(UNITED STATES LIME & MINERALS, INC. LOGO)
UNITED STATES LIME & MINERALS, INC. - NEWS RELEASE
FOR IMMEDIATE RELEASE Contact: Timothy W. Byrne
(972) 991-8400
UNITED STATES LIME & MINERALS REPORTS
SECOND QUARTER 2003 RESULTS
Dallas, Texas, July 29, 2003 - United States Lime & Minerals, Inc.
(NASDAQ: USLM) today reported second quarter 2003 results: Revenues increased by
5.2% to $11,529,000 over the prior year period revenues of $10,961,000. The
Company reported net income of $1,813,000 ($0.31 per share) in the second
quarter 2003, an increase of $1,297,000, compared to net income of $516,000
($0.09 per share) in the second quarter 2002. For the six months ended June 30,
2003, revenues were $21,085,000, a 5.8% increase compared to the same period
2002 revenues of $19,938,000, while net income increased $1,495,000 to
$1,541,000 ($0.27 per share), compared to net income of $46,000 ($0.01 per
share) for the prior year period. Second quarter 2003 net income included
embezzlement-related recoveries of $691,000 ($0.12 per share), net of income
taxes, and the first half 2003 included $776,000 of such recoveries ($0.13 per
share), net of income taxes.
The Company's gross profit was $3,459,000 for the second quarter 2003,
compared to $2,981,000 for the second quarter 2002, a 16.0% increase. For the
first half 2003, gross profit was $5,208,000, compared to $4,818,000 for the
first half 2002, an increase of 8.1%.
"The increase in revenues in the second quarter 2003 primarily resulted
from increased pulverized limestone ("PLS") sales at our Texas plant as well as
the natural gas surcharge that we are assessing on our PLS products to help
compensate for the elevated cost of natural gas," Timothy W. Byrne, President
and Chief Executive Officer, commented. "Our increase in gross profit in the
second quarter is primarily a function of the disappointing operating results
that we experienced during the second quarter 2002 when we encountered several
operational problems," Mr. Byrne continued.
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 SIX MONTHS ENDED
JUNE 30, JUNE 30,
---------------------- ----------------------
INCOME STATEMENTS 2003 2002 2003 2002
-------- -------- -------- --------
Revenues $ 11,529 $ 10,961 $ 21,085 $ 19,938
-------- -------- -------- --------
Gross profit $ 3,459 $ 2,981 $ 5,208 $ 4,818
-------- -------- -------- --------
Operating profit $ 2,472 $ 1,966 $ 3,161 $ 2,845
Interest expense 1,038 1,102 2,059 2,215
Other (income) expense, net (699) 195 (711) 573
Income tax expense 320 153 272 11
-------- -------- -------- --------
Net income $ 1,813 $ 516 $ 1,541 $ 46
======== ======== ======== ========
Income per share of common stock:
Basic $ 0.31 $ 0.09 $ 0.27 $ 0.01
Diluted $ 0.31 $ 0.09 $ 0.27 $ 0.01
Weighted average shares outstanding:
Basic 5,800 5,800 5,800 5,800
Diluted 5,800 5,800 5,800 5,800
</Table>
<Table>
<Caption>
JUNE 30, DECEMBER 31,
2003 2002
-------- ------------
BALANCE SHEETS
ASSETS:
Current assets $13,261 $10,472
Property, plant and equipment, net 69,626 70,406
Deferred tax assets, net 2,359 2,359
Other assets 1,286 1,282
------- -------
Total assets $86,532 $84,519
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities $10,513 $ 7,958
Long-term debt, excluding current installments 35,833 37,500
Other liabilities 629 755
Stockholders' equity 39,557 38,306
------- -------
Total liabilities and stockholders' equity $86,532 $84,519
======= =======
</Table>
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