UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) January 30, 2013
UNITED STATES LIME & MINERALS, INC.
(Exact name of registrant as specified in its charter)
TEXAS |
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0-4197 |
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75-0789226 |
(State or other jurisdiction of |
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(Commission File Number) |
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(IRS Employer Identification No.) |
incorporation) |
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5429 LBJ FREEWAY, SUITE 230, DALLAS, TEXAS |
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75240 |
(Address of principal executive offices) |
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(Zip Code) |
(972) 991-8400
(Registrants telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On January 30, 2013, United States Lime & Minerals, Inc. issued a News Release announcing the financial results for the quarter ended December 31, 2012. A copy of the News Release is attached hereto as Exhibit 99.1 and incorporated by reference herein response to this Item 2.02.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
Exhibit |
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Exhibit |
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99.1 |
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News Release of United States Lime & Minerals, Inc. dated January 30, 2013 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, United States Lime & Minerals, Inc. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: January 31, 2013 |
UNITED STATES LIME & MINERALS, INC. | ||
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By: |
/s/ M. Michael Owens |
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M. Michael Owens, Vice President and | |
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Chief Financial Officer |
Exhibit 99.1
UNITED STATES LIME & MINERALS, INC. NEWS RELEASE
FOR IMMEDIATE RELEASE |
Contact: Timothy W. Byrne |
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(972) 991-8400 |
UNITED STATES LIME & MINERALS REPORTS
FOURTH QUARTER AND FULL-YEAR 2012 RESULTS
Dallas, Texas, January 30, 2013 - United States Lime & Minerals, Inc. (NASDAQ: USLM) today reported fourth quarter and full-year 2012 results: Revenues in the fourth quarter 2012 decreased $1.6 million, or 4.8%, to $31.9 million from $33.5 million in the comparable 2011 quarter. Revenues from the Companys lime and limestone operations in the fourth quarter 2012 decreased $0.3 million, or 0.8%, to $30.2 million from $30.5 million in the comparable 2011 quarter, while revenues from its natural gas interests decreased $1.4 million, or 44.9%, to $1.7 million in the fourth quarter 2012 from $3.0 million in the comparable 2011 quarter. For full-year 2012, revenues decreased to $138.5 million from $142.6 million in 2011, a decrease of $4.1 million, or 2.8%. Revenues from the Companys lime and limestone operations for full-year 2012 increased $1.7 million, or 1.3%, to $131.4 million from $129.7 million in 2011, while revenues from the Companys natural gas interests in 2012 decreased $5.8 million, or 44.7%, to $7.1 million from $12.9 million in 2011.
The slight decrease in lime and limestone revenues in the fourth quarter 2012 as compared to last years comparable quarter primarily resulted from decreased sales volumes of the Companys lime and limestone products principally due to decreased demand from its steel and oil and gas services customers, mostly offset by increased sales volumes to the Companys construction customers and a small increase in prices realized for the Companys lime and limestone products in the 2012 quarter, compared to the comparable 2011 quarter. The increase in lime and limestone revenues for full-year 2012, compared to 2011, primarily resulted from increased prices realized for the Companys lime and limestone products in 2012, compared to 2011, partially offset by decreased sales volumes of the Companys lime and limestone products principally due to decreased demand from its steel and oil and gas services customers.
Production volumes from the Companys natural gas interests for the fourth quarter 2012 totaled 284 thousand MCF, sold at an average price of $5.89 per MCF, compared to 381 thousand MCF, sold at an average price of $7.95 per MCF, in the comparable 2011 quarter. Production was from 39 wells during both quarters. Production volumes for full-year 2012 from natural gas interests totaled 1.2 BCF, sold at an average price of $5.74 per MCF, compared to 2011 when 1.6 BCF was produced and sold at an average price of $8.27 per MCF. Average price per MCF decreased in the 2012 periods, compared to the comparable 2011 periods, because of decreased prices for both natural gas and natural gas liquids contained in the Companys natural gas. Natural gas interests revenues for full-year 2011 also included $487 thousand from the final favorable resolution of certain royalty ownership issues on unitized natural gas wells in the second quarter 2011. In the 2012 periods, the decreases in production volumes resulted from normal declines in production rates on existing wells.
The Companys gross profit was $8.1 million in the fourth quarter 2012, compared to $9.0 million in the comparable 2011 quarter, a decrease of $0.9 million, or 9.7%. For full-year 2012, gross profit was $33.4 million, compared to $41.3 million in 2011, a decrease of $7.9 million, or 19.1%.
Included in gross profit in the fourth quarter and full-year 2012 were $7.3 million and $29.5 million, respectively, from the Companys lime and limestone operations, compared to $6.7 million and $32.1 million, respectively, in the comparable 2011 periods. The increased gross profit in the fourth quarter 2012 resulted primarily from the slight increase in prices for our lime and limestone products. The reduced gross profit for full-year 2012 resulted primarily from outside contractor stripping costs of $2.6 million incurred primarily in the second and third quarters 2012, compared to no such outside contractor stripping costs in 2011. Although the Company did not incur any costs for any outside contractor stripping in the fourth quarter 2012, it plans to continue such contract stripping in the foreseeable future, but at somewhat reduced rates.
