United States Lime & Minerals(USLM) - 2023 Q1 - Quarterly Report

Financial Performance - Revenues increased by 31.2% in Q1 2023, reaching $66.8 million compared to $50.9 million in Q1 2022[48] - Gross profit surged by 65.8% in Q1 2023, amounting to $24.0 million, compared to $14.5 million in Q1 2022[49] - Net income for Q1 2023 was $17.1 million ($3.00 per diluted share), up 97.3% from $8.7 million ($1.53 per diluted share) in Q1 2022[52] - Net cash provided by operating activities was $20.6 million in Q1 2023, a 156.2% increase from $8.1 million in Q1 2022[41] Revenue Sources - Revenues from Lime and Limestone Operations rose by 32.3% in Q1 2023, driven by a 23.5% increase in average selling prices and an 8.8% increase in sales volumes[39] - The company acquired Mill Creek for $5.6 million, contributing $1.2 million to revenues in Q1 2023[38] Expenses and Investments - Capital expenditures in Q1 2023 totaled $5.5 million, down from $11.4 million in Q1 2022, which included $5.9 million for the acquisition of Mill Creek[42] - Selling, general and administrative expenses increased by 14.2% to $4.2 million in Q1 2023, primarily due to higher personnel costs[50] Financial Position - The company had no outstanding debt as of March 31, 2023, and cash and cash equivalents increased to $147.6 million from $133.4 million at the end of 2022[43][47] Future Outlook - The company anticipates continued pressure on production costs and potential impacts on future demand due to recessionary concerns[40] Compliance and Safety - No changes in internal control over financial reporting that materially affect operations were reported during the most recent fiscal quarter[55] - The company is committed to providing a safe workplace by training employees, communicating openly, and improving safety practices[58] - MSHA has increased enforcement of mining safety standards, resulting in higher penalties for violations in recent years[60] Shareholder Actions - In Q1 2023, the company purchased 646 shares at a price of $151.70 for tax withholding liability related to restricted stock[56]