EXHIBIT 99.1
(UNITED STATES LIME & MINERALS LOGO)
UNITED STATES LIME & MINERALS, INC. - NEWS RELEASE
FOR IMMEDIATE RELEASE Contact: Timothy W. Byrne
(972) 991-8400
UNITED STATES LIME & MINERALS REPORTS
FIRST QUARTER 2003 RESULTS AND DECLARES DIVIDEND
Dallas, Texas, May 1, 2003 - United States Lime & Minerals, Inc.
(NASDAQ: USLM) today reported first quarter 2003 results: The Company reported a
net loss of $271,000 ($0.05 per share) in the first quarter 2003, compared to a
net loss of $471,000 ($0.08 per share) in the first quarter 2002. Revenues
increased by 6.4% to $9,556,000 compared to $8,977,000 for the prior year
period.
The Company's gross profit was $1,749,000 for the first quarter 2003,
compared to $1,837,000 for the first quarter 2002, a 4.8% decrease. The gross
profit decline was primarily due to increased natural gas costs. Also, a winter
ice storm in Texas caused the loss of approximately two days of sales and a
natural gas curtailment to the Company's Texas plant that resulted in reduced
production levels.
"Although natural gas prices have declined from their highs during the
quarter, they continue to exceed 2002 price levels," Timothy W. Byrne, President
and Chief Executive Officer, commented. "In response to the increase in natural
gas prices, we implemented natural gas surcharges on our pulverized limestone
products in early March that offset a portion of our increased natural gas
costs. Due to lower domestic inventories of natural gas, we expect prices to
remain higher than in the previous year. Therefore, we intend to continue the
natural gas surcharges on pulverized limestone products in a continued effort to
offset most of the increased costs."
In addition, the Company announced that the Board of Directors today
declared its regular quarterly cash dividend of $0.025 (2 1/2 cents) per share,
payable on June 17, 2003, to shareholders of record at the close of business on
June 2, 2003.
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)
<Table>
<Caption>
Quarter Ended
March 31,
------------------------
2003 2002
---------- ----------
INCOME STATEMENTS
Revenues $ 9,556 8,977
---------- ----------
Gross profit $ 1,749 1,837
---------- ----------
Operating profit $ 690 879
Interest expense 1,021 1,114
Other (income), net (12) 378
Income tax expense (benefit) (48) (142)
---------- ----------
Net Loss $ (271) (471)
========== ==========
Loss per share of common stock:
Basic $ (0.05) (0.08)
Diluted $ (0.05) (0.08)
Weighted average shares outstanding:
Basic 5,800 5,800
Diluted 5,800 5,800
</Table>
<Table>
<Caption>
MARCH 31, December 31,
2003 2002
---------- ------------
BALANCE SHEETS
ASSETS:
Current assets $ 12,410 10,472
Property, plant and equipment, net 70,627 70,406
Deferred tax assets, net 2,359 2,359
Other assets 1,240 1,282
---------- ----------
Total assets $ 86,636 84,519
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities $ 11,335 7,958
Long-term debt, excluding current installments 36,667 37,500
Other liabilities 745 755
Stockholders' equity 37,889 38,306
---------- ----------
Total liabilities and stockholders' equity $ 86,636 84,519
========== ==========
</Table>
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