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) April 24, 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 April 24, 2013, United States Lime & Minerals, Inc. issued a News Release announcing the financial results for the quarter ended March 31, 2013. 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 April 24, 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: April 25, 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
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UNITED STATES LIME & MINERALS, INC. NEWS RELEASE | |
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FOR IMMEDIATE RELEASE |
Contact: Timothy W. Byrne | |
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(972) 991-8400 | |
UNITED STATES LIME & MINERALS REPORTS
FIRST QUARTER 2013 RESULTS
Dallas, Texas, April 24, 2013 - United States Lime & Minerals, Inc. (NASDAQ: USLM) today reported first quarter 2013 results: Revenues in the first quarter 2013 decreased to $31.6 million from $36.0 million in the prior year comparable quarter, a decrease of $4.4 million, or 12.3%. Revenues from the Companys lime and limestone operations in the first quarter 2013 decreased $3.8 million, or 11.1%, to $30.2 million from $33.9 million in the comparable 2012 quarter, while revenues from the Companys natural gas interests decreased $693 thousand, or 32.6%, to $1.4 million from $2.1 million in the comparable 2012 quarter.
The decrease in lime and limestone revenues in the first quarter 2013 as compared to last years comparable quarter primarily resulted from decreased sales volumes of the Companys lime and limestone products due to decreased demand, principally from its steel and oil and gas services customers due to the reduction in steel output in the United States and reduced oil and gas drilling activity in the Companys markets, partially offset by increased sales volumes to its construction customers and a slight increase in prices realized for the Companys lime and limestone products in the 2013 quarter, compared to the comparable 2012 quarter. Production volumes for the Companys natural gas interests for the first quarter 2013 totaled 261 thousand MCF, sold at an average price of $5.49 per MCF. Production volumes in the comparable prior year quarter were 341 thousand MCF, sold at an average price of $6.23 per MCF. In the first quarter 2013, the average price per MCF decreased due to lower prices for both natural gas and natural gas liquids contained in the Companys natural gas, compared to the comparable 2012 quarter.
The Companys gross profit for the first quarter 2013 was $6.3 million, compared to $9.2 million for the comparable 2012 quarter, a decrease of $2.9 million, or 31.6%. Included in gross profit for the 2013 quarter was $5.7 million from the Companys lime and limestone operations, compared to $8.0 million in the comparable 2012 quarter, a decrease of $2.3 million, or 28.7%. The decrease in gross profit for the Companys lime and limestone operations in the first quarter 2013 compared to the first quarter 2012 resulted primarily from the decrease in revenues discussed above. Gross profit from the Companys natural gas interests was $624 thousand in the first quarter 2013, compared to $1.3 million in the comparable 2012 quarter, a decrease of $628 thousand, or 50.2%. No new wells were drilled in the first quarter 2013 or are currently being drilled. 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 $2.8 million ($0.50 per share diluted) for the first quarter 2013, compared to net income of $4.6 million ($0.75 per share diluted) for the first quarter 2012, a decrease of $1.9 million, or 40.4%.
We expect demand from our construction customers will continue to increase in the second quarter 2013 compared to last years second quarter, while demand from our steel and oil and gas services customers will continue to be lower, said Timothy W. Byrne, President and Chief Executive Officer.
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 (including highway, road and parking lot contractors), metals (including steel
producers), environmental (including municipal sanitation and water treatment facilities and flue gas treatment), oil and gas services, industrial (including paper and glass manufacturers), roof shingle and agriculture (including poultry and cattle feed producers) industries. 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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March 31, |
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2013 |
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2012 |
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INCOME STATEMENTS |
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Revenues |
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Lime and limestone operatiions |
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$ |
30,155 |
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$ |
33,905 |
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Natural gas interests |
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1,430 |
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2,123 |
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Total |
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$ |
31,585 |
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$ |
36,028 |
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Gross profit |
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Lime and limestone operatiions |
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$ |
5,667 |
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$ |
7,951 |
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Natural gas interests |
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624 |
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1,252 |
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Total |
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$ |
6,291 |
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$ |
9,203 |
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Operating profit |
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$ |
4,148 |
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$ |
6,936 |
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Interest expense |
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489 |
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576 |
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Other expense (income), net |
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(39 |
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26 |
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Income tax expense |
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941 |
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1,710 |
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Net income |
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$ |
2,757 |
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$ |
4,624 |
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Income per share of common stock: |
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Basic |
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$ |
0.50 |
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$ |
0.75 |
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Diluted |
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$ |
0.50 |
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$ |
0.75 |
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Weighted-average shares outstanding: |
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Basic |
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5,558 |
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6,172 |
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Diluted |
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5,568 |
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6,188 |
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March 31, |
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December 31, |
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2013 |
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2012 |
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BALANCE SHEETS |
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Assets: |
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Current assets |
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$ |
65,777 |
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$ |
59,959 |
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Property, plant and equipment, net |
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111,893 |
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114,042 |
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Other assets, net |
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233 |
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245 |
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Total assets |
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$ |
177,903 |
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$ |
174,246 |
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Liabailities and Stockholders Equity: |
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Current liabilities |
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$ |
15,248 |
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$ |
13,340 |
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Debt, excluding current installments |
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20,417 |
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21,667 |
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Deferred tax liabilities, net |
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16,011 |
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15,654 |
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Other liabilities |
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2,909 |
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3,230 |
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Stockholders equity |
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123,318 |
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120,355 |
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Total liabilities and stockholders equity |
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$ |
177,903 |
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$ |
174,246 |
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