Paul Mueller Company Announces Its Fourth Quarter Earnings of 2021
03/11/2022 - 04:15 PM
SPRINGFIELD, Mo., March 11, 2022 (GLOBE NEWSWIRE) -- Paul Mueller Company (OTC: MUEL) today announced earnings for the quarter ended December 31, 2021.
PAUL MUELLER COMPANY TWELVE-MONTH REPORT (In thousands) CONSOLIDATED STATEMENTS OF INCOME Three Months Ended Twelve Months Ended December 31 December 31 2021 2020 2021 2020 Net Sales $ 46,993 $ 54,126 $ 184,613 $ 201,116 Cost of Sales 37,461 37,908 136,167 140,313 Gross Profit $ 9,532 $ 16,218 $ 48,446 $ 60,803 Selling, General and Administrative Expense 9,756 10,999 43,884 44,155 Goodwill Impairment Expense - 15,397 - 15,397 Operating Income (Loss) $ (224) $ (10,178) $ 4,562 $ 1,251 Interest Expense (98) (173) (742) (992) PPP Loan Forgiveness - - 1,884 - Other Income 2,780 339 2,844 1,208 Income (Loss) before Provision (Benefit) for Income Taxes $ 2,458 $ (10,012) $ 8,548 $ 1,467 Provision for Income Taxes 496 1,263 1,547 4,024 Net Income (Loss) $ 1,962 $ (11,275) $ 7,001 $ (2,557) Earnings (Loss) per Common Share –– Basic $ 1.81 $ (9.43) $ 6.44 $ (2.14) Diluted $ 1.81 $ (9.43) $ 6.44 $ (2.14)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Twelve Months Ended December 31 2021 2020 Net Income (Loss) $ 7,001 $ (2,557) Other Comprehensive Income (Loss), Net of Tax: Foreign Currency Translation Adjustment (1,889) 3,419 Change in Pension Liability 6,206 (2,730) Comprehensive Income (Loss) $ 11,318 $ (1,868) CONSOLIDATED BALANCE SHEETS December 31 December 31 2021 2020 Cash and Short-Term Investments $ 11,281 $ 22,943 Accounts Receivable 25,774 20,462 Inventories 26,454 17,926 Current Net Investments in Sales-Type Leases 23 3 Other Current Assets 1,814 1,771 Current Assets $ 65,346 $ 63,105 Net Property, Plant, and Equipment 41,250 46,570 Right of Use Assets 2,526 2,448 Other Assets 7,003 8,732 Long-Term Net Investments in Sales-Type Leases 164 83 Total Assets $ 116,289 $ 120,938 Accounts Payable $ 14,470 $ 11,316 Current Maturities and Short-Term debt 1,330 2,115 Current Lease Liabilities 483 519 Other Current Liabilities 27,691 24,656 Current Liabilities $ 43,974 $ 38,606 Long-Term Debt 14,241 18,440 Long-Term Pension Liabilities 18,036 30,047 Other Long-Term Liabilities 1,848 2,226 Lease Liabilities 897 1,075 Total Liabilities $ 78,996 $ 90,394 Shareholders' Investment 37,293 30,544 Total Liabilities and Shareholders' Investment $ 116,289 $ 120,938
SELECTED FINANCIAL DATA December 31 December 31 2021 2020 Book Value per Common Share $ 34.32 $ 25.54 Total Shares Outstanding 1,086,661 1,195,747 Backlog $ 78,357 $ 61,563 CONSOLIDATED STATEMENT OF SHAREHOLDERS' INVESTMENT Accumulated Other Comprehensive Income (Loss) Common Stock Paid-in Surplus Retained Earnings Treasury Stock Total Balance, December 31, 2020 $ 1,508 $ 9,708 $ 65,927 $ (6,344) $ (40,255) $ 30,544 Add (Deduct): Net Income 7,001 7,001 Other Comprehensive Income, Net of Tax 4,317 4,317 Dividends, $.15 per Common Share (164) (164) Treasury Stock Acquisition (4,405) (4,405) Balance, December 31, 2021 $ 1,508 $ 9,708 $ 72,764 $ (10,749) $ (35,938) $ 37,293 CONSOLIDATED STATEMENT OF CASH FLOWS Twelve Months Ended December 31, 2021 Twelve Months Ended December 31, 2020 Operating Activities: Net Income (Loss) $ 7,001 $ (2,557) Adjustment to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: Pension Contributions (Greater) Less than Expense (5,805) (3,078) Bad Debt (Recovery ) Expense (528) 168 Depreciation & Amortization 6,547 7,083 Deferred Tax Expense 1,792 533 (Gain) Loss on Sales of Equipment (57) 5 (Gain) Recognized on Sale of Subsidiary (3,208) - Goodwill Impairment Expense - 15,397 Interest on Lease Liability for Financing (15) (18) PPP Loan Forgiveness (1,884) - Change in Assets and Liabilities (Inc) Dec in Accts and Notes Receivable (1,116) 7,879 (Inc) Dec in Cost in Excess of Estimated Earnings and Billings (2,380) 1,198 (Inc) Dec in Inventories (8,578) 2,626 Dec in Prepayments 3 165 (Inc) Dec in Net Investment in Sales-Type Leases (101) 730 (Inc) in Other Assets (1,801) (450) Dec (Inc) in Deferred Taxes 1,968 (866) Inc in Accounts Payable 3,748 782 (Dec) Inc in Accrued Income Tax (591) 505 (Dec) Inc in Accrued Expenses (5,487) 4,633 Inc (Dec) in Advanced Billings 11,498 (1,241) (Dec) in Billings in Excess of Costs and Estimated Earnings (672) (6,262) Inc in Lease Liability for Operating 255 296 Inc in Lease Liability for Financing 103 487 Principal payments on Lease Liability for Operating (298) (323) (Dec) Inc in Long Term Liabilities (378) 660 Net Cash Provided by Operating Activities $ 16 $ 28,352 Investing Activities Intangibles (105) - Proceeds from Sales of Equipment 81 14 Additions to Property, Plant, and Equipment (5,262) (7,253) Net Cash (Required) for Investing Activities $ (5,286) $ (7,239) Financing Activities Principal payments on Lease Liability for Financing (259) (269) (Repayment) of Short-Term Borrowings, Net (590) (4,150) (Repayment) Proceeds of Long-Term Debt (1,653) 2,230 Dividends paid (164) - Treasury Stock Acquisitions (4,405) (3) Net Cash (Required) for Financing Activities $ (7,071) $ (2,192) Effect of Exchange Rate Changes 679 2,950 Net (Decrease) Increase in Cash and Cash Equivalents $ (11,662) $ 21,871 Cash and Cash Equivalents at Beginning of Year 22,943 1,072 Cash and Cash Equivalents at End of Year $ 11,281 $ 22,943
