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Mueller (paul) Co.
Paul Mueller Releases Third Quarter Report
Published Oct 27 2011
5 min read

Paul Mueller Releases Third Quarter Report

IMMEDIATE RELEASETRADED:OTC  (MUEL)
THURSDAY, OCTOBER 27 , 2011FOR FURTHER INFORMATION CONTACT:
Marcelino Rodriguez – Secretary & CFO
Springfield, Missouri
(417) 831-3000
SPRINGFIELD, MISSOURI -- PAUL MUELLER COMPANY (OTC:  MUEL.PK) TODAY RELEASED ITS THIRD QUARTER REPORT FOR THE PERIOD ENDED SEPTEMBER 30, 2011, AS FOLLOWS:
PAUL MUELLER COMPANY AND SUBSIDIARIES
NINE-MONTH REPORT
Unaudited
CONSOLIDATED SUMMARIES OF OPERATIONS
Three Months EndedNine Months EndedTwelve Months Ended
September 30September 30September 30
201120102011201020112010
Net Sales $   36,814,000  $   36,962,000  $ 110,203,000  $   94,755,000  $    145,081,000  $ 135,111,000
Cost of Sales     24,748,000      28,773,000      74,352,000      69,827,000         98,471,000     100,204,000
        Gross Profit $   12,066,000  $    8,189,000  $   35,851,000  $   24,928,000  $      46,610,000  $   34,907,000
Selling, General and Administrative Expense     11,074,000        8,986,000      34,260,000      28,391,000         45,206,000      38,267,000
        Operating Income $       992,000  $      (797,000) $    1,591,000  $   (3,463,000) $       1,404,000  $   (3,360,000)
Other Income (Expense)         (987,000)         (662,000)      (2,368,000)      (1,741,000)         (2,745,000)      (2,516,000)
Income before Provision for Income Taxes $           5,000  $   (1,459,000) $      (777,000) $   (5,204,000) $      (1,341,000) $   (5,876,000)
Provision for Income Taxes          121,000          (452,000)          797,000       (2,043,000)          6,010,000       (3,076,000)
Net Income $      (116,000) $   (1,007,000) $   (1,574,000) $   (3,161,000) $      (7,351,000) $   (2,800,000)
Earnings per Common Share   ––Basic($0.10)($0.84)($1.32)($2.65)($6.15)($2.22)
Diluted($0.10)($0.84)($1.32)($2.65)($6.15)($2.22)
NOTES:1)Domestic sales for the third quarter of 2011 were $24,026,000 and the net loss was $361,000, compared to 2010 when sales were $24,343,000 and the net loss was $1,305,000.  For 2011, Mueller BV sales for the third quarter were $12,788,000 and net income was $245,000, compared to 2010 when sales were $12,619,000 and net income was $298,000.
2)The results for the three months, nine months, and twelve months ended 9/30/11, were adversely affected by severance and noncompete payments totaling $961,000  and the accrual of $2,721,000 (a current 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 months, nine months, and twelve months ended 9/30/11, were adversely affected by one time fees associated with the new bank financing (credit revolver and terms loans) totaling $670,000.
4)The provisions for income taxes for the three months, nine months, and twelve months ended September 30, 2011 included a valuation allowance against a portion of the company's net deferred tax assets of $126,000 971,000 and 1,748,000 respectively
SUMMARIZED CONSOLIDATED BALANCE SHEETS
September 30December 31
20112010
Current Assets $   56,049,000  $   40,997,000
Net Property, Plant, and Equipment     40,787,000      44,829,000  
Other assets     16,176,000      16,452,000
        Total Assets $ 113,012,000  $ 102,278,000
Current Liabilities $   61,044,000  $   46,047,000
Long-Term Debt     15,459,000      18,177,000
Other Long-Term Liabilities     19,488,000      20,231,000
Shareholders' Investment     17,021,000      17,823,000
        Total Liabilities and Shareholders' Investment $ 113,012,000  $ 102,278,000
Book Value per Common Share$13.18 $13.81
Total Shares Outstanding       1,291,074        1,291,074
Backlog $   61,529,000  $   31,044,000 October 27, 2011