SPRINGFIELD, Mo., March 7, 2013 (GLOBE NEWSWIRE) -- Paul Mueller Company (OTC:MUEL) today reported its unaudited earnings for the year ended 2012.
PAUL MUELLER COMPANY AND SUBSIDIARIES | ||||
CONSOLIDATED SUMMARIES OF OPERATIONS | ||||
Unaudited | ||||
Three Months Ended | Twelve Months Ended | |||
December 31 | December 31 | |||
2012 | 2011 | 2012 | 2011 | |
Net Sales | $ 48,865,000 | $43,978,000 | $179,561,000 | $154,181,000 |
Cost of Sales | 39,181,000 | 32,545,000 | 133,447,000 | 106,897,000 |
Gross Profit | $ 9,684,000 | $11,433,000 | $ 46,114,000 | $ 47,284,000 |
Selling, General and Administrative Expense | 10,625,000 | 8,745,000 | 42,036,000 | 43,925,000 |
Operating Income (Loss) | $ (941,000) | $ 2,688,000 | $ 4,078,000 | $ 3,359,000 |
Other Income (Expense) | (299,000) | 163,000 | (813,000) | (1,285,000) |
Income (Loss) before Provision for Income Taxes | $ (1,240,000) | $ 2,851,000 | $ 3,265,000 | $ 2,074,000 |
Provision (Benefit) for Income Taxes | 321,000 | (739,000) | 1,300,000 | 57,000 |
Net Income (Loss) | $ (1,561,000) | $ 3,590,000 | $ 1,965,000 | $ 2,017,000 |
Earnings per Common Share –– Basic | ($1.28) | $2.96 | $1.61 | $1.68 |
Diluted | ($1.28) | $2.96 | $1.59 | $1.68 |
SUMMARIZED CONSOLIDATED BALANCE SHEETS | ||||
December 31 | December 31 | |||
2012 | 2011 | |||
Current Assets | $ 55,922,000 | $ 51,251,000 | ||
Net Property, Plant, and Equipment | 34,025,000 | 36,251,000 | ||
Other assets | 18,614,000 | 16,372,000 | ||
Total Assets | $108,561,000 | $103,874,000 | ||
Current Liabilities | $ 59,524,000 | $ 52,219,000 | ||
Long-Term Debt | 14,404,000 | 13,066,000 | ||
Other Long-Term Liabilities | 36,098,000 | 30,350,000 | ||
Shareholders' Investment (Deficit) | (1,465,000) | 8,239,000 | ||
Total Liabilities and Shareholders' Investment | $108,561,000 | $103,874,000 | ||
Book Value per Common Share | ($1.18) | $6.58 | ||
Total Shares Outstanding | 1,239,628 | 1,252,977 | ||
Backlog | $ 47,929,000 | $ 51,714,000 |
NOTES
The 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.