Mueller Co. posts first-quarter net loss

Due to lower sales and higher expenses, Paul Mueller Co. (OTC: MUEL) ended the first quarter with a net loss of $143,000.

The Springfield-based stainless steel equipment manufacturer’s latest results were 116 percent lower than net income of $911,000 in the same quarter a year earlier. The company posted a diluted share loss of 12 cents, compared with 74-cent earnings in first-quarter 2016, according to a news release.

Company officials cited continued expenses that negatively impacted the company’s 2016 results. Last year’s net loss was $2.3 million.

For the 12 months ended March 31, Mueller Co. incurred $1.7 million in roof repair expenses in Springfield, as well as $6.7 million in pension payments to over 200 former workers who were no longer employed by the company as of May 6, 2016.

First-quarter financial notes:
    •    Sales dropped 8.7 percent to $37.6 million.
    •    The company posted a $2,900 loss in provision for income taxes.
    •    Mueller Co. in March enacted a share repurchase program of up to $3 million of the company’s stock.

Mueller Co. assets were $111 million as of March 31, according to the release.

The company’s over-the-counter stock was trading at $29 as of 11:14 a.m., compared with a 52-week range of $25.90 to $31.