PAUL MUELLER COMPANY
NINE-MONTH REPORT
Unaudited
(In thousands)
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
Nine Months Ended
Twelve Months Ended
September 30
September 30
September 30
2024
2023
2024
2023
2024
2023
Net Sales
$
62,085
$
57,088
$
178,111
$
173,370
$
233,897
$
232,372
Cost of Sales
41,028
38,948
121,459
119,881
160,203
169,963
Gross Profit
$
21,057
$
18,140
$
56,652
$
53,489
$
73,694
$
62,409
Selling, General and Administrative Expense
12,238
11,245
34,013
36,546
85,736
41,225
Operating Income (Loss)
$
8,819
$
6,895
$
22,639
$
16,943
$
(12,042
)
$
21,184
Interest Expense 1
(83
)
(82
)
(256
)
(259
)
(347
)
(346
)
Other Income 1
840
477
1,885
1,810
2,741
2,749
Income (Loss) before Provision (Benefit) for Income Taxes
$
9,576
$
7,290
$
24,268
$
18,494
$
(9,648
)
$
23,587
Provision (Benefit) for Income Taxes
2,297
1,786
5,736
4,510
(4,306
)
5,703
Net Income (Loss)
$
7,279
$
5,504
$
18,532
$
13,984
$
(5,342
)
$
17,884
Earnings (Loss) per Common Share - Basic and Diluted
$
7.77
$
5.07
$
18.79
$
12.88
$
(5.28
)
$
16.47
1. 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.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Nine Months Ended
September 30
2024
2023
Net Income
$
18,532
$
13,984
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation Adjustment
526
(275
)
Comprehensive Income
$
19,058
$
13,709
CONSOLIDATED BALANCE SHEETS
September 30
December 31
2024
2023
Cash and Cash Equivalents 2
$
16,030
$
5,894
Marketable Securities 2
15,070
28,031
Accounts Receivable
31,363
25,166
Inventories (FIFO)
45,450
45,910
LIFO Reserve
(21,461
)
(21,774
)
Inventories (LIFO)
23,989
24,136
Current Net Investments in Sales-Type Leases
35
27
Other Current Assets
6,262
3,537
Current Assets
$
92,749
$
86,791
Net Property, Plant, and Equipment
45,890
42,011
Right of Use Assets
2,271
2,421
Other Assets
2,409
2,590
Long-Term Net Investments in Sales-Type Leases
604
456
Total Assets
$
143,923
$
