Paul Mueller Co. grows net income by 63%

Springfield-based manufacturer Paul Mueller Co. (OTC: MUEL.PK) increased its net income by 62.9 percent in the third quarter to $1 million, up from $618,000 recorded in third-quarter 2009.

Price per diluted share in the third quarter was 84 cents, up from 52-cents per diluted share in the same quarter of fiscal 2009.

Third-quarter highlights:

• Sales were $36.9 million, down 10 percent from third-quarter 2009 sales of $41 million.
• Cost of sales was $28.8 million.
• Total year-to-date net income is $2.7 million, compared to $1.3 million at the same time last year.
• Total year-to-date assets were $114.5 million, compared to $115.6 million on Dec. 31, 2009.

Donald Golik, executive vice president and chief financial officer of Paul Mueller Co., will retire effective May 31, 2011. Golik also was chairman of the board but stepped down Oct. 28. He will remain a member of the company's board of directors, according to a company news release.

Paul Mueller Co. is a manufacturer of stainless steel equipment and performs on-site  construction, repair and maintenance.  

The company's shares were trading at $18 as of 11:10 a.m., compared to a 52-week range of $16.50 to $30.[[In-content Ad]]