UNITED STATES LIME & MINERALS INC

Previous wording

Any statements contained in this Report that are not statements of historical fact are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this Report, including without limitation statements relating to the Company’s plans, strategies, objectives, expectations, intentions, and adequacy of resources, are identified by such words as “will,” “could,” “should,” “would,” “believe,” “possible,” “potential,” “expect,” “intend,” “plan,” “schedule,” “estimate,” “anticipate,” and “project.” The Company undertakes no obligation to publicly update or revise any forward-looking statements. The Company cautions that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from expectations, including without limitation the following: (i) the Company’s plans, strategies, objectives, expectations, and intentions are subject to change at any time at the Company’s discretion; (ii) the Company’s plans and results of operations will be affected by its ability to maintain and increase its revenues and manage its growth; (iii) the Company’s ability to meet short-term and long-term liquidity demands, including meeting the Company’s operating and capital needs, including possible acquisitions and paying dividends, and conditions in the credit and equity markets, including the ability of the Company’s customers to meet their obligations; (iv) interruptions to operations and increased expenses at the Company’s facilities resulting from changes in mining methods or conditions, variability of chemical or physical properties of the Company’s limestone and its impact on process equipment and product quality, inclement weather conditions, including more severe and frequent weather events resulting from climate change, natural disasters, accidents, IT systems failures or disruptions, including due to cybersecurity threats and incidents, utility disruptions, supply chain delays and disruptions, labor shortages and disruptions, or regulatory requirements; (v) volatile coal, petroleum coke, diesel, natural gas, electricity, and transportation costs and the consistent availability of trucks, truck drivers, and rail cars to deliver the Company’s products to its customers and solid fuels to its plants on a timely basis at competitive prices; (vi) the Company’s ability to expand its operations through projects and acquisitions of businesses with related or similar operations and the Company’s ability to obtain any required financing for such projects and acquisitions, to integrate the projects and acquisitions into the Company’s overall operations, and to sell any resulting increased production at acceptable prices; (vii) inadequate demand and/or prices for the Company’s lime and limestone products due to increased competition from competitors, increasing competition for certain customer accounts, conditions in the U.S. economy, recessionary pressures in, an…

Excerpt shortened here; the source contains the full paragraph.

Current wording

Any statements contained in this Report that are not statements of historical fact are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this Report, including without limitation statements relating to the Company’s plans, strategies, objectives, expectations, intentions, and adequacy of resources, are identified by such words as “will,” “could,” “should,” “would,” “believe,” “possible,” “potential,” “expect,” “intend,” “plan,” “schedule,” “estimate,” “anticipate,” and “project.” The Company undertakes no obligation to publicly update or revise any forward-looking statements. The Company cautions that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from expectations, including without limitation the following: (i) the Company’s plans, strategies, objectives, expectations, and intentions are subject to change at any time at the Company’s discretion; (ii) the Company’s plans and results of operations will be affected by its ability to maintain and increase its revenues and manage its growth; (iii) the Company’s ability to meet short-term and long-term liquidity demands, including meeting the Company’s operating and capital needs, including possible acquisitions and paying dividends, and conditions in the credit and equity markets, including the ability of the Company’s customers to meet their obligations; (iv) interruptions to operations and increased expenses at the Company’s facilities resulting from changes in mining methods or conditions, variability of chemical or physical properties of the Company’s limestone and its impact on process equipment and product quality, inclement weather conditions, including more severe and frequent weather events resulting from climate change, natural disasters, accidents, IT systems failures or disruptions, including due to cybersecurity threats and incidents, utility disruptions, supply chain delays and disruptions, labor shortages and disruptions, or regulatory requirements; (v) volatile coal, petroleum coke, diesel, natural gas, electricity, and transportation costs and the consistent availability of trucks, truck drivers, and rail cars to deliver the Company’s products to its customers and solid fuels to its plants on a timely basis at competitive prices; (vi) the Company’s ability to expand its operations through projects and acquisitions of businesses with related or similar operations and the Company’s ability to obtain any required financing for such projects and acquisitions, to integrate the projects and acquisitions into the Company’s overall operations, and to sell any resulting increased production at acceptable prices; (vii) inadequate demand and/or prices for the Company’s lime and limestone products due to increased competition from competitors, including new entrants into our markets, increasing competition for certain customer accounts, conditions in the U.…

Excerpt shortened here; the source contains the full paragraph.

