Paul Mueller Releases Third Quarter Results
SPRINGFIELD, Mo., Oct. 27, 2011 (GLOBE NEWSWIRE) -- PAUL MUELLER COMPANY (OTC:MUEL.PK) TODAY RELEASED ITS THIRD QUARTER REPORT FOR THE PERIOD ENDED SEPTEMBER 30, 2011, AS FOLLOWS:
PAUL MUELLER COMPANY AND SUBSIDIARIES
NINE-MONTH REPORT
Unaudited
CONSOLIDATED SUMMARIES OF OPERATIONS
Three Months Ended Nine Months Ended Twelve Months Ended
September 30 September 30 September 30
2011 2010 2011 2010 2011 2010
Net Sales $ 36,814,000 $ 36,962,000 $ 110,203,000 $ 94,755,000 $ 145,081,000 $ 135,111,000
Cost of Sales 24,748,000 28,773,000 74,352,000 69,827,000 98,471,000 100,204,000
Gross Profit $ 12,066,000 $ 8,189,000 $ 35,851,000 $ 24,928,000 $ 46,610,000 $ 34,907,000
Selling, General and Administrative Expense 11,074,000 8,986,000 34,260,000 28,391,000 45,206,000 38,267,000
Operating Income $ 992,000 $ (797,000) $ 1,591,000 $ (3,463,000) $ 1,404,000 $ (3,360,000)
Other Income (Expense) (987,000) (662,000) (2,368,000) (1,741,000) (2,745,000) (2,516,000)
Income before Provision for Income Taxes $ 5,000 $ (1,459,000) $ (777,000) $ (5,204,000) $ (1,341,000) $ (5,876,000)
Provision for Income Taxes 121,000 (452,000) 797,000 (2,043,000) 6,010,000 (3,076,000)
Net Income $ (116,000) $ (1,007,000) $ (1,574,000) $ (3,161,000) $ (7,351,000) $ (2,800,000)
Earnings per Common Share –– Basic ($0.10) ($0.84) ($1.32) ($2.65) ($6.15) ($2.22)
Diluted ($0.10) ($0.84) ($1.32) ($2.65) ($6.15) ($2.22)
NOTES: 1) Domestic sales for the third quarter of 2011 were $24,026,000 and the net loss was $361,000, compared to 2010 when sales were $24,343,000 and the net loss was $1,305,000. For 2011, Mueller BV sales for the third quarter were $12,788,000 and net income was $245,000, compared to 2010 when sales were $12,619,000 and net income was $298,000.
2) The results for the three months, nine months, and twelve months ended 9/30/11, were adversely affected by severance and noncompete payments totaling $961,000 and the accrual of $2,721,000 (a current non-cash charge) for the actuarial present value of a life annuity all of which are in accordance with the employment agreement of the former President and CEO.
3) The results for the three months, nine months, and twelve months ended 9/30/11, were adversely affected by one time fees associated with the new bank financing (credit revolver and terms loans) totaling $670,000.
4) The provisions for income taxes for the three months, nine months, and twelve months ended September 30, 2011 included a valuation allowance against a portion of the company's net deferred tax assets of $126,000 971,000 and 1,748,000 respectively
SUMMARIZED CONSOLIDATED BALANCE SHEETS
September 30 December 31
2011 2010
Current Assets $ 56,049,000 $ 40,997,000
Net Property, Plant, and Equipment 40,787,000 44,829,000
Other assets 16,176,000 16,452,000
Total Assets $ 113,012,000 $ 102,278,000
Current Liabilities $ 61,044,000 $ 46,047,000
Long-Term Debt 15,459,000 18,177,000
Other Long-Term Liabilities 19,488,000 20,231,000
Shareholders' Investment 17,021,000 17,823,000
Total Liabilities and Shareholders' Investment $ 113,012,000 $ 102,278,000
Book Value per Common Share $13.18 $13.81
Total Shares Outstanding 1,291,074 1,291,074
Backlog $ 61,529,000 $ 31,044,000
CONTACT: Marcelino Rodriguez - Secretary & CFO
Springfield, Missouri
(417) 831-3000
Source: Globe Newswire (October 27, 2011 - 5:20 PM EDT)
News by QuoteMedia
