SPRINGFIELD, Mo., May 9, 2011 (GLOBE NEWSWIRE) -- Paul Mueller Company (Pink Sheets:MUEL) today released its first quarter report for the period ended March 31, 2011, as follows:
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PAUL MUELLER COMPANY AND SUBSIDIARIES |
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THREE-MONTH REPORT |
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Unaudited |
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CONSOLIDATED SUMMARIES OF OPERATIONS |
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Three Months Ended |
Twelve Months Ended |
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March 31 |
March 31 |
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2011 |
2010 |
2011 |
2010 |
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Net Sales |
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$ 30,828,000 |
$ 25,178,000 |
$ 135,283,000 |
$ 148,144,000 |
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Cost of Sales |
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20,869,000 |
19,266,000 |
95,549,000 |
108,522,000 |
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Gross Profit |
$ 9,959,000 |
$ 5,912,000 |
$ 39,734,000 |
$ 39,622,000 |
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Selling, General and Admin. Expenses |
9,498,000 |
10,010,000 |
37,871,000 |
41,742,000 |
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Operating Income (Loss) |
$ 461,000 |
$ (4,098,000) |
$ 1,863,000 |
$ (2,120,000) |
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Other Income (Expense) |
(416,000) |
(592,000) |
(2,114,000) |
(2,493,000) |
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Income (Loss) Before |
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Provision for Income Taxes |
$ 45,000 |
$ (4,690,000) |
$ (251,000) |
$ (4,613,000) |
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Provision (Benefit) for Income Taxes |
302,000 |
(1,769,000) |
5,241,000 |
(2,495,000) |
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Net Income (Loss) |
$ (257,000) |
$ (2,921,000) |
$ (5,492,000) |
$ (2,118,000) |
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Earnings per Common Share - |
Basic |
($0.22) |
($2.45) |
($4.46) |
($1.78) |
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Diluted |
($0.22) |
($2.45) |
($4.46) |
($1.78) |
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NOTES:
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(1) Domestic sales for the first quarter of 2011 were $17,314,000 and the net loss was $1,079,000, compared to 2010 when sales were $13,376,000 and the net loss was $3,075,000. For 2011, Mueller BV sales for the first quarter were $13,514,000 and net income was $822,000, compared to 2010 when sales were $11,802,000 and net income was $154,000. |
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(2) The twelve months ended March 31, 2011, provision for income taxes include a non-cash charge of $5,605,000 as a valuation allowance against a portion of the Company's net deferred tax assets. |
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SUMMARIZED CONSOLIDATED BALANCE SHEETS |
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March 31 |
December 31 |
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2011 |
2010 |
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Current Assets |
$ 52,057,000 |
$ 41,511,000 |
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Net Property, Plant, and Equipment |
43,903,000 |
44,829,000 |
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Other assets |
16,963,000 |
16,452,000 |
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Total Assets |
$ 112,923,000 |
$ 102,792,000 |
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Current Liabilities |
$ 56,063,000 |
$ 45,607,000 |
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Long-Term Debt |
17,666,000 |
18,177,000 |
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Other Long-Term Liabilities |
19,740,000 |
20,231,000 |
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Shareholders' Investment |
19,454,000 |
18,777,000 |
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Total Liabilities and Shareholders' Investment |
$ 112,923,000 |
$ 102,792,000 |
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Book Value per Common Share |
$15.07 |
$14.54 |
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Total Shares Outstanding |
1,291,074 |
1,291,074 |
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Backlog |
$ 43,905,000 |
$ 31,044,000 |