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
THIRD QUARTER 2003 RESULTS
Dallas, Texas, November 3, 2003 - United States Lime & Minerals, Inc.
(NASDAQ: USLM) today reported third quarter 2003 results: Revenues increased by
22.4% to $12,849,000 over the prior year period revenues of $10,496,000. The
Company reported net income of $1,642,000 ($0.28 per share) in the third quarter
2003, an increase of $1,057,000, compared to net income of $585,000 ($0.10 per
share) in the third quarter 2002. For the nine months ended September 30, 2003,
revenues were $33,934,000, a 11.5% increase compared to the same period 2002
revenues of $30,434,000, while net income increased $2,552,000 to $3,183,000
($0.55 per share), compared to net income of $631,000 ($0.11 per share) for the
prior year period.
The Company's gross profit was $4,387,000 for the third quarter 2003,
compared to $2,739,000 for the third quarter 2002. For the first nine months
2003, gross profit was $9,595,000, compared to $7,557,000 for the first nine
months 2002. "We are pleased that our operational problems in 2002 at our Texas
plant are behind us, which has allowed us to have better operating results so
far this year compared to last year," Timothy W. Byrne, President and Chief
Executive Officer commented. "Also, our pulverized limestone sales volume has
increased at our Texas and Colorado plants during 2003," 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 NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
---------------------------- -----------------------------
INCOME STATEMENTS 2003 2002 2003 2002
------------ ------------ ------------ ------------
Revenues $ 12,849 $ 10,496 $ 33,934 $ 30,434
------------ ------------ ------------ ------------
Gross profit $ 4,387 $ 2,739 $ 9,595 $ 7,557
------------ ------------ ------------ ------------
Operating profit $ 3,199 $ 1,756 $ 6,360 $ 4,601
Interest expense 1,256 1,072 3,315 3,287
Other expense (income), net 3 (2) (708) 571
Income tax expense 298 101 570 112
------------ ------------ ------------ ------------
Net income $ 1,642 $ 585 $ 3,183 $ 631
============ ============ ============ ============
Income per share of common stock:
Basic $ 0.28 $ 0.10 $ 0.55 $ 0.11
Diluted $ 0.28 $ 0.10 $ 0.55 $ 0.11
Weighted average shares outstanding:
Basic 5,800 5,800 5,800 5,800
Diluted 5,810 5,800 5,803 5,800
</Table>
<Table>
<Caption>
SEPTEMBER 30, DECEMBER 31,
2003 2002
-------------- --------------
BALANCE SHEETS
ASSETS:
Current assets $ 24,320 $ 10,472
Property, plant and equipment, net 70,677 70,406
Deferred tax assets, net 2,101 2,359
Other assets 2,038 1,282
-------------- --------------
Total assets $ 99,136 $ 84,519
============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities $ 8,029 $ 7,958
Long-term debt, excluding current installments 49,000
37,500
Other liabilities 908 755
Stockholders' equity 41,199 38,306
-------------- --------------
Total liabilities and stockholders' equity $ 99,136 $ 84,519
============== ==============
</Table>
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