Financial Performance - Revenues for Q2 2024 reached 73,983,000 in Q2 2023[7] - Net income for Q2 2024 was 19,712,000 in Q2 2023[7] - Basic and diluted net income per share increased to 0.69 in Q2 2023[7] - Net income for the six months ended June 30, 2024, was 36,816,000 for the same period in 2023[12] - Total revenues for the six months ended June 30, 2024, were 140,760,000 in the prior year[23] - Gross profit from lime and limestone operations for the six months ended June 30, 2024, was 51,179,000 in 2023[23] - Operating profit for lime and limestone operations for the six months ended June 30, 2024, was 42,708,000 in the same period last year[23] - Gross profit for Q2 2024 was 65.4 million for the first six months, an increase of 28.0% year-over-year[44] - Net cash provided by operating activities increased by 48.4 million in the first six months of 2024 compared to the same period in 2023[41] Assets and Liabilities - Total current assets increased to 254,969,000 at the end of 2023[5] - Total liabilities decreased to 47,498,000 at the end of 2023[5] - Stockholders' equity rose to 393,104,000 at the end of 2023[5] - Cash and cash equivalents increased to 187,964,000 at the end of 2023[5] - Cash and cash equivalents at the end of the period increased to 156,198,000, reflecting a 42.3% rise[12] - As of June 30, 2024, inventories totaled 24.3 million on December 31, 2023, with raw materials increasing by 11.3% and finished goods by 35.2%[27] - The identifiable assets at the end of the period totaled 402,372,000 in the previous year[23] Capital Expenditures and Investments - Capital expenditures for lime and limestone operations in the six months ended June 30, 2024, were 15,432,000 in the prior year[23] - Capital expenditures were 15.4 million in the same period of 2023[42] Shareholder Actions - The company approved an increase in authorized shares from 30,000,000 to 45,000,000 on May 2, 2024, followed by a 5-for-1 stock split on July 12, 2024[15] - The Company declared a regular quarterly cash dividend of 0.05 and 0.04 and 555,000 for 2024[49] - Annual cash bonus opportunities tied to EBITDA performance will be adjusted to reflect recent increases in both Company EBITDA and Byrne's salary[49] - Byrne's equity awards reduced from 37,500 stock options to none, and restricted stock granted reduced from 62,500 to 47,500 shares[49] - The one-year vesting period for restricted stock grants remains unchanged, with immediate vesting for the final year's grant upon termination of employment[49] - The 2024 Amendments to the Agreement effective August 1, 2024, include updates to the Company's compensation recovery policy[49] Operational Insights - The Company is focused on expanding its lime and limestone operations through projects and acquisitions, contingent on obtaining necessary financing and integrating new operations[39] - The Company anticipates that its plans and strategies may be affected by various risks, including market conditions and regulatory changes, which could impact future performance[39] Debt and Credit Facilities - The company has no debt outstanding and no draws on the revolving credit facility, with 75 million revolving credit facility with Wells Fargo Bank, with an additional accordion feature allowing for up to 5.153 million, with the present value of lease liabilities at 931,000 for the six months ended June 30, 2024, compared to $812,000 for the same period in 2023, indicating a 14.7% increase[34]
United States Lime & Minerals(USLM) - 2024 Q2 - Quarterly Report