Last edited 9:21 a.m., Oct. 29, 2012Paul Mueller Co. (OTC: MUEL.PK) posted a net loss of $116,000 during the third quarter, up from a net loss of $1 million in the same quarter last year.
The company reported a loss of 10 cents per diluted share during the quarter, compared to a loss of 84 cents per share in third-quarter 2010, according to a news release.
Net sales were $36.8 million during the quarter, roughly flat from a year ago, but cost of sales decreased 14 percent to $24.7 million from $28.8 million.
Domestic sales for the quarter were $24 million with a net loss of $361,000, while the company's European operation, Mueller BV, had sales of $12.8 million with a net income of $245,000, according to the release.
The third quarter showed a vast improvement from the second quarter, when the company posted a net loss of $1.2 million, largely due due to a one-time expense funding the severance package of Mueller Co. President and CEO Matthew Detelich, who left his position April 19 after six years at the post.
David Moore, who was named president and CEO of Mueller Co. in the third quarter, made a significant announcement Oct. 19 when the company laid out plans to hire up to 289 jobs within three years and invest $600,000 in new equipment during the next five years. Mueller Co. would receive $2.7 million in tax credits should it meet requirements of the Missouri Quality Jobs Program administered by the Missouri Department of Economic Development. Credits would be transferred if the jobs exceed the Greene County average salary of $34,676 and include a comprehensive benefits package, according to
Springfield Business Journal archives.
The Springfield-based company manufactures stainless steel equipment and performs on-site construction, repair and maintenance.
Mueller Co.'s pink sheet stock was trading at $18.70 per share this morning, compared to a 52-week range of $13.50 to $27.[[In-content Ad]]
