to serve. The project is expected to cost approximately $5-6 million. RESULTS OF OPERATIONS Revenues increased from $10,165,000 in the second quarter of 1994 to $11,458,000 in the second quarter of 1995, an increase of $1,293,000 or 12.7%. This resulted from a 14.3% increase in sales volume and a 1.6% decrease in prices. Revenues for the six months ended June 30, 1995 increased by 18.8% over 1994, caused by a 21.5% increase in sales volume and a 2.7% decrease in prices. Demand was very strong during the second quarter and first half of 1995, although some slowing began to appear in the second quarter, most notably in the market for construction aggregates. The Company's gross profit was $3,242,000 in the second quarter of 1995, compared to $2,327,000 in the second quarter of 1994, a 39.3% increase. This increase in gross profit is attributed to the increase in sales volume. Gross profit margin for the second quarter of 1995 increased to 28.3%, from 22.9% in 1994. The higher gross profit and gross profit margin were attributed to increased sales volume and improved production efficiencies. In addition, gross profit was enhanced by depreciation decreasing as a percentage of sales and no amortization of cost in excess of net assets acquired in this quarter or the year. Gross profit increased to $5,235,000 in the first six months of 1995, from $3,036,000 in the first six months of 1994. Gross profit margin for the six months ended June 30, 1995 increased to 26.0%, from 17.9% in 1994. In addition to the reasons noted for the second quarter, the six months gross profit benefited by a mild winter in 1995. Selling, general and administrative expenses (SG&A) decreased slightly in the second quarter of 1995 ($1,273,000), from the comparable period in 1994 ($1,288,000), in spite of the 14.3% increase in sales volume. As a result, SG&A as a percentage of sales decreased to 11.1%, from 12.7% a year earlier. SG&A increased by $43,000 in the first six months of 1995, compared to 1994, but as a percentage of sales decreased to 12.8%, from 14.9%. 6 8 Interest expense decreased in both the second quarter and the first six months of 1995 over 1994, by $59,000 and $96,000, respectively. This decrease was due to decreases in the Revolving Credit Loan and the Term Loan balances. Other, net, decreased by $460,000 in the second quarter 1995, and by $462,000 in the first half of 1995, as a result principally of the $425,000 ($340,000 net of taxes) benefit recorded in the second quarter of 1994, due to the expiration of certain potential post-closing obligations relating to the sale of the assets of Virginia Lime Company in 1992. See footnote 4 to the December 31, 1994 Financial Statements for more information. The Company s net income in the second quarter of 1995 increased $286,000, from $1,154,000 ($0.30 per share) in the second quarter of 1994, to $1,440,000 ($0.38 per share). For the first six months of 1995, the Company recorded net income of $1,866,000 ($0.49 per share), as compared to net income of $428,000 ($0.11 per share) in the first six months of 1994. PART II. OTHER INFORMATION ITEM 4: SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS The Annual Meeting of Shareholders was held on April 28, 1995, in Dallas, Texas. The table below briefly describes the proposal submitted to Shareholders in the Companys Proxy Statement dated March 20, 1995, and the results of the Shareholder vote:
Election of Directors --------------------- FOR WITHHELD --- -------- John J. Brown 3,304,508 7,729 Timothy W. Byrne 3,308,120 4,117 Antoine M. Doumet 3,304,508 7,729 Wallace G. Irmscher 3,293,596 18,641 Robert F. Kizer 3,308,120 4,117 Edward A. Odishaw 3,304,508 7,729 Robert J. Smith 3,304,508 7,729 There were no broker non-votes.
