SPRINGFIELD, Miss., July 26, 2011 (GLOBE NEWSWIRE) -- Paul Mueller Company (Pink Sheets:MUEL) today released its second quarter report for the period ended June 30, 2011, as follows:
| PAUL MUELLER COMPANY AND SUBSIDIARIES | |||||||
| SIX-MONTH REPORT | |||||||
| Unaudited | |||||||
| CONSOLIDATED SUMMARIES OF OPERATIONS | |||||||
| Three Months Ended | Six Months Ended | Twelve Months Ended | |||||
| June 30 | June 30 | June 30 | |||||
| 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | ||
| Net Sales | $ 42,561,000 | $ 32,615,000 | $ 73,389,000 | $ 57,793,000 | $ 145,229,000 | $ 139,198,000 | |
| Cost of Sales | 28,736,000 | 21,788,000 | 49,605,000 | 41,054,000 | 102,497,000 | 102,275,000 | |
| Gross Profit | $ 13,825,000 | $ 10,827,000 | $ 23,784,000 | $ 16,739,000 | $ 42,732,000 | $ 36,923,000 | |
| Selling, General and Admin. Expenses | 13,688,000 | 9,395,000 | 23,186,000 | 19,405,000 | 43,118,000 | 39,913,000 | |
| Operating Income (Loss) | $ 137,000 | $ 1,432,000 | $ 598,000 | $ (2,666,000) | $ (386,000) | $ (2,990,000) | |
| Other Income (Expense) | (965,000) | (487,000) | (1,381,000) | (1,079,000) | (2,420,000) | (2,390,000) | |
| Income (Loss) Before | |||||||
| Provision for Income Taxes | $ (828,000) | $ 945,000 | $ (783,000) | $ (3,745,000) | $ (2,806,000) | $ (5,380,000) | |
| Provision (Benefit) for Income Taxes | 373,000 | 178,000 | 675,000 | (1,591,000) | 5,436,000 | (2,817,000) | |
| Net Income (Loss) | $ (1,201,000) | $ 767,000 | $ (1,458,000) | $ (2,154,000) | $ (8,242,000) | $ (2,563,000) | |
| Earnings per Common Share – | Basic | ($1.00) | $0.64 | ($1.22) | ($1.81) | ($6.90) | ($2.15) |
| Diluted | ($1.00) | $0.63 | ($1.22) | ($1.81) | ($6.90) | ($2.15) | |
|
NOTES: |
1) Domestic sales for the second quarter of 2011 were $25,824,000 and the net loss was $2,220,000, compared to 2010 when sales were $18,444,000 and the net loss was $350,000. For 2011, Mueller BV sales for the second quarter were $16,738,000 and net income was $1,019,000, compared to 2010 when sales were $14,171,000 and net income was $1,117,000. | ||||||
| 2) The results for the three months, six months, and twelve months ended 6/30/11, were adversely affected by severance and noncompete payments totaling $776,600 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. | |||||||
| 3) The provisions for income taxes for the three months, six months, and twelve months ended June 30, 2011 included a valuation allowance (non-cash charge) against a portion of the company's net deferred tax assets of $845,000, $1,256,000 and $7,228,000 respectively. | |||||||
| 4) The effect of the LIFO provision on the results for the periods presented was not significant. | |||||||
| SUMMARIZED CONSOLIDATED BALANCE SHEETS | |||||||
| June 30 | December 31 | ||||||
| 2011 | 2010 | ||||||
| Current Assets | $ 57,063,000 | $ 40,997,000 | |||||
| Net Property, Plant, and Equipment | 43,254,000 | 44,829,000 | |||||
| Other assets | 16,974,000 | 16,452,000 | |||||
| Total Assets | $ 117,291,000 | $ 102,278,000 | |||||
| Current Liabilities | $ 62,033,000 | $ 46,047,000 | |||||
| Long-Term Debt | 15,709,000 | 18,177,000 | |||||
| Other Long-Term Liabilities | 21,512,000 | 20,231,000 | |||||
| Shareholders' Investment | 18,037,000 | 17,823,000 | |||||
| Total Liabilities and Shareholders' Investment | $ 117,291,000 | $ 102,278,000 | |||||
| Book Value per Common Share | $14.29 | $13.81 | |||||
| Total Shares Outstanding | 1,262,017 | 1,291,074 | |||||
| Backlog | $ 53,391,000 | $ 31,044,000 | |||||