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
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

Comments