Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 29, 2024 | |
Cover Abstract | ||
Entity Registrant Name | UNITED STATES LIME & MINERALS INC | |
Entity Central Index Key | 0000082020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 000-04197 | |
Entity Incorporation, State or Country Code | TX | |
Entity Tax Identification Number | 75-0789226 | |
Entity Address, Address Line One | 5429 LBJ Freeway, Suite 230 | |
Entity Address, City or Town | Dallas | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75240 | |
City Area Code | 972 | |
Local Phone Number | 991-8400 | |
Title of 12(b) Security | Common stock, $0.10 par value | |
Trading Symbol | USLM | |
Security Exchange Name | NASDAQ | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,709,154 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 206,995 | $ 187,964 |
Trade receivables, net | 42,155 | 38,052 |
Inventories | 25,724 | 24,313 |
Prepaid expenses and other current assets | 4,001 | 4,640 |
Total current assets | 278,875 | 254,969 |
Property, plant and equipment | 474,280 | 469,598 |
Less accumulated depreciation and depletion | (294,604) | (289,803) |
Property, plant and equipment, net | 179,676 | 179,795 |
Operating lease right-of-use assets | 4,897 | 5,273 |
Other assets, net | 548 | 565 |
Total assets | 463,996 | 440,602 |
Current liabilities: | ||
Accounts payable | 6,980 | 7,404 |
Current portion of operating lease liabilities | 1,520 | 1,582 |
Accrued expenses | 10,746 | 8,505 |
Total current liabilities | 19,246 | 17,491 |
Deferred tax liabilities, net | 24,421 | 24,659 |
Operating lease liabilities, excluding current portion | 3,601 | 3,919 |
Other liabilities | 1,412 | 1,429 |
Total liabilities | 48,680 | 47,498 |
Stockholders' equity: | ||
Common stock | 674 | 674 |
Additional paid-in capital | 39,191 | 37,820 |
Retained earnings | 433,512 | 412,499 |
Less treasury stock, at cost | (58,061) | (57,889) |
Total stockholders' equity | 415,316 | 393,104 |
Total liabilities and stockholders' equity | $ 463,996 | $ 440,602 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | ||
Revenues | $ 71,687 | $ 66,777 |
Cost of revenues | ||
Labor and other operating expenses | 35,101 | 37,029 |
Depreciation, depletion and amortization | 5,979 | 5,756 |
Total cost of revenues | 41,080 | 42,785 |
Gross profit | 30,607 | 23,992 |
Selling, general and administrative expenses | 4,848 | 4,152 |
Operating profit | 25,759 | 19,840 |
Other (income) expense, net | ||
Other (income) expense, net | (2,540) | (1,507) |
Income before income tax expense | 28,299 | 21,347 |
Income tax expense | 5,860 | 4,243 |
Net income | $ 22,439 | $ 17,104 |
Net income per share of common stock | ||
Basic (in dollars per share) | $ 3.93 | $ 3.01 |
Diluted (in dollars per share) | $ 3.92 | $ 3 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Percentage | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | ||
Revenues (as a percent) | 100% | 100% |
Cost of revenues | ||
Labor and other operating expenses (as a percent) | 49% | 55.50% |
Depreciation, depletion and amortization (as a percent) | 8.30% | 8.60% |
Total cost of revenues (as a percent) | 57.30% | 64.10% |
Gross profit (as a percent) | 42.70% | 35.90% |
Selling, general and administrative expenses (as a percent) | 6.80% | 6.20% |
Operating profit (as a percent) | 35.90% | 29.70% |
Other (income) expense, net | ||
Other (income) expense, net (as a percent) | (3.60%) | (2.30%) |
Income before income tax expense (as a percent) | 39.50% | 32% |
Income tax expense (as a percent) | 8.20% | 6.40% |
Net income (as a percent) | 31.30% | 25.60% |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Total |
Balances at Dec. 31, 2022 | $ 671 | $ 34,528 | $ 342,504 | $ (56,615) | $ 321,088 |
Balances (in shares) at Dec. 31, 2022 | 5,682,079 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Stock options exercised | $ 1 | 112 | 113 | ||
Stock options exercised (in shares) | 5,762 | ||||
Stock-based compensation | 812 | 812 | |||
Stock-based compensation (in shares) | 3,124 | ||||
Treasury shares purchased | (98) | (98) | |||
Treasury shares purchased (in shares) | (646) | ||||
Cash dividends paid | (1,137) | (1,137) | |||
Net income | 17,104 | 17,104 | |||
Balances at Mar. 31, 2023 | $ 672 | 35,452 | 358,471 | (56,713) | 337,882 |
Balances (in shares) at Mar. 31, 2023 | 5,690,319 | ||||
Balances at Dec. 31, 2023 | $ 674 | 37,820 | 412,499 | (57,889) | 393,104 |
