SPRINGFIELD, Mo., July 20, 2007 (PRIME NEWSWIRE) -- Paul Mueller Company (Pink Sheets:MUEL) today released its second quarter report for the period ended June 30, 2007, as follows:
Paul Mueller Company and Subsidiaries
-------------------------------------
SIXTH-MONTH REPORT
-------------------------------------
(Unaudited)
------------------------------------------------------
CONSOLIDATED SUMMARIES OF OPERATIONS
------------------------------------------------------
Three Months Ended Six Months Ended
June 30 June 30
------------------------- --------------------------
2007 2006 2007 2006
----------- ----------- ------------ -----------
Net Sales $53,740,000 $34,115,000 $103,279,000 $59,591,000
Cost of Sales 44,574,000 28,305,000 85,593,000 48,863,000
----------- ----------- ------------ -----------
Gross Profit $ 9,166,000 $ 5,810,000 $ 17,686,000 $10,728,000
Selling, General
and Admin.
Expenses 6,666,000 5,092,000 12,420,000 10,055,000
----------- ----------- ------------ -----------
Operating
Income $ 2,500,000 $ 718,000 $ 5,266,000 $ 673,000
Other Income 308,000 228,000 499,000 454,000
----------- ----------- ------------ -----------
Income before
Provision
for Income
Taxes $ 2,808,000 $ 946,000 $ 5,765,000 $ 1,127,000
Provision
(Benefit) for
Income Taxes 1,022,000 264,000 2,095,000 298,000
----------- ----------- ------------ -----------
Net Income $ 1,786,000 $ 682,000 $ 3,670,000 $ 829,000
=========== =========== ============ ===========
Earnings per
Common Share -
Basic $ 1.55 $ 0.59 $ 3.18 $ 0.72
Diluted $ 1.52 $ 0.59 $ 3.13 $ 0.71
Twelve Months Ended
June 30
-----------------------------
2007 2006
------------- -------------
Net Sales $ 196,575,000 $ 130,425,000
Cost of Sales 162,172,000 105,722,000
------------- -------------
Gross Profit $ 34,403,000 $ 24,703,000
Selling, General and
Admin. Expenses 24,511,000 20,430,000
------------- -------------
Operating Income $ 9,892,000 $ 4,273,000
Other Income 539,000 542,000
------------- -------------
Income before
Provision for
Income Taxes $ 10,431,000 $ 4,815,000
Provision (Benefit) for
Income Taxes 568,000 (261,000)
------------- -------------
Net Income $ 9,863,000 $ 5,076,000
============= =============
Earnings per Common Share
Basic $ 8.56 $ 4.40
Diluted $ 8.43 $ 4.36
NOTES:
(1) Net income for the second quarter of 2007 was adversely
affected by an increase in the LIFO reserve of $1,538,000, after
tax, while net income for the second quarter of 2006 was
adversely affected by an increase in the LIFO reserve of
$536,000, after tax. Net income for the six months ended June 30,
2007, was adversely affected by an increase in the LIFO reserve
of $2,122,000, after tax, while net income for the first six
months of 2006 was adversely affected by an increase in the LIFO
reserve of $657,000, after tax.
(2) The effective tax rate for the three months and six months
ended June 30, 2006, varied from the statutory rate (34%) due to
the effect of the alternative minimum tax
(3) The effective tax rate for the twelve months ended June 30,
2007, varied 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. The effective tax rate for the twelve months ended June
30, 2006, varied from the statutory rate (34%) due to the benefit
of the 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 the Company's
net deferred tax assets.
------------------------------
FINANCIAL HIGHLIGHTS
------------------------------
June 30 December 31
2007 2006
------------- -------------
Total Assets $115,988,000 $ 92,816,000
Working Capital $ 9,747,000 $ 10,678,000
Current Ratio 1.13 : 1 1.19 : 1
Net Worth $ 22,987,000 $ 20,569,000
Book Value Per Share $ 19.20 $ 17.36
Backlog $139,341,000 $116,913,000