MUEL Paul Meuller Co (PK)

Paul Mueller Company (OTC:MUEL) today reported its first quarter report for the period ended March 31, 2013.

PAUL MUELLER COMPANY AND SUBSIDIARIES
CONSOLIDATED SUMMARIES OF OPERATIONS
Unaudited
		Three Months Ended		Twelve Months Ended
		March 31		March 31
		2013	2012	2013	2012
Net Sales		$ 41,514,000	$41,148,000	$179,927,000	$164,501,000
Cost of Sales		29,277,000	29,232,000	133,492,000	115,260,000
Gross Profit		$ 12,237,000	$11,916,000	$ 46,435,000	$ 49,241,000
Selling, General and Administrative Expense		10,237,000	10,175,000	42,098,000	44,602,000
Operating Income (Loss)		$ 2,000,000	$ 1,741,000	$ 4,337,000	$ 4,639,000
Other Income (Expense)		(240,000)	10,000	(1,063,000)	(859,000)
Income (Loss) before Provision for Income Taxes		$ 1,760,000	$ 1,751,000	$ 3,274,000	$ 3,780,000
Provision (Benefit) for Income Taxes		340,000	456,000	1,184,000	211,000
Net Income (Loss)		$ 1,420,000	$ 1,295,000	$ 2,090,000	$ 3,569,000
Earnings per Common Share ––	Basic	$1.19	$1.07	$1.72	$2.95
	Diluted	$1.19	$1.07	$1.72	$2.95
SUMMARIZED CONSOLIDATED BALANCE SHEETS
				March 31	December 31
				2013	2012
Current Assets				$ 53,011,000	$ 48,825,000
Net Property, Plant, and Equipment				32,949,000	34,025,000
Other Assets				18,058,000	18,616,000
Total Assets				$104,018,000	$101,466,000
Current Liabilities				$ 59,587,000	$ 52,430,000
Long-Term Debt				6,887,000	14,404,000
Other Long-Term Liabilities				38,138,000	36,097,000
Shareholders' Investment (Deficit)				(594,000)	(1,465,000)
Total Liabilities and Shareholders' Investment				$104,018,000	$101,466,000
Book Value per Common Share				($0.48)	($1.18)
Total Shares Outstanding				1,238,400	1,239,628
Backlog				$ 55,085,000	$ 47,929,000

NOTES

1) For the three and twelve months ended March 31, 2013, domestic sales were $26,964,000 and $123,207,000, respectively, and the net income was $670,000 and net loss was $830,000, respectively. For the three months and twelve months ended March 31, 2013, Mueller B.V. sales were $14,550,000 and $56,720,000, respectively, and net income was $750,000 and $2,920,000, respectively. For the three and twelve months ended March 31, 2012, domestic sales were $25,799,000 and $103,562,000, respectively, and the net loss was $138,000 and $65,000, respectively. For the three months and twelve months ended March 31, 2012, Mueller B.V. sales were $15,349,000 and $60,939,000, respectively, and net income was $1,433,000 and $3,634,000, respectively.

2) The results for the twelve months ended March 31, 2013 were favorably affected by a decrease in the LIFO reserve of $227,000. The results for the twelve months ended March 31, 2012 were adversely affected by an increase in the LIFO reserve of $1,063,000.

3) The results for the twelve months ended December 31, 2011, were favorably affected by the reduction of the valuation allowance against a portion of the company's net deferred tax assets of $880,000. No material valuation allowance was recorded in 2012.

The Paul Mueller Company is a manufacturer of high quality stainless steel equipment used in over 100 countries worldwide on dairy farms and in wide varieties of industrial applications, including food, dairy, and beverage processing; transportation; pharmaceutical, biotechnological, and chemical processing; water distillation; heat transfer; heat recovery HVAC; and process cooling.

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 on page 33 of the Company's 2012 Annual Report. The Company expressly disclaims any obligation or undertaking to update these forward-looking statements to reflect any future events or circumstances.

CONTACT: Marcelino Rodriguez, Secretary & Chief Financial Officer
         Springfield, Missouri
         (417) 575-9000