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Mueller (paul) Co.
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Published Jul 30 2012
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SYMBOL:MUEL (OTC)
DATE:   
July 30, 2012		FOR FURTHER INFORMATION CONTACT:Marcelino Rodriguez 
IMMEDIATE RELEASEChief Financial Officer
Springfield, Missouri
(417) 575-9000
SPRINGFIELD, MISSOURI -- PAUL MUELLER COMPANY (OTC: MUEL) TODAY RELEASED ITS SECOND QUARTER REPORT FOR THE PERIOD ENDED JUNE 30, 2012.
                                                                                   PAUL MUELLER COMPANY AND SUBSIDIARIES
                                                         SIX-MONTH REPORT
                                                                                                                    UNAUDITED
                                                                                                   CONSOLIDATED SUMMARIES OF OPERATIONS
Three Months EndedSix Months EndedTwelve Months Ended
June 30June 30June 30
201220112012201120122011
Net Sales $       43,490,000  $     42,561,000  $       84,638,000  $       73,389,000  $     165,430,000  $     145,229,000
Cost of Sales          30,944,000         28,736,000           60,177,000           49,605,000         117,469,000         102,497,000
        Gross Profit $       12,546,000  $     13,825,000  $       24,461,000  $       23,784,000  $       47,961,000  $       42,732,000
Selling, General and Admin. Expenses          10,549,000         13,688,000           20,724,000           23,186,000           41,463,000           43,118,000
        Operating Income (Loss) $         1,997,000  $          137,000  $         3,737,000  $           598,000  $         6,498,000  $          (386,000)
Other Income (Expense)             (255,000)           (965,000)             (245,000)          (1,381,000)             (149,000)          (2,420,000)
Income (Loss) Before Provision for Income Taxes $         1,742,000  $         (828,000) $         3,492,000  $          (783,000) $         6,349,000  $        (2,806,000)
Provision for Income Taxes              362,000             373,000               818,000               675,000               200,000            5,436,000
Net Income (Loss) $         1,380,000  $      (1,201,000) $         2,674,000  $        (1,458,000) $         6,149,000  $        (8,242,000)
Income (Loss) per Share–Basic$1.13 ($1.00)$2.20 ($1.22)$5.07 ($6.90)
Diluted$1.13 ($1.00)$2.20 ($1.22)$5.07 ($6.90)
                                              SUMMARIZED CONSOLIDATED BALANCE SHEETS
June 30December 31
20122011
Current Assets $     50,726,000  $       51,251,000
Net Property, Plant, and Equipment        34,145,000           36,251,000
Other assets        13,729,000           16,372,000
        Total Assets $     98,600,000  $     103,874,000
Current Liabilities $     51,993,000  $       52,219,000
Long-Term Debt          9,996,000           13,066,000
Other Long-Term Liabilities        25,999,000           30,350,000
Shareholders' Investment        10,612,000            8,239,000
        Total Liabilities and Shareholders' Investment $     98,600,000  $     103,874,000
Book Value per Common Share$8.49 $6.58
Total Shares Outstanding          1,250,018            1,252,977
Backlog $     66,525,000  $       51,714,000

NOTES

 

 

1)             Domestic sales for the second quarter of 2012 were $28,810,000 and the net income was $424,000, compared to 2011 when sales were $25,823,000 and the net loss was $2,220,000.  For 2012, Mueller BV sales for the second quarter were $14,680,000 and the net income was $956,000, compared to 2011 when sales were $16,738,000 and net income was $1,019,000.

 

2)             The results for the second quarter of 2012 were adversely affected by severance and non-compete expenses of $453,000.  The results for the three months and twelve months ended June 30, 2011, were adversely affected by severance and non-compete expenses of $777,000 and the accrual of $2,667,000 (a non-cash charge in May 2011) for the actuarial present value of a life annuity in accordance with the employment agreement of the former President and CEO. The results for the twelve months ended June 30, 2012, were adversely affected by severance and non-compete expenses totaling $1,187,000.

 

3)             The results for the twelve months ended June 30, 2012, included the sale of Springfield Brewing Company to Front Row Property LLC. The selling price was $3,000,000 which included a promissory note for $400,000 payable over five years.  The gain on the sale of Springfield Brewing Company was $580,000.

 

4)             The results for the twelve months ended June 30, 2012, were adversely affected by an increase in the LIFO reserve of $883,000. The results for the twelve months ended June 30, 2011, were adversely affected by an increase of the LIFO reserve of $322,000.

 

 

 

 

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Paul Mueller Company is a manufacturer of high quality stainless steel equipment used in over 100 countries worldwide on dairy farms and in wide varieties of industrial applications, including food, dairy, and beverage processing; pharmaceutical, biotechnological, and chemical processing; water distillation; heat transfer; heat recovery; HVAC; and process cooling.

 

This press release contains forward-looking statements that provide current expectations of future events based on certain assumptions. All statements regarding future performance growth, conditions, or developments are forward-looking statements. Actual future results may differ materially from those described in the forward-looking statements due to a variety of factors, including, but not limited to, the factors described on page 32 of the Company’s 2011 Annual Report.   The Company expressly

disclaims any obligation or undertaking to update these forward-looking statements to reflect any future events or circumstances.