SPRINGFIELD, Mo., March 31, 2025 (GLOBE NEWSWIRE) -- Paul Mueller Company (OTC Pink: MUEL) (the "Company") announces its fourth-quarter earnings of 2024.
| PAUL MUELLER COMPANY | ||||||||||||||||
| TWELVE-MONTH REPORT | ||||||||||||||||
| (In thousands) | ||||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 31 | December 31 | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net Sales | $ | 70,474 | $ | 55,786 | $ | 248,585 | $ | 229,156 | ||||||||
| Cost of Sales | 44,665 | 38,744 | 166,124 | 158,625 | ||||||||||||
| Gross Profit | $ | 25,809 | $ | 17,042 | $ | 82,461 | $ | 70,531 | ||||||||
| Selling, General and Administrative Expense | 12,235 | 51,723 | 46,248 | 88,269 | ||||||||||||
| Operating Income (Loss) | $ | 13,574 | $ | (34,681 | ) | $ | 36,213 | $ | (17,738 | ) | ||||||
| Interest Expense | (45 | ) | (91 | ) | (301 | ) | (350 | ) | ||||||||
| Other Income | 492 | 856 | 2,377 | 2,666 | ||||||||||||
| Income (Loss) before Provision (Benefit) for Income Taxes | $ | 14,021 | $ | (33,916 | ) | $ | 38,289 | $ | (15,422 | ) | ||||||
| Provision (Benefit) for Income Taxes | 2,881 | (10,042 | ) | 8,617 | (5,532 | ) | ||||||||||
| Net Income (Loss) | $ | 11,140 | $ | (23,874 | ) | $ | 29,672 | $ | (9,890 | ) | ||||||
| Earnings (Loss) per Common Share -- Basic and Diluted | $ | 11.89 | ($ | 21.99 | ) | $ | 30.46 | ($ | 9.11 | ) | ||||||
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||
| Twelve Months Ended | |||||||
| December 31 | |||||||
| 2024 | 2023 | ||||||
| Net Income (Loss) | $ | 29,672 | $ | (9,890 | ) | ||
| Other Comprehensive Income (Loss), Net of Tax: | |||||||
| Foreign Currency Translation Adjustment | (1,577 | ) | 677 | ||||
| Change in Pension Liability | 64 | 33,322 | |||||
| Comprehensive Income | $ | 28,159 | $ | 24,109 | |||
| CONSOLIDATED BALANCE SHEETS | |||||||
| December 31 | December 31 | ||||||
| 2024 | 2023 | ||||||
| Cash and Cash Equivalents | $ | 21,169 | $ | 7,147 | |||
| Marketable Securities | 24,446 | 26,778 | |||||
| Accounts Receivable, net | 31,266 | 25,166 | |||||
| Inventories (FIFO) | 40,905 | 45,910 | |||||
| LIFO Reserve | (20,146 | ) | (21,774 | ) | |||
| Inventories (LIFO) | 20,759 | 24,136 | |||||
| Current Net Investments in Sales-Type Leases | 39 | 27 | |||||
| Other Current Assets | 4,933 | 3,537 | |||||
| Current Assets | $ | 102,612 | $ | 86,791 | |||
| Net Property, Plant, and Equipment | 50,754 | 42,011 | |||||
| Right of Use Assets | 2,235 | 2,421 | |||||
| Other Assets | 1,862 | 2,590 | |||||
| Long-Term Net Investments in Sales-Type Leases | 1,211 | 456 | |||||
| Total Assets | $ | 158,674 | $ | 134,269 | |||
| Accounts Payable | $ | 17,588 | $ | 11,041 | |||
| Current Maturities and Short-Term debt | 3,466 | 640 | |||||
| Current Lease Liabilities | 336 | 402 | |||||
| Advance Billings | 26,788 | 27,383 | |||||
| Other Current Liabilities | 23,226 | 19,631 | |||||
| Current Liabilities | $ | 71,404 | $ | 59,097 | |||
| Long-Term Debt | 5,096 | 8,880 | |||||
| Other Long-Term Liabilities | 2,329 | 2,001 | |||||
| Lease Liabilities | 896 | 775 | |||||
| Total Liabilities | $ | 79,725 | $ | 70,753 | |||
| Shareholders' Investment | 78,949 | 63,516 | |||||
| Total Liabilities and Shareholders' Investment | $ | 158,674 | $ | 134,269 | |||
| SELECTED FINANCIAL DATA | |||||||
| December 31 | December 31 | ||||||
| 2024 | 2023 | ||||||
| Book Value per Common Share | $ | 84.27 | $ | 58.50 | |||
| Total Shares Outstanding | 936,837 | 1,085,711 | |||||
| Backlog | $ | 153,685 | $ | 97,350 | |||
| CONSOLIDATED STATEMENT OF SHAREHOLDERS' INVESTMENT | |||||||||||||||||||||||
| Common Stock | Paid-in Surplus | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||
| Balance, December 31, 2023 | $ | 1,508 | $ | 9,708 | $ | 67,181 | $ | (10,787 | ) | $ | (4,094 | ) | $ | 63,516 | |||||||||
