SPRINGFIELD, Mo., Oct. 26, 2012 (GLOBE NEWSWIRE) -- Paul Mueller Company (OTC:MUEL) today released its third quarter report for the period ended September 30, 2012.
| 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 | |||||
| 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||
| Net Sales | $ 46,058,000 | $ 36,814,000 | $ 130,696,000 | $ 110,203,000 | $ 174,674,000 | $ 145,081,000 | |
| Cost of Sales | 34,089,000 | 24,748,000 | 94,266,000 | 74,352,000 | 126,811,000 | 98,471,000 | |
| Gross Profit | $ 11,969,000 | $ 12,066,000 | $ 36,430,000 | $ 35,851,000 | $ 47,863,000 | $ 46,610,000 | |
| Selling, General and Administrative Expense | 10,688,000 | 11,074,000 | 31,412,000 | 34,260,000 | 41,077,000 | 45,206,000 | |
| Operating Income | $ 1,281,000 | $ 992,000 | $ 5,018,000 | $ 1,591,000 | $ 6,786,000 | $ 1,404,000 | |
| Other Income (Expense) | (268,000) | (987,000) | (513,000) | (2,368,000) | 570,000 | (2,745,000) | |
| Income before Provision for Income Taxes | $ 1,013,000 | $ 5,000 | $ 4,505,000 | $ (777,000) | $ 7,356,000 | $ (1,341,000) | |
| Provision for Income Taxes | 161,000 | 121,000 | 979,000 | 797,000 | 239,000 | 6,010,000 | |
| Net Income | $ 852,000 | $ (116,000) | $ 3,526,000 | $ (1,574,000) | $ 7,117,000 | $ (7,351,000) | |
| Earnings per Common Share –– | Basic | $0.70 | ($0.10) | $2.90 | ($1.32) | $5.86 | ($6.15) |
| Diluted | $0.70 | ($0.10) | $2.90 | ($1.32) | $5.86 | ($6.15) | |
| SUMMARIZED CONSOLIDATED BALANCE SHEETS | |||||||
| September 30 | December 31 | ||||||
| 2012 | 2011 | ||||||
| Current Assets | $ 58,889,000 | $ 51,251,000 | |||||
| Net Property, Plant, and Equipment | 33,823,000 | 36,251,000 | |||||
| Other assets | 13,625,000 | 16,372,000 | |||||
| Total Assets | $ 106,337,000 | $ 103,874,000 | |||||
| Current Liabilities | $ 59,133,000 | $ 52,219,000 | |||||
| Long-Term Debt | 9,171,000 | 13,066,000 | |||||
| Other Long-Term Liabilities | 26,163,000 | 30,350,000 | |||||
| Shareholders' Investment | 11,870,000 | 8,239,000 | |||||
| Total Liabilities and Shareholders' Investment | $ 106,337,000 | $ 103,874,000 | |||||
| Book Value per Common Share | $9.50 | $6.58 | |||||
| Total Shares Outstanding | 1,250,018 | 1,252,977 | |||||
| Backlog | $ 57,955,000 | $ 51,714,000 | |||||
| NOTES | |||||||
| 1) Domestic sales for the three months and nine months ended September 30, 2012, were $32,833,000 and $87,442,000, respectively and the net income was $499,000 and $784,000, respectively, compared to 2011 when sales were $24,026,000 and $67,164,000, respectively and the net loss was $361,000 and $3,661,000, respectively. For Mueller BV, sales for the three months and nine months ended September 30, 2012, were $13,225,000 and $43,254,000, respectively and net income was $353,000 and $2,742,000, respectively, compared to 2011 when sales were $12,788,000 and $43,040,000, respectively and net income was $245,000 and $2,087,000, respectively. | |||||||
| 2) The results for the three months, nine months, and twelve months ended September 30, 2012, were adversely affected by severance and non-compete expenses of $235,000, $872,000 and $1,057,000, respectively. The results for the three months ended September 30, 2011, were adversely affected by severance and non-compete expenses of $365,000. The results for the nine months and twelve months ended September 30, 2011, were adversely affected by severance and non-compete expenses of $1,142,000. The results for the nine months and twelve months ended September 30, 2011, were adversely affected by the accrual of $2,667,000 (a non-cash charge in May 2011) for the actuarial present value of a life annuity in accordance with the employment agreement of the former President and CEO. | |||||||
| 3) The results for the twelve months ended September 30, 2012, included the sale of Springfield Brewing Company to Front Row Property LLC in November 2011. The selling price was $3,000,000, which included cash and a promissory note for $400,000 payable over five years. The gain on the sale of Springfield Brewing Company was $580,000. | |||||||
| 4) The results for the twelve months ended September 30, 2012, were adversely affected by an increase in the LIFO reserve of $701,000. The results for the twelve months ended September 30, 2011, were adversely affected by an increase in the LIFO reserve of $370,000. | |||||||
Paul Mueller Company is a manufacturer of high quality stainless steel equipment used in over 100 countries worldwide on dairy farms and in wide varieties of industrial applications, including food, dairy, and beverage processing; pharmaceutical, biotechnological, and chemical processing; water distillation; heat transfer; heat recovery; HVAC; and process cooling.
This press release contains forward-looking statements that provide current expectations of future events based on certain assumptions. All statements regarding future performance growth, conditions, or developments are forward-looking statements. Actual future results may differ materially from those described in the forward-looking statements due to a variety of factors, including, but not limited to, the factors described on page 32 of the Company's 2011 Annual Report. The Company expressly disclaims any obligation or undertaking to update these forward-looking statements to reflect any future events or circumstances.