United States Lime & Minerals Reports First Quarter 2009 Results
The Company reported net income of
The Company’s gross profit for the first quarter 2009 was
Production volumes for the Company’s natural gas interests for the first quarter 2009 totaled 364 thousand MCF, sold at an average price of
Interest expense in the first quarter 2009 decreased to
“We are pleased to have been able to continue to increase our lime prices and reduce our costs during the quarter, resulting in an improvement in gross profit margin for our lime and limestone operations,” said
United States Lime & Minerals, Inc., a NASDAQ-listed public company with headquarters in
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 Company’s 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) Three Months Ended March 31, INCOME STATEMENTS 2009 2008 Revenues Lime and limestone operations $26,513 $30,581 Natural gas interests 1,800 2,654 Total $28,313 $33,235 Gross profit $6,227 $6,765 Operating profit $4,305 $4,848 Interest expense 750 979 Other income, net (2) (41) Income tax expense 821 1,067 Net income $2,736 $2,843 Income per share of common stock: Basic $0.43 $0.45 Diluted $0.43 $0.45 Weighted average shares outstanding: Basic 6,329 6,295 Diluted 6,371 6,351 March 31, December 31, 2009 2008 BALANCE SHEETS Assets: Current assets $28,846 $28,961 Property, plant and equipment, net 135,207 136,564 Other assets, net 587 604 Total assets $164,640 $166,129 Liabilities and Stockholders' Equity: Current liabilities $14,515 16,223 Debt, excluding current installments 43,416 46,354 Other liabilities 5,031 5,417 Deferred tax liabilities, net 4,138 3,688 Stockholders' equity 97,540 94,447 Total liabilities and stockholders' equity $164,640 $166,129
SOURCE United States Lime & Minerals, Inc.