Balances (in shares) at Dec. 31, 2023 | 5,704,556 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Stock options exercised | 130 | 130 | |||
Stock options exercised (in shares) | 2,400 | ||||
Stock-based compensation | 1,241 | 1,241 | |||
Stock-based compensation (in shares) | 2,957 | ||||
Treasury shares purchased | (172) | (172) | |||
Treasury shares purchased (in shares) | (687) | ||||
Cash dividends paid | (1,426) | (1,426) | |||
Net income | 22,439 | 22,439 | |||
Balances at Mar. 31, 2024 | $ 674 | $ 39,191 | $ 433,512 | $ (58,061) | $ 415,316 |
Balances (in shares) at Mar. 31, 2024 | 5,709,226 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
OPERATING ACTIVITIES: | ||
Net income | $ 22,439 | $ 17,104 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 6,054 | 5,828 |
Amortization of deferred financing costs | 2 | 2 |
Deferred income taxes | (238) | (161) |
Gain on disposition of property, plant and equipment | (93) | (70) |
Stock-based compensation | 1,241 | 812 |
Changes in operating assets and liabilities: | ||
Trade receivables, net | (4,103) | (4,764) |
Inventories | (1,411) | (2,467) |
Prepaid expenses and other current assets | 639 | 609 |
Other assets | 15 | (6) |
Accounts payable and accrued expenses | 2,643 | 3,738 |
Other liabilities | (21) | 19 |
Net cash provided by operating activities | 27,167 | 20,644 |
INVESTING ACTIVITIES: | ||
Purchase of property, plant and equipment | (6,824) | (5,451) |
Proceeds from sale of property, plant and equipment | 156 | 120 |
Net cash used in investing activities | (6,668) | (5,331) |
FINANCING ACTIVITIES: | ||
Cash dividends paid | (1,426) | (1,137) |
Proceeds from exercise of stock options | 130 | 113 |
Purchase of treasury shares | (172) | (98) |
Net cash used in financing activities | (1,468) | (1,122) |
Net increase in cash and cash equivalents | 19,031 | 14,191 |
Cash and cash equivalents at beginning of period | 187,964 | 133,384 |
Cash and cash equivalents at end of period | $ 206,995 | $ 147,575 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Basis of Presentation | |
Basis of Presentation | 1. Basis of Presentation The condensed consolidated financial statements included herein have been prepared by United States Lime & Minerals, 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, 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 10-K for the period ended December 31, 2023. The results of operations for the three-month period ended March 31, 2024 are not necessarily indicative of operating results for the full year. |
Organization
Organization | 3 Months Ended |
Mar. 31, 2024 | |
Organization | |
Organization | 2. Organization 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, oil and gas services, and agriculture (including poultry producers) 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 & G, LLC, has royalty and non-operated working interests in natural gas wells located in Johnson County, Texas, in the Barnett Shale Formation. |
Accounting Policies
Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies | |
Accounting Policies | 3. Accounting Policies Revenue Recognition. The Company recognizes revenue for its lime and limestone operations when (i) a contract with the customer exists and the performance obligations are identified; (ii) the price has been established; and (iii) the performance obligations have been satisfied, which is generally upon shipment. The Company’s returns and allowances are minimal. Revenues include external freight billed to customers with related costs accounted for as fulfillment costs and included in cost of revenues. External freight billed to customers included in 2024 and 2023 revenues was Trade Receivables. The majority of the Company’s trade receivables are unsecured. Payment terms for all trade receivables are based on the underlying purchase orders, contracts, or purchase agreements, and are generally fixed, short-term and do not contain a significant financing component. The Company estimates credit losses relating to trade receivables based on an assessment of the current and forecasted probability of collection, historical trends, economic conditions, and other significant events that may impact the collectability of accounts receivables. Due to the relatively homogenous nature of its trade receivables, the Company does not believe there is any meaningful asset-specific differences within its trade receivables portfolio that would require the portfolio to be grouped below the consolidated level for review of credit losses. Credit losses relating to trade receivables have generally been within management expectations and historical trends. Uncollected trade receivables are charged-off when identified by management to be unrecoverable. The Company maintains an allowance for credit losses to reflect currently expected estimated losses resulting from the failure of customers to make required payments. |
