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| IMMEDIATE RELEASE | | | | TRADED: | | OTC (MUEL.PK) | | | | | | | | |
| | | | | | 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 SECOND QUARTER REPORT FOR THE PERIOD ENDED JUNE 30, 2011, AS FOLLOWS: | | | | |
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| PAUL MUELLER COMPANY AND SUBSIDIARIES | | | | |
| SIX-MONTH REPORT | | | | |
| Unaudited | | | | |
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| CONSOLIDATED SUMMARIES OF OPERATIONS |
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| | | | | | Three Months Ended | | Six Months Ended | | Twelve Months Ended |
| | | | | | June 30 | | June 30 | | June 30 |
| | | | | | 2011 | | 2010 | | 2011 | | 2010 | | 2011 | | 2010 |
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| Net Sales | | | | | | $ 42,561,000 | | $ 32,615,000 | | $ 73,389,000 | | $ 57,793,000 | | $ 145,229,000 | | $ 139,198,000 |
| Cost of Sales | | | | | | 28,736,000 | | 21,788,000 | | 49,605,000 | | 41,054,000 | | 102,497,000 | | 102,275,000 |
| Gross Profit | | | | | $ 13,825,000 | | $ 10,827,000 | | $ 23,784,000 | | $ 16,739,000 | | $ 42,732,000 | | $ 36,923,000 |
| Selling, General and Admin. Expenses | | 13,688,000 | | 9,395,000 | | 23,186,000 | | 19,405,000 | | 43,118,000 | | 39,913,000 |
| Operating Income (Loss) | | | | $ 137,000 | | $ 1,432,000 | | $ 598,000 | | $ (2,666,000) | | $ (386,000) | | $ (2,990,000) |
| Other Income (Expense) | | | | (965,000) | | (487,000) | | (1,381,000) | | (1,079,000) | | (2,420,000) | | (2,390,000) |
| Income (Loss) Before | | | | | | | | | | | | | | |
| Provision for Income Taxes | | | | $ (828,000) | | $ 945,000 | | $ (783,000) | | $ (3,745,000) | | $ (2,806,000) | | $ (5,380,000) |
| Provision (Benefit) for Income Taxes | | | 373,000 | | 178,000 | | 675,000 | | (1,591,000) | | 5,436,000 | | (2,817,000) |
| Net Income (Loss) | | | | $ (1,201,000) | | $ 767,000 | | $ (1,458,000) | | $ (2,154,000) | | $ (8,242,000) | | $ (2,563,000) |
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| Earnings per Common Share | – | Basic | | ($1.00) | | $0.64 | | ($1.22) | | ($1.81) | | ($6.90) | | ($2.15) |
| | | | Diluted | | ($1.00) | | $0.63 | | ($1.22) | | ($1.81) | | ($6.90) | | ($2.15) |
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| NOTES: | 1) | Domestic sales for the second quarter of 2011 were $25,824,000 and the net loss was $2,220,000, compared to 2010 when sales were $18,444,000 and the net loss was $350,000. For 2011, Mueller BV sales for the second quarter were $16,738,000 and net income was $1,019,000, compared to 2010 when sales were $14,171,000 and net income was $1,117,000. | | | | |
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| 2) | The results for the three months, six months, and twelve months ended 6/30/11, were adversely affected by severance and noncompete payments totaling $776,600 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. | | | | |
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| 3) | The provisions for income taxes for the three months, six months, and twelve months ended June 30, 2011 included a valuation allowance (non-cash charge) against a portion of the company's net deferred tax assets of $845,000, $1,256,000 and $7,228,000 respectively. | | | | |
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| 4) | The effect of the LIFO provision on the results for the periods presented was not significant. | | | | |
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| SUMMARIZED CONSOLIDATED BALANCE SHEETS |
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| | | | | | | | June 30 | | December 31 | | | | | | |
| | | | | | | | 2011 | | 2010 | | | | | | |
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| | Current Assets | $ 57,063,000 | | $ 40,997,000 | | | | | | |
| | Net Property, Plant, and Equipment | 43,254,000 | | 44,829,000 | | | | | | |
| | Other assets | 16,974,000 | | 16,452,000 | | | | | | |
| | Total Assets | $ 117,291,000 | | $ 102,278,000 | | | | | | |
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| | Current Liabilities | $ 62,033,000 | | $ 46,047,000 | | | | | |
| | Long-Term Debt | 15,709,000 | | 18,177,000 | | | | | |
| | Other Long-Term Liabilities | 21,512,000 | | 20,231,000 | | | | | |
| | Shareholders' Investment | 18,037,000 | | 17,823,000 | | | | | |
| | Total Liabilities and Shareholders' Investment | $ 117,291,000 | | $ 102,278,000 | | | | | |
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| | Book Value per Common Share | $14.29 | | $13.81 | | | | | | |
| | Total Shares Outstanding | 1,262,017 | | 1,291,074 | | | | | | |
| | Backlog | $ 53,391,000 | | $ 31,044,000 | | | | | | |
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