TWELVE-MONTH REPORT | |||||||||||||||||
(In thousands) | |||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
$ | 59,002 | $ | 46,993 | $ | 191,520 | $ | 184,613 | ||||||||||
Cost of Sales | 50,082 | 37,461 | 152,286 | 141,558 | |||||||||||||
Gross Profit | $ | 8,920 | $ | 9,532 | $ | 39,234 | $ | 43,055 | |||||||||
Selling, General and Administrative Expense | 4,679 | 9,756 | 35,011 | 38,493 | |||||||||||||
Operating Income (Loss) | $ | 4,241 | $ | (224 | ) | $ | 4,223 | $ | 4,562 | ||||||||
Interest Expense | (87 | ) | (98 | ) | (697 | ) | (742 | ) | |||||||||
PPP Loan Forgiveness | - | - | - | 1,884 | |||||||||||||
Other Income | 939 | 2,780 | 1,115 | 2,844 | |||||||||||||
Income before Provision for Income Taxes | $ | 5,093 | $ | 2,458 | $ | 4,641 | $ | 8,548 | |||||||||
Provision for Income Taxes | 1,193 | 496 | 1,032 | 1,547 | |||||||||||||
Net Income | $ | 3,900 | $ | 1,962 | $ | 3,609 | $ | 7,001 | |||||||||
Earnings per Common Share –– | Basic and Diluted | $ | 3.59 | $ | 1.81 | $ | 3.32 | $ | 6.44 | ||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||
Twelve Months Ended | ||||||||
2022 | 2021 | |||||||
Net Income | $ | 3,609 | $ | 7,001 | ||||
Other Comprehensive Income (Loss), Net of Tax: | ||||||||
Foreign Currency Translation Adjustment | (1,416 | ) | (1,889 | ) | ||||
Change in Pension Liability | 1,262 | 6,206 | ||||||
Comprehensive Income | $ | 3,455 | $ | 11,318 | ||||
CONSOLIDATED BALANCE SHEETS | ||||||||
2022 | 2021 | |||||||
Cash and Short-Term Investments | $ | 38,176 | $ | 11,281 | ||||
Accounts Receivable | 20,580 | 25,774 | ||||||
Inventories (FIFO) | 48,515 | 43,309 | ||||||
LIFO Reserve | (21,691 | ) | (16,855 | ) | ||||
Inventories (LIFO) | 26,824 | 26,454 | ||||||
Current Net Investments in Sales-Type Leases | 24 | 23 | ||||||
Other Current Assets | 3,156 | 1,814 | ||||||
Current Assets | $ | 88,760 | $ | 65,346 | ||||
Net Property, Plant, and Equipment | 41,511 | 41,250 | ||||||
Right of Use Assets | 2,304 | 2,526 | ||||||
Other Assets | 5,041 | 7,003 | ||||||
Long-Term Net Investments in Sales-Type Leases | 312 | 164 | ||||||
Total Assets | $ | 137,928 | $ | 116,289 | ||||
Accounts Payable | $ | 11,802 | $ | 14,470 | ||||
Current Maturities and Short-Term debt | 628 | 1,330 | ||||||
Current Lease Liabilities | 448 | 483 | ||||||
Advance Billings | 41,288 | 18,595 | ||||||
Pension Liabilities | 11,558 | - | ||||||
Other Current Liabilities | 20,062 | 9,096 | ||||||
Current Liabilities | $ | 85,786 | $ | 43,974 | ||||
Long-Term Debt | 9,349 | 14,241 | ||||||
Long-Term Pension Liabilities | 236 | 18,036 | ||||||
Other Long-Term Liabilities | 1,737 | 1,848 | ||||||
Lease Liabilities | 762 | 897 | ||||||
Total Liabilities | $ | 97,870 | $ | 78,996 | ||||
40,058 | 37,293 | |||||||
Total Liabilities and | $ | 137,928 | $ | 116,289 | ||||
SELECTED FINANCIAL DATA | ||||||||
2022 | 2021 | |||||||
Book Value per Common Share | $ | 36.90 | $ | 34.32 | ||||
Total Shares Outstanding | 1,085,711 | 1,086,661 | ||||||