Reportable Segment
Reportable Segment | 3 Months Ended |
Mar. 31, 2024 | |
Reportable Segment | |
Reportable Segment | 4. Reportable Segment The Company has identified one reportable segment based on the distinctness of the Company’s activities and products: lime and limestone operations. All operations are in the United States. In evaluating the operating results of the Company, management primarily reviews revenues, gross profit, and operating profit from the lime and limestone operations. Operating profit from the Company’s lime and limestone operations includes all of the Company’s selling, general and administrative costs. The Company does not allocate interest income and expense and other expense to its lime and limestone operations. Other identifiable assets include assets related to the Company’s natural gas interests, unallocated corporate assets, and cash items. Operating results and certain other financial data for the three months ended March 31, 2024 and 2023 for the Company’s lime and limestone operations segment and other are as follows (in thousands): Three Months Ended March 31, Revenues 2024 2023 Lime and limestone operations $ 71,470 $ 66,538 Other 217 239 Total revenues $ 71,687 $ 66,777 Depreciation, depletion and amortization Lime and limestone operations $ 5,857 $ 5,630 Other 122 126 Total depreciation, depletion and amortization $ 5,979 $ 5,756 Gross profit (loss) Lime and limestone operations $ 30,683 $ 24,058 Other (76) (66) Total gross profit $ 30,607 $ 23,992 Operating profit (loss) Lime and limestone operations $ 25,839 $ 19,909 Other (80) (69) Total operating profit $ 25,759 $ 19,840 Identifiable assets, at period end Lime and limestone operations $ 252,551 $ 235,693 Other 211,445 152,052 Total identifiable assets $ 463,996 $ 387,745 Capital expenditures Lime and limestone operations $ 6,824 $ 5,451 Other — — Total capital expenditures $ 6,824 $ 5,451 |
Income and Dividends Per Share
Income and Dividends Per Share of Common Stock | 3 Months Ended |
Mar. 31, 2024 | |
Income and Dividends Per Share of Common Stock | |
Income and Dividends Per Share of Common Stock | 5. Income and Dividends Per Share of Common Stock At March 31, 2024, the Company had 30,000,000 shares of common stock authorized and 5,709,226 shares outstanding. On May 2, 2024, shareholders will vote at the Company’s 2024 Annual Meeting of Shareholders on a proposal to increase the number of authorized shares of common stock to . The following table sets forth the computation of basic and diluted income per common share (in thousands, except per share amounts): Three Months Ended March 31, 2024 2023 Net income for basic and diluted income per common share $ 22,439 $ 17,104 Weighted-average shares for basic income per common share 5,707 5,685 Effect of dilutive securities: Employee and director stock options (1) 18 13 Adjusted weighted-average shares and assumed exercises for diluted income per common share 5,725 5,698 Basic net income per common share $ 3.93 $ 3.01 Diluted net income per common share $ 3.92 $ 3.00 (1) No stock options were excluded due to being antidilutive. The Company paid $0.25 and $0.20 of cash dividends per share of common stock in the three months ended March 31, 2024 and 2023, respectively. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2024 | |
Inventories | |
Inventories | 6. Inventories Inventories are valued principally at the lower of cost, determined using the average cost method, or net realizable value. Costs for raw materials and finished goods include materials, labor, and production overhead. Inventories consisted of the following (in thousands): March 31, December 31, 2024 2023 Lime and limestone inventories: Raw materials $ 8,998 $ 7,834 Finished goods 3,347 3,107 12,345 10,941 Parts inventories 13,379 13,372 $ 25,724 $ 24,313 |
Banking Facilities and Debt
Banking Facilities and Debt | 3 Months Ended |
Mar. 31, 2024 | |
Banking Facilities and Debt | |