| Add (Deduct): | |||||||||||||||||||||||
| Net Income (Loss) | 29,672 | 29,672 | |||||||||||||||||||||
| Other Comprehensive Income, Net of Tax | (7 | ) | (1,513 | ) | (1,520 | ) | |||||||||||||||||
| Dividends, $.60 per Common Share | (809 | ) | (809 | ) | |||||||||||||||||||
| Treasury Stock Acquisition | (11,910 | ) | (11,910 | ) | |||||||||||||||||||
| Balance, December 31, 2024 | $ | 1,508 | $ | 9,708 | $ | 96,037 | $ | (22,697 | ) | $ | (5,607 | ) | $ | 78,949 | |||||||||
| CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||
| Twelve Months Ended December 31, 2024 | Twelve Months Ended December 31, 2023 | |||||||
| Operating Activities: | ||||||||
| Net Income (Loss) | $ | 29,672 | $ | (9,890 | ) | |||
| Adjustment to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: | ||||||||
| Pension Contributions Less than Expense | - | 21,592 | ||||||
| Bad Debt Expense | 35 | 275 | ||||||
| Depreciation & Amortization | 6,992 | 6,641 | ||||||
| Deferred Tax (Benefit) Expense | (1,001 | ) | (9,230 | ) | ||||
| (Gain) loss on Disposal of Equipment | (9 | ) | 796 | |||||
| Change in Assets and Liabilities | ||||||||
| (Inc) in Accts and Notes Receivable | (6,135 | ) | (4,861 | ) | ||||
| Dec in Inventories | 4,316 | 2,688 | ||||||
| (Inc) Dec in Prepayments | (1,684 | ) | 394 | |||||
| (Inc) in Net Investment in Sales-Type Leases | (768 | ) | (147 | ) | ||||
| Dec in Other LT Assets | 1,273 | 380 | ||||||
| Dec in Deferred Taxes | 295 | 11,550 | ||||||
| Inc (Dec) in Accounts Payable | 6,546 | (761 | ) | |||||
| Inc in Accrued Income Tax | 137 | 1,536 | ||||||
| (Dec) Inc in Accrued Expenses | (294 | ) | 5,278 | |||||
| (Dec) in Advanced Billings | (595 | ) | (13,905 | ) | ||||
| Inc(Dec) in Billings in Excess of Costs and Estimated Earnings | 3,711 | (7,013 | ) | |||||
| Inc in Lease Liability for Operating | - | - | ||||||
| Inc in Lease Liability for Financing | - | 133 | ||||||
| Principal payments on Lease Liability for Operating | (233 | ) | (85 | ) | ||||
| Inc (Dec) in Other Long Term Liabilities | 1,637 | (1,121 | ) | |||||
| Net Cash Provided by Operating Activities | $ | 43,895 | $ | 4,250 | ||||
| Investing Activities | ||||||||
| Intangibles | ||||||||
| Purchases of Marketable Securities | (28,419 | ) | (27,128 | ) | ||||
| Proceeds from Sales of Marketable Securities | 30,751 | 35,059 | ||||||
| Proceeds from Sales of Equipment | 132 | 171 | ||||||
| Additions to Property, Plant, and Equipment | (17,299 | ) | (7,704 | ) | ||||
| Net Cash (Required) for Provided by Investing Activities | $ | (14,835 | ) | $ | 398 | |||
| Financing Activities | ||||||||
| Principal payments on Lease Liability for Financing | (175 | ) | (116 | ) | ||||
| (Repayment) of Short-Term Borrowings | (2,922 | ) | (2,190 | ) | ||||
| Proceeds of Short-Term Borrowings | 2,922 | 2,190 | ||||||
| (Repayment) of Long-Term Debt | (1,130 | ) | (634 | ) | ||||
| Dividends paid | (809 | ) | (651 | ) | ||||
| Treasury Stock Acquisitions | (11,910 | ) | - | |||||
| Net Cash (Required) for Financing Activities | $ | (14,024 | ) | $ | (1,401 | ) | ||
| Effect of Exchange Rate Changes | (1,014 | ) | 432 | |||||
| Net Increase (Decrease) in Cash | $ | 14,022 | $ | 3,679 | ||||
| Cash at Beginning of Year | 7,147 | 3,468 | ||||||
| Cash at End of Year | $ | 21,169 | $ | 7,147 | ||||
PAUL MUELLER COMPANY
SUMMARIZED NOTES TO THE FINANCIAL STATEMENTS
(In thousands)
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 | 2024 | 2023 | |||||
| Domestic | $ | 57,915 | $ | 43,082 | |||
| Mueller BV | 12,882 | 12,967 | |||||
| Eliminations | (323 | ) | (263 | ) | |||
| Net Revenue | $ | 70,474 | $ | 55,786 | |||
The chart below depicts the net revenue on a consolidating basis for the twelve months ended December 31.
