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Mueller (paul) Co.
PAUL MUELLER COMPANY (OTC: MUEL.PK) TODAY REPORTED ITS UNAUDITED EARNINGS FOR THE YEAR 2011
Published Mar 13 2012
5 min read

PAUL MUELLER COMPANY (OTC: MUEL.PK) TODAY REPORTED ITS UNAUDITED EARNINGS FOR THE YEAR 2011

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DATE:   March 13, 2012SYMBOL:  MUEL  (OTC) 
FOR IMMEDIATE RELEASEFOR FURTHER INFORMATION CONTACT:
Marcelino Rodriguez 
Chief Financial Officer
Springfield, Missouri
(417) 575-9000
SPRINGFIELD, MISSOURI     --     PAUL MUELLER COMPANY (OTC:  MUEL.PK) TODAY REPORTED ITS UNAUDITED EARNINGS FOR THE YEAR 2011:
Paul Mueller Company today released its unaudited results for the year ended December 31, 2011.   The Company expects to issue  audited  2011  financial  statements  in  April  when  it  mails  the proxy  statement  for  the  2012  Annual  Meeting of Shareholders and 2011 Annual Report. The Annual Meeting will be held at the Company’s offices in Springfield, Missouri, on May 7, 2012 at 10:00 a.m. 
Paul Mueller Company and Subsidiaries
UNAUDITED
CONSOLIDATED SUMMARIES OF OPERATIONS
Three Months EndedTwelve Months Ended
December 31December 31
2011201020112010
Net Sales $    43,978,000  $    34,878,000  $   154,181,000  $   129,633,000
Cost of Sales       32,545,000        24,119,000      106,897,000        93,946,000
   Gross Profit $    11,433,000  $    10,759,000  $    47,284,000  $    35,687,000
Selling, General and Admin. Expenses         8,745,000        10,946,000        43,925,000        39,337,000
   Operating Income (Loss) $      2,688,000  $        (187,000) $      3,359,000  $     (3,650,000)
Other Income (Expense)            163,000            (377,000)        (1,285,000)        (2,118,000)
Income before Provision (Benefit) for Income Taxes $      2,851,000  $        (564,000) $      2,074,000  $     (5,768,000)
Provision (Benefit) for Income Taxes           (739,000)         5,213,000              57,000          3,170,000
Net Income (Loss)  $      3,590,000  $     (5,777,000) $      2,017,000  $     (8,938,000)
Earnings per Common Share–Basic$2.96 ($4.85)$1.68 ($7.50)
Diluted$2.96 ($4.85)$1.68 ($7.50)
SUMMARIZED CONSOLIDATED BALANCE SHEETS 
December 31December 31
20112010
Current Assets $    51,251,000  $    40,997,000
Net Property, Plant, and Equipment       36,251,000        44,829,000
Other assets       18,952,000        16,452,000
   Total Assets $   106,454,000  $   102,278,000
Current Liabilities $    52,219,000  $    46,047,000
Long-Term Debt       13,066,000        18,177,000
Other Long-Term Liabilities       32,930,000        20,231,000
Shareholders' Investment         8,239,000        17,823,000
   Total Liabilities and Shareholders' Investment $   106,454,000  $   102,278,000
Book Value per Common Share$6.58 $13.81
Total Shares Outstanding         1,252,977          1,291,074
Backlog $    51,714,000  $    31,044,000
                                                                                   NOTES


1) For the three and twelve months ended December 31, 2011, domestic sales were $27,913,000 and $95,077,000, respectively, and the net income was $2,653,000 and net loss was $1,007,000, respectively.  For the three months and twelve months ended December 31, 2011, Mueller B.V sales were $16,065,000 and $59,104,000, respectively, and net income was $937,000 and $3,024,000, respectively.

2) The results for the twelve months ended December 31, 2011, were adversely affected by severance and non-compete expenses totaling $1,146,000 and the accrual of $2,667,000 (a  non-cash charge) for the actuarial present value of a life annuity all of which are in accordance with the employment agreement of the former President and CEO.

3) The results for the three and twelve months ended December 31, 2011, 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 three and twelve months ended December 31, 2011, were adversely affected by an increase in the LIFO reserve of $828,000 and $1,063,000, respectively.

5) The results for the twelve months ended December 31, 2011, were favorably affected by the reduction of the valuation allowance against a portion of the company's net deferred tax assets of $880,000.

6) The results for the twelve months ended December 31, 2011, included an adjustment to Other Comprehensive Income of $11,480,000 which reduced shareholders' investment.  The adjustment was caused by an increase in the pensions’ underfunded status due to portfolio performance and certain actuarial assumptions. 


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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 2010 Annual Report.   The Company expressly
disclaims any obligation or undertaking to update these forward-looking statements to reflect any future events or circumstances.