Banking Facilities and Debt | 7. Banking Facilities and Debt At March 31, 2024, the Company’s credit agreement with Wells Fargo Bank, N.A. (the “Lender”), as amended as of August 3, 2023, provided for a $75 million revolving credit facility (the “Revolving Facility”) and an incremental four-year accordion feature to borrow up to an additional $50 million on the same terms, subject to approval by the Lender or another lender selected by the Company. The credit agreement also provides for a $10 million letter of credit sublimit under the Revolving Facility. The Revolving Facility and any incremental loans mature on August 3, 2028. Interest rates on the Revolving Facility are, at the Company’s option, SOFR, plus a SOFR adjustment rate of 0.10%, plus a margin of 1.000% to 2.000%, or the Lender’s Prime Rate, plus a margin of 0.000% to 1.000%, and a commitment fee range of 0.225% to 0.350% on the undrawn portion of the Revolving Facility. The Revolving Facility interest rate margins and commitment fee are determined quarterly in accordance with a pricing grid based upon the Company’s Cash Flow Leverage Ratio, defined as the ratio of the Company’s total funded senior indebtedness to earnings before interest, taxes, depreciation, depletion, amortization, and stock-based compensation expense (“EBITDA”) for the 12 months ended on the last day of the most recent calendar quarter, plus pro forma EBITDA from any businesses acquired during the period. Pursuant to a security agreement, dated August 25, 2004, the Revolving Facility is secured by the Company’s existing and hereafter acquired tangible assets, intangible assets, and real property. The maturity of the Revolving Facility and any incremental loans can be accelerated if any event of default, as defined under the credit agreement, occurs. The Company’s maximum Cash Flow Leverage Ratio is The Company may pay dividends so long as it remains in compliance with the provisions of the Company’s credit agreement, and it may purchase, redeem, or otherwise acquire shares of its common stock so long as its pro forma Cash Flow Leverage Ratio is less than 3.00 to 1.00 and no default or event of default exists or would exist after giving effect to such stock repurchase. As of March 31, 2024, the Company had no debt outstanding and no draws on the Revolving Facility other than $0.5 million of letters of credit, which count as draws against the available commitment under the Revolving Facility. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases | |
Leases | 8. Leases The Company has operating leases for the use of equipment, corporate office space, and some of its terminal and distribution facilities. The leases have remaining lease terms of 0 to 7 years , with a weighted-average remaining lease term of 4 years at both March 31, 2024 and December 31, 2023. Some operating leases include options to extend the leases for up to 5 years and are only considered in the lease terms if the Company is reasonably certain it will exercise the option to extend. The components of lease costs for the three months ended March 31, 2024 and 2023 were as follows (in thousands): Three Months Ended March 31, Classification 2024 2023 Operating lease costs (1) Cost of revenues $ 585 $ 770 Operating lease costs (1) Selling, general and administrative expenses 76 41 Rental revenues Revenues (122) (117) Rental revenues Other (income) expense, net (36) (16) Net operating lease costs $ 504 $ 678 (1) Includes the costs of leases with a term of one year or less. As of March 31, 2024, future minimum payments under operating leases that were either non-cancelable or subject to significant penalty upon cancellation, including future minimum payments under renewal options that the Company is reasonably certain to exercise, were as follows (in thousands): 2024 (excluding the three months ended March 31, 2024) $ 1,264 2025 1,397 2026 1,349 2027 936 2028 404 Thereafter 100 Total future minimum lease payments 5,450 Less imputed interest (329) Present value of lease liabilities $ 5,121 Supplemental cash flow information pertaining to the Company’s leasing activity for the three months ended March 31, 2024 and 2023 is as follows (in thousands): Three Months Ended March 31, 2024 2023 Cash payments for lease liabilities included in operating cash flows $ 450 $ 417 Right-of-use assets obtained in exchange for operating lease obligations $ — $ 81 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Taxes | |
