Paul Mueller sets stock high after earnings release

The Springfield stainless steel equipment manufacturer’s shares (Pink Sheets: MUEL.PK) closed at $69.54 Friday, compared to a 52-week low of $35.75. Shares were trading near $73.50 as of 10:30 this morning.

In its quarterly report, Paul Mueller showed a nearly $20 million increase in second-quarter net sales. That jump drove an increase in quarterly income, which more than doubled over the previous year.

Net sales were $53.7 million for the quarter ended June 30, up 57 percent from $34.1 million in second-quarter 2006. Year-to-date sales are at $103.3 million, compared to $59.6 million a year ago.

The quarter’s net income totaled $1.8 million, with earnings per diluted share rising to $1.52. Net income a year ago was $682,000, and earnings per share were 59 cents.

Paul Mueller’s assets as of June 30 were $116 million, up from $92.8 million at the end of 2006. Working capital at the end of the quarter was $9.7 million, slightly lower than at the end of last year, when it totaled $10.7 million. The company’s backlog at the end of the quarter was $139.3 million, up from $116.9 million reported Dec. 31.