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
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CONSOLIDATED SUMMARIES OF OPERATIONS
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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.
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SUMMARIZED CONSOLIDATED BALANCE SHEETS
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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