SPRINGFIELD, Mo., April 18, 2008 (PRIME NEWSWIRE) -- Paul Mueller Company (Pink Sheets:MUEL) today released its first quarter report for the period ended March 31, 2008, as follows:
Paul Mueller Company and Subsidiaries
THREE-MONTH REPORT
(Unaudited)
CONSOLIDATED SUMMARIES OF OPERATIONS
Three Months Ended Twelve Months Ended
March 31 March 31
-------------------------- --------------------------
2008 2007 2008 2007
------------ ------------ ------------ ------------
Net Sales $ 51,855,000 $ 49,539,000 $243,463,000 $176,950,000
Cost of
Sales 43,517,000 41,019,000 203,357,000 145,903,000
------------ ------------ ------------ ------------
Gross
Profit $ 8,338,000 $ 8,520,000 $ 40,106,000 $ 31,047,000
Selling,
General
and Admin-
istrative
Expenses 6,787,000 5,754,000 26,308,000 22,937,000
------------ ------------ ------------ ------------
Operating
Income $ 1,551,000 $ 2,766,000 $ 13,798,000 $ 8,110,000
Other Income
(Expense) 240,000 191,000 (370,000) 459,000
------------ ------------ ------------ ------------
Income
before
Provision
for Income
Taxes $ 1,791,000 $ 2,957,000 $ 13,428,000 $ 8,569,000
Provision
(Benefit)
for Income
Taxes 655,000 1,073,000 5,090,000 (190,000)
------------ ------------ ------------ ------------
Net Income $ 1,136,000 $ 1,884,000 $ 8,338,000 $ 8,759,000
============ ============ ============ ============
Earnings per
Common
Share -
Basic $ 0.98 $ 1.64 $ 7.22 $ 7.61
Diluted $ 0.97 $ 1.61 $ 7.10 $ 7.51
FINANCIAL HIGHLIGHTS
March 31 December 31
2008 2007
------------- -------------
Total Assets $ 92,700,000 $ 102,132,000
Working Capital $ 12,228,000 $ 12,567,000
Current Ratio 1.25 : 1 1.22 : 1
Net Worth $ 27,885,000 $ 27,397,000
Book Value Per Share $ 23.27 $ 22.86
Backlog $ 54,262,000 $ 69,270,000
NOTES: 1) First quarter 2008 net income was adversely affected by
an increase to the LIFO reserve of $231,000, after tax,
or $0.20 per share on a basic and diluted basis, while
first quarter 2007 net income was adversely affected by
an increase to the LIFO reserve of $589,000, after tax,
or $0.51 per share ($0.50 diluted).
2) The effective tax rate for the twelve months ended
March 31, 2007, varies from the statutory rate (34%)
due to a noncash credit of $3,157,000 recorded during
the fourth quarter of 2006 to reduce the remaining
balance of the valuation allowance established during
2004 for all of the Company's net deferred tax assets.