ITEM 6: EXHIBITS AND REPORTS ON FORM 8-K a. Exhibits: 10(z) Amendment No. 2 to Loan and Security Agreement dated April 28, 1995, among United States Lime & Minerals, Inc. and subsidiaries and CoreStates Bank, N.A. 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 June 30, 1995. 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. July 20, 1995 By: /s/ Robert F. Kizer ------------------------------ Robert F. Kizer, President and Chief Executive Officer July 20, 1995 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 June 30, 1995 Index to Exhibits
Exhibit No. Exhibit - ----------- ----------------------------------------------------------------------------------------------- 10(z) Amendment No. 2 to Loan and Security Agreement dated April 28, 1995, among United States Lime & Minerals, Inc. and subsidiaries and CoreStates Bank, N.A. 11 Statement re computation of per share earnings 27 Financial Data Schedule
EX-10.(Z) 2 AMENDMENT NO. 2 TO LOAN AND SECURITY AGREEMENT 1 Exhibit 10(z) AMENDMENT NO. 2 TO LOAN AND SECURITY AGREEMENT AMENDMENT NO. 2 TO LOAN AND SECURITY AGREEMENT (this "Second Amendment"), dated this 28th day of April, 1995 by and between UNITED STATES LIME & MINERALS, INC. (formerly known as Scottish Heritable, Inc.), a Texas corporation ("USL"), CORSON LIME COMPANY, a Pennsylvania corporation ("CLC"), TEXAS LIME COMPANY, a Texas corporation ("TLC"), ARKANSAS LIME COMPANY, an Arkansas corporation ("ALC", and together with USL, CLC, and TLC, collectively referred to as the "Borrowers") and CORESTATES BANK, N.A., a national banking association ("Bank"). BACKGROUND A. Borrowers and Bank entered into a Loan and Security Agreement dated October 20, 1993, since amended by Amendment No. 1 to Loan and Security Agreement dated as of December 23, 1994 (collectively, the "Loan Agreement"), pursuant to which Bank made available to Borrowers certain credit facilities specifically described in the Loan Agreement. All initially capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Loan Agreement unless the context clearly requires to the contrary. B. Borrower has requested that Bank further amend the terms of the Loan Agreement to (i) increase the annual limit on Borrowers' Capital Expenditures, and (ii) permit USL to pay a dividend of up to 25% of its annual Net Income to the holders of its common stock. The Bank has agreed to such changes subject to the terms and conditions hereof. NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants set forth herein, the parties hereto, intending to be legally bound hereby, agree as follows: 1. Ratification of Loan Documents. This Second Amendment is a supplement to and a modification of the Loan Agreement pursuant to Section 9.2 thereof. To the extent not modified hereby, each and every term, condition, covenant, representation, warranty, and each and all of the other provisions set forth in the Loan Agreement, are hereby ratified and confirmed in full. 2. Minimum Net Worth. The first sentence of Section 6.1.13.1 of the Loan Agreement is hereby amended and restated as follows: 1 2 Maintain at all times a consolidated Net Worth of not less than an amount which (i) during the Fiscal Year of the Borrowers ending December 31, 1993 shall be $11,000,000, (ii) during the Fiscal Year of the Borrowers ending December 31, 1994 shall be $12,724,400 and (iii) during each Fiscal Year of the Borrowers ending after December 31, 1994 shall be equal to the sum of (x) the minimum consolidated Net Worth required to be maintained by the Borrowers under this Section 6.1.13.1 during the immediately preceding Fiscal Year plus (y) an amount equal to 75% of the consolidated Net Income of the Borrowers for such immediately preceding Fiscal Year. 3. Dividends. To Section 7.1.5 of the Loan Agreement, the following qualification shall be added after the phrase "...pay or declare any dividend or distribution on any of such Borrower's capital stock...": ...except that commencing on [April 28th, 1995] SHI [herein, USL] may declare and pay dividends on its common stock if at the time of declaration and after giving effect thereto (as if then paid) the aggregate amount of all dividends so declared and paid by SHI in any Fiscal Year shall not exceed (i) in the case of dividends paid during the Fiscal Year ending December 31, 1995, 25% of the Borrowers' consolidated Net Income for the Fiscal Year ended December 31, 1994, and (ii) in the case of dividends paid during the Fiscal Year ending December 31, 1996 and subsequent Fiscal Years, 25% of the average of the Borrowers' consolidated Net Incomes for the two immediately preceding Fiscal Years; and.... 4. Capital Expenditures. Section 7.1.12 of the Loan Agreement is hereby amended