SPRINGFIELD, Mo., April 23, 2009 (GLOBE NEWSWIRE) -- Paul Mueller Company today released its first quarter report for the period ended March 31, 2009, 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
--------------------------- ---------------------------
2009 2008 2009 2008
------------- ------------- ------------- -------------
Net Sales $ 44,553,000 $ 51,855,000 $210,580,000 $243,463,000
Cost of
Sales 34,686,000 43,517,000 167,995,000 203,357,000
------------- ------------- ------------- -------------
Gross
Profit $ 9,867,000 $ 8,338,000 $ 42,585,000 $ 40,106,000
Selling,
General and
Admin
Expenses 10,651,000 6,787,000 38,307,000 26,308,000
------------- ------------- ------------- -------------
Operating
Income
(Loss) $ (784,000) $ 1,551,000 $ 4,278,000 $ 13,798,000
Other Income
(Expense) (866,000) 240,000 (1,260,000) (370,000)
------------- ------------- ------------- -------------
Income
(Loss)
Before
Provision
for Income
Taxes $ (1,650,000) $ 1,791,000 $ 3,018,000 $ 13,428,000
Provision
(Benefit)
for Income
Taxes (832,000) 655,000 862,000 5,090,000
------------- ------------- ------------- -------------
Net Income
(Loss) $ (818,000) $ 1,136,000 $ 2,156,000 $ 8,338,000
============= ============= ============= =============
Earnings per
Common
Share --
Basic $ (0.69) $ 0.98 $ 1.84 $ 7.22
Diluted $ (0.69) $ 0.97 $ 1.81 $ 7.10
NOTES:
1) First quarter 2009 results were favorably affected by a reduction
of the LIFO reserve of $1,046,000, after tax, or $0.88 per share
on a basic and diluted basis. The reduction was the result of
lower stainless steel prices. For the first quarter of 2008, net
income was adversely affected by an increase to the LIFO reserve
of $231,000, after tax, or $0.20 per share on a basic and diluted
basis.
2) For the first quarter 2009, Mueller B.V.'s sales were $17,406,000
and net income was $1,179,000. However, Mueller B.V.'s results
for the quarter were adversely affected by amortization of
$316,000, after tax, of intangible assets. Mueller B.V.'s
selling, general and administrative expenses were $5,000,000 for
the first quarter of 2009.
FINANCIAL HIGHLIGHTS
March 31 December 31
2009 2008
------------ ------------
Total Assets $142,054,000 $152,132,000
Working Capital $ 1,450,000 $ 5,394,000
Current Ratio 1.02:1 1.08:1
Net Worth $ 18,063,000 $ 20,110,000
Book Value Per Share $ 14.50 $ 16.14
Backlog $ 54,990,000 $ 56,421,000