Paul Mueller Company Announces Its Third Quarter Earnings of 2024

Paul Mueller Company
Paul Mueller Company

In This Article:

SPRINGFIELD, Mo., Oct. 25, 2024 (GLOBE NEWSWIRE) -- Paul Mueller Company (OTC Pink: MUEL) (the “Company”) announces its third-quarter earnings of 2024.

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

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

$

62,085

 

 

$

57,088

 

 

$

178,111

 

 

$

173,370

 

 

$

233,897

 

 

$

232,372

 

Cost of Sales

 

41,028

 

 

 

38,948

 

 

 

121,459

 

 

 

119,881

 

 

 

160,203

 

 

 

169,963

 

Gross Profit

$

21,057

 

 

$

18,140

 

 

$

56,652

 

 

$

53,489

 

 

$

73,694

 

 

$

62,409

 

Selling, General and Administrative Expense

 

12,238

 

 

 

11,245

 

 

 

34,013

 

 

 

36,546

 

 

 

85,736

 

 

 

41,225

 

Operating Income (Loss)

$

8,819

 

 

$

6,895

 

 

$

22,639

 

 

$

16,943

 

 

$

(12,042

)

 

$

21,184

 

Interest Expense 1

 

(83

)

 

 

(82

)

 

 

(256

)

 

 

(259

)

 

 

(347

)

 

 

(346

)

Other Income 1

 

840

 

 

 

477

 

 

 

1,885

 

 

 

1,810

 

 

 

2,741

 

 

 

2,749

 

Income (Loss) before Provision (Benefit) for Income Taxes

$

9,576

 

 

$

7,290

 

 

$

24,268

 

 

$

18,494

 

 

$

(9,648

)

 

$

23,587

 

Provision (Benefit) for Income Taxes

 

2,297

 

 

 

1,786

 

 

 

5,736

 

 

 

4,510

 

 

 

(4,306

)

 

 

5,703

 

Net Income (Loss)

$

7,279

 

 

$

5,504

 

 

$

18,532

 

 

$

13,984

 

 

$

(5,342

)

 

$

17,884

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (Loss) per Common Share - Basic and Diluted

$

7.77

 

 

$

5.07

 

 

$

18.79

 

 

$

12.88

 

 

$

(5.28

)

 

$

16.47

 

 

 

 

 

 

 

 

 

 

 

 

 

1. The elimination of intercompany interest was incorrect in the 2nd Quarter release causing interest income and interest expense to be overstated by the same amount, however, net income was still correct. For this financial presentation, the error was corrected as of June 30th so the three-month, nine-month and twelve-month interest income and expense would be presented correctly.

 


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

 

September 30

 

 

 

 

2024

 

 

 

2023

 

 

 

 

 

 

 

 

 

Net Income

$

18,532

 

 

$

13,984

 

 

 

Other Comprehensive Income (Loss), Net of Tax:

 

 

 

 

 

Foreign Currency Translation Adjustment

 

526

 

 

 

(275

)

 

 

Comprehensive Income

$

19,058

 

 

$

13,709

 

 

 

 

 

 

 

 

CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

 

September 30

 

December 31

 

 

 

 

2024

 

 

 

2023

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents 2

$

16,030

 

 

$

5,894

 

 

 

Marketable Securities 2

 

15,070

 

 

 

28,031

 

 

 

Accounts Receivable

 

31,363

 

 

 

25,166

 

 

 

Inventories (FIFO)

 

45,450

 

 

 

45,910

 

 

 

LIFO Reserve

 

(21,461

)

 

 

(21,774

)

 

 

Inventories (LIFO)

 

23,989

 

 

 

24,136

 

 

 

Current Net Investments in Sales-Type Leases

 

35

 

 

 

27

 

 

 

Other Current Assets

 

6,262

 

 

 

3,537

 

 

 

Current Assets

$

92,749

 

 

$

86,791

 

 

 

 

 

 

 

 

 

Net Property, Plant, and Equipment

 

45,890

 

 

 

42,011

 

 

 

Right of Use Assets

 

