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Mueller 1Q sales increase, net income decreases

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Springfield stainless steel manufacturer Paul Mueller Co. reported a 4.7 percent increase in net sales for the first quarter of 2008, but net income dropped 39.7 percent, according to the company’s first-quarter earnings report released Friday.

Net sales totaled $51.9 million, up from $49.5 million in 2007, while net income dropped $800,000 to $1.1 million. The decrease in income is mostly attributed to an increase in the cost of sales, according to the report.

Earnings per diluted share of company stock totaled 97 cents, down from $1.61 last year. The company reported total assets, on March 31, of $92.7 million, with a backlog of $54.3 million.

Shares of Paul Mueller stock (Pink Sheets: MUEL.PK) were trading down 2 percent to $49.25 as of 10 a.m. The 52-week range is $43 to $75.70.

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