SPRINGFIELD, Mo., Oct. 18, 2007 (PRIME NEWSWIRE) -- Paul Mueller Company (Pink Sheets:MUEL) today released its third quarter report for the period ended September 30, 2007, as follows:
Paul Mueller Company and Subsidiaries ---------------------------------------------------- NINE-MONTH REPORT ---------------------------------------------------- (Unaudited) ---------------------------------------------------- CONSOLIDATED SUMMARIES OF OPERATIONS ---------------------------------------------------- Three Months Ended Nine Months Ended September 30 September 30 ------------------------ ------------------------- 2007 2006 2007 2006 ----------- ----------- ------------ ----------- Net Sales $58,424,000 $36,698,000 $161,703,000 $96,289,000 Cost of Sales 51,688,000 30,860,000 137,281,000 79,723,000 ----------- ----------- ------------ ----------- Gross Profit $ 6,736,000 $ 5,838,000 $ 24,422,000 $16,566,000 Selling, General and Admin. Expenses 6,557,000 5,601,000 18,977,000 15,656,000 ----------- ----------- ------------ ----------- Operating Income $ 179,000 $ 237,000 $ 5,445,000 $ 910,000 Other Income 185,000 213,000 684,000 667,000 ----------- ----------- ------------ ----------- Income before Provision (Benefit) for Income Taxes $ 364,000 $ 450,000 $ 6,129,000 $ 1,577,000 Provision (Benefit) for Income Taxes 137,000 252,000 2,232,000 550,000 ----------- ----------- ------------ ----------- Net Income $ 227,000 $ 198,000 $ 3,897,000 $ 1,027,000 =========== =========== ============ =========== Earnings per Common Share - Basic $ 0.20 $ 0.17 $ 3.38 $ 0.89 Diluted $ 0.19 $ 0.17 $ 3.32 $ 0.89 Twelve Months Ended September 30 ----------------------------- 2007 2006 ------------- ------------- Net Sales $ 218,301,000 $ 135,801,000 Cost of Sales 183,000,000 110,728,000 ------------- ------------- Gross Profit $ 35,301,000 $ 25,073,000 Selling, General and Admin. Expenses 25,467,000 20,999,000 ------------- ------------- Operating Income $ 9,834,000 $ 4,074,000 Other Income 511,000 655,000 ------------- ------------- Income before Provision (Benefit) for Income Taxes $ 10,345,000 $ 4,729,000 Provision (Benefit) for Income Taxes 453,000 (127,000) ------------- ------------- Net Income $ 9,892,000 $ 4,856,000 ============= ============= Earnings per Common Share - Basic $ 8.58 $ 4.22 Diluted $ 8.43 $ 4.19 NOTES: 1) Net income for the third quarter of 2007 was adversely affected by an increase in the LIFO reserve of $1,046,000, after tax, while net income for the third quarter of 2006 was adversely affected by an increase in the LIFO reserve of $1,230,000, after tax. Net income for the nine months ended September 30, 2007, was adversely affected by an increase in the LIFO reserve of $3,167,000, after tax; while net income for the first nine months of 2006 was adversely affected by an increase in the LIFO reserve of $1,871,000, after tax. 2) The effective tax rates for the three months and nine months ended September 30, 2006, varied from the statutory rate (34%) due to the effect of the alternative minimum tax. 3) The effective tax rate for the twelve months ended September 30, 2007, varied 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. The effective tax rate for the twelve months ended September 30, 2006, varied from the statutory rate (34%) due to the benefit of a net operating loss carry forward, 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. ---------------------------- FINANCIAL HIGHLIGHTS ---------------------------- September 30 December 31 2007 2006 ------------- ------------- Total Assets $ 106,632,000 $ 92,816,000 Working Capital $ 6,987,000 $ 10,678,000 Current Ratio 1.11 : 1 1.19 : 1 Net Worth $ 22,564,000 $ 20,569,000 Book Value Per Share $ 18.83 $ 17.36 Backlog $ 114,031,000 $ 116,913,000