SPRINGFIELD, Mo., Oct. 27, 2011 (GLOBE NEWSWIRE) -- PAUL MUELLER COMPANY (OTC:MUEL.PK) TODAY RELEASED ITS THIRD QUARTER REPORT FOR THE PERIOD ENDED SEPTEMBER 30, 2011, AS FOLLOWS:
| 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 | |||||||||||
| 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | ||||||||
| Net Sales | $ 36,814,000 | $ 36,962,000 | $ 110,203,000 | $ 94,755,000 | $ 145,081,000 | $ 135,111,000 | |||||||
| Cost of Sales | 24,748,000 | 28,773,000 | 74,352,000 | 69,827,000 | 98,471,000 | 100,204,000 | |||||||
| Gross Profit | $ 12,066,000 | $ 8,189,000 | $ 35,851,000 | $ 24,928,000 | $ 46,610,000 | $ 34,907,000 | |||||||
| Selling, General and Administrative Expense | 11,074,000 | 8,986,000 | 34,260,000 | 28,391,000 | 45,206,000 | 38,267,000 | |||||||
| Operating Income | $ 992,000 | $ (797,000) | $ 1,591,000 | $ (3,463,000) | $ 1,404,000 | $ (3,360,000) | |||||||
| Other Income (Expense) | (987,000) | (662,000) | (2,368,000) | (1,741,000) | (2,745,000) | (2,516,000) | |||||||
| Income before Provision for Income Taxes | $ 5,000 | $ (1,459,000) | $ (777,000) | $ (5,204,000) | $ (1,341,000) | $ (5,876,000) | |||||||
| Provision for Income Taxes | 121,000 | (452,000) | 797,000 | (2,043,000) | 6,010,000 | (3,076,000) | |||||||
| Net Income | $ (116,000) | $ (1,007,000) | $ (1,574,000) | $ (3,161,000) | $ (7,351,000) | $ (2,800,000) | |||||||
| Earnings per Common Share –– | Basic | ($0.10) | ($0.84) | ($1.32) | ($2.65) | ($6.15) | ($2.22) | ||||||
| Diluted | ($0.10) | ($0.84) | ($1.32) | ($2.65) | ($6.15) | ($2.22) | |||||||
| NOTES: | 1) | Domestic sales for the third quarter of 2011 were $24,026,000 and the net loss was $361,000, compared to 2010 when sales were $24,343,000 and the net loss was $1,305,000. For 2011, Mueller BV sales for the third quarter were $12,788,000 and net income was $245,000, compared to 2010 when sales were $12,619,000 and net income was $298,000. | |||||||||||
| 2) | The results for the three months, nine months, and twelve months ended 9/30/11, were adversely affected by severance and noncompete payments totaling $961,000 and the accrual of $2,721,000 (a current non-cash charge) for the actuarial present value of a life annuity all of which are in accordance with the employment agreement of the former President and CEO. | ||||||||||||
| 3) | The results for the three months, nine months, and twelve months ended 9/30/11, were adversely affected by one time fees associated with the new bank financing (credit revolver and terms loans) totaling $670,000. | ||||||||||||
| 4) | The provisions for income taxes for the three months, nine months, and twelve months ended September 30, 2011 included a valuation allowance against a portion of the company's net deferred tax assets of $126,000 971,000 and 1,748,000 respectively | ||||||||||||
| SUMMARIZED CONSOLIDATED BALANCE SHEETS | |||||||||||||
| September 30 | December 31 | ||||||||||||
| 2011 | 2010 | ||||||||||||
| Current Assets | $ 56,049,000 | $ 40,997,000 | |||||||||||
| Net Property, Plant, and Equipment | 40,787,000 | 44,829,000 | |||||||||||
| Other assets | 16,176,000 | 16,452,000 | |||||||||||
| Total Assets | $ 113,012,000 | $ 102,278,000 | |||||||||||
| Current Liabilities | $ 61,044,000 | $ 46,047,000 | |||||||||||
| Long-Term Debt | 15,459,000 | 18,177,000 | |||||||||||
| Other Long-Term Liabilities | 19,488,000 | 20,231,000 | |||||||||||
| Shareholders' Investment | 17,021,000 | 17,823,000 | |||||||||||
| Total Liabilities and Shareholders' Investment | $ 113,012,000 | $ 102,278,000 | |||||||||||
| Book Value per Common Share | $13.18 | $13.81 | |||||||||||
| Total Shares Outstanding | 1,291,074 | 1,291,074 | |||||||||||
| Backlog | $ 61,529,000 | $ 31,044,000 | |||||||||||