United States Lime & Minerals, Inc. Announces Unaudited Consolidated Earnings and Production Results for the Fourth Quarter and Year Ended December 31, 2012
January 30, 2013 at 04:25 pm
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United States Lime & Minerals, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company's total revenues were $31,883,000 compared to $33,494,000 for the same period in 2011. The slight decrease in lime and limestone revenues in the fourth quarter 2012 as compared to last year's comparable quarter primarily resulted from decreased sales volumes of the company's lime and limestone products principally due to decreased demand from its steel and oil and gas services customers, mostly offset by increased sales volumes to the Company's construction customers and a small increase in prices realized for the company's lime and limestone products in the 2012 quarter, compared to the comparable 2011 quarter. Operating profit was $5,614,000 compared to $6,715,000 for the same period in 2011. Net income was $3,792,000 or $0.68 per basic and diluted share compared to $4,515,000 or $0.72 per diluted share for the same period in 2011.
For the year, the company's total revenues were $138,525,000 compared to $142,582,000 for the same period in 2011. The increase in lime and limestone revenues for full-year 2012, compared to 2011, primarily resulted from increased prices realized for the company's lime and limestone products in 2012, compared to 2011, partially offset by decreased sales volumes of the company's lime and limestone products principally due to decreased demand from its steel and oil and gas services customers. Operating profit was $24,245,000 compared to $32,503,000 for the same period in 2011. Net income was $16,423,000 or $2.87 per diluted share compared to $22,186,000 or $3.49 per diluted share for the same period in 2011.
Production volumes from the company's natural gas interests for the fourth quarter 2012 totaled 284,000 MCF, sold at an average price of $5.89 per MCF, compared to 381,000 MCF, sold at an average price of $7.95 per MCF, in the comparable 2011 quarter. Production was from 39 wells during both quarters.
Production volumes for full-year 2012 from natural gas interests totaled 1.2 BCF, sold at an average price of $5.74 per MCF, compared to 2011 when 1.6 BCF was produced and sold at an average price of $8.27 per MCF. Average price per MCF decreased in the 2012 periods, compared to the comparable 2011 periods, because of decreased prices for both natural gas and natural gas liquids contained in the Company's natural gas. Natural gas interests revenues for full-year 2011 also included $487,000 from the final favorable resolution of certain royalty ownership issues on unitized natural gas wells in the second quarter 2011. In the 2012 periods, the decreases in production volumes resulted from normal declines in production rates on existing wells.
United States Lime & Minerals, Inc. is engaged in lime and limestone operations. The Company is a manufacturer of lime and limestone products and 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, agriculture and oil and gas services industries. It extracts limestone from its open-pit quarries and underground mines and then processes it for sale as pulverized limestone, aggregate, quicklime, hydrated lime, and lime slurry. The Company operates lime and limestone plants and distribution facilities in Arkansas, Colorado, Louisiana, Missouri, Oklahoma and Texas through its subsidiaries, Arkansas Lime Company, ART Quarry TRS LLC, Colorado Lime Company, Mill Creek Dolomite, LLC, Texas Lime Company, U.S. Lime Company, and others.
United States Lime & Minerals, Inc. Announces Unaudited Consolidated Earnings and Production Results for the Fourth Quarter and Year Ended December 31, 2012