SPRINGFIELD, Mo., Oct. 20, 2006 (PRIMEZONE) -- Paul Mueller Company (Pink Sheets:MUEL) today released its third quarter report for the period ended September 30, 2006, as follows:
Paul Mueller Company and Subsidiaries
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NINE-MONTH REPORT
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(Unaudited)
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CONSOLIDATED SUMMARIES OF OPERATIONS
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Three Months Ended Nine Months Ended
September 30 September 30
----------- ----------- ----------- -----------
2006 2005 2006 2005
----------- ----------- ----------- -----------
Net Sales $36,698,000 $31,322,000 $96,289,000 $98,621,000
Cost of Sales 30,860,000 25,854,000 79,723,000 78,978,000
----------- ----------- ----------- -----------
Gross Profit $ 5,838,000 $ 5,468,000 $16,566,000 $19,643,000
Selling, General
and Admin.
Expenses 5,601,000 5,032,000 15,656,000 15,961,000
----------- ----------- ----------- -----------
Operating
Income $ 237,000 $ 436,000 $ 910,000 $ 3,682,000
Other Income 213,000 100,000 667,000 303,000
----------- ----------- ----------- -----------
Income
before
Provision
(Benefit)
for Income
Taxes $ 450,000 $ 536,000 $ 1,577,000 $ 3,985,000
Provision
(Benefit)
for Income
Taxes 252,000 118,000 550,000 1,197,000
----------- ----------- ----------- -----------
Net Income $ 198,000 $ 418,000 $ 1,027,000 $ 2,788,000
=========== =========== =========== ===========
Earnings per
Common Share -
Basic $ 0.17 $ 0.36 $ 0.89 $ 2.38
Diluted $ 0.17 $ 0.36 $ 0.89 $ 2.37
Twelve Months Ended
September 30
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2006 2005
------------ ------------
Net Sales $135,801,000 $133,900,000
Cost of Sales 110,728,000 109,039,000
------------ ------------
Gross Profit $ 25,073,000 $ 24,861,000
Selling, General
and Admin.
Expenses 20,999,000 20,541,000
------------ ------------
Operating
Income $ 4,074,000 $ 4,320,000
Other Income 655,000 391,000
------------ ------------
Income
before
Provision
(Benefit)
for Income
Taxes $ 4,729,000 $ 4,711,000
Provision
(Benefit)
for Income
Taxes (127,000) 1,108,000
------------ ------------
Net Income $ 4,856,000 $ 3,603,000
============ ============
Earnings per
Common Share -
Basic $ 4.22 $ 3.08
Diluted $ 4.19 $ 3.06
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FINANCIAL HIGHLIGHTS
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September 30 December 31
2006 2005
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Total Assets $ 79,482,000 $ 55,171,000
Working Capital $ 5,160,000 $ 7,705,000
Current Ratio 1.10 : 1 1.28 : 1
Net Worth $ 20,429,000 $ 21,449,000
Book Value Per Share $ 17.41 $ 18.46
Backlog $ 101,090,000 $ 37,027,000
1) The effective tax rates for the periods presented vary from the
statutory rate (34%) due to the effect of a valuation allowance
that is recorded for virtually all of the Company's deferred tax
assets and the effect of the alternative minimum tax.
2) Due to significantly higher stainless steel prices during 2006
compared to 2005, operating income was reduced by LIFO provisions
of $2,000,000 and $3,043,000 for the three months and nine months
ended September 30, 2006, respectively, versus $250,000 and
$1,043,000 for the three months and nine months ended September
30, 2005, respectively.