Exhibit 99.1
UNITED STATES LIME & MINERALS, INC. — NEWS RELEASE |
FOR IMMEDIATE RELEASE | Contact: Timothy W. Byrne (972) 991-8400 |
UNITED STATES LIME & MINERALS REPORTS
2003 FOURTH QUARTER AND FULL-YEAR RESULTS
Dallas, Texas, January 30, 2004 — United States Lime & Minerals, Inc. (NASDAQ: USLM) today reported fourth quarter and full-year 2003 results. The Company reported net income of $677,000 ($0.12 per share) in the fourth quarter ended December 31, 2003 compared to net income of $5,000 ($0.00 per share) in the fourth quarter 2002. For the year, the Company reported net income of $3,860,000 ($0.67 per share), compared to net income of $636,000 ($0.11 per share) for 2002.
Fourth quarter 2003 revenues increased by 29.7% to $11,322,000, compared to $8,728,000 in the prior year quarter. For the year ended December 31, 2003, revenues were $45,256,000, an increase of 15.6% compared to $39,162,000 for the same period 2002. The Company’s gross profit was $3,466,000 for the fourth quarter 2003, compared to $1,951,000 for the fourth quarter 2002. For the year, gross profit was $13,062,000, compared to $9,508,000 for 2002. “We are pleased with our overall improved operating results this quarter and year compared to last year,” said Timothy W. Byrne, President and Chief Executive Officer. Mr. Byrne added, “We currently anticipate completion of the second kiln and associated storage facility at our Arkansas plant by the end of the first quarter 2004.”
United States Lime & Minerals, Inc. is a Nasdaq-listed public company with headquarters in Dallas, Texas, supplying lime and limestone products primarily to the steel, paper, agriculture, environmental protection and construction industries from plants situated in Texas, Arkansas and Colorado.
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)
Quarter Ended | Year Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
INCOME STATEMENTS | 2003 | 2002 | 2003 | 2002 | |||||||||||||
Revenues | $ | 11,322 | $ | 8,728 | 45,256 | 39,162 | |||||||||||
Operating profit | 2,213 | 938 | 8,574 | 5,539 | |||||||||||||
Interest expense | 1,261 | 1,042 | 4,577 | 4,329 | |||||||||||||
Other expenses (income) | (98 | ) | (32 | ) | (807 | ) | 539 | ||||||||||
Income tax expense (benefit) | 374 | (77 | ) | 944 | 35 | ||||||||||||
Net income | $ | 676 | 5 | 3,860 | 636 | ||||||||||||
Net income per share of common stock: | |||||||||||||||||
Basic | $ | 0.12 | 0.00 | 0.67 | 0.11 | ||||||||||||
Diluted | $ | 0.12 | 0.00 | 0.67 | 0.11 | ||||||||||||
Weighted average shares outstanding: | |||||||||||||||||
Basic | 5,808 | 5,800 | 5,803 | 5,800 | |||||||||||||
Diluted | 5,887 | 5,800 | 5,826 | 5,800 |
At December 31, | ||||||||||
BALANCE SHEETS | 2003 | 2002 | ||||||||
Assets: | ||||||||||
Current assets | $ | 18,830 | 10,472 | |||||||
Property, plant and equipment, net | 77,128 | 70,406 | ||||||||
Deferred tax asset, net | 1,899 | 2,359 | ||||||||
Other assets | 1,550 | 1,282 | ||||||||
Total assets | $ | 99,407 | 84,519 | |||||||
Liabilities and Stockholders’ Equity: | ||||||||||
Current liabilities | $ | 8,662 | 7,958 | |||||||
Debt, excluding current installments | 47,886 | 37,500 | ||||||||
Other liabilities | 899 | 755 | ||||||||
Stockholders’ equity | 41,960 | 38,306 | ||||||||
Total liabilities and stockholders’ equity | $ | 99,407 | 84,519 | |||||||
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