SPRINGFIELD, Mo., April 25, 2007 (PRIME NEWSWIRE) -- Paul Mueller Company (Pink Sheets:MUEL) today released its first quarter report for the period ended March 31, 2007, as follows:
Paul Mueller Company and Subsidiaries ------------------------------------- THREE-MONTH REPORT ------------------------------------- (Unaudited) CONSOLIDATED SUMMARIES OF OPERATIONS ---------------------------------------------------- Three Months Ended Twelve Months Ended March 31 March 31 ------------------------ -------------------------- 2007 2006 2007 2006 ----------- ----------- ------------ ------------ Net Sales $49,539,000 $25,476,000 $176,950,000 $130,826,000 Cost of Sales 41,019,000 20,558,000 145,903,000 105,388,000 ----------- ----------- ------------ ------------ Gross Profit $ 8,520,000 $ 4,918,000 $ 31,047,000 $ 25,438,000 Selling, General and Administrative Expenses 5,754,000 4,963,000 22,937,000 21,229,000 ----------- ----------- ------------ ------------ Operating Income (Loss) $ 2,766,000 $ (45,000) $ 8,110,000 $ 4,209,000 Other Income 191,000 226,000 459,000 404,000 ----------- ----------- ------------ ------------ Income before Provision for Income Taxes $ 2,957,000 $ 181,000 $ 8,569,000 $ 4,613,000 Provision (Benefit) for Income Taxes 1,073,000 34,000 (190,000) (126,000) ----------- ----------- ------------ ------------ Net Income $ 1,884,000 $ 147,000 $ 8,759,000 $ 4,739,000 =========== =========== ============ ============ Earnings per Common Share - Basic $ 1.64 $ 0.13 $ 7.61 $ 4.09 Diluted $ 1.61 $ 0.13 $ 7.51 $ 4.06 FINANCIAL HIGHLIGHTS ------------------------------ March 31 December 31 2007 2006 ------------- ------------ Total Assets $117,627,000 $ 92,816,000 Working Capital $ 10,973,000 $ 10,678,000 Current Ratio 1.14 : 1 1.19 : 1 Net Worth $ 21,781,000 $ 20,569,000 Book Value Per Share $ 18.38 $ 17.36 Backlog $160,517,000 $116,913,000 NOTES: (1) The effective tax rate for the twelve months ended March 31, 2007, varies from the statutory rate (34%) due to a noncash credit of $3,157,000 recorded during the fourth quarter of 2006 to reduce the remaining balance of the valuation allowance established during 2004 for all of the Company's net deferred tax assets. (2) First quarter 2007 net income was adversely affected by an increase to the LIFO reserve of $589,000, after tax, or $0.51 per share ($0.50 diluted), while first quarter 2006 net income was adversely affected by an increase to the LIFO reserve of $122,000, after tax, or $0.11 per share on a basic and diluted basis. (3) The effective tax rate for the three months ended March 31, 2006, varies from the statutory rate (34%) due to the effect of the alternative minimum tax. (4) The effective tax rate for the twelve months ended March 31, 2006, varies from the statutory rate (34%) due to the benefit of a net operating loss carryforward, tax credits, and a noncash credit of $1,200,000 that was a partial reduction of the valuation allowance established during 2004 for all of the Company's net deferred tax assets.