×

Paul Mueller Company Releases Its First Quarter March 31, 2013 Earnings Report

SPRINGFIELD, Mo., May 1, 2013 (GLOBE NEWSWIRE) -- Paul Mueller Company (OTC:MUEL) today reported its first quarter report for the period ended March 31, 2013.

PAUL MUELLER COMPANY AND SUBSIDIARIES
CONSOLIDATED SUMMARIES OF OPERATIONS
Unaudited
Three Months Ended Twelve Months Ended
March 31 March 31
2013 2012 2013 2012
Net Sales $ 41,514,000 $41,148,000 $179,927,000 $164,501,000
Cost of Sales 29,277,000 29,232,000 133,492,000 115,260,000
Gross Profit $ 12,237,000 $11,916,000 $ 46,435,000 $ 49,241,000
Selling, General and Administrative Expense 10,237,000 10,175,000 42,098,000 44,602,000
Operating Income (Loss) $ 2,000,000 $ 1,741,000 $ 4,337,000 $ 4,639,000
Other Income (Expense) (240,000) 10,000 (1,063,000) (859,000)
Income (Loss) before Provision for Income Taxes $ 1,760,000 $ 1,751,000 $ 3,274,000 $ 3,780,000
Provision (Benefit) for Income Taxes 340,000 456,000 1,184,000 211,000
Net Income (Loss) $ 1,420,000 $ 1,295,000 $ 2,090,000 $ 3,569,000
Earnings per Common Share –– Basic $1.19 $1.07 $1.72 $2.95
Diluted $1.19 $1.07 $1.72 $2.95
SUMMARIZED CONSOLIDATED BALANCE SHEETS
March 31 December 31
2013 2012
Current Assets $ 53,011,000 $ 48,825,000
Net Property, Plant, and Equipment 32,949,000 34,025,000
Other Assets 18,058,000 18,616,000
Total Assets $104,018,000 $101,466,000
Current Liabilities $ 59,587,000 $ 52,430,000
Long-Term Debt 6,887,000 14,404,000
Other Long-Term Liabilities 38,138,000 36,097,000
Shareholders' Investment (Deficit) (594,000) (1,465,000)
Total Liabilities and Shareholders' Investment $104,018,000 $101,466,000
Book Value per Common Share ($0.48) ($1.18)
Total Shares Outstanding 1,238,400 1,239,628
Backlog $ 55,085,000 $ 47,929,000

NOTES

1) For the three and twelve months ended March 31, 2013, domestic sales were $26,964,000 and $123,207,000, respectively, and the net income was $670,000 and net loss was $830,000, respectively. For the three months and twelve months ended March 31, 2013, Mueller B.V. sales were $14,550,000 and $56,720,000, respectively, and net income was $750,000 and $2,920,000, respectively. For the three and twelve months ended March 31, 2012, domestic sales were $25,799,000 and $103,562,000, respectively, and the net loss was $138,000 and $65,000, respectively. For the three months and twelve months ended March 31, 2012, Mueller B.V. sales were $15,349,000 and $60,939,000, respectively, and net income was $1,433,000 and $3,634,000, respectively.

2) The results for the twelve months ended March 31, 2013 were favorably affected by a decrease in the LIFO reserve of $227,000. The results for the twelve months ended March 31, 2012 were adversely affected by an increase in the LIFO reserve of $1,063,000.

3) 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. No material valuation allowance was recorded in 2012.

The 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; transportation; 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 33 of the Company's 2012 Annual Report. The Company expressly disclaims any obligation or undertaking to update these forward-looking statements to reflect any future events or circumstances.

CONTACT: Marcelino Rodriguez, Secretary & Chief Financial Officer Springfield, Missouri (417) 575-9000Source:Paul Mueller Company