PAUL MUELLER COMPANY
A. The chart below depicts the net revenue on a consolidating basis for the three months ended December 31.
Three Months Ended December 31 Revenue 2021 2020 Domestic $32,897 $41,909 Mueller BV $14,451 $12,306 Eliminations ($355 ) ($89 ) Net Revenue $46,993 $54,126
The chart below depicts the net revenue on a consolidating basis for the twelve months ended December 31.
Twelve Months Ended December 31 Revenue 2021 2020 Domestic $137,079 $154,888 Mueller BV $48,820 $47,213 Eliminations ($1,286 ) ($985 ) Net Revenue $184,613 $201,116
The chart below depicts the net income on a consolidating basis for the three months ended December 31.
Three Months Ended December 31 Net Income 2021 2020 Domestic $961 $3,959 Mueller BV $963 ($15,189 ) Eliminations $38 ($45 ) Net Income $1,962 ($11,275 )
The chart below depicts the net income on a consolidating basis for the twelve months ended December 31.
Twelve Months Ended December 31 Net Income 2021 2020 Domestic $7,328 $12,184 Mueller BV ($365 ) ($14,758 ) Eliminations $38 $17 Net Income $7,001 ($2,557 )
B. Please refer to the President’s letter and footnotes in the 2021 Annual Report for relevant management discussion and analysis including the sale of Mueller Field Operations, Inc. (MFO) to MFO’s management on December 31, 2021.
C. The pre-tax results for the three months ended December 31, 2021, were unfavorably affected by a $1.20 million increase in the LIFO reserve. The pre-tax results for the twelve months ended December 31, 2021, were unfavorably affected by a $4.0 million increase in the LIFO reserve. The pre-tax results for the three months ended December 31, 2020, were favorably affected by a $57,000 decrease in the LIFO reserve. The pre-tax results for the twelve months ended December 31, 2020, were favorably affected by a $0.3 million decrease in the LIFO reserve.
D. The consolidated financials are affected by the euro to dollar exchange rate when consolidating Mueller B.V., the Dutch subsidiary. The month end euro to dollar exchange rate was 1.23 for December, 2020 and 1.13 for December, 2021, respectively.
This press release contains forward-looking statements that provide current expectations of future events based on certain assumptions. All statements regarding future performance growth, conditions, or developments are forward-looking statements. Actual future results may differ materially from those described in the forward-looking statements due to a variety of factors, including, but not limited to, the factors described in the Company’s Annual Report under “Safe Harbor for Forward-Looking Statements”, which is available at paulmueller.com. The Company expressly disclaims any obligation or undertaking to update these forward-looking statements to reflect any future events or circumstances.
The accounting policies related to this report and additional management discussion and analysis are provided in the 2021 annual report, available at www.paulmueller.com .
Press Contact: Ken Jeffries | Paul Mueller Company | Springfield, MO 65802 | (417) 575-9346http://paulmueller.com
MUEL Rankings
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MUEL Stock Data
Industry
Plate Work Manufacturing
Sector
Manufacturing
Tags
Industrial Machinery, Producer Manufacturing, Manufacturing, Plate Work Manufacturing
Country
US
City
Springfield
About MUEL
at paul mueller company, we are united by a belief that the only quality that matters is quality that works for life. with every piece of stainless steel processing equipment we build, our goal is to have lasting impact. this collective vision has led us from a small sheet metal shop to a global supplier of heating, cooling and storage solutions that allow farmers, brewers and engineers to keep their products fresh and their inventory strong. whether our equipment preserves milk in rural areas or helps manufacture medicine with broad health benefits, we are making an impact across the globe.