and restated in its entirety as follows: Make Capital Expenditures in any Fiscal Year in excess of $4,500,000; 5. Conditions Precedent. As conditions precedent to the performance by Bank of any of Bank's obligations hereunder, Borrower acknowledges that Bank shall have received, in form or substance satisfactory to Bank and Bank's counsel, in addition to this Second Amendment, the following documents, items and instruments: 2 3 5.1 Resolutions adopted by the Boards of Directors of each Borrower authorizing the execution, delivery and performance of this Second Amendment, all certified by Borrower's Secretary to be in full force and effect as of the date hereof; and 5.2 Such additional documents or instruments as Bank may reasonably require. 6. Miscellaneous. 6.1 Integration. This Second Amendment, the Loan Agreement, and the other loan documents shall be construed as one agreement, and in the event of any inconsistency, the provisions of this Second Amendment shall control the provisions of any other Loan Document, except for the Notes. This Second Amendment, the Loan Agreement, the Notes, and the other Loan Documents, contain all of the agreements of the parties hereto with respect to the subject matter of each thereof and supersede all prior or contemporaneous agreements with respect to such subject matter. 6.2 Survivorship. The terms of this Second Amendment and all agreements, representations, warranties or covenants made by Borrower in the Loan Agreement, and the other Loan Documents shall survive the issuance and payment of the Notes and shall continue as long as any portion of the Indebtedness shall remain outstanding and unpaid, provided, however, that the covenants set forth in Section 1.6 and 6.2 of the Loan Agreement shall survive the payment of the Indebtedness. 6.3 Successors and Assigns; Governing Law. This Second Amendment shall be binding upon and inure to the benefit of the respective successors and assigns of the parties hereto; provided however that no Borrower shall assign this Second Amendment, or any rights or duties arising hereunder, without the prior written consent of Bank. This Second Amendment shall be construed and enforced in accordance with the internal laws of the Commonwealth of Pennsylvania. 6.4 WAIVER OF JURY TRIAL. EACH BORROWER AND BANK EXPRESSLY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY ACTION BROUGHT BY ANY PARTY WITH RESPECT TO THE LOAN AGREEMENT, AS AMENDED HEREBY, OR AS AMENDED HEREAFTER, ANY LOAN DOCUMENT OR THE INDEBTEDNESS. 6.5 Partial Invalidity. If any provision of this Second Amendment shall for any reason be held to be invalid or unenforceable, such invalidity or unenforceability shall not affect any other provision hereof, but this Second Amendment shall be construed as if such invalid or unenforceable provision had never been contained herein. 3 4 6.6 Headings. The heading of any paragraph contained in this Second Amendment is for convenience of reference only and shall not be deemed to amplify, limit, modify or give full notice of the provisions thereof. 6.7 Counterparts. This Second Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same agreement. IN WITNESS WHEREOF, the parties hereto have executed this Second Amendment under seal, intending to be legally bound hereby, on the day and year first above written. Bank: CORESTATES BANK, N.A. By: /s/ CLIFFORD W. KEWLEY Clifford W. Kewley, Vice President Borrowers: UNITED STATES LIME & MINERALS, INC. (formerly known as Scottish Heritable, Inc.) By: /s/ ROBERT F. KIGER CORSON LIME COMPANY By: /s/ TIMOTHY W. BYRNE ARKANSAS LIME COMPANY By: /s/ TIMOTHY W. BYRNE TEXAS LIME COMPANY By: /s/ TIMOTHY W. BYRNE 4 EX-11 3 STATEMENT RE COMPUTATION OF PER SHARE EARNINGS 1 Exhibit 11 STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30, --------------------------- ------------------------- 1995 1994 1995 1994 ---- ---- ---- ---- Net income (loss) $ 426,000 (726,000) $ 1,866,000 428,000 =============== ========== =============== ========== Weighted average number of common shares outstanding 3,836,063 3,836,063 3,836,063 3,836,063 =============== ========== =============== ========== Net income (loss) per share of common stock $ 0.11 (0.19) $ .49 .11 =============== ========== =============== ==========
NOTE: Outstanding stock options are excluded from the computation as the effective dilution in earnings per share data is less than 1%. EX-27 4 FINANCIAL DATA SCHEDULE
5 1,000 U.S. DOLLARS 3-MOS DEC-31-1995 APR-01-1995 JUN-30-1995 1,000 663 0 6,907 0 4,913 12,927 52,916 36,510 30,768 6,773 0 529 0 0 16,044 30,768 11,458 11,458 8,216 8,216 1,273 0 177 1,790 350 1,440 0 0 0 1,440 .38 .38
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