SPRINGFIELD, Mo., Oct. 22, 2009 (GLOBE NEWSWIRE) -- Paul Mueller Company (Pink Sheets:MUEL) today released its third quarter report for the period ended September 30, 2009, as follows:
PAUL MUELLER COMPANY AND SUBSIDIARIES NINE-MONTH REPORT Unaudited --------------------------------------------------------------------- CONSOLIDATED SUMMARIES OF OPERATIONS --------------------------------------------------------------------- Three Months Ended Nine Months Ended September 30 September 30 -------------------------- --------------------------- 2009 2008 2009 2008 ------------ ------------ ------------- ------------- Net Sales $41,049,000 $50,564,000 $127,163,000 $152,595,000 Cost of Sales 30,597,000 43,140,000 93,094,000 127,875,000 ------------ ------------ ------------- ------------- Gross Profit $10,452,000 $ 7,424,000 $ 34,069,000 $ 24,720,000 Selling, General and Admin- istrative Expense 10,632,000 6,455,000 32,507,000 20,675,000 ------------ ------------ ------------- ------------- Operating Income $ (180,000) $ 969,000 $ 1,562,000 $ 4,045,000 Other Income (Expense) (536,000) (134,000) (1,992,000) (18,000) ------------ ------------ ------------- ------------- Income before Provision for Income Taxes $ (716,000) $ 835,000 $ (430,000) $ 4,027,000 Provision for Income Taxes (98,000) 179,000 (344,000) 1,315,000 ------------ ------------ ------------- ------------- Net Income $ (618,000) $ 656,000 $ (86,000) $ 2,712,000 ============ ============ ============= ============= Earnings per Common Share -- Basic ($ 0.52) $ 0.57 ($ 0.07) $ 2.34 Diluted ($ 0.52) $ 0.56 ($ 0.07) $ 2.30
Twelve Months Ended September 30 ------------------------------- 2009 2008 -------------- -------------- Net Sales $ 192,450,000 $ 232,039,000 Cost of Sales 142,045,000 191,453,000 -------------- -------------- Gross Profit $ 50,405,000 $ 40,586,000 Selling, General and Administrative Expense 46,275,000 26,973,000 -------------- -------------- Operating Income $ 4,130,000 $ 13,613,000 Other Income (Expense) (2,128,000) (1,121,000) -------------- -------------- Income before Provision for Income Taxes $ 2,002,000 $ 12,492,000 Provision for Income Taxes 690,000 4,591,000 -------------- -------------- Net Income $ 1,312,000 $ 7,901,000 ============== ============== Earnings per Common Share -- Basic $ 1.10 $ 6.75 Diluted $ 1.10 $ 6.63
NOTES: 1) The results for the third quarter of 2009 were favorably affected by a decrease in the LIFO reserve of $717,000, after tax; while the results for the third quarter of 2008 were favorably affected by a decrease in the LIFO reserve of $185,000, after tax. The results for the nine months ended September 30, 2009, were favorably affected by a decrease in the LIFO reserve of $2,871,000, after tax; while the results for the nine months ended September 30, 2008, were adversely affected by an increase in the LIFO reserve of $200,000, after tax. 2) Results for Mueller B.V., a wholly owned Dutch subsidiary, included sales of $13,468,000 and $7,521,000, and net income was $264,000 and $342,000 for the third quarter of 2009 and 2008, respectively. Mueller B.V.'s selling, general, and administrative expense was $5,578,000 and $15,997,000, respectively, for the three months and nine months ended September 30, 2009. The backlog reported as of September 30, 2009, includes $11,310,000, which relates to Mueller B.V.
------------------------------------------------------------------- SUMMARIZED CONSOLIDATED BALANCE SHEETS ------------------------------------------------------------------- September 30 December 31 2009 2008 ------------- ------------- Current Assets $ 55,356,000 $ 73,852,000 Net Property, Plant, and Equipment 53,793,000 55,317,000 Other assets 22,777,000 22,963,000 ------------ ------------ Total Assets $131,926,000 $152,132,000 Current Liabilities $ 54,202,000 $ 68,458,000 Long-Term Debt 29,034,000 33,926,000 Other Long-Term Liabilities 28,749,000 29,638,000 Shareholders' Investment 19,941,000 20,110,000 ------------ ------------ Total Liabilities and Shareholders' Investment $131,926,000 $152,132,000 Book Value per Common Share $ 15.70 $ 16.14 Total Shares Outstanding 1,270,045 1,245,630 Backlog $ 40,698,000 $ 56,421,000