Previous wording

We have identified one reportable business segment, lime and limestone operations, based on the distinctness of our activities and products. All operations are in the United States. During 2024, we determined that the activities of our natural gas interests did not meet the requirements of an operating segment. Previously unallocated items, including cash, interest income and expense, and other expense are now included as part of our single lime and limestone operations segment. Disclosures for 2023 and 2022 have been recast to be consistent with the 2024 presentation.

Current wording

We have identified one reportable business segment, lime and limestone operations, based on the distinctness of our activities and products. All operations are in the United States.

Previous wording

Our revenues increased 12.9% in 2024 compared to 2023, primarily due to an increase in average selling prices for our lime and limestone products of 14.2%, partially offset by a 1.2% decrease in sales volume. This decrease in demand was primarily from our construction customers, partially offset by increased demand from our industrial, environmental, and roof shingle customers. Our gross profit increased 40.0% in 2024, compared to 2023, primarily due to the increased revenues discussed above.

Current wording

Our revenues increased 17.3% in 2025 compared to 2024, due to an increase in sales volume of our lime and limestone products of 11.7% and a 5.6% increase in average selling prices. The increase in sales volume was primarily due to increased demand from our construction, environmental, and steel customers, partially offset by decreased demand from our oil and gas services customers. Our gross profit increased 26.7% in 2025, compared to 2024, primarily due to the increased revenues discussed above.

Previous wording

Our net income increased $34.3 million, or 46.0%, in 2024, compared to 2023. Net income per fully diluted share increased to $3.79 in 2024, compared to $2.61 in 2023, an increase of 45.2%.

Current wording

Our net income increased $25.4 million, or 23.4%, in 2025, compared to 2024. Net income per fully diluted share increased to $4.67 in 2025, compared to $3.79 in 2024, an increase of 23.2%.

Previous wording

Cash flows from operations enabled us to make $27.4 million of capital investments in 2024. It also enabled us to pay $5.7 million in dividends in 2024 and increase our cash balances to $278.0 million as of December 31, 2024, compared to $188.0 million as of December 31, 2023. As of December 31, 2024 and 2023, we had no debt outstanding.

Current wording

Cash flows from operations enabled us to make $62.7 million of capital investments in 2025. It also enabled us to pay $6.9 million in dividends in 2025 and increase our cash and cash equivalents balances to $371.1 million as of December 31, 2025, compared to $278.0 million as of December 31, 2024. As of December 31, 2025 and 2024, we had no debt outstanding.

Previous wording

On February 3, 2025, we announced that our Board of Directors had declared an increased regular quarterly cash dividend of $0.06 per share. The dividend is payable on March 14, 2025, to shareholders of record on February 21, 2025.

Current wording

On February 2, 2026, we announced that our Board of Directors had declared a regular quarterly cash dividend of $0.06 per share. The dividend is payable on March 13, 2026, to stockholders of record on February 20, 2026.

Previous wording

Adverse weather conditions, such as ice storms, freezing weather, hurricanes, tornadoes, excessive rains, and flooding, generally reduce the demand for lime and limestone products supplied to construction-related customers that account for a significant amount of our revenues. Inclement weather also interferes with our open-pit mining operations and can disrupt our plant production. In addition to weather, various maintenance, environmental, accident, and other operational and construction issues can also disrupt our operations and increase our operating expenses.

Current wording

Adverse weather conditions, such as ice storms, freezing weather, hurricanes, tornadoes, excessive rains, and flooding, generally reduce the demand for lime and limestone products supplied to construction-related customers that account for a significant amount of our revenues. Inclement weather also interferes with our open-pit mining operations and can disrupt our plant production and product shipments. In addition to weather, various maintenance, environmental, accident, and other operational and construction issues can also disrupt our operations and increase our operating expenses.

Previous wording

Demand for our lime and limestone products in our market areas is also affected by general economic conditions, the pace of construction, including the level of governmental and private funding for highway construction and infrastructure, utility plant usage of coal for power generation, the demand for steel, and the level of oil and gas drilling in our markets.

Current wording

Demand for our lime and limestone products in our market areas is also affected by general economic, political, and regulatory conditions, the pace of construction, including the level of governmental and private funding for highway, infrastructure, and data center construction, utility plant usage of coal for power generation, the demand for steel, the demand for roof shingles, and the level and oil and gas drilling in our markets.

