SPRINGFIELD, Mo., March 4, 2009 (GLOBE NEWSWIRE) -- Paul Mueller Company (Pink Sheets:MUEL) today reported its earnings for the year 2008:
PAUL MUELLER COMPANY AND SUBSIDIARIES
CONSOLIDATED SUMMARIES OF OPERATIONS
Unaudited
Three Months Ended Twelve Months Ended
December 31 December 31
-------------------------- --------------------------
2008 2007 2008 2007
------------ ------------ ------------ ------------
Net Sales $ 65,287,000 $ 79,444,000 $217,882,000 $241,147,000
Cost of
Sales 48,951,000 63,578,000 176,826,000 200,859,000
------------ ------------ ------------ ------------
Gross
Profit $ 16,336,000 $ 15,866,000 $ 41,056,000 $ 40,288,000
Selling,
General and
Admin.
Expenses 13,768,000 6,298,000 34,443,000 25,275,000
------------ ------------ ------------ ------------
Operating
Income $ 2,568,000 $ 9,568,000 $ 6,613,000 $ 15,013,000
Other Income
(Expense) (136,000) (1,103,000) (154,000) (419,000)
------------ ------------ ------------ ------------
Income
before
Provision
for Income
Taxes $ 2,432,000 $ 8,465,000 $ 6,459,000 $ 14,594,000
Provision
for Income
Taxes 1,034,000 3,276,000 2,349,000 5,508,000
------------ ------------ ------------ ------------
Net Income $ 1,398,000 $ 5,189,000 $ 4,110,000 $ 9,086,000
============ ============ ============ ============
Earnings per
Common
Share -
Basic $1.17 $4.49 $3.53 $7.88
Diluted $1.16 $4.42 $3.47 $7.74
NOTES: 1) The fourth quarter of 2008 and a portion of the year
2008 included the results of Mueller B.V., a wholly
owned Dutch subsidiary. Mueller B.V.'s results have
been included since April 18, 2008, when it acquired
Paltrok Beheer B.V. Additionally, the MEKO companies
were acquired as of October 1, 2008. Mueller B.V.'s
sales were $17,325,000 and net income was $626,400, or
$0.53 per share ($0.52 diluted) for the fourth quarter
of 2008. Mueller B.V.'s results for the partial year
2008 included sales of $30,871,000 and net income of
$1,315,000, or $1.12 per share ($1.11 diluted).
Mueller B.V.'s net income for the fourth quarter and
for the partial year 2008 was reduced by amortization
of an intangible asset (the value of the backlog of the
companies acquired during 2008). For the fourth
quarter, amortization was $384,700 after tax, or $0.32
per share (basic and diluted); and for the partial year
2008, amortization was $1,112,000 after tax, or $0.95
per share ($0.94 diluted).
Selling, general and administrative expenses included
$6,526,000 for the fourth quarter of 2008 and
$7,443,000 for the partial year of 2008, attributable
to Mueller B.V.
2) Fourth quarter 2007 results were favorably affected by
an adjustment to the LIFO reserve, which increased net
income by $2,163,000 after tax, or $1.87 per share
($1.84 diluted). The reduction in the inventory level
during the fourth quarter due to the high level of
sales contributed to the adjustment. There was no
material LIFO adjustment for the fourth quarter of 2008.
3) For the year ended December 31, 2007, net income was
adversely affected by an increase to the LIFO reserve,
which reduced net income by $1,005,000 after tax, or
$0.87 per share ($0.86 diluted). The high price of
stainless steel during 2007 contributed to the LIFO
reserve increase. There was no material LIFO adjustment
for the year 2008.
4) Consolidated Backlog December 31
----------------------------
2008 2007
------------ ------------
$ 56,421,000 $ 69,270,000