Paul Mueller Company Reports Unaudited Earnings For The Year 2012
SPRINGFIELD, Mo., March 7, 2013 (GLOBE NEWSWIRE) -- Paul Mueller Company (OTC:MUEL) today reported its unaudited earnings for the year ended 2012.
|PAUL MUELLER COMPANY AND SUBSIDIARIES|
|CONSOLIDATED SUMMARIES OF OPERATIONS|
|Three Months Ended||Twelve Months Ended|
|December 31||December 31|
|Net Sales||$ 48,865,000||$43,978,000||$179,561,000||$154,181,000|
|Cost of Sales||39,181,000||32,545,000||133,447,000||106,897,000|
|Gross Profit||$ 9,684,000||$11,433,000||$ 46,114,000||$ 47,284,000|
|Selling, General and Administrative Expense||10,625,000||8,745,000||42,036,000||43,925,000|
|Operating Income (Loss)||$ (941,000)||$ 2,688,000||$ 4,078,000||$ 3,359,000|
|Other Income (Expense)||(299,000)||163,000||(813,000)||(1,285,000)|
|Income (Loss) before Provision for Income Taxes||$ (1,240,000)||$ 2,851,000||$ 3,265,000||$ 2,074,000|
|Provision (Benefit) for Income Taxes||321,000||(739,000)||1,300,000||57,000|
|Net Income (Loss)||$ (1,561,000)||$ 3,590,000||$ 1,965,000||$ 2,017,000|
|Earnings per Common Share –– Basic||($1.28)||$2.96||$1.61||$1.68|
|SUMMARIZED CONSOLIDATED BALANCE SHEETS|
|December 31||December 31|
|Current Assets||$ 55,922,000||$ 51,251,000|
|Net Property, Plant, and Equipment||34,025,000||36,251,000|
|Current Liabilities||$ 59,524,000||$ 52,219,000|
|Other Long-Term Liabilities||36,098,000||30,350,000|
|Shareholders' Investment (Deficit)||(1,465,000)||8,239,000|
|Total Liabilities and Shareholders' Investment||$108,561,000||$103,874,000|
|Book Value per Common Share||($1.18)||$6.58|
|Total Shares Outstanding||1,239,628||1,252,977|
|Backlog||$ 47,929,000||$ 51,714,000|
- For the three and twelve months ended December 31, 2012, domestic sales were $34,601,000 and $122,043,000, respectively, and the net loss was $2,422,000 and $1,638,000, respectively. For the three months and twelve months ended December 31, 2012, Mueller B.V. sales were $14,264,000 and $57,518,000, respectively, and net income was $861,000 and $3,603,000, respectively. For the three and twelve months ended December 31, 2011, domestic sales were $27,913,000 and $95,077,000, respectively, and the net income was $2,653,000 and net loss was $1,007,000, respectively. For the three months and twelve months ended December 31, 2011, Mueller B.V. sales were $16,065,000 and $59,104,000, respectively, and net income was $937,000 and $3,024,000, respectively.
- The arbitration between the company and the former CEO Matthew T. Detelich was settled on December 19, 2012. The settlement satisfied all remaining obligations to Mr. Detelich under his employment agreement and supplementary retirement plan. Mr. Detelich remains a participant in the company's standard defined benefit retirement plan. The results for the three and twelve months ended December 31, 2012, were adversely affected by expenses associated with payments to Mr. Detelich of $1,330,000 and $2,042,000, respectively. The results for the three and twelve months ended December 31, 2011, were adversely affected by expenses associated with payments to Mr. Detelich of $185,000 and $3,813,000, respectively.
- The results for the three months ended December 31, 2012, were adversely affected by an increase in LIFO reserve of $26,000. The results for the twelve months ended December 31, 2012 were favorably affected by a decrease in the LIFO reserve of $227,000. The results for the three and twelve months ended December 31, 2011, were adversely affected by an increase in the LIFO reserve of $828,000 and $1,063,000, respectively.
- 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 results for the twelve months ended December 31, 2012, included a non-cash, pre-tax adjustment to Other Comprehensive Income of $12,221,000 which reduced shareholders' investment. The adjustment was caused by an increase in the pensions' underfunded status due to portfolio performance and certain actuarial assumptions.
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; pharmaceutical, biotechnological, and chemical processing; water distillation; heat transfer; heat recovery HVAC; and process cooling.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts