SPRINGFIELD, Mo., April 30, 2012 (GLOBE NEWSWIRE) -- Paul Mueller Company (Pink Sheets:MUEL) today released its first quarter report for the period ended March 31, 2012.
| PAUL MUELLER COMPANY AND SUBSIDIARIES | ||||
| THREE-MONTH REPORT | ||||
| UNAUDITED | ||||
| CONSOLIDATED SUMMARIES OF OPERATIONS | ||||
|
Three Months Ended March 31 |
Twelve Months Ended March 31 |
|||
| 2012 | 2011 | 2012 | 2011 | |
| Net Sales | $ 41,148,000 | $ 30,828,000 | $ 164,501,000 | $ 135,283,000 |
| Cost of Sales | 29,232,000 | 20,869,000 | 115,260,000 | 95,549,000 |
| Gross Profit | $ 11,916,000 | $ 9,959,000 | $ 49,241,000 | $ 39,734,000 |
| Selling, General and Admin. Expenses | 10,175,000 | 9,498,000 | 44,602,000 | 38,825,000 |
| Operating Income | $ 1,741,000 | $ 461,000 | $ 4,639,000 | $ 909,000 |
| Other Income (Expense) | 10,000 | (416,000) | (859,000) | (1,942,000) |
| Income (Loss) Before | ||||
| Provision for Income Taxes | $ 1,751,000 | $ 45,000 | $ 3,780,000 | $ (1,033,000) |
| Provision for Income Taxes | 456,000 | 302,000 | 211,000 | 5,241,000 |
| Net Income (Loss) | $ 1,295,000 | $ (257,000) | $ 3,569,000 | $ (6,274,000) |
| Earnings per Common Share -- | ||||
| Basic | $1.07 | ($0.22) | $2.95 | ($5.26) |
| Diluted | $1.07 | ($0.22) | $2.95 | ($5.26) |
| SUMMARIZED CONSOLIDATED BALANCE SHEETS | ||||
|
March 31 2012 |
December 31 2011 |
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| Current Assets | $ 51,858,000 | $ 51,251,000 | ||
| Net Property, Plant, and Equipment | 35,780,000 | 36,251,000 | ||
| Other assets | 14,184,000 | 16,372,000 | ||
| Total Assets | $ 101,822,000 | $ 103,874,000 | ||
| Current Liabilities | $ 52,053,000 | $ 52,219,000 | ||
| Long-Term Debt | 11,838,000 | 13,066,000 | ||
| Other Long-Term Liabilities | 27,841,000 | 30,350,000 | ||
| Shareholders' Investment | 10,090,000 | 8,239,000 | ||
| Total Liabilities and Shareholders' Investment | $ 101,822,000 | $ 103,874,000 | ||
| Book Value per Common Share | $8.05 | $6.58 | ||
| Total Shares Outstanding | 1,252,977 | 1,252,977 | ||
| Backlog | $ 66,419,000 | $ 51,714,000 | ||
NOTES
- Domestic sales for the first quarter of 2012 were $25,799,000 and the net loss was $138,000, compared to 2011 when sales were $17,314,000 and the net loss was 1,079,000. For 2012, Mueller BV sales for the first quarter were $15,349,000 and the net income was $1,433,000, compared to 2011 when sales were $13,514,000 and net income was $822,000.
- The results for the twelve months ended March 31, 2012, were adversely affected by severance and non-compete expenses totaling $1,331,000 and the accrual of $2,667,000 (a non-cash charge in May 2011) for the actuarial present value of a life annuity all of which are in accordance with the employment agreement of the former President and CEO. The results for the first quarter of 2012 were adversely affected by the non-compete expense of $185,000.
- The results for the twelve months ended March 31, 2012, included the sale of Springfield Brewing Company to Front Row Property LLC. The selling price was $3,000,000 which included a promissory note for $400,000 payable over five years. The gain on the sale of Springfield Brewing Company was $580,000.
- The results for the twelve months ended March 31, 2012, were adversely affected by an increase in the LIFO reserve of $1,063,000. The results for the twelve months ended March 31, 2011 were adversely affected by an increase of the LIFO reserve of $355,000.
Paul Mueller Company is a manufacturer of high quality stainless steel equipment used in over 100 countries worldwide on dairy farms and in wide varieties of industrial applications, including food, dairy, and beverage processing; pharmaceutical, biotechnological, and chemical processing; water distillation; heat transfer; heat recovery; HVAC; and process cooling.
This press release contains forward-looking statements that provide current expectations of future events based on certain assumptions. All statements regarding future performance growth, conditions, or developments are forward-looking statements. Actual future results may differ materially from those described in the forward-looking statements due to a variety of factors, including, but not limited to, the factors described on page 32 of the Company's 2011 Annual Report. The Company expressly disclaims any obligation or undertaking to update these forward-looking statements to reflect any future events or circumstances.