updated 5/9/2011 6:16:26 PM ET 2011-05-09T22:16:26

SPRINGFIELD, Mo., May 9, 2011 (GLOBE NEWSWIRE) -- Paul Mueller Company (Pink Sheets:MUEL) today released its first quarter report for the period ended March 31, 2011, as follows:

PAUL MUELLER COMPANY AND SUBSIDIARIES
THREE-MONTH REPORT
Unaudited
           
CONSOLIDATED SUMMARIES OF OPERATIONS
           
    Three Months Ended Twelve Months Ended
    March 31 March 31
    2011 2010 2011 2010
           
Net Sales    $ 30,828,000  $ 25,178,000  $ 135,283,000  $ 148,144,000
Cost of Sales    20,869,000  19,266,000  95,549,000  108,522,000
 Gross Profit  $ 9,959,000  $ 5,912,000  $ 39,734,000  $ 39,622,000
Selling, General and Admin. Expenses  9,498,000  10,010,000  37,871,000  41,742,000
 Operating Income (Loss)  $ 461,000  $ (4,098,000)  $ 1,863,000  $ (2,120,000)
Other Income (Expense)  (416,000)  (592,000)  (2,114,000)  (2,493,000)
Income (Loss) Before         
 Provision for Income Taxes  $ 45,000  $ (4,690,000)  $ (251,000)  $ (4,613,000)
Provision (Benefit) for Income Taxes  302,000  (1,769,000)  5,241,000  (2,495,000)
Net Income (Loss)  $ (257,000)  $ (2,921,000)  $ (5,492,000)  $ (2,118,000)
           
Earnings per Common Share - Basic ($0.22) ($2.45) ($4.46) ($1.78)
  Diluted ($0.22) ($2.45) ($4.46) ($1.78)
           
NOTES:



 
(1) Domestic sales for the first quarter of 2011 were $17,314,000 and the net loss was $1,079,000, compared to 2010 when sales were $13,376,000 and the net loss was $3,075,000. For 2011, Mueller BV sales for the first quarter were $13,514,000 and net income was $822,000, compared to 2010 when sales were $11,802,000 and net income was $154,000.
           
  (2) The twelve months ended March 31, 2011, provision for income taxes include a non-cash charge of $5,605,000 as a valuation allowance against a portion of the Company's net deferred tax assets.
 
SUMMARIZED CONSOLIDATED BALANCE SHEETS
     
  March 31 December 31
  2011 2010
     
Current Assets  $ 52,057,000  $ 41,511,000
Net Property, Plant, and Equipment  43,903,000  44,829,000
Other assets  16,963,000  16,452,000
 Total Assets  $ 112,923,000  $ 102,792,000
     
Current Liabilities  $ 56,063,000  $ 45,607,000
Long-Term Debt  17,666,000  18,177,000
Other Long-Term Liabilities  19,740,000  20,231,000
Shareholders' Investment  19,454,000  18,777,000
 Total Liabilities and Shareholders' Investment  $ 112,923,000  $ 102,792,000
     
Book Value per Common Share $15.07 $14.54
Total Shares Outstanding  1,291,074  1,291,074
Backlog  $ 43,905,000  $ 31,044,000
CONTACT: Marcelino Rodriguez -  Chief Financial Officer
         Springfield, Missouri
         (417) 831-3000

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