United States Lime & Minerals reported third quarter and first nine months 2009 results. Revenues decreased to $31.6 million in the third quarter 2009 from $38.9 million in the comparable prior year quarter, a decrease of $7.3 million, or 18.8%.

Revenues from the company's lime and limestone operations decreased $3.7 million, or 11.1%, to $29.9 million in the third quarter 2009, compared to $33.6 million in the comparable 2008 quarter. For the first nine months, revenues decreased to $89.1 million from $113.3 million for the comparable 2008 period, a decrease of $24.3 million, or 21.4%. Revenues from the company's lime and limestone operations decreased $16.6 million, or 16.5%, to $84.0 million in the first nine months 2009, compared to $100.6 million in the comparable 2008 period. The decreases in lime and limestone revenues resulted from decreased lime sales volumes, partially offset by price increases, were consistent with the comparable 2008 periods.

The company's gross profit was $8.6 million for the third quarter, compared to $8.9 million for the comparable 2008 quarter, a decrease of $304,000, or 3.4%. Gross profit for the first nine months was $21.7 million, a decrease of $5.2 million, or 19.3%, from $26.9 million for the first nine months 2008. Included in gross profit for the third quarter and first nine months 2009 were $7.5 million and $18.6 million, respectively, from the company's lime and limestone operations, compared to $4.6 million and $16.3 million, respectively, in the comparable 2008 periods. The improved gross profit and gross profit margins for the company's lime and limestone operations were due to price increases for lime and limestone products and reduced costs, partially offset by continuing reduced construction and steel and other industrial demand for lime products.

"We are pleased to see that our ongoing efforts to reduce costs were reflected by substantial improvements in our gross profit and gross profit margins for our lime and limestone operations in the third quarter," said Timothy W. Byrne, president and CEO. "Our balance sheet remains strong as cash flows from operations during the first three quarters of this year allowed us to reduce our bank debt by 16% and increase our cash balances by almost $11 million. “Although demand for our lime products has not yet recovered, we continue to believe that demand for our lime and limestone products used in construction and steel and other industrial production could increase in the future spurred by the effects of the government's stimulus efforts and, hopefully, improved economic conditions, most of which is not within our control. During this period of reduced demand for our lime products and reduced natural gas prices, we continue to strive to control our costs, introduce additional efficiencies, pay down our debt and position ourselves for the hoped-for recovery."