SPRINGFIELD, Mo., July 23, 2009 (GLOBE NEWSWIRE) -- Paul Mueller Company (Pink Sheets:MUEL) today released its second quarter report for the period ended June 30, 2009, as follows:
PAUL MUELLER COMPANY AND SUBSIDIARIES SIX-MONTH REPORT Unaudited --------------------------------------------------------------------- CONSOLIDATED SUMMARIES OF OPERATIONS --------------------------------------------------------------------- Three Months Ended Six Months Ended June 30 June 30 ------------------------- ------------------------- 2009 2008 2009 2008 ------------ ------------ ------------ ------------ Net Sales $ 41,561,000 $ 50,176,000 $ 86,114,000 $102,031,000 Cost of Sales 27,811,000 41,218,000 62,497,000 84,735,000 ------------ ------------ ------------ ------------ Gross Profit $ 13,750,000 $ 8,958,000 $ 23,617,000 $ 17,296,000 Selling, General and Administrative Expense 11,224,000 7,433,000 21,875,000 14,220,000 ------------ ------------ ------------ ------------ Operating Income $ 2,526,000 $ 1,525,000 $ 1,742,000 $ 3,076,000 Other Income (Expense) (590,000) (124,000) (1,456,000) 116,000 ------------ ------------ ------------ ------------ Income before Provision for Income Taxes $ 1,936,000 $ 1,401,000 $ 286,000 $ 3,192,000 Provision (Benefit) for Income Taxes 586,000 481,000 (246,000) 1,136,000 ------------ ------------ ------------ ------------ Net Income $ 1,350,000 $ 920,000 $ 532,000 $ 2,056,000 ============ ============ ============ ============ Earnings per Common Share -- Basic $ 1.13 $ 0.79 $ 0.45 $ 1.78 Diluted $ 1.13 $ 0.78 $ 0.45 $ 1.74 Twelve Months Ended June 30 ------------------------- 2009 2008 ------------ ------------ Net Sales $201,965,000 $239,899,000 Cost of Sales 154,588,000 200,001,000 ------------ ------------ Gross Profit $ 47,377,000 $ 39,898,000 Selling, General and Administrative Expense 42,098,000 27,075,000 ------------ ------------ Operating Income $ 5,279,000 $ 12,823,000 Other Income (Expense) (1,726,000) (802,000) ------------ ------------ Income before Provision for Income Taxes $ 3,553,000 $ 12,021,000 Provision (Benefit) for Income Taxes 967,000 4,549,000 ------------ ------------ Net Income $ 2,586,000 $ 7,472,000 ============ ============ Earnings per Common Share -- Basic $ 2.20 $ 6.47 Diluted $ 2.18 $ 6.35 NOTES: 1) For the three months ended June 30, 2009, and the six months ended June 30, 2009, Mueller B.V., our wholly owned Dutch subsidiary, had sales of $13,543,000 and $30,949,000, respectively, and net income of $1,248,000 and $2,427,000, respectively. Mueller B.V. was acquired on April 18, 2008, and sales were $6,025,000 and net income was $347,000 for the second quarter of 2008. Mueller B.V.'s selling, general, and administrative expense was $5,400,000 and $10,400,000, respectively, for the three months and six months ended June 30, 2009. The backlog reported as of June 30, 2009, includes $15,314,000, which relates to Mueller B.V. 2) Net income for the second quarter of 2009 was favorably affected by a decrease in the LIFO reserve of $1,109,000, after tax, while net income for the second quarter of 2008 was adversely affected by an increase in the LIFO reserve of $154,000, after tax. Net income for the six months ended June 30, 2009, was favorably affected by a decrease in the LIFO reserve of $2,154,000, after tax, while net income for the first six months ended June 30, 2008, was adversely affected by an increase in the LIFO reserve of $384,000, after tax. --------------------------------------------------------------------- SUMMARIZED CONSOLIDATED BALANCE SHEETS --------------------------------------------------------------------- June 30 December 31 2009 2008 ------------ ------------ Current Assets $ 60,333,000 $ 73,852,000 Net Property, Plant, and Equipment 53,875,000 55,317,000 Other assets 22,725,000 22,963,000 ------------ ------------ Total Assets $136,933,000 $152,132,000 Current Liabilities $ 58,505,000 $ 68,458,000 Long-Term Debt 29,293,000 33,926,000 Other Long-Term Liabilities 29,068,000 29,638,000 Shareholders' Investment 20,067,000 20,110,000 ------------ ------------ Total Liabilities and Shareholders' Investment $136,933,000 $152,132,000 Book Value per Common Share $ 15.80 $ 16.14 Total Shares Outstanding 1,270,045 1,245,630 Backlog $ 54,482,000 $ 56,421,000