Previous wording

Texas continues to invest heavily in its transportation, including directing certain sales and use tax revenues, state motor vehicle sales and rental tax revenues, and oil and gas tax revenues to the State Highway Fund, as required under the Texas constitution. In its fiscal 2024, Texas transferred approximately $6.2 billion of such tax revenues to the State Highway Fund. Additionally, for future roadway projects outlined in the Texas Department of Transportation’s 2024 Unified Transportation Program, the state programmed a $15.5 billion increase in funding for a total of $100.6 billion in construction and major maintenance projects planned over the next 10 years. In 2021, the United States Congress passed the Infrastructure Investment and Jobs Act, which is estimated to apportion approximately $27.5 billion to Texas for federal-aid highway programs, of which $16.6 billion has been announced for roads, bridges, roadway safety, and major projects. With these funding sources, we would expect to see strong continued demand from our construction customers, but the timing and amount of any increase in demand is uncertain and subject to weather, political, economic, and other factors.

Current wording

Texas continues to invest heavily in its transportation infrastructure, including directing certain sales and use tax revenues, state motor vehicle sales and rental tax revenues, and oil and gas tax revenues to the State Highway Fund, as required under the Texas constitution. The major metropolitan areas in Texas continue to experience net population growth and are characterized by solid new housing demand and related infrastructure growth. With these funding sources and investment, we expect to see strong continued demand from our construction customers, but the timing and amount of any increase in demand is uncertain and subject to weather, political, economic, and other factors.

Previous wording

Our modernization and expansion and development projects and acquisitions in Texas, Arkansas, Oklahoma, and Missouri and our Texas slurry operations have positioned us to meet the demand for high-quality lime and limestone products in our markets. Our modernization and expansion and development projects have also equipped us with up-to-date, fuel-efficient plant facilities, which have resulted in lower production costs and greater operating efficiencies, thus enhancing our competitive position. All of our rotary kilns are now fuel-efficient preheater kilns, and the addition of the vertical kiln at St. Clair further increased the fuel efficiency of our fleet of kilns. Future projects, such as our new kiln project at Texas Lime, will create the opportunity for further fuel efficiency.

Current wording

Our modernization and expansion and development projects in Texas, Arkansas, and Oklahoma, our acquisitions in Oklahoma and Missouri, and our Texas slurry operations have positioned us to meet the demand for high-quality lime and limestone products in our markets. Our modernization and expansion and development projects have also equipped us with up-to-date, fuel-efficient plant facilities, which have resulted in lower production costs and greater operating efficiencies, thus enhancing our competitive position. All of our rotary kilns are preheater kilns, and the addition of the vertical kiln at St. Clair further increased the fuel efficiency of our fleet of kilns. Future projects, such as our new kiln project at Texas Lime, will create opportunities for further fuel efficiency.

Previous wording

For our plants to operate at peak efficiency, we must meet operational challenges that arise from time to time, including bringing new facilities on-line and refurbishing and/or improving acquired facilities, including the facilities acquired as a result of our acquisitions of Carthage and Mill Creek, as well as operating existing facilities efficiently. We also incur ongoing costs for maintenance and to remain in compliance with rapidly changing Environmental Laws and health and safety and other regulations.

Current wording

For our plants to operate at peak efficiency, we must meet operational challenges that arise from time to time, including bringing new facilities on-line and refurbishing and/or improving acquired facilities, as well as operating existing facilities efficiently. We also incur ongoing costs for maintenance and to remain in compliance with rapidly changing Environmental Laws and health and safety and other regulations.

Previous wording

Historically, we have been able to mitigate to some degree the impact of volatile energy costs by varying the mixes of fuel used in our kilns, and by passing on some of any increase in costs to our customers, where possible, through higher prices and/or surcharges on certain products. In addition, we continually look for other ways to better manage our energy costs at our plants. Finally, we have not engaged in any significant hedging activity in an effort to control our energy costs but may do so in the future.

Current wording

through higher prices and/or surcharges on certain products. In addition, we continually look for other ways to better manage our energy costs at our plants. Finally, we have not engaged in any significant hedging activity in an effort to control our energy costs but may do so in the future.

