Paul Mueller logs $600K loss in third quarter

Springfield stainless steel manufacturer Paul Mueller Co. lost $618,000 in net income in the third quarter, according to an earnings report released Thursday.

The loss is nearly opposite a $656,000 gain in the same quarter of 2008. Year-to-date net income is down $86,000, compared to a gain of $2.7 million in the first nine months of 2008.

Diluted shares lost 52 cents in the quarter, compared to a gain of 56 cents in third-quarter 2008.

The company saw a decline in net sales to $41 million in the third quarter of 2009, compared to $50.6 million in the same period last year. Year-to-date sales totaled $127.2 million, down 17 percent from $153 million a year earlier.

Shares of Paul Mueller (OTC: MUEL.PK) closed Thursday at $22 compared to a 52-week range of $15.90 to $40; shares were down at $21.52 as of 10:30 a.m.[[In-content Ad]]