| Twelve Months Ended December 31 | |||||||
| Revenue | 2024 | 2023 | |||||
| Domestic | $ | 202,182 | $ | 183,006 | |||
| Mueller BV | 47,958 | 47,710 | |||||
| Eliminations | (1,555 | ) | (1,560 | ) | |||
| Net Revenue | $ | 248,585 | $ | 229,156 | |||
The chart below depicts the net income (loss) on a consolidating basis for the three months ended December 31.
| Three Months Ended December 31 | |||||||
| Net Income | 2024 | 2023 | |||||
| Domestic | $ | 10,894 | $ | (25,561 | ) | ||
| Mueller BV | 272 | 1,711 | |||||
| Eliminations | (26 | ) | (24 | ) | |||
| Net Income (Loss) | $ | 11,140 | $ | (23,874 | ) | ||
The chart below depicts the net income (loss) on a consolidating basis for the twelve months ended December 31.
| Twelve Months Ended December 31 | |||||||
| Net Income | 2024 | 2023 | |||||
| Domestic | $ | 28,334 | $ | (11,328 | ) | ||
| Mueller BV | 1,336 | 1,477 | |||||
| Eliminations | 2 | (39 | ) | ||||
| Net Income (Loss) | $ | 29,672 | $ | (9,890 | ) | ||
B. Please refer to the President's letter and footnotes in the 2024 Annual Report for relevant management discussion and analysis
C. We manage our business in the U.S. looking at earnings before tax (EBT) and excluding the effects of LIFO and non-reoccurring events such as the pension settlement in 2023. This non-GAAP adjusted EBT (as shown in the table below), shows improved results from a strong 2023 performance on both a three-month and twelve-month timeframe. This improvement comes primarily from the pharmaceutical and food and beverage divisions.
| Results Ending December 31st | ||||||||||||||
| Three Months Ended December 31 | Twelve Months Ended December 31 | |||||||||||||
| (In Thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||
| Domestic Net Income | $ | 10,895 | $ | (25,561 | ) | $ | 28,335 | $ | (11,328 | ) | ||||
| Income Tax Expense | 2,761 | (9,225 | ) | 8,152 | (4,757 | ) | ||||||||
| Domestic EBT - GAAP | 13,656 | (34,786 | ) | 36,487 | (16,085 | ) | ||||||||
| LIFO Adjustment | (1,316 | ) | (458 | ) | (1,628 | ) | 83 | |||||||
| Pension Adjustment | - | 41,774 | - | 41,774 | ||||||||||
| Domestic EBT - Non-GAAP | $ | 12,340 | $ | 6,530 | $ | 34,859 | $ | 25,772 | ||||||
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 1.04 at December 2024 and 1.10 at December 2023, respectively.
E. The Company reclassified certain amounts previously classified as marketable securities to cash and cash equivalents. The reclassification does not affect the Company's total assets or total liabilities. The change merely reallocates the amounts from marketable securities to cash and cash equivalents on the balance sheet, ensuring that the financial statements more accurately reflect the Company's short-term liquidity position. The reclassification increased cash and decreased marketable securities by $5,264,000 for the year ended December 31, 2023, and $2,789,000 for the year ended December 31, 2022.
F. The elimination of intercompany interest was incorrect in the 2nd Quarter release causing interest income and interest expense to be overstated by the same amount, however, net income was still correct. For this financial presentation, the error was corrected as of June 30th so the three-month, nine-month and twelve-month interest income and expense would be presented correctly.
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 2024 annual report, available at
www.paulmueller.com.
Press Contact: Ken Jeffries | (417) 575-9346
kjeffries@paulmueller.com
https://paulmueller.com
