Paul Mueller Company Announces Its Fourth Quarter Earnings of 2020
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Paul Mueller Company (OTC: MUEL) reported a net loss of $11,275,000 for the quarter ended December 31, 2020, a significant decline from a net income of $3,565,000 in the same period of 2019. Earnings per share for the quarter stood at $9.43 loss per share, compared to a profit of $2.98 per share a year prior. The company's gross profit decreased to $16,218,000 from $16,714,000 year-over-year. Total assets dropped to $120,938,000 in 2020 from $124,894,000 in 2019, and the backlog fell to $61,563,000 compared to $79,791,000.
Positive
- Increased cash and short-term investments to $22,943,000 from $1,072,000 year-over-year.
- Comprehensive income showed a gain of $689,000 compared to a loss in 2019.
Negative
- Goodwill impairment expense of $15,397,000 significantly affected profitability.
- Operating loss of $10,178,000 for Q4 2020, down from an operating income of $4,743,000 in Q4 2019.
- Net income for the year was a loss of $2,557,000, marking a decline from a profit of $6,589,000 in 2019.
- Overall sales dropped to $54,126,000 from $55,266,000 year-over-year.
SPRINGFIELD, Mo., March 19, 2021 (GLOBE NEWSWIRE) -- Paul Mueller Company (OTC: MUEL) today announced earnings for the quarter ended December 31, 2020.
| PAUL MUELLER COMPANY | |||||||||||||||||
| TWELVE-MONTH REPORT | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||
| December 31 | December 31 | ||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||||
| Net Sales | $ | 54,126 | $ | 55,266 | $ | 201,116 | $ | 197,177 | |||||||||
| Cost of Sales | 37,908 | 38,552 | 140,313 | 142,435 | |||||||||||||
| Gross Profit | $ | 16,218 | $ | 16,714 | $ | 60,803 | $ | 54,742 | |||||||||
| Selling, General and Administrative Expense | 10,999 | 11,971 | 44,155 | 45,672 | |||||||||||||
| Goodwill Impairment Expense | 15,397 | - | 15,397 | - | |||||||||||||
| Operating Income (Loss) | $ | (10,178 | ) | $ | 4,743 | $ | 1,251 | $ | 9,070 | ||||||||
| Interest Expense | (173 | ) | (19 | ) | (992 | ) | (827 | ) | |||||||||
| Other Income (Expense) | 339 | (15 | ) | 1,208 | 351 | ||||||||||||
| Income (Loss) before Provision (Benefit) for Income Taxes | $ | (10,012 | ) | $ | 4,709 | $ | 1,467 | $ | 8,594 | ||||||||
| Provision for Income Taxes | 1,263 | 1,144 | 4,024 | 2,005 | |||||||||||||
| Net Income (Loss) | $ | (11,275 | ) | $ | 3,565 | $ | (2,557 | ) | $ | 6,589 | |||||||
| Earnings (Loss) per Common Share –– | Basic | ( | ) | ( | ) | ||||||||||||
| Diluted | ( | ) | ( | ) | |||||||||||||
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||
| Twelve Months Ended | ||||||||
| December 31 | ||||||||
| 2020 | 2019 | |||||||
| Net Income (Loss) | $ | (2,557 | ) | $ | 6,589 | |||
| Other Comprehensive Income (Loss), Net of Tax: | ||||||||
| Foreign Currency Translation Adjustment | 3,419 | (589 | ) | |||||
| Change in Pension Liability | (2,730 | ) | (1,204 | ) | ||||
| Comprehensive Income (Loss) | $ | (1,868 | ) | $ | 4,796 | |||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| December 31 | December 31 | |||||||
| 2020 | 2019 | |||||||
| Cash and Short-Term Investments | $ | 22,943 | $ | 1,072 | ||||
| Accounts Receivable | 20,462 | 28,509 | ||||||
| Inventories | 17,926 | 20,552 | ||||||
| Current Net Investments in Sales-Type Leases | 3 | 47 | ||||||
| Other Current Assets | 1,771 | 3,763 | ||||||
| Current Assets | $ | 63,105 | $ | 53,943 | ||||
| Net Property, Plant, and Equipment | 46,570 | 47,406 | ||||||
| Right of Use Assets | 2,448 | 1,421 | ||||||
| Other Assets | 8,732 | 21,355 | ||||||
