Paul Mueller Co. (MUEL)

[researcher59]

SSK: MUEL (33.00) looks undervalued and would soar if they got off the pinksheets. Their reporting is of 10K caliber, which is a big positive.

I picked up a few shares after seeing your post on the VMC board and look forward to seeing the preliminary Q4 report - due out soon based on last year's 3/7 release.

A few points -

Tax rate was only 15% through 9 months, helped in part by foreign tax credits ... not sure how long that will last.

Revenues were up less than 1% y/y through 9 months despite increasing backlog, so the backlog may be for long term delivery.

Q4 revenues were strong last year, yet gross margin contracted so much (20% for Q4 versus 28% for the prior 3 quarters) that gross income was the lowest of the 4 quarters .... hopefully we won't get a repeat margin drop this year. Might have been due to year end accounting adjustments.