Previous wording

Our gross profit increased to $102.9 million in 2023 from $70.3 million in 2022, an increase of $32.5 million, or 46.2%. The increase in gross profit in 2023, compared to 2022, resulted primarily from the increased revenues discussed above, partially offset by increased lime and limestone production costs, principally from higher energy, labor, and parts and supplies costs.

Current wording

Our gross profit increased to $182.4 million in 2025 from $144.0 million in 2024, an increase of $38.4 million, or 26.7%. The increase in gross profit in 2025, compared to 2024, resulted primarily from the increased revenues discussed above.

Previous wording

SG&A increased to $17.4 million in 2023, an increase of $1.9 million, or 12.1%, compared to $15.6 million in 2022. As a percentage of revenues, SG&A was 6.2% in 2023, compared to 6.6% in 2022. The increase in SG&A was primarily due to increased personnel expenses in 2023, compared to 2022.

Current wording

Selling, general and administrative expenses (“SG&A”) increased to $24.5 million in 2025, an increase of $5.5 million, or 28.8%, compared to $19.1 million in 2024. As a percentage of revenues, SG&A was 6.5% in 2025, compared to 5.9% in 2024. The increase in SG&A was primarily due to increased personnel expenses in 2025 compared to 2024.

Previous wording

Income tax expense was $18.8 million in 2023, for an effective rate of 20.2%, compared to $11.1 million in 2022, for an effective rate of 19.7%, an increase of $7.7 million, primarily due to the increase in income before taxes in 2023, compared to 2022. Our effective income tax rates in 2023 and 2022 were reduced from the statutory rate primarily due to statutory depletion in excess of basis.

Current wording

Income tax expense was $36.7 million in 2025, for an effective rate of 21.5%, compared to $27.5 million in 2024, for an effective rate of 20.2%, an increase of $9.2 million, primarily due to the increase in income before income taxes in 2025, compared to 2024. Our effective income tax rates in 2025 and 2024 were increased from the statutory rate primarily due to state income taxes and disallowed executive compensation, and reduced primarily by statutory depletion in excess of basis.

Previous wording

Net income increased to $74.5 million ($2.61 per share diluted) in 2023, compared to $45.4 million ($1.60 per share diluted) in 2022, an increase of $29.1 million, or 64.1%.

Current wording

Net income increased to $134.3 million ($4.67 per share diluted) in 2025, compared to $108.8 million ($3.79 per share diluted) in 2024, an increase of $25.4 million, or 23.4%.

Previous wording

Our revenues in 2023 increased to $281.3 million from $236.2 million in 2022, an increase of $45.2 million, or 19.1%. The increase in revenues in 2023 was due to a 21.1% increase in average selling prices for our lime and limestone products, partially offset by a 1.1% decrease in sales volumes. The decrease in sales volumes was primarily

Current wording

Our revenues in 2024 increased to $317.7 million from $281.3 million in 2023, an increase of $36.4 million, or 12.9%. The increase in revenues in 2024 was due to a 14.2% increase in average selling prices for our lime and limestone products, partially offset by a 1.2% decrease in sales volumes. The decrease in sales volume was primarily due

Previous wording

Our revenues in 2024 increased to $317.7 million from $281.3 million in 2023, an increase of $36.4 million, or 12.9%. The increase in revenues in 2024 was due to a 14.2% increase in average selling prices for our lime and limestone products, partially offset by a 1.2% decrease in sales volumes. The decrease in sales volume was primarily due to decreased demand from our construction customers, partially offset by increased demand from our industrial, environmental, and roof shingle customers.

Current wording

to decreased demand from our construction customers, partially offset by increased demand from our industrial, environmental, and roof shingle customers.

Previous wording

Selling, general and administrative expenses (“SG&A”) increased to $19.1 million in 2024, an increase of $1.6 million, or 9.2%, compared to $17.4 million in 2023. As a percentage of revenues, SG&A was 5.9% in 2024, compared to 6.2% in 2023. The increase in SG&A was primarily due to increased personnel expenses, including stock-based compensation, in 2024, compared to 2023.

Current wording

SG&A increased to $19.1 million in 2024, an increase of $1.6 million, or 9.2%, compared to $17.4 million in 2023. As a percentage of revenues, SG&A was 5.9% in 2024, compared to 6.2% in 2023. The increase in SG&A was primarily due to increased personnel expenses, including stock-based compensation, in 2024, compared to 2023.

