Revenue Growth - Lime and limestone revenues increased by 17.3% in 2021, totaling $187.365 million compared to $159.707 million in 2020[135]. - Total revenues rose to $189.255 million in 2021, a 17.8% increase from $160.704 million in 2020[135]. - Revenues for 2021 increased to $189.3 million, up $28.6 million or 17.8% from 2020, driven by a 17.3% increase in Lime and Limestone Operations revenues[168]. - Revenues for Lime and limestone operations in Q4 2021 were $45,518,000, a decrease of 12.5% from Q3 2021[1]. Profitability - Gross profit increased by 24.5% in 2021, reaching $59.260 million, driven by higher revenues and operating efficiencies[142]. - Gross profit for 2021 rose to $59.3 million, an increase of $11.7 million or 24.5% compared to 2020, primarily due to increased revenues and operating efficiencies[169]. - Net income for 2021 was $37.045 million, reflecting a 31.3% increase from $28.223 million in 2020[142]. - Net income for 2021 increased to $37.0 million ($6.54 per share diluted), a rise of $8.8 million or 31.3% from 2020[173]. - Net income for Q4 2021 was $7,613,000, representing a 32.5% decrease compared to Q3 2021[1]. - Basic income per common share for Q4 2021 was $1.35, down from $2.00 in Q3 2021, a decline of 32.5%[1]. Expenses and Costs - Selling, general and administrative expenses (SG&A) for 2021 were $12.8 million, a 5.5% increase from 2020, but as a percentage of revenues, SG&A decreased to 6.8%[170]. - Rising energy and supply costs are expected to impact profitability, prompting the company to increase product prices[149]. - The average price for lime and limestone products increased by 0.9% in 2021 compared to 2020, despite competitive pressures[168]. - The company continues to focus on increasing lime and limestone prices to offset rising costs amid competitive pressures[157]. Cash and Financial Position - Cash balances increased to $105.4 million as of December 31, 2021, up from $83.6 million in 2020, with no debt outstanding[143]. - Net cash provided by operating activities in 2021 was $55.7 million, a decrease of 4.9% from $58.6 million in 2020[5]. - The company has a $75 million revolving credit facility with no outstanding debt as of December 31, 2021[9]. - Cash and cash equivalents increased to $105.4 million as of December 31, 2021, up from $83.6 million at the end of 2020[8]. - Total contractual obligations as of December 31, 2021, amounted to $13,618,000, with $5,862,000 due within one year[10]. - The company plans to utilize cash on hand and cash flows from operations to meet ongoing capital needs and pay regular cash dividends[11]. - There was no outstanding balance on the Revolving Facility subject to interest rate risk at December 31, 2021[12]. Strategic Initiatives - The company acquired Mill Creek for $5.9 million in February 2022, complementing its existing operations[139]. - Demand for lime and limestone products increased due to growth in construction, steel, environmental, industrial, roofing, and agriculture sectors[141]. - The company anticipates funding its operating and capital needs from cash balances and cash flows from operations in 2022[144]. - Future operational strategies include exploring acquisitions to expand production capacity as opportunities arise[158]. - Capital expenditures are expected to be approximately $14.0 million annually for Lime and Limestone Operations to maintain efficiency and compliance[4]. Taxation - The effective income tax rate for 2021 was 20.4%, up from 17.2% in 2020, primarily due to increased income before taxes[172].
United States Lime & Minerals(USLM) - 2021 Q4 - Annual Report