Paul Mueller Company Announces Its Third Quarter Earnings of 2020

SPRINGFIELD, Mo., Oct. 30, 2020 (GLOBE NEWSWIRE) — Paul Mueller Company (OTC: MUEL) today announced earnings for the quarter ended September 30, 2020.

PAUL MUELLER COMPANY
NINE-MONTH REPORT
Unaudited
(In thousands)

CONSOLIDATED STATEMENTS OF INCOME

				Three Months Ended		Nine Months Ended		Twelve Months Ended
				September 30		September 30		September 30
				2020	2019	2020	2019	2020	2019

Net Sales				$ 51,607	$ 45,968	$ 146,990	$ 141,911	$ 202,256	$ 187,529
Cost of Sales				35,504	33,117	102,405	103,883	140,957	137,825
Gross Profit				$ 16,103	$ 12,851	$ 44,585	$ 38,028	$ 61,299	$ 49,704
Selling, General and Administrative Expense				11,167	11,205	33,156	33,701	45,127	45,666
Operating Income				$ 4,936	$ 1,646	$ 11,429	$ 4,327	$ 16,172	$ 4,038
Interest Expense				(110)	(213)	(819)	(808)	(838)	(995)
Other Income				427	81	869	366	854	365
Income before Provision for Income Taxes				$ 5,253	$ 1,514	$ 11,479	$ 3,885	$ 16,188	$ 3,408
Provision for Income Taxes				1,258	374	2,761	861	3,905	524
Net Income				$ 3,995	$ 1,140	$ 8,718	$ 3,024	$ 12,283	$ 2,884

Earnings per Common Share ––			Basic	$3.34	$0.95	$7.29	$2.53	$10.27	$2.41
			Diluted	$3.34	$0.95	$7.29	$2.53	$10.27	$2.41

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

						Nine Months Ended
						September 30
						2020	2019

		Net Income				$ 8,718	$ 3,024
		Other Comprehensive Income (Loss), Net of Tax:
		Foreign Currency Translation Adjustment				1,590	(1,216)
		Comprehensive Income				$ 10,308	$ 1,808

CONSOLIDATED BALANCE SHEETS

						September 30	December 31
						2020	2019

		Cash and Short-Term Investments				$ 21,583	$ 1,072
		Accounts Receivable				20,273	28,509
		Inventories				21,042	20,552
		Current Net Investments in Sales-Type Leases				56	47
		Other Current Assets				1,654	3,763
		Current Assets				$ 64,608	$ 53,943

		Net Property, Plant, and Equipment				45,668	47,406
		Right of Use Assets				1,459	1,421
		Other Assets				23,477	21,355
		Long-Term Net Investments in Sales-Type Leases				840	769
		Total Assets				$ 136,052	$ 124,894

		Accounts Payable				$ 10,513	$ 10,534
		Current Maturities and Short-Term debt				1,370	6,208
		Current Lease Liabilities				466	485
		Other Current Liabilities				31,209	27,021
		Current Liabilities				$ 43,558	$ 44,248

		Long-Term Debt				18,805	15,334
		Long-Term Pension Liabilities				27,288	30,395
		Other Long-Term Liabilities				2,688	1,566
		Lease Liabilities				993	936
		Total Liabilities				$ 93,332	$ 92,479
		Shareholders’ Investment				42,720	32,415
		Total Liabilities and Shareholders’ Investment				$ 136,052	$ 124,894





SELECTED FINANCIAL DATA

							September 30	December 31
							2020	2019
			Book Value per Common Share				$35.73	$27.11
			Total Shares Outstanding				1,195,747	1,195,866
			Backlog				$ 75,287	$ 79,791

CONSOLIDATED STATEMENT OF SHAREHOLDERS’ INVESTMENT
								Accumulated Other Comprehensive Income (Loss)

				Common Stock	Paid-in Surplus	Retained Earnings	Treasury Stock
				Common Stock	Paid-in Surplus	Retained Earnings	Treasury Stock		Total
Balance, December 31, 2019				$ 1,508	$ 9,708	$ 68,484	$ (6,341)	$ (40,944)	$ 32,415
Add (Deduct):
	Net Income					8,718			8,718
	Other Comprehensive Income, Net of Tax							1,590	1,590
	Treasury Stock Acquisition						(3)		(3)
Balance, September 30, 2020				$ 1,508	$ 9,708	$ 77,202	$ (6,344)	$ (39,354)	$ 42,720


CONSOLIDATED STATEMENT OF CASH FLOWS



						Nine Months Ended September 30, 2020		Nine Months Ended September 30, 2019
		Operating Activities:

		Net Income				$ 8,718		$ 3,024

		Adjustment to Reconcile Net Income to Net Cash Provided by Operating Activities:
		Pension Contributions (Greater) Less than Expense				(3,107)		(2,631)
		Bad Debt Expense (Recovery)				(15)		(210)
		Depreciation & Amortization				4,855		4,919
		Loss (Gain) on Sales of Equipment				1		(18)
		Change in Assets and Liabilities
		Dec in Accts and Notes Receivable				8,251		2,426
		Dec (Inc) in Cost in Excess of Estimated Earnings and Billings				939		(180)
		(Inc) in Inventories				(490)		(546)
		Dec (Inc) in Prepayments				1,170		(643)
		(Inc) in Net Investment in Sales-type leases				(79)		–
		Dec (Inc) in Intangibles				–		(118)
		(Inc) in Other LT Assets				(338)		(48)
		(Dec) Inc in Accounts Payable				(21)		2,012
		Inc (Dec) in Other Accrued Expenses				7,389		(948)
		Inc in Advanced Billings				1,241		7,295
		(Dec) Inc in Billings in Excess of Costs and Estimated Earnings				(4,441)		1,633
		Inc in Lease Liability for operating				36		–
		Inc in Lease Liability for financing				27		–
		Inc (Dec) In Other Liabilities				108		(198)
		Net Cash Provided by Operating Activities				$ 24,244		$ 15,769

		Investing Activities
		Proceeds from Sales of Equipment				4		31
		Additions to Property, Plant, and Equipment

Paul Mueller Company Announces Its Third Quarter Earnings of 2020

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