Gross profit from the Companys natural gas interests decreased to $0.9 million and $3.9 million for the fourth quarter and full-year 2012, respectively, from $2.3 million and $9.2 million, respectively, in the comparable 2011 periods, due to the decreases in revenues compared to the comparable 2011 periods and, as to the full-year 2012, the fact that 2011 included a $463 thousand contribution to gross profit from the resolution of the royalty ownership issues on unitized natural gas wells. No new wells are currently being drilled, or scheduled to be drilled, to the Companys knowledge. The Company cannot predict the number of additional wells that ultimately will be drilled, if any, or their results.
The Company reported net income of $3.8 million ($0.68 per share diluted) in the fourth quarter 2012, compared to $4.5 million ($0.72 per share diluted) in the fourth quarter 2011, a decrease of $0.7 million, or 16.0%. For full-year 2012, the Companys net income decreased by $5.8 million, or 26.0%, to $16.4 million ($2.87 per share diluted), from net income of $22.2 million ($3.49 per share diluted) in 2011. Fourth quarter and full-year 2012 earnings per share were favorably impacted by $0.09 and $0.32 per share, respectively, by the Companys repurchase of 200,000 shares of its common stock during the third quarter 2011 and 700,000 shares of common stock in the first quarter 2012.
During the fourth quarter 2012, demand for our lime and limestone products was somewhat lower compared to last years fourth quarter primarily due to the reduction in steel output in the United States and reduced oil and gas drilling activity in our markets which reduced demand from our oil and gas services customers, said Timothy W. Byrne, President and Chief Executive Officer. However, increased demand from our construction customers and modest price increases helped us offset most of the reduced demand from our steel and oil and gas services customers. Mr. Byrne added, We are pleased that we continue to generate significant cash flows from our operations and that our balance sheet remains strong.
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 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.
(Tables Follow)
UNITED STATES LIME & MINERALS, INC.
CONDENSED CONSOLIDATED FINANCIAL DATA
(In thousands, except per share amounts)
(Unaudited)
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Three Months Ended |
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Year Ended |
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December 31, |
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December 31, |
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2012 |
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2011 |
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2012 |
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2011 |
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INCOME STATEMENTS |
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Revenues |
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Lime and limestone operations |
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$ |
30,212 |
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$ |
30,462 |
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$ |
131,404 |
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$ |
129,704 |
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Natural gas interests |
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1,671 |
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3,032 |
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7,121 |
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12,878 |
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Total |
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$ |
31,883 |
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$ |
33,494 |
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$ |
138,525 |
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$ |
142,582 |
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Gross profit |
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Lime and limestone operations |
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$ |
7,252 |
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$ |
6,696 |
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$ |
29,499 |
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$ |
32,142 |
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Natural gas interests |
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871 |
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2,302 |
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3,939 |
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9,207 |
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Total |
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$ |
8,123 |
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$ |
8,998 |
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$ |
33,438 |
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$ |
41,349 |
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Operating profit |
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$ |
5,614 |
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$ |
6,715 |
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$ |
24,245 |
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$ |
32,503 |
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Interest expense |
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506 |
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597 |
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2,163 |
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2,495 |
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Other expense (income), net |
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48 |
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(23 |
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(19 |
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(136 |
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Income tax expense |
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1,268 |
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1,626 |
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5,678 |
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7,958 |
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Net income |
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$ |
3,792 |
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$ |
4,515 |
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$ |
16,423 |
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$ |
22,186 |
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Income per share of common stock: |
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Basic |
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$ |
0.68 |
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$ |
0.73 |
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$ |
2.88 |
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$ |
3.50 |
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Diluted |
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$ |
0.68 |
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$ |
0.72 |
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$ |
2.87 |
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$ |
3.49 |
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Weighted-average shares outstanding: |
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Basic |
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5,550 |
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6,224 |
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5,705 |
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6,344 |
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Diluted |
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5,558 |
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6,247 |
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5,716 |
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6,362 |
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December 31, |
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December 31, |
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2012 |
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2011 |
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BALANCE SHEETS |
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Assets: |
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Current assets |
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$ |
59,181 |
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$ |
80,938 |
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Property, plant and equipment, net |
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114,042 |
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121,318 |
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Other assets, net |
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245 |
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302 |
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Total assets |
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$ |
173,468 |
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$ |
202,558 |
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Liabilities and Stockholders Equity: |
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Current liabilities |
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$ |
13,240 |
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$ |
16,018 |
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Debt, excluding current installments |
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21,667 |
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26,667 |
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Deferred tax liabilities, net |
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14,976 |
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12,497 |
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Other liabilities |
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3,230 |
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4,363 |
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Stockholders equity |
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120,355 |
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143,013 |
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Total liabilities and stockholders equity |
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$ |
173,468 |
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$ |
202,558 |
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- end -