United States Lime & Minerals(USLM) - 2022 Q1 - Quarterly Report

Financial Performance - Revenues increased by 22.2% in Q1 2022, reaching $50.9 million compared to $41.7 million in Q1 2021, driven by a 19.4% increase in sales volumes and a 2.2% rise in average selling prices[39][51] - Gross profit rose by 22.5% in Q1 2022 to $14.5 million, up from $11.8 million in Q1 2021, primarily due to increased revenues, partially offset by higher production costs[40][52] - Net income for Q1 2022 was $8.7 million ($1.53 per diluted share), a 23.3% increase from $7.0 million ($1.24 per diluted share) in Q1 2021[56] Acquisitions and Investments - The company acquired Mill Creek for $5.9 million in cash, which contributed $0.8 million to revenues in Q1 2022[38] - Capital expenditures totaled $11.4 million in Q1 2022, including $5.9 million for the Mill Creek acquisition, compared to $4.5 million in Q1 2021[45] Expenses and Costs - SG&A expenses increased by 18.5% to $3.6 million in Q1 2022, primarily due to higher personnel costs[53] - The company continues to face rising costs, particularly in energy and transportation, and is increasing prices for its products to mitigate these effects[41] Cash Flow and Dividends - Net cash provided by operating activities decreased by 30.7% to $8.1 million in Q1 2022 from $11.6 million in Q1 2021[43] - The company declared a quarterly cash dividend of $0.20 per share, payable on June 17, 2022[42] - The company had no outstanding debt as of March 31, 2022, and cash and cash equivalents decreased to $100.9 million from $105.4 million at the end of 2021[50] Interest Rate Risk - The company is exposed to interest rate risk due to floating interest rates on the Revolving Facility[57] - As of March 31, 2022, there was no outstanding balance on the Revolving Facility subject to interest rate risk[57] - Future borrowings under the Revolving Facility will be subject to interest rate risk[57]