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Mueller (paul) Co.
Paul Mueller Company Released Its 2012 Third Quarter Report for the Period Ended September 30, 2012
Published Oct 26 2012
3 min read

Paul Mueller Company Released Its 2012 Third Quarter Report for the Period Ended September 30, 2012

DATE:October 26, 2012SYMBOL:   OTC (MUEL) 
IMMEDIATE RELEASEFOR FURTHER INFORMATION CONTACT:
Marcelino Rodriguez, Secretary & Chief Financial Officer
Springfield, Missouri
(417) 575-9000
SPRINGFIELD, MISSOURI -- PAUL MUELLER COMPANY (OTC:  MUEL) TODAY RELEASED ITS THIRD QUARTER REPORT FOR THE PERIOD ENDED SEPTEMBER 30, 2012.
PAUL MUELLER COMPANY AND SUBSIDIARIES
NINE-MONTH REPORT
Unaudited
CONSOLIDATED SUMMARIES OF OPERATIONS
Three Months EndedNine Months EndedTwelve Months Ended
September 30September 30September 30
201220112012201120122011
Net Sales $   46,058,000  $   36,814,000  $ 130,696,000  $ 110,203,000  $    174,674,000  $ 145,081,000
Cost of Sales     34,089,000      24,748,000      94,266,000      74,352,000        126,811,000      98,471,000
        Gross Profit $   11,969,000  $   12,066,000  $   36,430,000  $   35,851,000  $      47,863,000  $   46,610,000
Selling, General and Administrative Expense     10,688,000      11,074,000      31,412,000      34,260,000         41,077,000      45,206,000
        Operating Income $    1,281,000  $       992,000  $    5,018,000  $    1,591,000  $       6,786,000  $    1,404,000
Other Income (Expense)         (268,000)         (987,000)         (513,000)      (2,368,000)             570,000       (2,745,000)
Income before Provision for Income Taxes $    1,013,000  $           5,000  $    4,505,000  $      (777,000) $       7,356,000  $   (1,341,000)
Provision for Income Taxes          161,000           121,000           979,000           797,000              239,000        6,010,000
Net Income $       852,000  $      (116,000) $    3,526,000  $   (1,574,000) $       7,117,000  $   (7,351,000)
Earnings per Common Share   ––Basic$0.70 ($0.10)$2.90 ($1.32)$5.86 ($6.15)
Diluted$0.70 ($0.10)$2.90 ($1.32)$5.86 ($6.15)
SUMMARIZED CONSOLIDATED BALANCE SHEETS
September 30December 31
20122011
Current Assets $   58,889,000  $   51,251,000
Net Property, Plant, and Equipment     33,823,000      36,251,000
Other assets     13,625,000      16,372,000
        Total Assets $ 106,337,000  $ 103,874,000
Current Liabilities $   59,133,000  $   52,219,000
Long-Term Debt       9,171,000      13,066,000
Other Long-Term Liabilities     26,163,000      30,350,000
Shareholders' Investment     11,870,000        8,239,000
        Total Liabilities and Shareholders' Investment $ 106,337,000  $ 103,874,000
Book Value per Common Share$9.50 $6.58
Total Shares Outstanding       1,250,018        1,252,977
Backlog $   57,955,000  $   51,714,000
NOTES
1)Domestic sales for the three months and nine months ended September 30, 2012, were $32,833,000 and $87,442,000, respectively and the net income was $499,000 and $784,000, respectively, compared to 2011 when sales were $24,026,000 and $67,164,000, respectively and the net loss was $361,000 and $3,661,000, repectively.  For Mueller BV, sales for the three months and nine months ended September 30, 2012, were $13,225,000 and $43,254,000, respectively and net income was $353,000 and $2,742,000, respectively, compared to 2011 when sales were $12,788,000 and $43,040,000, respectively and net income was $245,000 and $2,087,000, respectively.
2)The results for the three months, nine months, and twelve months ended September 30, 2012, were adversely affected by severance and non-compete expenses of $235,000, $872,000 and $1,057,000, respectively. The results for the three months ended September 30, 2011, were adversely affected by severance and non-compete expenses of $365,000.  The results for the nine months and twelve months ended September 30, 2011, were adversely affected by severance and non-compete expenses of $1,142,000. The results for the nine months and twelve months ended September 30, 2011, were adversely affected by 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. 
3)The results for the twelve months ended September 30, 2012, included the sale of Springfield Brewing Company to Front Row Property LLC in November 2011.  The selling price was $3,000,000, which included cash and 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 September 30, 2012, were adversely affected by an increase in the LIFO reserve of $701,000.  The results for the twelve months ended September 30, 2011, were adversely affected by an increase in the LIFO reserve of $370,000.
* * * * * * * * * * * * * * * 
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.