Business
United States Lime & Minerals Reports First Quarter 2020 Results and Declares Regular Quarterly Cash Dividend
DALLAS, April 29, 2020 (GLOBE NEWSWIRE) -- United States Lime & Minerals, Inc. (NASDAQ: USLM) today reported first quarter 2020 results: The Company’s
About this update from United States Lime & Minerals, Inc.
[{"type":"text","content":"DALLAS, April 29, 2020 (GLOBE NEWSWIRE) -- United States Lime & Minerals, Inc. (NASDAQ: USLM) today reported first quarter 2020 results: The Company’s revenues in the first quarter 2020 were $38.4 million, compared to $37.8 million in the first quarter 2019, an increase of $0.6 million, or 1.7%. The increase in revenues in the first quarter 2020, compared to the first quarter 2019, resulted from an increase in the average selling price for the Company’s lime and limestone products, partially offset by decreased demand principally from the Company’s environmental and oil and gas services customers.\n The Company’s gross profit was $9.9 million in the first quarter 2020, compared to $8.7 million in the first quarter 2019, an increase of $1.2 million, or 13.6%. The increased gross profit in the first quarter 2020, compared to the first quarter 2019, resulted primarily from the increased revenues described above, lower fuel costs, and increased operating efficiencies associated, in part, with the new kiln at the Company’s St. Clair facility, which began producing commercially saleable quicklime in the second quarter 2019. Selling, general and administrative (“SG&A”) expenses were $3.2 million in the first quarter 2020, compared to $2.7 million in the first quarter 2019, an increase of $0.5 million, or 20.4%. The increase in SG&A expenses resulted primarily from increased personnel expenses, including stock-based compensation, and legal expenses in the first quarter 2020. The Company’s revenues in the first quarter 2020 included $226 thousand from natural gas interests, compared to $334 thousand in the first quarter 2019. The Company’s gross profit in the first quarter 2020 included a loss of $162 thousand from natural gas interests, compared to income of $7 thousand in the first quarter 2019. In the fourth quarter 2019, the Company assessed the recent trends of revenue, gross profit or loss, and total assets of its natural gas interests and determined that those interests no longer represented a reportable segment. The Company reported net income of $5.5 million ($0.98 per share diluted) in the first quarter 2020, compared to $5.1 million ($0.91 per share diluted) in the first quarter 2019, an increase of $0.4 million, or 8.1%. Federal, state, and local governmental responses to the COVID-19 pandemic, including restrictions requirin...