SPRINGFIELD, Mo., Nov. 4, 2010 (GLOBE NEWSWIRE) -- Paul Mueller Company (Pink Sheets:MUEL) today released its third quarter report for the period ended September 30, 2010, as follows:
| PAUL MUELLER COMPANY AND SUBSIDIARIES | ||||||
| NINE-MONTH REPORT | ||||||
| Unaudited | ||||||
| CONSOLIDATED SUMMARIES OF OPERATIONS | ||||||
|
Three Months Ended September 30 |
Nine Months Ended September 30 |
Twelve Months Ended September 30 |
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| 2010 | 2009 | 2010 | 2009 | 2010 | 2009 | |
| Net Sales | $ 36,962,000 | $ 41,049,000 | $ 94,755,000 | $ 127,163,000 | $ 135,111,000 | $ 192,450,000 |
| Cost of Sales | 28,773,000 | 30,597,000 | 69,827,000 | 93,094,000 | 99,961,000 | 142,045,000 |
| Gross Profit | $ 8,189,000 | $ 10,452,000 | $ 24,928,000 | $ 34,069,000 | $ 35,150,000 | $ 50,405,000 |
| Selling, General and Administrative Expense | 8,986,000 | 10,632,000 | 28,391,000 | 32,507,000 | 38,267,000 | 46,275,000 |
| Operating Income | $ (797,000) | $ (180,000) | $ (3,463,000) | $ 1,562,000 | $ (3,117,000) | $ 4,130,000 |
| Other Income (Expense) | (662,000) | (536,000) | (1,741,000) | (1,992,000) | (2,516,000) | (2,128,000) |
| Income before Provision for Income Taxes | $ (1,459,000) | $ (716,000) | $ (5,204,000) | $ (430,000) | $ (5,633,000) | $ 2,002,000 |
| Provision for Income Taxes | (452,000) | (98,000) | (2,043,000) | (344,000) | (2,982,000) | 690,000 |
| Net Income | $ (1,007,000) | $ (618,000) | $ (3,161,000) | $ (86,000) | $ (2,651,000) | $ 1,312,000 |
| Earnings per Common Share –– | ||||||
| Basic | ($0.84) | ($0.52) | ($2.65) | ($0.07) | ($2.22) | $1.10 |
| Diluted | ($0.84) | ($0.52) | ($2.65) | ($0.07) | ($2.22) | $1.10 |
| NOTES: | ||||||
| (1) For the three months and nine months ended September 30, 2010, domestic sales were $24,343,000 and $56,163,000, respectively, and the net loss was $1,305,000 and $4,730,000 respectively; for the three months and nine months ended September 30, 2010, MUELLER BV sales were $12,619,000 and $38,591,000 respectively, and net income was $298,000 and $1,569,000, respectively. | ||||||
| (2) The results for the third quarter of 2010 was adversely affected by an increase in the LIFO reserve of $43,000, after tax, while results for the third quarter of 2009 was favorably affected by the decrease in the LIFO reserve of $717,000, after tax. The results for the nine months ended September 30, 2010 was adversely affected by an increase to the LIFO reserve of $289,000, after tax, while 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. | ||||||
| SUMMARIZED CONSOLIDATED BALANCE SHEETS | ||
|
September 30 2010 |
December 31 2009 |
|
| Current Assets | $ 45,117,000 | $ 43,317,000 |
| Net Property, Plant, and Equipment | 46,962,000 | 51,948,000 |
| Other assets | 22,394,000 | 20,368,000 |
| Total Assets | $ 114,473,000 | $ 115,633,000 |
| Current Liabilities | $ 49,337,000 | $ 40,665,000 |
| Long-Term Debt | 20,200,000 | 27,154,000 |
| Other Long-Term Liabilities | 23,018,000 | 22,882,000 |
| Shareholders' Investment | 21,918,000 | 24,932,000 |
| Total Liabilities and Shareholders' Investment | $ 114,473,000 | $ 115,633,000 |
| Book Value per Common Share | $16.98 | $19.69 |
| Total Shares Outstanding | 1,291,074 | 1,266,229 |
| Backlog | $ 36,976,000 | $ 31,090,000 |