Previous wording

Other (income) expense, net was $11.5 million income in 2024, compared to $7.9 million income in 2023, an increase of $3.5 million. The increase in other (income) expense, net in 2024 compared to 2023, was due to interest earned on higher average balances in our cash and cash equivalents.

Current wording

Other (income) expense, net was $11.5 million income in 2024, compared to $7.9 million income in 2023, an increase of $3.5 million. The increase in other (income) expense, net in 2024, compared to 2023, was due to interest earned on higher average balances of our cash and cash equivalents.

Previous wording

Income tax expense was $27.5 million in 2024, for an effective rate of 20.2%, compared to $18.8 million in 2023, for an effective rate of 20.2%, an increase of $8.7 million, primarily due to the increase in income before income taxes in 2024, compared to 2023. Our effective income tax rates in 2024 and 2023 were reduced from the statutory rate primarily due to statutory depletion in excess of basis.

Current wording

Income tax expense was $27.5 million in 2024, for an effective rate of 20.2%, compared to $18.8 million in 2023, for an effective rate of 20.2%, an increase of $8.7 million, primarily due to the increase in income before income taxes in 2024, compared to 2023. Our effective income tax rates in 2024 and 2023 were reduced from the statutory rate primarily due to statutory depletion in excess of basis, and increased primarily due to disallowed executive compensation and state income taxes.

Previous wording

We expect to spend approximately $22.0 million per year over the next several years for normal recurring capital and re-equipping projects at our plants and facilities to maintain or improve efficiency, ensure compliance with Environmental Laws, meet customer needs, and reduce costs. As of December 31, 2024, we had $35.5 million in open orders for equipment and construction contracts, including $32.5 million of contractual obligations relating to the new kiln project at Texas Lime.

Current wording

Environmental Laws, meet customer needs, and reduce costs. As of December 31, 2025, we had $18.6 million in open orders for equipment and construction services contracts, including $15.9 million of contractual obligations relating to the new kiln project at Texas Lime.

Previous wording

Liquidity and Capital Resources. Net cash provided by operating activities was $126.0 million in 2024, compared to $92.3 million in 2023, an increase of $33.8 million, or 36.6%. Our net cash provided by operating activities is composed of net income, depreciation, depletion and amortization (“DD&A”), other non-cash items included in net income, and changes in working capital. In 2024, net cash provided by operating activities was principally composed of $108.8 million net income, $24.2 million DD&A, and $4.9 million stock-based compensation, partially offset by a $1.0 million decrease in deferred income taxes and an $11.0 million decrease from changes in working capital. In 2024, the changes in working capital were principally composed of a $5.9 million increase in trade receivables, net, primarily as a result of increased sales in the fourth quarter 2024, compared to the fourth quarter 2023, a $3.4 million increase in inventories, primarily due to increases in the costs of our supply of critical parts and the volume of our solid fuel stockpiles, and a $1.0 million decrease in accounts payable and accrued expenses. In 2023, net cash provided by operating activities was principally composed of $74.5 million net income, $23.8 million DD&A, and $3.2 million stock-based compensation, partially offset by a $0.9 million decrease in deferred income taxes and an $8.8 million decrease from changes in working capital. In 2023, the changes in working capital were principally composed of a $4.5 million increase in trade receivables, net, primarily as a result of increased sales in the fourth quarter 2023, compared to the fourth quarter 2022, a $4.7 million increase in inventories, primarily due to increases in the volume of our solid fuel stockpiles and the costs of our supply of critical parts, and a $1.1 million increase in prepaid expenses and other current assets, partially offset by a $1.7 million increase in accounts payable and accrued expenses.

