| IMMEDIATE RELEASE | TRADED: | OTC (MUEL.PK) | ||||||||||
| May 9, 2011 | FOR FURTHER INFORMATION CONTACT: | |||||||||||
| Marcelino Rodriguez – Chief Financial Officer | ||||||||||||
| Springfield, Missouri | ||||||||||||
| (417) 831-3000 | ||||||||||||
| SPRINGFIELD, MISSOURI -- PAUL MUELLER COMPANY (OTC: MUEL.PK) TODAY RELEASED ITS FIRST QUARTER REPORT FOR THE PERIOD ENDED MARCH 31, 2011, AS FOLLOWS: | ||||||||||||
| PAUL MUELLER COMPANY AND SUBSIDIARIES | ||||||||||||
| THREE-MONTH REPORT | ||||||||||||
| Unaudited | ||||||||||||
| CONSOLIDATED SUMMARIES OF OPERATIONS | ||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||
| March 31 | March 31 | |||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||
| 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) | ||||||||
| Earnings per Common Share | – | Basic | ($0.22) | ($2.45) | ($4.46) | ($1.78) | ||||||
| Diluted | ($0.22) | ($2.45) | ($4.46) | ($1.78) | ||||||||
| 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. | ||||||||||
| 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. | |||||||||||
| SUMMARIZED CONSOLIDATED BALANCE SHEETS | ||||||||||||
| March 31 | December 31 | |||||||||||
| 2011 | 2010 | |||||||||||
| 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 | ||||||||||
| 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 | ||||||||||
| 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 | ||||||||||
Paul Mueller Company Releases First Quarter Earnings
Earlier from Mueller (PAUL)
- Paul mueller company today reported its unaudited earnings for the year 2010
- Paul Mueller Company Announces New President
- Mueller year-end update
- Paul mueller company announces retirement of CFO and elects new Chairman of the board
- Correction: mueller's response to market conditions
Later from Mueller (PAUL)
- Springfield, missouri -- paul mueller company (OTC: MUEL.PK) today released its second quarter report for the period ended June 30, 2011, as follows: springfield, missouri -- paul mueller company (OTC: MUEL.PK) today released its second quart
- Paul Mueller Company Announces New President and New Member of the Board of Directors
- Paul Mueller Releases Third Quarter Report
- Paul Mueller Company Announces Appointment of New Chairman of the Board
- Paul mueller company announces sale of Springfield brewing company
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