Income Taxes | 9. Income Taxes The Company has estimated that its effective income tax rate for 2024 will be 20.7% . The primary reason for the effective income tax rate being below the federal statutory rate is due to statutory depletion, which is allowed for income tax purposes and is a permanent difference between net income for financial reporting purposes and taxable income. |
Dividends
Dividends | 3 Months Ended |
Mar. 31, 2024 | |
Dividends | |
Dividends | 10. Dividends On March 15, 2024, the Company paid $1.4 million in cash dividends, based on a dividend of $0.25 per share of its common stock, to shareholders of record at the close of business on February 23, 2024. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Event. | |
Subsequent Event | 11. Subsequent Event On April 30, 2024 , the Company’s Board of Directors declared a regular quarterly cash dividend of $0.25 per share on the Company’s common stock. This dividend is payable on June 14, 2024 , to shareholders of record at the close of business on May 24, 2024 . |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies | |
Revenue Recognition | Revenue Recognition. The Company recognizes revenue for its lime and limestone operations when (i) a contract with the customer exists and the performance obligations are identified; (ii) the price has been established; and (iii) the performance obligations have been satisfied, which is generally upon shipment. The Company’s returns and allowances are minimal. Revenues include external freight billed to customers with related costs accounted for as fulfillment costs and included in cost of revenues. External freight billed to customers included in 2024 and 2023 revenues was |
Trade Receivables | Trade Receivables. The majority of the Company’s trade receivables are unsecured. Payment terms for all trade receivables are based on the underlying purchase orders, contracts, or purchase agreements, and are generally fixed, short-term and do not contain a significant financing component. The Company estimates credit losses relating to trade receivables based on an assessment of the current and forecasted probability of collection, historical trends, economic conditions, and other significant events that may impact the collectability of accounts receivables. Due to the relatively homogenous nature of its trade receivables, the Company does not believe there is any meaningful asset-specific differences within its trade receivables portfolio that would require the portfolio to be grouped below the consolidated level for review of credit losses. Credit losses relating to trade receivables have generally been within management expectations and historical trends. Uncollected trade receivables are charged-off when identified by management to be unrecoverable. The Company maintains an allowance for credit losses to reflect currently expected estimated losses resulting from the failure of customers to make required payments. |
Reportable Segment (Tables)
Reportable Segment (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Reportable Segment | |
Schedule of operating results and certain other financial data for the business segment) | Three Months Ended March 31, Revenues 2024 2023 Lime and limestone operations $ 71,470 $ 66,538 Other 217 239 Total revenues $ 71,687 $ 66,777 Depreciation, depletion and amortization Lime and limestone operations $ 5,857 $ 5,630 Other 122 126 Total depreciation, depletion and amortization $ 5,979 $ 5,756 Gross profit (loss) Lime and limestone operations $ 30,683 $ 24,058 Other (76) (66) Total gross profit $ 30,607 $ 23,992 Operating profit (loss) Lime and limestone operations $ 25,839 $ 19,909 Other (80) (69) Total operating profit $ 25,759 $ 19,840 Identifiable assets, at period end Lime and limestone operations $ 252,551 $ 235,693 Other 211,445 152,052 Total identifiable assets $ 463,996 $ 387,745 Capital expenditures Lime and limestone operations $ 6,824 $ 5,451 Other — — Total capital expenditures $ 6,824 $ 5,451 |
Income and Dividends Per Shar_2
Income and Dividends Per Share of Common Stock (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Income and Dividends Per Share of Common Stock | |
Schedule of computation of basic and diluted income per common share | The following table sets forth the computation of basic and diluted income per common share (in thousands, except per share amounts): Three Months Ended March 31, 2024 2023 Net income for basic and diluted income per common share $ 22,439 $ 17,104 Weighted-average shares for basic income per common share 5,707 5,685 Effect of dilutive securities: Employee and director stock options (1) 18 13 Adjusted weighted-average shares and assumed exercises for diluted income per common share 5,725 5,698 Basic net income per common share $ 3.93 $ 3.01 Diluted net income per common share $ 3.92 $ 3.00 (1) No stock options were excluded due to being antidilutive. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventories | |
Schedule of inventories | Inventories are valued principally at the lower of cost, determined using the average cost method, or net realizable value. Costs for raw materials and finished goods include materials, labor, and production overhead. Inventories consisted of the following (in thousands): March 31, December 31, 2024 2023 Lime and limestone inventories: Raw materials $ 8,998 $ 7,834 Finished goods 3,347 3,107 12,345 10,941 Parts inventories 13,379 13,372 $ 25,724 $ 24,313 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases | |
Schedule of lease costs | The components of lease costs for the three months ended March 31, 2024 and 2023 were as follows (in thousands): Three Months Ended March 31, Classification 2024 2023 Operating lease costs (1) Cost of revenues $ 585 $ 770 Operating lease costs (1) Selling, general and administrative expenses 76 41 Rental revenues Revenues (122) (117) Rental revenues Other (income) expense, net (36) (16) Net operating lease costs $ 504 $ 678 (1) Includes the costs of leases with a term of one year or less. |
Schedule of maturity of lease liability | 2024 (excluding the three months ended March 31, 2024) $ 1,264 2025 1,397 2026 1,349 2027 936 2028 404 Thereafter 100 Total future minimum lease payments 5,450 Less imputed interest (329) Present value of lease liabilities $ 5,121 |
Schedule of supplemental cash flow information | Three Months Ended March 31, 2024 2023 Cash payments for lease liabilities included in operating cash flows $ 450 $ 417 Right-of-use assets obtained in exchange for operating lease obligations $ — $ 81 |
Accounting Policies - Revenue R
Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue Recognition | ||
External freight billed to customers included in revenue | $ 11.2 | $ 11.7 |
Reportable Segment (Details)
Reportable Segment (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) segment | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Business segments | |||
Number of business segments | segment | 1 | ||
Revenues | $ 71,687 | $ 66,777 | |
Depreciation, depletion and amortization | 5,979 | 5,756 | |
Gross profit | 30,607 | 23,992 | |
Operating profit (loss) | 25,759 | 19,840 | |
Identifiable assets, at period end | 463,996 | 387,745 | $ 440,602 |
Capital expenditures | 6,824 | 5,451 | |
Operating Segment | Lime and Limestone Operations Segment Member | |||
Business segments | |||
Depreciation, depletion and amortization | 5,857 | 5,630 | |
Gross profit | 30,683 | 24,058 | |
Operating profit (loss) | 25,839 | 19,909 | |
Identifiable assets, at period end | 252,551 | 235,693 | |
Capital expenditures | 6,824 | 5,451 | |
Unallocated corporate assets and cash items | |||
Business segments | |||
Depreciation, depletion and amortization | 122 | 126 | |
Gross profit | (76) | (66) | |
Operating profit (loss) | (80) | (69) | |
Identifiable assets, at period end | 211,445 | 152,052 | |
Lime and limestone operations | Operating Segment | Lime and Limestone Operations Segment Member | |||
Business segments | |||
Revenues | 71,470 | 66,538 | |
Others | Unallocated corporate assets and cash items | |||
Business segments | |||
Revenues | $ 217 | $ 239 |
Income and Dividends Per Shar_3
Income and Dividends Per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | May 02, 2024 | |
Anti-dilutive securities | |||
Common stock, authorized shares | 30,000,000 | ||
Common stock, shares outstanding | 5,709,226 | ||
Income per share of common stock: | |||
Net income for basic and diluted income per common share | $ 22,439 | $ 17,104 | |
Weighted-average shares for basic income per common share (in shares) | 5,707,000 | 5,685,000 | |
Effect of dilutive securities: | |||
Employee and director stock options (in shares) | 18,000 | 13,000 | |
Adjusted weighted-average shares and assumed exercises for diluted income per common share (in shares) | 5,725,000 | 5,698,000 | |
Basic net income per common share (in dollars per share) | $ 3.93 | $ 3.01 | |
Diluted net income per common share (in dollars per share) | 3.92 | 3 | |
