United States Lime & Minerals(USLM) - 2021 Q2 - Quarterly Report

Revenue and Profit Growth - Lime and limestone revenues increased by 30.5% in Q2 2021 and 19.2% in the first six months of 2021 compared to the same periods in 2020[43] - Gross profit from lime and limestone operations rose by 58.8% in Q2 2021 and 38.7% in the first six months of 2021 compared to the same periods in 2020[44] - Revenues in Q2 2021 were $49.2 million, a 30.9% increase from $37.5 million in Q2 2020[57] - Revenues from lime and limestone operations in Q2 2021 increased by $11.4 million, or 30.5%, to $48.7 million compared to Q2 2020[57] - Gross profit for Q2 2021 was $16.8 million, an increase of 62.2% from $10.4 million in Q2 2020[58] - Revenues for the first six months of 2021 were $90.8 million, a 19.5% increase from $76.0 million in the first six months of 2020[57] - Gross profit for the first six months of 2021 was $28.6 million, an increase of 41.3% from $20.2 million in the first six months of 2020[58] - Net income in Q2 2021 was $11.1 million ($1.96 per share diluted), an increase of 81.8% from $6.1 million ($1.08 per share diluted) in Q2 2020[62] - Net income for the first six months of 2021 was $18.1 million ($3.20 per share diluted), a 55.6% increase from $11.6 million ($2.07 per share diluted) in the first six months of 2020[62] Operating Cash Flow and Expenses - Net cash provided by operating activities was $27.4 million in the first six months of 2021, a slight increase of 0.9% from $27.1 million in the same period of 2020[49] - SG&A expenses in Q2 2021 were $3.0 million, a slight increase of 2.6% from $2.9 million in Q2 2020[59] - Income tax expense in Q2 2021 was $2.8 million, compared to $1.4 million in Q2 2020[61] - Interest expense remained stable at $62 thousand in Q2 2021, the same as in Q2 2020[60] Capital Expenditures and Financial Position - Capital expenditures in the first six months of 2021 totaled $17.8 million, up from $10.6 million in the same period of 2020[50] - Cash and cash equivalents increased by $7.8 million to $91.3 million as of June 30, 2021, from $83.6 million at December 31, 2020[51] - The company has a $75 million revolving credit facility with Wells Fargo Bank, with an additional accordion feature to borrow up to $50 million[52] - The company had no debt outstanding and no draws on the revolving facility other than $0.4 million of letters of credit as of June 30, 2021[56] Market Conditions and Challenges - The acquisition of Carthage Crushed Limestone contributed $2.5 million and $4.7 million to revenues for the three- and six-month periods ended June 30, 2021, respectively[41] - The average selling prices for lime and limestone products increased by 2.2% in Q2 2021 and 1.8% in the first six months of 2021[43] - The company anticipates challenges in labor and supply availability and costs as the economy adjusts to reopening[46]