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Paul Mueller Co. reports losses in Q2 results

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Springfield-based manufacturer Paul Mueller Co. (Pink Sheets: MUEL) released its second quarter results yesterday, reporting losses in comparison with the same quarter in 2009.

The company's net income for the quarter was $767,000, down 76 percent from its Q2 results of $1.35 million, according to a news release.

The price per diluted share was 63 cents in the quarter, down from $1.13 in Q2 2009, the release said.

The last-in, first-out reserve contributed to the differences between the quarters, according to the release. Q2 2010's net income was adversely affected by a $92,000 LIFO reserve increase while the net income in Q2 2009 benefited from a $1.1 million LIFO reserve decrease, the release said.

The LIFO reserve is an asset management and valuation method that assumes assets produced or acquired last will be used or sold first.

Paul Mueller Co. designs and manufactures stainless steel tanks, processing systems and equipment for the food, dairy, beverage, chemical, biofuels, pharmaceutical, biotechnology and pure water industries, according to its Web site.[[In-content Ad]]

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