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| IMMEDIATE RELEASE | | | | TRADED: | | OTC (MUEL.PK) | | | | |
| May 9, 2011 | | | | | | FOR FURTHER INFORMATION CONTACT: | | |
| | | | | | | | Marcelino Rodriguez – Chief Financial Officer |
| | | | | | | | Springfield, Missouri | | | |
| | | | | | | | (417) 831-3000 | | | | |
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| SPRINGFIELD, MISSOURI -- PAUL MUELLER COMPANY (OTC: MUEL.PK) TODAY RELEASED ITS FIRST QUARTER REPORT FOR THE PERIOD ENDED MARCH 31, 2011, AS FOLLOWS: |
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| PAUL MUELLER COMPANY AND SUBSIDIARIES |
| THREE-MONTH REPORT |
| Unaudited |
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| CONSOLIDATED SUMMARIES OF OPERATIONS |
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| | | | | | Three Months Ended | | Twelve Months Ended |
| | | | | | March 31 | | March 31 |
| | | | | | 2011 | | 2010 | | 2011 | | 2010 |
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| Net Sales | | | | | | $ 30,828,000 | | $ 25,178,000 | | $ 135,283,000 | | $ 148,144,000 |
| Cost of Sales | | | | | | 20,869,000 | | 19,266,000 | | 95,549,000 | | 108,522,000 |
| Gross Profit | | | | | $ 9,959,000 | | $ 5,912,000 | | $ 39,734,000 | | $ 39,622,000 |
| Selling, General and Admin. Expenses | | 9,498,000 | | 10,010,000 | | 37,871,000 | | 41,742,000 |
| Operating Income (Loss) | | | | $ 461,000 | | $ (4,098,000) | | $ 1,863,000 | | $ (2,120,000) |
| Other Income (Expense) | | | | (416,000) | | (592,000) | | (2,114,000) | | (2,493,000) |
| Income (Loss) Before | | | | | | | | | | |
| Provision for Income Taxes | | | | $ 45,000 | | $ (4,690,000) | | $ (251,000) | | $ (4,613,000) |
| Provision (Benefit) for Income Taxes | | | 302,000 | | (1,769,000) | | 5,241,000 | | (2,495,000) |
| Net Income (Loss) | | | | $ (257,000) | | $ (2,921,000) | | $ (5,492,000) | | $ (2,118,000) |
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| Earnings per Common Share | – | Basic | | ($0.22) | | ($2.45) | | ($4.46) | | ($1.78) |
| | | | Diluted | | ($0.22) | | ($2.45) | | ($4.46) | | ($1.78) |
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| NOTES: | 1) | Domestic sales for the first quarter of 2011 were $17,314,000 and the net loss was $1,079,000, compared to 2010 when sales were $13,376,000 and the net loss was $3,075,000. For 2011, Mueller BV sales for the first quarter were $13,514,000 and net income was $822,000, compared to 2010 when sales were $11,802,000 and net income was $154,000. |
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| 2) | The twelve months ended March 31, 2011, provision for income taxes include a non-cash charge of $5,605,000 as a valuation allowance against a portion of the Company's net deferred tax assets. |
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| SUMMARIZED CONSOLIDATED BALANCE SHEETS |
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| | | | | | | | March 31 | | December 31 | | |
| | | | | | | | 2011 | | 2010 | | |
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| | Current Assets | $ 52,057,000 | | $ 41,511,000 | | |
| | Net Property, Plant, and Equipment | 43,903,000 | | 44,829,000 | | |
| | Other assets | 16,963,000 | | 16,452,000 | | |
| | Total Assets | $ 112,923,000 | | $ 102,792,000 | | |
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| | Current Liabilities | $ 56,063,000 | | $ 45,607,000 | |
| | Long-Term Debt | 17,666,000 | | 18,177,000 | |
| | Other Long-Term Liabilities | 19,740,000 | | 20,231,000 | |
| | Shareholders' Investment | 19,454,000 | | 18,777,000 | |
| | Total Liabilities and Shareholders' Investment | $ 112,923,000 | | $ 102,792,000 | |
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| | Book Value per Common Share | $15.07 | | $14.54 | | |
| | Total Shares Outstanding | 1,291,074 | | 1,291,074 | | |
| | Backlog | $ 43,905,000 | | $ 31,044,000 | | |
