SPRINGFIELD, Mo., April 25, 2007 (PRIME NEWSWIRE) -- Paul Mueller Company (Pink Sheets:MUEL) today released its first quarter report for the period ended March 31, 2007, as follows:
Paul Mueller Company and Subsidiaries
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THREE-MONTH REPORT
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(Unaudited)
CONSOLIDATED SUMMARIES OF OPERATIONS
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Three Months Ended Twelve Months Ended
March 31 March 31
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2007 2006 2007 2006
----------- ----------- ------------ ------------
Net Sales $49,539,000 $25,476,000 $176,950,000 $130,826,000
Cost of Sales 41,019,000 20,558,000 145,903,000 105,388,000
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Gross Profit $ 8,520,000 $ 4,918,000 $ 31,047,000 $ 25,438,000
Selling, General
and Administrative
Expenses 5,754,000 4,963,000 22,937,000 21,229,000
----------- ----------- ------------ ------------
Operating
Income (Loss) $ 2,766,000 $ (45,000) $ 8,110,000 $ 4,209,000
Other Income 191,000 226,000 459,000 404,000
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Income before
Provision for
Income Taxes $ 2,957,000 $ 181,000 $ 8,569,000 $ 4,613,000
Provision (Benefit)
for Income Taxes 1,073,000 34,000 (190,000) (126,000)
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Net Income $ 1,884,000 $ 147,000 $ 8,759,000 $ 4,739,000
=========== =========== ============ ============
Earnings per
Common Share -
Basic $ 1.64 $ 0.13 $ 7.61 $ 4.09
Diluted $ 1.61 $ 0.13 $ 7.51 $ 4.06
FINANCIAL HIGHLIGHTS
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March 31 December 31
2007 2006
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Total Assets $117,627,000 $ 92,816,000
Working Capital $ 10,973,000 $ 10,678,000
Current Ratio 1.14 : 1 1.19 : 1
Net Worth $ 21,781,000 $ 20,569,000
Book Value Per Share $ 18.38 $ 17.36
Backlog $160,517,000 $116,913,000
NOTES:
(1) The effective tax rate for the twelve months ended March 31,
2007, varies from the statutory rate (34%) due to a noncash
credit of $3,157,000 recorded during the fourth quarter of 2006
to reduce the remaining balance of the valuation allowance
established during 2004 for all of the Company's net deferred tax
assets.
(2) First quarter 2007 net income was adversely affected by an
increase to the LIFO reserve of $589,000, after tax, or $0.51 per
share ($0.50 diluted), while first quarter 2006 net income was
adversely affected by an increase to the LIFO reserve of
$122,000, after tax, or $0.11 per share on a basic and diluted
basis.
(3) The effective tax rate for the three months ended March 31,
2006, varies from the statutory rate (34%) due to the effect of
the alternative minimum tax.
(4) The effective tax rate for the twelve months ended March 31,
2006, varies from the statutory rate (34%) due to the benefit of
a net operating loss carryforward, tax credits, and a noncash
credit of $1,200,000 that was a partial reduction of the
valuation allowance established during 2004 for all of the
Company's net deferred tax assets.