Current wording

Liquidity and Capital Resources. Net cash provided by operating activities was $165.0 million in 2025, compared to $126.0 million in 2024, an increase of $39.0 million, or 30.9%. Our net cash provided by operating activities is composed of net income, depreciation, depletion and amortization (“DD&A”), other non-cash items included in net income, and changes in working capital. In 2025, net cash provided by operating activities was principally composed of $134.3 million net income, $25.2 million DD&A, and $8.1 million stock-based compensation, partially offset by a $0.7 million decrease in deferred income taxes and a $2.6 million decrease from changes in working capital. In 2025, the changes in working capital were principally composed of a $4.0 million increase in trade receivables, net, primarily as a result of increased sales in the fourth quarter 2025, compared to the fourth quarter 2024, and a $3.2 million increase in inventories, primarily due to increases in the costs of our supply of critical parts, partially offset by a $4.5 million increase in accounts payable and accrued expenses. In 2024, net cash provided by operating activities was principally composed of $108.8 million net income, $24.2 million DD&A, and $4.9 million stock-based compensation, partially offset by a $1.0 million decrease in deferred income taxes and an $11.0 million decrease from changes in working capital. In 2024, the changes in working capital were principally composed of a $5.9 million increase in trade receivables, net, primarily as a result of increased sales in the fourth quarter 2024, compared to the fourth quarter 2023, a $3.4 million increase in inventories, primarily due to increases in the costs of our supply of critical parts and the volume of our solid fuel stockpiles, and a $1.0 million decrease in accounts payable and accrued expenses.

Previous wording

Net cash used in investing activities was $26.9 million for 2024, compared to $32.0 million for 2023. Net cash used in investing activities for 2024 included $1.4 million on the new kiln and related equipment and infrastructure project at Texas Lime and $1.6 million for real property purchases. Net cash used in investing activities for 2023 included $11.0 million for real property purchases.

Current wording

Net cash used in investing activities was $62.5 million for 2025, compared to $26.9 million for 2024. Net cash used in investing activities for 2025 included $35.9 million on the Texas kiln project and $4.6 million for real property purchases. Net cash used in investing activities for 2024 included $1.4 million on the Texas kiln project and $1.6 million for real property purchases.

Previous wording

Net cash used in financing activities primarily consisted of $5.7 million for dividend payments and $3.5 million to repurchase shares of our common stock in 2024, compared to $4.6 million for dividend payments and $1.3 million to repurchase shares of our common stock in 2023.

Current wording

Net cash used in financing activities primarily consisted of $6.9 million for dividend payments and $2.7 million to repurchase shares of our common stock in 2025, compared to $5.7 million for dividend payments and $3.5 million to repurchase shares of our common stock in 2024.

Previous wording

Our cash and cash equivalents at December 31, 2024 increased to $278.0 million from $188.0 million at December 31, 2023.

Current wording

Our cash and cash equivalents at December 31, 2025 increased to $371.1 million from $278.0 million at December 31, 2024.

Previous wording

We may pay dividends so long as we remain in compliance with the provisions of our credit agreement, and we may purchase, redeem, or otherwise acquire shares of our common stock so long as our pro forma Cash Flow Leverage

Current wording

We may pay dividends so long as we remain in compliance with the provisions of our credit agreement, and we may purchase, redeem, or otherwise acquire shares of our common stock so long as our pro forma Cash Flow Leverage Ratio is less than 3.00 to 1.00 and no default or event of default exists or would exist after giving effect to such stock repurchase.

Previous wording

At December 31, 2024, we had no debt outstanding and no draws on the Revolving Facility other than $6.6 million of letters of credit, which count as draws against the available commitment under the Revolving Facility.

Current wording

At December 31, 2025, we had no debt outstanding and no draws on the Revolving Facility other than $4.7 million of letters of credit, principally related to the Texas kiln project, which count as draws against the available commitment under the Revolving Facility.

Previous wording

Common Stock Buybacks. We spent $3.5 million, $1.3 million, and $0.8 million in 2024, 2023, and 2022, respectively, to repurchase treasury shares tendered for payment of the exercise price for stock options and the tax withholding liability upon the lapse of restrictions on restricted stock.

Current wording

Common Stock Buybacks. We spent $2.7 million, $3.5 million, and $1.3 million in 2025, 2024, and 2023, respectively, to repurchase treasury shares tendered for payment of the tax withholding liability upon the lapse of restrictions on restricted stock.

Previous wording

Absent a significant acquisition, we believe that cash on hand and cash flows from operations will be sufficient to meet our operating needs, ongoing capital needs, including our current and possible future modernization and expansion and development projects, such as the Texas kiln project, and liquidity needs and allow us to pay our increased regular cash dividends for the near future.

Current wording

Absent a significant acquisition, we believe that cash on hand and cash flows from operations will be sufficient to meet our operating needs, ongoing capital needs, including our current and possible future modernization and expansion and development projects, such as the Texas kiln project, and liquidity needs and allow us to pay our regular cash dividends for the short-term and beyond.