Paul Mueller Co. (MUEL)

[SSKILLZ1]

MUEL

if you are referring to the cost side of the income statement, remember there was a huge charge with the ex ceo leaving last year. Number 2 GM stunk in q4 last year and was back to historical norms this year and before q4 last year, looks like q4 was a GM anomaly that was quickly corrected by new management.

They earned $2.39 fully taxed, if you ignore charges, backlog was actually slightly up sequentially. I expect sales to be similar to q4 levels in q1. And I expect a $9-10 Fully taxed run rate in 2014. Now some will say why are you so excited you were predicting a $8-9 run rate before this quarter, and that is true, But this $9-10 runs rate is much higher quality because it is fully taxed versus lightly taxed in my opinion.