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Paul Mueller income falls in third quarter

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Springfield-based Paul Mueller Co. reported a sharp decline in third-quarter net income, though the company’s backlog is nearly triple what it was at the end of 2005.

Net income for the quarter was $198,000, compared to $418,000 in the same period last year. Quarterly earnings per share were 17 cents, down from 36 cents a year ago.

Net sales were up to $36.7 million for the quarter, from $31.3 million in third-quarter 2005.

Year-to-date net income is down to $1.03 million from $2.79 million reported at this time last year.

Company assets have surpassed 2005’s year-end total and are at $79.5 million, compared to $55.2 million as of Dec. 31. Mueller’s backlog is $101.1 million, compared to $37 million reported at the end of 2005.

Shares (OTC: MUEL.PK) closed Wednesday at $40.75, compared to a 52-week range of $27.50 to $43.[[In-content Ad]]

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