Paul Mueller posts 7 percent sales decline

The Springfield stainless-steel equipment manufacturer posted quarterly net sales of $50.2 million, compared to $53.7 million in second-quarter 2007.

Net income for the quarter was $920,000, down from $1.8 million a year ago, and earnings were 78 cents per share, compared to $1.52 a year ago.

For the 12 months ended June 30, net sales were $239.9 million, compared to $196.6 million in fiscal 2007. Net income was $7.5 million – or $12 million before factoring in a provision for income taxes – compared to $9.9 million last year. Fiscal 2008 earnings were $6.35 per share, compared to $8.43 a year earlier.

As of June 30, the company had $115.6 million in assets and $88.2 million in backlog.

Shares (Pink Sheets: MUEL) last traded on Monday at $46, compared to a 52-week range of $43 to $75.70.