| Long-Term Net Investments in Sales-Type Leases | 83 | 769 | ||||||
| Total Assets | $ | 120,938 | $ | 124,894 | ||||
| Accounts Payable | $ | 11,316 | $ | 10,534 | ||||
| Current Maturities and Short-Term debt | 2,115 | 6,208 | ||||||
| Current Lease Liabilities | 519 | 485 | ||||||
| Other Current Liabilities | 24,656 | 27,021 | ||||||
| Current Liabilities | $ | 38,606 | $ | 44,248 | ||||
| Long-Term Debt | 18,440 | 15,334 | ||||||
| Long-Term Pension Liabilities | 30,047 | 30,395 | ||||||
| Other Long-Term Liabilities | 2,226 | 1,566 | ||||||
| Lease Liabilities | 1,075 | 936 | ||||||
| Total Liabilities | $ | 90,394 | $ | 92,479 | ||||
| Shareholders' Investment | 30,544 | 32,415 | ||||||
| Total Liabilities and Shareholders' Investment | $ | 120,938 | $ | 124,894 | ||||
| SELECTED FINANCIAL DATA | ||||||
| December 31 | December 31 | |||||
| 2020 | 2019 | |||||
| Book Value per Common Share | $ | 25.54 | $ | 27.11 | ||
| Total Shares Outstanding | 1,195,747 | 1,195,866 | ||||
| Backlog | $ | 61,563 | $ | 79,791 | ||
| CONSOLIDATED STATEMENT OF SHAREHOLDERS' INVESTMENT | ||||||||||||||||||||||
| Common Stock | Paid-in Surplus | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||
| Balance, December 31, 2019 | $ | 1,508 | $ | 9,708 | $ | 68,484 | $ | (6,341 | ) | $ | (40,944 | ) | $ | 32,415 | ||||||||
| Add (Deduct): | ||||||||||||||||||||||
| Net Income (Loss) | (2,557 | ) | (2,557 | ) | ||||||||||||||||||
| Other Comprehensive Income, Net of Tax | 689 | 689 | ||||||||||||||||||||
| Treasury Stock Acquisition | (3 | ) | (3 | ) | ||||||||||||||||||
| Balance, December 31, 2020 | $ | 1,508 | $ | 9,708 | $ | 65,927 | $ | (6,344 | ) | $ | (40,255 | ) | $ | 30,544 | ||||||||
| CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||
| Twelve Months Ended December 31, 2020 | Twelve Months Ended December 31, 2019 | |||||||
| Operating Activities: | ||||||||
| Net Income (Loss) | $ | (2,557 | ) | $ | 6,589 | |||
| Adjustment to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: | ||||||||
| Pension Contributions (Greater) Less than Expense | (3,078 | ) | (2,890 | ) | ||||
| Bad Debt Expense | 168 | 398 | ||||||
| Depreciation & Amortization | 7,083 | 6,248 | ||||||
| Deferred Tax Expense | 533 | 979 | ||||||
| Loss (Gain) on Sales of Equipment | 5 | (36 | ) | |||||
| Goodwill Impairment Expense | 15,397 | - | ||||||
| Interest on Lease Liability for Financing | (18 | ) | (17 | ) | ||||
| Change in Assets and Liabilities | ||||||||
| Dec (Inc) in Accts and Notes Receivable | 7,879 | (1,100 | ) | |||||
| Dec (Inc) in Cost in Excess of Estimated Earnings and Billings | 1,198 | (985 | ) | |||||
| Dec in Inventories | 2,626 | 6,126 | ||||||
| Dec (Inc) in Prepayments | 165 | (644 | ) | |||||
| Dec (Inc) in Net Investment in Sales-Type Leases | 730 | (816 | ) | |||||
| (Inc) Dec in Other Assets | (450 | ) | 52 |
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FAQ
What were Paul Mueller Company's earnings for Q4 2020?
Paul Mueller Company reported a net loss of $11,275,000 for Q4 2020.
How did MUEL's backlog change from 2019 to 2020?
The backlog decreased from $79,791,000 in 2019 to $61,563,000 in 2020.
What was the earnings per share for MUEL in the fourth quarter of 2020?
Earnings per share for Q4 2020 was a loss of $9.43.
What was the gross profit for Paul Mueller Company in Q4 2020?
The gross profit for Q4 2020 was $16,218,000.
How did the net income for MUEL change in 2020 compared to 2019?
The net income for 2020 was a loss of $2,557,000, compared to a profit of $6,589,000 in 2019.
MUELLER PAUL CO
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