Cash dividends per share of common stock (in dollars per share) | $ 0.25 | $ 0.20 | |
Options | |||
Anti-dilutive securities | |||
Anti-dilutive shares of common stock excluded from the calculation of dilutive securities | 0 | 0 | |
Forecast | |||
Anti-dilutive securities | |||
Common stock, shares outstanding | 45,000,000 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Lime and limestone inventories: | ||
Raw materials | $ 8,998 | $ 7,834 |
Finished goods | 3,347 | 3,107 |
Total | 12,345 | 10,941 |
Parts inventories | 13,379 | 13,372 |
Total inventories | $ 25,724 | $ 24,313 |
Banking Facilities and Debt (De
Banking Facilities and Debt (Details) $ in Millions | 3 Months Ended | ||
Aug. 03, 2023 USD ($) | May 07, 2015 | Mar. 31, 2024 USD ($) | |
Banking facilities and other debt | |||
Total Debt | $ 0 | ||
Maximum | |||
Banking facilities and other debt | |||
Pro forma Cash Flow Leverage Ratio to be maintained to purchase, redeem or otherwise acquire shares of common stock | 3 | ||
Cash flow leverage ratio | 3.50 | ||
Revolving Facility | |||
Banking facilities and other debt | |||
Maximum borrowing capacity | $ 75 | ||
Accordion feature period | 4 years | ||
Maximum borrowing capacity accordion feature | $ 50 | ||
Letters of credit outstanding | $ 0.5 | ||
Revolving Facility | SOFR | |||
Banking facilities and other debt | |||
Interest rate margin (as a percent) | 0.10% | ||
Revolving Facility | Minimum | |||
Banking facilities and other debt | |||
Commitment fee (as a percent) | 0.225% | ||
Revolving Facility | Minimum | Lender's prime rate | |||
Banking facilities and other debt | |||
Interest rate margin (as a percent) | 0% | ||
Revolving Facility | Minimum | SOFR | |||
Banking facilities and other debt | |||
Interest rate margin (as a percent) | 1% | ||
Revolving Facility | Maximum | |||
Banking facilities and other debt | |||
Commitment fee (as a percent) | 0.35% | ||
Revolving Facility | Maximum | Lender's prime rate | |||
Banking facilities and other debt | |||
Interest rate margin (as a percent) | 1% | ||
Revolving Facility | Maximum | SOFR | |||
Banking facilities and other debt | |||
Interest rate margin (as a percent) | 2% | ||
Letter of Credit | |||
Banking facilities and other debt | |||
Maximum borrowing capacity | $ 10 |
Leases - Costs Disclosure (Deta
Leases - Costs Disclosure (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Leases | |||
Weighted average remaining lease term | 4 years | 4 years | |
Lease cost | |||
Net operating lease costs | $ 504 | $ 678 | |
Minimum | |||
Leases | |||
Remaining lease term | 0 years | ||
Maximum | |||
Leases | |||
Remaining lease term | 7 years | ||
Lease extension term | 5 years | ||
Lease Term | 1 year | ||
Cost of revenues | |||
Lease cost | |||
Operating lease cost | $ 585 | 770 | |
Selling, general and administrative expense. | |||
Lease cost | |||
Operating lease cost | 76 | 41 | |
Revenues | |||
Lease cost | |||
Rental revenues | (122) | (117) | |
Other (income) expense, net | |||
Lease cost | |||
Rental revenues | $ (36) | $ (16) |
Leases - Maturity (Details)
Leases - Maturity (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Maturity | |
2024 (excluding the three months ended March 31, 2024) | $ 1,264 |
2025 | 1,397 |
2026 | 1,349 |
2027 | 936 |
2028 | 404 |
Thereafter | 100 |
Total future minimum lease payments | 5,450 |
Less imputed interest | (329) |
Present value of lease liabilities | $ 5,121 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Leases | ||
Cash payments for lease liabilities included in operating cash flows | $ 450 | $ 417 |
Right-of-use assets obtained in exchange for operating lease obligations | $ 81 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended |
Mar. 31, 2024 | |
Income Taxes | |
Effective income tax rate (as a percent) | 20.70% |
Dividends (Details)
Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 15, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | |
Dividends | |||
Cash dividends paid | $ 1,400 | $ 1,426 | $ 1,137 |
Cash dividend (in dollars per share) | $ 0.25 |
Subsequent Event (Details)
Subsequent Event (Details) - $ / shares | Apr. 30, 2024 | Mar. 15, 2024 |
Subsequent event | ||
Quarterly cash dividend declared (in dollars per share) | $ 0.25 | |
Subsequent event | ||
Subsequent event | ||
Dividends payable date declared | Apr. 30, 2024 | |
Quarterly cash dividend declared (in dollars per share) | $ 0.25 | |
Dividends payable date to be paid | Jun. 14, 2024 | |
Dividends payable date of record | May 24, 2024 |