2022 Q1 Form 10-Q Financial Statement

#000155837022006263 Filed on April 28, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $50.91M $41.67M
YoY Change 22.16% 8.41%
Cost Of Revenue $36.44M $29.87M
YoY Change 22.01% 4.57%
Gross Profit $14.47M $11.81M
YoY Change 22.55% 19.52%
Gross Profit Margin 28.42% 28.33%
Selling, General & Admin $3.635M $3.067M
YoY Change 18.52% -4.72%
% of Gross Profit 25.13% 25.98%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.250M $5.341M
YoY Change -1.7% 14.74%
% of Gross Profit 36.29% 45.24%
Operating Expenses $3.635M $3.067M
YoY Change 18.52% -4.72%
Operating Profit $10.83M $8.738M
YoY Change 23.96% 31.24%
Interest Expense $63.00K $62.00K
YoY Change 1.61% 0.0%
% of Operating Profit 0.58% 0.71%
Other Income/Expense, Net -$3.000K -$28.00K
YoY Change -89.29% -115.14%
Pretax Income $10.83M $8.710M
YoY Change 24.33% 27.28%
Income Tax $2.161M $1.679M
% Of Pretax Income 19.96% 19.28%
Net Earnings $8.668M $7.031M
YoY Change 23.28% 26.82%
Net Earnings / Revenue 17.03% 16.87%
Basic Earnings Per Share $1.53 $1.24
Diluted Earnings Per Share $1.53 $1.24
COMMON SHARES
Basic Shares Outstanding 5.667M 5.651M
Diluted Shares Outstanding 5.677M 5.664M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $100.9M $89.70M
YoY Change 12.45% 52.55%
Cash & Equivalents $100.9M $89.65M
Short-Term Investments
Other Short-Term Assets $2.491M $2.400M
YoY Change 3.79% 26.32%
Inventory $16.54M $15.41M
Prepaid Expenses
Receivables $32.87M $23.96M
Other Receivables $0.00 $0.00
Total Short-Term Assets $152.8M $131.4M
YoY Change 16.22% 34.95%
LONG-TERM ASSETS
Property, Plant & Equipment $168.2M $151.6M
YoY Change 10.89% -1.6%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $442.0K $398.0K
YoY Change 11.06% -0.5%
Total Long-Term Assets $172.0M $154.0M
YoY Change 11.7% -0.32%
TOTAL ASSETS
Total Short-Term Assets $152.8M $131.4M
Total Long-Term Assets $172.0M $154.0M
Total Assets $324.7M $285.4M
YoY Change 13.78% 13.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.474M $5.675M
YoY Change -3.54% 18.23%
Accrued Expenses $4.554M $3.995M
YoY Change 13.99% 7.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.94M $10.74M
YoY Change 1.81% 24.92%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.439M $1.768M
YoY Change -18.61% -39.03%
Total Long-Term Liabilities $1.439M $1.768M
YoY Change -18.61% -39.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.94M $10.74M
Total Long-Term Liabilities $1.439M $1.768M
Total Liabilities $38.44M $35.64M
YoY Change 7.86% 20.0%
SHAREHOLDERS EQUITY
Retained Earnings $309.1M $274.3M
YoY Change 12.7%
Common Stock $33.09M $30.67M
YoY Change 7.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $286.3M $249.8M
YoY Change
Total Liabilities & Shareholders Equity $324.7M $285.4M
YoY Change 13.78% 13.3%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $8.668M $7.031M
YoY Change 23.28% 26.82%
Depreciation, Depletion And Amortization $5.250M $5.341M
YoY Change -1.7% 14.74%
Cash From Operating Activities $8.059M $11.62M
YoY Change -30.66% 0.99%
INVESTING ACTIVITIES
Capital Expenditures $5.517M $4.543M
YoY Change 21.44% -25.6%
Acquisitions
YoY Change
Other Investing Activities -$5.814M $10.00K
YoY Change -58240.0% -50.0%
Cash From Investing Activities -$11.33M -$4.533M
YoY Change 149.97% -25.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $86.00K $95.00K
YoY Change -9.47% 48.44%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.219M -1.000M
YoY Change 21.9% 13.38%
NET CHANGE
Cash From Operating Activities 8.059M 11.62M
Cash From Investing Activities -11.33M -4.533M
Cash From Financing Activities -1.219M -1.000M
Net Change In Cash -4.491M 6.089M
YoY Change -173.76% 34.24%
FREE CASH FLOW
Cash From Operating Activities $8.059M $11.62M
Capital Expenditures $5.517M $4.543M
Free Cash Flow $2.542M $7.079M
YoY Change -64.09% 31.04%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;"><span style="white-space:pre-wrap;">1. </span><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Basis of Presentation</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:18pt;text-indent:-18pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The condensed consolidated financial statements included herein have been prepared by United States Lime &amp; Minerals, <span style="white-space:pre-wrap;">Inc. (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, comprehensive income and cash flows for the periods presented have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form </span><span style="white-space:pre-wrap;">10-K for the period ended December 31, 2021. The results of operations for the three-month period ended March 31, 2022 are not necessarily indicative of operating results for the full year.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">​</span></p>