2,271

 

 

 

2,421

 

 

 

Other Assets

 

2,409

 

 

 

2,590

 

 

 

Long-Term Net Investments in Sales-Type Leases

 

604

 

 

 

456

 

 

 

Total Assets

$

143,923

 

 

$

134,269

 

 

 

 

 

 

 

 

 

Accounts Payable

$

13,003

 

 

$

11,041

 

 

 

Current Maturities and Short-Term Debt

 

648

 

 

 

640

 

 

 

Current Lease Liabilities

 

344

 

 

 

402

 

 

 

Advance Billings

 

22,696

 

 

 

27,383

 

 

 

Pension Liabilities

 

32

 

 

 

32

 

 

 

Other Current Liabilities

 

25,989

 

 

 

19,599

 

 

 

Current Liabilities

$

62,712

 

 

$

59,097

 

 

 

 

 

 

 

 

 

Long-Term Debt

 

8,500

 

 

 

8,880

 

 

 

Long-Term Pension Liabilities

 

209

 

 

 

233

 

 

 

Other Long-Term Liabilities

 

1,677

 

 

 

1,768

 

 

 

Lease Liabilities

 

759

 

 

 

775

 

 

 

Total Liabilities

$

73,857

 

 

$

70,753

 

 

 

Shareholders' Investment

 

70,066

 

 

 

63,516

 

 

 

Total Liabilities and Shareholders' Investment

$

143,923

 

 

$

134,269

 

 

 

 

 

 

 

 

 

2. Has been restated to move money market accounts out of marketable securities into cash equivalents.

 

 

 


SELECTED FINANCIAL DATA

 

 

 

 

 

 

 

 

September 30

 

December 31

 

 

 

 

2024

 

 

 

2023

 

 

 

Book Value per Common Share

$

74.79

 

 

$

58.50

 

 

 

Total Shares Outstanding

 

936,837

 

 

 

1,085,711

 

 

 

Backlog

$

171,505

 

 

$

97,350

 

 

 

 

 

 

 

 


 CONSOLIDATED STATEMENT OF SHAREHOLDERS' INVESTMENT

 

 

 

 

 

 

 

 

 

 

Accumulated Other Comprehensive Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

Paid-in Surplus

 

 

 

Treasury Stock

 

 

 

 

 

 

 

Retained Earnings

 

 

 

Total

Balance, December 31, 2023

$

1,508

 

 

$

9,708

 

 

$

67,181

 

 

$

(10,787

)

 

$

(4,094

)

 

$

63,516

 

Add (Deduct):

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

 

 

 

18,532

 

 

 

 

 

 

 

18,532

 

 

Other Comprehensive Income (Loss), Net of Tax

 

 

 

 

 

 

 

 

 

526

 

 

 

526

 

 

Dividends, $.45 per Common Share

 

 

 

 

 

(594

)

 

 

 

 

 

 

(594

)

 

Treasury Stock Acquisition

 

 

 

 

 

 

 

(11,910

)

 

 

 

 

(11,910

)

 

Other

 

 

 

 

 

(4

)

 

 

 

 

 

 

(4

)

Balance, September 30, 2024

$

1,508

 

 

$

9,708

 

 

$

85,115

 

 

$

(22,697

)

 

$

(3,568

)

 

$

70,066

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 CONSOLIDATED STATEMENT OF CASH FLOWS

 

 

 

Nine Months Ended
September 30, 2024

 

Nine Months Ended
September 30, 2023

 

 

 

 

 

 

 

Operating Activities:

 

 

 

 

 

 

 

 

 

 

 

Net Income

$

18,532

 

 

$

13,984

 

 

 

 

 

 

 

 

 

Adjustment to Reconcile Net Income to Net Cash Provided by Operating Activities:

 

 

 

 

 

Pension Contributions (Greater) Less than Expense

 

(25

)

 

 

(1,586

)

 

 

Bad Debt Expense (Recovery)

 

-

 

 

 

112

 

 

 

Depreciation & Amortization

 

5,177

 

 

 

4,718

 

 

