SPRINGFIELD, Mo., April 28, 2010 (GLOBE NEWSWIRE) -- Paul Mueller Company (Pink Sheets:MUEL) today released its first quarter report for the period ended March 31, 2010, as follows:
| PAUL MUELLER COMPANY AND SUBSIDIARIES | |||||
| THREE-MONTH REPORT | |||||
| Unaudited | |||||
| CONSOLIDATED SUMMARIES OF OPERATIONS | |||||
|
Three Months Ended March 31 |
Twelve Months Ended March 31 |
||||
| 2010 | 2009 | 2010 | 2009 | ||
| Net Sales | $ 25,178,000 | $ 44,553,000 | $ 148,144,000 | $ 210,580,000 | |
| Cost of Sales | 19,266,000 | 34,686,000 | 107,808,000 | 167,995,000 | |
| Gross Profit | $ 5,912,000 | $ 9,867,000 | $ 40,336,000 | $ 42,585,000 | |
| Selling, General and Admin. Expenses | 10,010,000 | 10,651,000 | 41,742,000 | 38,307,000 | |
| Operating Income (Loss) | $ (4,098,000) | $ (784,000) | $ (1,406,000) | $ 4,278,000 | |
| Other Income (Expense) | (592,000) | (866,000) | (2,493,000) | (1,260,000) | |
|
Income (Loss) Before Provision for Income Taxes |
$ (4,690,000) | $ (1,650,000) | $ (3,899,000) | $ 3,018,000 | |
| Provision (Benefit) for Income Taxes | (1,769,000) | (832,000) | (2,220,000) | 862,000 | |
| Net Income (Loss) | $ (2,921,000) | $ (818,000) | $ (1,679,000) | $ 2,156,000 | |
| Earnings per Common Share – | Basic | ($2.45) | ($0.69) | ($1.41) | $1.84 |
| Diluted | ($2.45) | ($0.69) | ($1.41) | $1.81 | |
| NOTES: | |||||
| (1) The primary reason for the lower results for the first quarter of 2010 compared to the first quarter 2009 was that the backlog at year-end 2009 was $31,090,000 and the backlog as of year-end 2008 was $56,421,000. The 45% lower backlog at December 31, 2009, adversely affected sales and the results of domestic and European operations during the first quarter of 2010. Domestic sales for the first quarter of 2010 were $13,376,000 and the net loss was $3,075,000, compared to 2009 when sales were $27,147,000 and the net loss was $1,997,000. For 2010, Mueller B.V. sales for the first quarter were $11,802,000 and net income was $154,000, compared to 2009 when sales were $17,406,000 and net income was $1,179,000. | |||||
| (2) Results for the first quarter of 2010 were adversely affected by an increase to the LIFO reserve of $153,000, after tax; while for the first quarter of 2009, results were favorably affected by a reduction of the LIFO reserve of $1,046,000, after tax. | |||||
| FINANCIAL HIGHLIGHTS | ||
|
March 31 2010 |
December 31 2009 |
|
| Current Assets | $ 46,388,000 | $ 43,317,000 |
| Net Property, Plant, and Equipment | 48,916,000 | 51,948,000 |
| Other assets | 19,615,000 | 20,368,000 |
| Total Assets | $ 114,919,000 | $ 115,633,000 |
| Current Liabilities | $ 45,739,000 | $ 40,665,000 |
| Long-Term Debt | 24,420,000 | 27,154,000 |
| Other Long-Term Liabilities | 23,174,000 | 22,882,000 |
| Shareholders' Investment | 21,586,000 | 24,932,000 |
| Total Liabilities and Shareholders' Investment | $ 114,919,000 | $ 115,633,000 |
| Book Value per Common Share | $17.05 | $19.69 |
| Total Shares Outstanding | 1,266,229 | 1,266,229 |
| Backlog | $ 39,920,000 | $ 31,090,000 |