Revenue And Net Income Drop For Paul Mueller Company In Second Quarter Of 2010

July 23, 2010

Paul Mueller Company (Pink Sheets: MUEL – $17.50*) has reported lower earnings and revenues for its second quarter ended June 30, 2010. Revenues for the second quarter ended June 30, 2010 were $32.615 million compared to $41.561 million in the same period for 2009. Net income came in at $767 thousand or $0.64 per share for the second quarter ended June 30, 2010 compared to $1.35 million or $1.13 per share in the same period for 2009.

Revenues for the six month period ended June 30, 2010 dropped to $57.793 million compared to $86.114 million in the same period for 2009. Paul Mueller Company reported a disappointing net loss of $$1.591 million or ($1.81) per share for the six month period ended June 30, 2010 compared to net income of $532 thousand or $0.45 per share in the same period for 2009.

Book value per share dropped to $16.52 at June 30, 2010 compared to book value per share of $19.69 at December 31, 2009. The backlog for Paul Mueller Company stood at $38.67 million on June 30, 2010 compared to $31.09 million on December 31, 2009.

*Price per share at the time the article was published or the price of the last trade.

Disclosure: The author holds a long position in MUEL at the time of this article.

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