 

(Gain) on Sales of Equipment

 

(104

)

 

 

(48

)

 

 

(Gain) on Disposal of Equipment

 

(389

)

 

 

-

 

 

 

Change in Assets and Liabilities

 

 

 

 

 

(Inc) in Accts and Notes Receivable

 

(6,197

)

 

 

(3,658

)

 

 

(Inc) in Cost in Excess of Estimated Earnings and Billings

 

-

 

 

 

(109

)

 

 

Dec (Inc) in Inventories

 

738

 

 

 

(1,985

)

 

 

(Inc) in Prepayments

 

(2,724

)

 

 

(456

)

 

 

(Inc) in Net Investment in Sales-type leases

 

(353

)

 

 

(80

)

 

 

Dec in Other LT Assets

 

1,036

 

 

 

373

 

 

 

Inc (Dec) in Accounts Payable

 

1,962

 

 

 

(148

)

 

 

(Dec) Inc in Accrued Income Tax

 

(1,063

)

 

 

3,519

 

 

 

Inc in Other Accrued Expenses

 

1,606

 

 

 

5,515

 

 

 

(Dec) in Advanced Billings

 

(4,686

)

 

 

(4,737

)

 

 

Inc(Dec) in Billings in Excess of Costs and Estimated Earnings

 

5,842

 

 

 

(7,073

)

 

 

Inc in Lease Liability for Operating

 

169

 

 

 

-

 

 

 

Inc in Lease Liability for Financing

 

-

 

 

 

130

 

 

 

Principal payments of Lease Liability for Operating

 

(188

)

 

 

(163

)

 

 

(Dec) in Long Term Deferred Tax Liabilities

 

(85

)

 

 

-

 

 

 

(Dec) Inc in Other Long-Term Liabilities

 

(119

)

 

 

197

 

 

 

        Net Cash Provided by Operating Activities

$

19,129

 

 

$

8,505

 

 

 

 

 

 

 

 

 

Investing Activities

 

 

 

 

 

Intangibles

 

-

 

 

 

(62

)

 

 

Purchases of Marketable Securities 2

 

(16,442

)

 

 

(23,464

)

 

 

Proceeds from Sales of Marketable Securities 2

 

29,403

 

 

 

18,130

 

 

 

Proceeds from Sales of Equipment

 

131

 

 

 

83

 

 

 

Additions to Property, Plant, and Equipment

 

(8,637

)

 

 

(4,351

)

 

 

       Net Cash (Required) for Investing Activities

$

4,455

 

 

$

(9,664

)

 

 

 

 

 

 

 

 

Financing Activities

 

 

 

 

 

Principal payments of Lease Liability for Financing

 

(149

)

 

 

(146

)

 

 

(Repayment) of Short-Term Borrowings, Net

 

(1,637

)

 

 

-

 

 

 

Proceeds of Short-Term Borrowings, Net

 

1,637

 

 

 

-

 

 

 

(Repayment) of Long-Term Debt

 

(1,152

)

 

 

(479

)

 

 

Dividends Paid

 

(594

)

 

 

(489

)

 

 

Treasury Stock Acquisitions

 

(11,910

)

 

 

-

 

 

 

       Net Cash Provided by (Required for) Financing Activities

$

(13,805

)

 

$

(1,114

)

 

 

 

 

 

 

 

 

Effect of Exchange Rate Changes

 

357

 

 

 

290

 

 

 

 

 

 

 

 

 

Net Increase in Cash and Cash Equivalents 2

$

10,136

 

 

$

(1,983

)

 

 

 

 

 

 

 

 

Cash and Cash Equivalents at Beginning of Year 2

 

5,894

 

 

 

3,468

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents at End of Quarter 2

$

16,030

 

 

$

1,485

 

 

 

 

 

 

 

 

 

 

2. Has been restated to move money market accounts out of marketable securities into cash equivalents.

 

 

 

 

 

 

 

 

PAUL MUELLER COMPANY
SUMMARIZED NOTES TO THE FINANCIAL STATEMENTS
(In thousands)