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
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CONSOLIDATED SUMMARIES OF OPERATIONS
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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.
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SUMMARIZED CONSOLIDATED BALANCE SHEETS
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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