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Paul Mueller Company Announces Its Fourth Quarter Earnings of 2020

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

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
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. 
The chart below depicts the net revenue on a consolidating basis for the twelve months ended December 31. 
The chart below depicts the net income on a consolidating basis for the three months ended December 31.
 
The chart below depicts the net income on a consolidating basis for the twelve months ended December 31.B. Please refer to the President’s letter in the 2020 Annual Report for relevant management discussion and analysis including the $15.4 million impairment of goodwill related to the 2008 acquisition of Mueller BV.
C. The pre-tax results for the three months ended December 31, 2020, were favorably affected by a $57,000 decrease in the LIFO reserve. The pre-tax results for the twelve months ended December 31, 2020, were favorably affected by a $0.3 million decrease in the LIFO reserve. The pre-tax results for the three months ended December 31, 2019, were favorably affected by a $0.5 million decrease in the LIFO reserve. The pre-tax results for the twelve months ended December 31, 2019, were favorably affected by a $44,000 decrease in the LIFO reserve.
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 1.12 for December, 2019 and 1.23 for December, 2020, respectively.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 2020 annual report, available at
www.paulmueller.com.Press Contact: Ken Jeffries | Paul Mueller Company | Springfield, MO 65802 | (417) 575-9346
kjeffries@paulmueller.com | http://paulmueller.com

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