SPRINGFIELD, Mo., March 5, 2010 (GLOBE NEWSWIRE) -- Paul Mueller Company (Pink Sheets:MUEL) today reported its earnings for the year 2009:
| PAUL MUELLER COMPANY AND SUBSIDIARIES | ||||||
| CONSOLIDATED SUMMARIES OF OPERATIONS | ||||||
| Unaudited | ||||||
| Three Months Ended | Twelve Months Ended | |||||
| December 31 | December 31 | |||||
| 2009 | 2008 | 2009 | 2008 | |||
| Net Sales | $ 40,356,000 | $ 65,287,000 | $ 167,519,000 | $ 217,882,000 | ||
| Cost of Sales | 30,134,000 | 48,951,000 | 123,228,000 | 176,826,000 | ||
| Gross Profit | $ 10,222,000 | $ 16,336,000 | $ 44,291,000 | $ 41,056,000 | ||
| Selling, General, and Admin. Expenses | 9,876,000 | 13,768,000 | 42,383,000 | 34,443,000 | ||
| Operating Income | $ 346,000 | $ 2,568,000 | $ 1,908,000 | $ 6,613,000 | ||
| Other Income (Expense) | (775,000) | (136,000) | (2,767,000) | (154,000) | ||
| Income before Provision for Income Taxes | $ (429,000) | $ 2,432,000 | $ (859,000) | $ 6,459,000 | ||
| Provision (Benefit) for Income Taxes | (939,000) | 1,034,000 | (1,283,000) | 2,349,000 | ||
| Net Income | $ 510,000 | $ 1,398,000 | $ 424,000 | $ 4,110,000 | ||
| Earnings per Common Share – | ||||||
| Basic | $0.43 | $1.17 | $0.36 | $3.53 | ||
| Diluted | $0.43 | $1.16 | $0.36 | $3.47 | ||
NOTES:
| 1) The results for the fourth quarter of 2009 were favorably affected by a decrease in the LIFO reserve of $489,000 after tax, or $0.41 per share basic and diluted. There was no material LIFO adjustment for the fourth quarter of 2008. | |||||||||||
| The results for the year ended December 31, 2009, were favorably affected by a decrease in the LIFO reserve of $3,361,000 after tax, or $2.82 per share ($2.81 diluted). There was no material LIFO adjustment for the year ended December 31, 2008. | |||||||||||
| 2) The full year of 2009, the fourth quarter of 2008, and a portion of the year 2008 included the results of Mueller B.V., a wholly owned Dutch subsidiary. Mueller B.V.'s results have been included since April 18, 2008, when it acquired Paltrok Beheer B.V. Additionally, the MEKO companies were acquired as of October 1, 2008. | |||||||||||
| Mueller B.V.'s sales were $13,405,000 and $17,325,000 for the fourth quarter of 2009 and 2008, respectively. Net Income was $250,000, or $0.21 per share basic and diluted, and $626,400, or $0.53 per share ($0.52 diluted) for the fourth quarter of 2009 and 2008, respectively. Mueller B.V.'s results for the full year of 2009 included sales of $57,822,000 and $30,871,000 for the partial year 2008. Net income for the full year of 2009 was $2,941,000, or $2.47 per share (2.46 diluted), and for the partial year in 2008 was $1,315,000, or $1.12 per share ($1.11 diluted). | |||||||||||
| Mueller B.V.'s net income for the fourth quarter and for the partial year 2008 was reduced by amortization of an intangible asset (the value of the backlog of the companies acquired during 2008). For the fourth quarter 2008, amortization was $384,700 after tax, or $0.32 per share (basic and diluted); and for the partial year 2008, amortization was $1,112,000 after tax, or $0.95 per share ($0.94 diluted). | |||||||||||
| 3) Selling, general, and administrative expenses attributable to Mueller B.V. included $5,932,000 and $6,526,000 for the fourth quarter of 2009 and 2008, respectively, and $21,929,000 and $7,443,000 for 2009 and for the partial year of 2008, respectively. | |||||||||||
| 4) The effective tax rates for the fourth quarter of 2009 and the full year of 2009 vary from the statutory rate (34%) due to the tax benefits of the domestic operating losses, tax credits, and the reversal of a valuation allowance. | |||||||||||
| SUMMARIZED CONSOLIDATED BALANCE SHEETS | |||
| December 31 | December 31 | ||
| 2009 | 2008 | ||
| Current Assets | $ 43,317,000 | $ 73,852,000 | |
| Net Property, Plant, and Equipment | 51,948,000 | 55,317,000 | |
| Other Assets | 20,368,000 | 22,963,000 | |
| Total Assets | $ 115,633,000 | $ 152,132,000 | |
| Current Liabilities | $ 40,665,000 | $ 68,458,000 | |
| Long-Term Debt | 27,154,000 | 33,926,000 | |
| Other Long-Term Liabilities | 22,882,000 | 29,638,000 | |
| Shareholders' Investment | 24,932,000 | 20,110,000 | |
| Total Liabilities and Shareholders' Investment | $ 115,633,000 | $ 152,132,000 | |
| Book Value per Common Share | $19.69 | $16.14 | |
| Total Shares Outstanding | 1,266,229 | 1,245,630 | |
| Backlog | $ 31,091,000 | $ 56,421,000 | |