United States Lime & Minerals(US:USLM)2021-04-29 20:17Financial Performance - Revenues in Q1 2021 were $41.7 million, an increase of 8.4% compared to $38.4 million in Q1 2020, driven by a 6.8% increase in sales volumes and a 1.4% increase in average selling prices [61]. - Gross profit increased by 19.5% in Q1 2021 to $11.8 million, compared to $9.9 million in Q1 2020, primarily due to increased revenues and operating efficiencies [62]. - Net income for the first quarter of 2021 was $7.0 million, representing an increase of $1.5 million or 26.8% compared to $5.5 million in the first quarter of 2020 [66]. - Diluted earnings per share for the first quarter of 2021 was $1.24, up from $0.98 in the first quarter of 2020 [66]. Expenses and Cash Flow - Selling, general and administrative expenses (SG&A) decreased to $3.1 million in Q1 2021 from $3.2 million in Q1 2020, representing 7.4% of revenues [63]. - Net cash provided by operating activities was $11.6 million in Q1 2021, a slight increase of 1.0% from $11.5 million in Q1 2020 [53]. - Capital expenditures in Q1 2021 were $4.5 million, down from $6.1 million in Q1 2020 [55]. - Cash and cash equivalents increased by $6.1 million to $89.7 million as of March 31, 2021, compared to $83.6 million at December 31, 2020 [55]. Acquisitions and Revenue Contributions - The acquisition of Carthage Crushed Limestone contributed $2.2 million to revenues in Q1 2021, enhancing sales to agriculture and roofing customers [48][46]. Taxation - Income tax expense increased to $1.7 million in the first quarter of 2021, a rise of $0.4 million or 29.3% from $1.3 million in the first quarter of 2020 [65]. - The effective income tax rate for the first quarter of 2021 was 19.3%, slightly higher than 19.0% in the first quarter of 2020 [65]. Debt and Financing - The company had no outstanding debt and no draws on the revolving credit facility as of March 31, 2021, except for $0.4 million in letters of credit [60]. - There was no outstanding balance on the Revolving Facility subject to interest rate risk as of March 31, 2021 [67]. - Future borrowings under the Revolving Facility will be subject to interest rate risk [67]. Shareholder Actions - The company plans to increase the number of authorized shares from 15 million to 30 million, which could be used for stock splits, acquisitions, and employee incentives [52]. Market Conditions - The ongoing impact of the COVID-19 pandemic continues to create uncertainty regarding demand and operational stability [50].