SPRINGFIELD, Mo., Feb. 12, 2009 (GLOBE NEWSWIRE) -- Paul Mueller Company (Pink Sheets:MUEL) has declared a cash dividend of sixty cents ($0.60) per share on its outstanding common stock, paid from the 2008 profit.
The action was taken February 11, 2009, at the regular quarterly meeting of the Board of Directors. The dividend of sixty cents ($0.60) per share is payable on March 13, 2009, to shareholders of record on February 23, 2009.
The Paul Mueller Company has paid dividends for 84 consecutive quarters and management continues its goal to increase shareholder value. Revenues have increased in excess of 100% since 2004. In 2008, the Dairy Farm Equipment business remained strong, but the Industrial Equipment business was lower than forecast. During this same period, the Company successfully completed two acquisitions, primarily focused on Dairy Farm Equipment, which are expected to contribute significantly to future Company performance.
Order entry in 2009 is off significantly due to current economic conditions, including a recent significant drop in milk prices. As a result, we have taken steps to lower our operational costs by reducing our office staff by 44 and temporarily laying off approximately 46 in our Springfield plant. In the coming period, we will evaluate our personnel requirements in light of new business developments.
Management is focused on maintaining profitability and cash flow; however, conditions may necessitate temporarily reducing or eliminating the dividend in the future.