Springfield-based manufacturer Paul Mueller Co. (OTC: MUEL.PK) recorded net earnings of $1.3 million, a 604 percent increase compared to a net loss of $257,700 in the same quarter of 2011.
The company's earnings per diluted share were $1.07, compared to a 22-cent loss per diluted share in first-quarter 2011, according to a news release.
European operations via Mueller BV largely contributed to the company's quarterly performance, with sales of $15.3 million and a net income of $1.4 million. Domestic sales were $25.8 million, with a net loss of $138,000. Net sales for the company amounted to $41.1 million.
Mueller Co. manufactures stainless steel equipment and performs on-site construction, repair and maintenance. Its products are used in more than 100 countries on dairy farms and for industrial applications including pharmaceutical, biotechnological and chemical processing, according to the release.
First-quarter 2012 highlights:
- Mueller Co. realized a noncompete expense of $185,000 related to the late April 2011 resignation of Matthew Detelich, the company's former president and CEO.
- The company had a $66.4 million backlog as of March 31, compared to $51.7 million at the end of first-quarter 2011.
- During the latest quarter, the company's sales costs were $29.2 million, up from $20.9 million in the same quarter of 2011.
Mueller Co. continues to be affected by the November sale of Springfield Brewing Co. to a group of Springfield investors. The $3 million sale price included a promissory note for $400,000 payable during a five-year period. According to the release, the gain on the sale of the downtown restaurant and brewery was $580,000.
As of March 31, Mueller Co. had $101.8 million in assets.
Mueller Co.'s pink sheet stock was trading at $25.75 this morning, compared to a 52-week range of $13.50 to $27.[[In-content Ad]]
