SPRINGFIELD, Mo., Oct. 21, 2008 (GLOBE NEWSWIRE) -- Paul Mueller Company (Pink Sheets:MUEL) today released its third quarter report for the period ended September 30, 2008, as follows:
PAUL MUELLER COMPANY AND SUBSIDIARIES
NINE-MONTH REPORT
Unaudited
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CONSOLIDATED SUMMARIES OF OPERATIONS
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Three Months Ended Nine Months Ended
September 30 September 30
-------------------------- --------------------------
2008 2007 2008 2007
------------ ------------ ------------ ------------
Net Sales $ 50,564,000 $ 58,424,000 $152,595,000 $161,703,000
Cost of
Sales 43,140,000 51,688,000 127,875,000 137,281,000
------------ ------------ ------------ ------------
Gross
Profit $ 7,424,000 $ 6,736,000 $ 24,720,000 $ 24,422,000
Selling,
General
and Admin-
istrative
Expense 6,455,000 6,557,000 20,675,000 18,977,000
------------ ------------ ------------ ------------
Operating
Income $ 969,000 $ 179,000 $ 4,045,000 $ 5,445,000
Other Income
(Expense) (134,000) 185,000 (18,000) 684,000
------------ ------------ ------------ ------------
Income
before
Provision
for Income
Taxes $ 835,000 $ 364,000 $ 4,027,000 $ 6,129,000
Provision
for Income
Taxes 179,000 137,000 1,315,000 2,232,000
------------ ------------ ------------ ------------
Net Income $ 656,000 $ 227,000 $ 2,712,000 $ 3,897,000
============ ============ ============ ============
Earnings per
Common Share --
Basic $0.57 $0.20 $2.34 $3.38
Diluted $0.56 $0.19 $2.30 $3.32
Twelve Months Ended
September 30
--------------------------
2008 2007
------------ ------------
Net Sales $232,039,000 $218,301,000
Cost of Sales 191,453,000 183,000,000
------------ ------------
Gross Profit $ 40,586,000 $ 35,301,000
Selling, General and Administrative
Expense 26,973,000 25,467,000
------------ ------------
Operating Income $ 13,613,000 $ 9,834,000
Other Income (Expense) (1,121,000) 511,000
------------ ------------
Income before Provision for
Income Taxes $ 12,492,000 $ 10,345,000
Provision for Income Taxes 4,591,000 453,000
------------ ------------
Net Income $ 7,901,000 $ 9,892,000
============ ============
Earnings per Common Share --
Basic $6.75 $8.58
Diluted $6.63 $8.43
NOTES: 1) The third quarter of 2008 includes the results for
Mueller B.V., a wholly owned Dutch subsidiary, which
acquired all the outstanding stock of Paltrok Beheer B.V. as
of April 18, 2008, the acquisition date. Mueller B.V.'s
sales were $7,521,000, and net income was $342,000 for the
third quarter of 2008.
2) Net income for the third quarter of 2008 was favorably
affected by a decrease in the LIFO reserve of $185,000,
after tax; while net income for the third quarter of 2007
was adversely affected by an increase in the LIFO reserve of
$1,046,000, after tax. Net income for the nine months ended
September 30, 2008, was adversely affected by an increase in
the LIFO reserve of $200,000, after tax; while net income
for the nine months ended September 30, 2007, was adversely
affected by an increase in the LIFO reserve of $3,167,000,
after tax.
3) Other income (expense) for the twelve months ended
September 30, 2008, includes an additional 401(k) match for
2007 and amortization of an intangible asset (the value of
the backlog of Paltrok Beheer B.V. at the acquisition date
of April 18, 2008).
4) The effective tax rate for the twelve months ended
September 30, 2007, varied from the statutory rate (34%) due
to a non-cash 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.
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SUMMARIZED CONSOLIDATED BALANCE SHEETS
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September 30 December 31
2008 2007
------------ ------------
Current Assets $ 67,636,000 $ 69,785,000
Net Property, Plant, and Equipment 36,454,000 27,415,000
Other assets 13,921,000 4,932,000
------------ ------------
Total Assets $118,011,000 $102,132,000
Current Liabilities $ 59,554,000 $ 57,218,000
Long-Term Debt 16,511,000 3,083,000
Other Long-Term Liabilities 13,873,000 14,434,000
Shareholders' Investment 28,073,000 27,397,000
------------ ------------
Total Liabilities and
Shareholders' Investment $118,011,000 $102,132,000
Book Value per Common Share $23.13 $22.86
Backlog $ 76,319,000 $ 69,270,000