CY2022Q1 us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:9pt 0pt 0pt 0pt;"><span style="white-space:pre-wrap;">2. </span><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Organization</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:12pt 0pt 0pt 0pt;">The Company is a manufacturer of lime and limestone products, supplying primarily the construction (including highway, road and building contractors), industrial (including paper and glass manufacturers), metals (including steel producers), environmental (including municipal sanitation and water treatment facilities and flue gas treatment processes), roof shingle manufacturers, agriculture (including poultry and cattle feed producers), and oil and gas services industries. The Company is headquartered in Dallas, Texas and operates lime and limestone plants and distribution facilities in Arkansas, Colorado, Louisiana, Missouri, Oklahoma and Texas through its wholly owned subsidiaries, Arkansas Lime Company, ART Quarry TRS LLC (DBA Carthage Crushed Limestone), Colorado Lime Company, Mill Creek Dolomite, LLC (“Mill Creek”), 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 &amp; G, LLC, has royalty and non-operated working interests in natural gas wells located in Johnson County, Texas, in the Barnett Shale Formation.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:12pt 0pt 0pt 0pt;">On February 9, 2022, the Company acquired 100% of the equity interest of Mill Creek, a dolomite mining and production company located in Mill Creek, Oklahoma, for $5.9<span style="white-space:pre-wrap;"> million cash, subject to adjustment. Upon acquisition, Mill Creek’s assets and liabilities were recorded at fair value with </span>$5.4<span style="white-space:pre-wrap;"> million of the purchase price preliminarily allocated to property, plant, and equipment. Mill Creek contributed </span>$0.8 million to the Company’s revenues for the three-months ended March 31, 2022. The Company believes this acquisition will complement its existing geographic footprint.</p>
CY2022Q1 uslm Shipping And Handling Revenues
ShippingAndHandlingRevenues
9600000
CY2021Q1 uslm Shipping And Handling Revenues
ShippingAndHandlingRevenues
7800000
CY2022Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
50909000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
41674000
CY2022Q1 us-gaap Cost Depreciation Amortization And Depletion
CostDepreciationAmortizationAndDepletion
5183000
CY2021Q1 us-gaap Cost Depreciation Amortization And Depletion
CostDepreciationAmortizationAndDepletion
5276000
CY2022Q1 us-gaap Gross Profit
GrossProfit
14467000
CY2021Q1 us-gaap Gross Profit
GrossProfit
11805000
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
10832000
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
8738000
CY2022Q1 us-gaap Assets
Assets
324747000
CY2021Q1 us-gaap Assets
Assets
285410000
CY2022Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
5517000
CY2021Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
4543000
CY2022Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
30000000
CY2022Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
5668123
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
8668000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
7031000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5667000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5651000
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
10000
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
13000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5677000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5664000
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.53
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.24
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.53
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.24
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
792000
CY2022Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
3685000
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
3232000
CY2022Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
3150000
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2677000
CY2022Q1 uslm Inventory Raw Materials And Finished Goods Net Of Reserves
InventoryRawMaterialsAndFinishedGoodsNetOfReserves
6835000
CY2021Q4 uslm Inventory Raw Materials And Finished Goods Net Of Reserves
InventoryRawMaterialsAndFinishedGoodsNetOfReserves
5909000
CY2022Q1 us-gaap Other Inventory Net Of Reserves
OtherInventoryNetOfReserves
9705000
CY2021Q4 us-gaap Other Inventory Net Of Reserves
OtherInventoryNetOfReserves
9207000
CY2022Q1 us-gaap Inventory Net
InventoryNet
16540000
CY2021Q4 us-gaap Inventory Net
InventoryNet
15116000
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
0
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y
CY2022Q1 us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
CY2022Q1 us-gaap Lease Cost
LeaseCost
299000
CY2021Q1 us-gaap Lease Cost
LeaseCost
429000
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
11000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
706000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
684000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
457000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
456000
CY2022Q1 uslm Lessee Operating Lease Liability Payments Due Year Five And After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFiveAndAfterYearFive
533000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3628000
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
147000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
3481000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
349000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
345000
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
492000
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.199
CY2022Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1100000
CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.20

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