Springfield-based manufacturer Paul Mueller Co. (OTC: MUEL.PK) reported profits of $3.59 million during the fourth quarter ended Dec. 31, a 162 percent increase compared to a net loss of $5.78 million in the same quarter of 2010.
Earnings per diluted share were $2.96 during the quarter, up from a loss per diluted share of $4.85 for the three months ended Dec. 31, 2010, according to a March 13 company news release.
Fourth-quarter net sales were $43.98 million, comprising domestic sales of $27.91 million and European sales via Mueller BV of $16.07 million. Total sales eclipsed fourth-quarter 2010 sales by 26 percent.
During the quarter, Mueller Co. on Nov. 28
closed on the sale of Springfield Brewing Co. for $3 million to a group of Springfield investors doing business as Front Row Property LLC. The sale included a promissory noted for $400,000 payable during five years. Mueller Co. recorded a $580,000 gain on the sale, according to the release.
Earnings also were in the black for the year, with a reported net income of $2.08 million, a 122.6 percent increase from a net loss of $8.94 million in 2010. Net sales increased 19 percent to $154.18 million from $129.63 million, which consisted of $95.08 million in domestic sales and $59.1 million in Mueller BV sales.
Year-end highlights:
- Backlog increased to $51.71 million by Dec. 31, compared to $31.04 million at the same time in 2010.
- The financial results for 2011 were adversely affected by severance and noncompete expenses totaling $1.15 million. The company's former president and CEO, Matthew Detelich, was paid during the second quarter. After the company briefly hired Robert Nosal for the position, David Moore, Mueller Co. chief information officer since 2001, took the lead in August.
- Long-term debt decreased to $13.07 million from $18.18 million at year-end 2010.
As of Dec. 31, the Springfield company, which manufactures stainless steel equipment and performs on-site construction, repair and maintenance, had assets of $106.45 million, up from $102.28 million at the end of 2010.
Mueller Co.'s pink sheet stock was trading at $21.25 per share this morning, compared to a 52-week range of $13.50 to $22.50.[[In-content Ad]]
