SPRINGFIELD, Mo., Oct. 18, 2007 (PRIME NEWSWIRE) -- Paul Mueller Company (Pink Sheets:MUEL) today released its third quarter report for the period ended September 30, 2007, as follows:
Paul Mueller Company and Subsidiaries
----------------------------------------------------
NINE-MONTH REPORT
----------------------------------------------------
(Unaudited)
----------------------------------------------------
CONSOLIDATED SUMMARIES OF OPERATIONS
----------------------------------------------------
Three Months Ended Nine Months Ended
September 30 September 30
------------------------ -------------------------
2007 2006 2007 2006
----------- ----------- ------------ -----------
Net Sales $58,424,000 $36,698,000 $161,703,000 $96,289,000
Cost of Sales 51,688,000 30,860,000 137,281,000 79,723,000
----------- ----------- ------------ -----------
Gross Profit $ 6,736,000 $ 5,838,000 $ 24,422,000 $16,566,000
Selling, General
and Admin.
Expenses 6,557,000 5,601,000 18,977,000 15,656,000
----------- ----------- ------------ -----------
Operating
Income $ 179,000 $ 237,000 $ 5,445,000 $ 910,000
Other Income 185,000 213,000 684,000 667,000
----------- ----------- ------------ -----------
Income before
Provision
(Benefit)
for Income
Taxes $ 364,000 $ 450,000 $ 6,129,000 $ 1,577,000
Provision
(Benefit) for
Income Taxes 137,000 252,000 2,232,000 550,000
----------- ----------- ------------ -----------
Net Income $ 227,000 $ 198,000 $ 3,897,000 $ 1,027,000
=========== =========== ============ ===========
Earnings per
Common Share -
Basic $ 0.20 $ 0.17 $ 3.38 $ 0.89
Diluted $ 0.19 $ 0.17 $ 3.32 $ 0.89
Twelve Months Ended
September 30
-----------------------------
2007 2006
------------- -------------
Net Sales $ 218,301,000 $ 135,801,000
Cost of Sales 183,000,000 110,728,000
------------- -------------
Gross Profit $ 35,301,000 $ 25,073,000
Selling, General
and Admin.
Expenses 25,467,000 20,999,000
------------- -------------
Operating
Income $ 9,834,000 $ 4,074,000
Other Income 511,000 655,000
------------- -------------
Income before
Provision
(Benefit)
for Income
Taxes $ 10,345,000 $ 4,729,000
Provision
(Benefit) for
Income Taxes 453,000 (127,000)
------------- -------------
Net Income $ 9,892,000 $ 4,856,000
============= =============
Earnings per
Common Share -
Basic $ 8.58 $ 4.22
Diluted $ 8.43 $ 4.19
NOTES: 1) Net income for the third quarter of 2007 was adversely
affected by an increase in the LIFO reserve of
$1,046,000, after tax, while net income for the third
quarter of 2006 was adversely affected by an increase in
the LIFO reserve of $1,230,000, after tax. Net income
for the nine months ended September 30, 2007, was
adversely affected by an increase in the LIFO reserve of
$3,167,000, after tax; while net income for the first
nine months of 2006 was adversely affected by an increase
in the LIFO reserve of $1,871,000, after tax.
2) The effective tax rates for the three months and nine
months ended September 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
September 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 September 30, 2006,
varied from the statutory rate (34%) due to the benefit
of a net operating loss carry forward, 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.
----------------------------
FINANCIAL HIGHLIGHTS
----------------------------
September 30 December 31
2007 2006
------------- -------------
Total Assets $ 106,632,000 $ 92,816,000
Working Capital $ 6,987,000 $ 10,678,000
Current Ratio 1.11 : 1 1.19 : 1
Net Worth $ 22,564,000 $ 20,569,000
Book Value Per Share $ 18.83 $ 17.36
Backlog $ 114,031,000 $ 116,913,000