SPRINGFIELD, Mo., July 22, 2010 (GLOBE NEWSWIRE) -- Paul Mueller Company (Pink Sheets:MUEL) today released its second quarter report for the period ended June 30, 2010, as follows:
| PAUL MUELLER COMPANY AND SUBSIDIARIES | |||||||
| SIX-MONTH REPORT | |||||||
| Unaudited | |||||||
| CONSOLIDATED SUMMARIES OF OPERATIONS | |||||||
| Three Months Ended | Six Months Ended | Twelve Months Ended | |||||
| June 30 | June 30 | June 30 | |||||
| 2010 | 2009 | 2010 | 2009 | 2010 | 2009 | ||
| Net Sales | $ 32,615,000 | $ 41,561,000 | $ 57,793,000 | $ 86,114,000 | $ 139,198,000 | $ 201,965,000 | |
| Cost of Sales | 21,788,000 | 27,811,000 | 41,054,000 | 62,497,000 | 101,785,000 | 154,588,000 | |
| Gross Profit | $ 10,827,000 | $ 13,750,000 | $ 16,739,000 | $ 23,617,000 | $ 37,413,000 | $ 47,377,000 | |
| Selling, General & Administrative Expense | 9,395,000 | 11,224,000 | 19,405,000 | 21,875,000 | 39,913,000 | 42,098,000 | |
| Operating Income | $ 1,432,000 | $ 2,526,000 | $ (2,666,000) | $ 1,742,000 | $ (2,500,000) | $ 5,279,000 | |
| Other (Expense) | (487,000) | (590,000) | (1,079,000) | (1,456,000) | (2,390,000) | (1,726,000) | |
| Income (Loss) before Provision for Income Taxes | $ 945,000 | $ 1,936,000 | $ (3,745,000) | $ 286,000 | $ (4,890,000) | $ 3,553,000 | |
| Provision (Benefit) for Income Taxes | 178,000 | 586,000 | (1,591,000) | (246,000) | (2,628,000) | 967,000 | |
| Net Income (Loss) | $ 767,000 | $ 1,350,000 | $ (2,154,000) | $ 532,000 | $ (2,262,000) | $ 2,586,000 | |
| Earnings (Loss) per Common Share ─ | |||||||
| Basic | $0.64 | $1.13 | ($1.81) | $0.45 | ($1.90) | $2.20 | |
| Diluted | $0.63 | $1.13 | ($1.81) | $0.45 | ($1.90) | $2.18 | |
| NOTES: | |||||||
| (1) For the three months and six months ended June 30, 2010, domestic sales were $18,444,000 and $31,820,000, respectively; and the net loss was $350,000 and $3,425,000, respectively. For the three months and six months ended June 30, 2010, Mueller B.V.'s sales were $14,171,000 and $25,973,000, respectively; and net income was $1,117,000 and $1,271,000, respectively. | |||||||
| (2) Net income for the second quarter of 2010 was adversely affected by an increase in the LIFO reserve of $92,000, after tax, while net income for the second quarter of 2009 was favorably affected by a decrease in the LIFO reserve of $1,109,000, after tax. Net income for the six months ended June 30, 2010, was adversely affected by an increase in the LIFO reserve of $246,000, after tax, while net income for the first six months ended June 30, 2009, was favorably affected by a decrease in the LIFO reserve of $2,154,000, after tax. | |||||||
SUMMARIZED CONSOLIDATED BALANCE SHEETS June 30 December 31 2010 2009 Current Assets $ 49,258,000 $ 43,317,000 Net Property, Plant & Equipment 45,272,000 51,948,000 Other assets 18,530,000 20,368,000 Total Assets $ 113,060,000 $ 115,633,000 Current Liabilities $ 48,398,000 $ 40,665,000 Long-Term Debt 20,365,000 27,154,000 Other Long-Term Liabilities 22,954,000 22,882,000 Shareholders' Investment 21,343,000 24,932,000 Total Liabilities & Shareholders' Investment $ 113,060,000 $ 115,633,000 Book Value per Common Share $16.52 $19.69 Total Shares Outstanding 1,292,299 1,266,229 Backlog $ 38,670,000 $ 31,090,000