Backlog | $ | 132,829 | $ | 78,357 | ||||
CONSOLIDATED STATEMENT OF SHAREHOLDERS' INVESTMENT | ||||||||||||||||||||||||
Common Stock | Paid-in Surplus | Retained Earnings | Stock | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||
Balance, | $ | 1,508 | $ | 9,708 | $ | 72,764 | $ | (10,749) | $ | (35,938) | $ | 37,293 | ||||||||||||
Add (Deduct): | ||||||||||||||||||||||||
Net Income | 3,609 | 3,609 | ||||||||||||||||||||||
Other Comprehensive Income, Net of Tax | (154) | (154) | ||||||||||||||||||||||
Dividends, | (652) | (652) | ||||||||||||||||||||||
Treasury Stock Acquisition | (38) | (38) | ||||||||||||||||||||||
Balance, | $ | 1,508 | $ | 9,708 | $ | 75,721 | $ | (10,787) | $ | (36,092) | $ | 40,058 | ||||||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||
Twelve Months Ended | Twelve Months Ended | |||||||
Operating Activities: | ||||||||
Net Income | $ | 3,609 | $ | 7,001 | ||||
Adjustment to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: | ||||||||
Pension Contributions (Greater) than Expense | (4,980 | ) | (5,805 | ) | ||||
Bad Debt Expense (Recovery) | 81 | (528 | ) | |||||
Depreciation & Amortization | 6,156 | 6,547 | ||||||
Deferred Tax Expense | 831 | 1,792 | ||||||
(Gain) on Sales of Equipment | (1 | ) | (57 | ) | ||||
(Gain) Recognized on Sale of Subsidiary | - | (3,208 | ) | |||||
Interest on Lease Liability for Financing | - | (15 | ) | |||||
PPP Loan Forgiveness | - | (1,884 | ) | |||||
Change in Assets and Liabilities | ||||||||
Dec (Inc) in Accts and Notes Receivable | 5,113 | (1,116 | ) | |||||
(Inc) in Cost in Excess of Estimated Earnings and Billings | - | (2,380 | ) | |||||
(Inc) in Inventories | (370 | ) | (8,578 | ) | ||||
(Inc) Dec in Prepayments | (1,052 | ) | 3 | |||||
(Inc) in Net Investment in Sales-Type Leases | (149 | ) | (101 | ) | ||||
Dec (Inc) in Other Assets | 347 | (1,801 | ) | |||||
Dec in Deferred Taxes | 437 | 1,968 | ||||||
(Dec) Inc in Accounts Payable | (2,668 | ) | 3,748 | |||||
(Dec) in Accrued Income Tax | - | (591 | ) | |||||
Inc (Dec) in Accrued Expenses | 414 | (5,487 | ) | |||||
Inc in Advanced Billings | 22,693 | 11,498 | ||||||
Inc (Dec) in Billings in Excess of Costs and Estimated Earnings | 10,552 | (672 | ) | |||||
Inc in Lease Liability for Operating | 421 | 255 | ||||||
Inc in Lease Liability for Financing | 33 | 103 | ||||||
Principal payments on Lease Liability for Operating | (350 | ) | (298 | ) | ||||
(Dec) in Long Term Liabilities | (111 | ) | (378 | ) | ||||
Net Cash Provided by Operating Activities | $ | 41,006 | $ | 16 | ||||
Investing Activities | ||||||||
Intangibles | - | (105 | ) | |||||
Proceeds from Sales of Equipment | 26 | 81 | ||||||
Additions to Property, Plant, and Equipment | (9,067 | ) | (5,262 | ) | ||||
$ | (9,041 | ) | $ | (5,286 | ) | |||
Financing Activities | ||||||||
Principal payments on Lease Liability for Financing | (201 | ) | (259 | ) | ||||
(Repayment) of Short-Term Borrowings, Net | (642 | ) | (590 | ) | ||||
(Repayment) of Long-Term Debt | (4,045 | ) | (1,653 | ) | ||||
Dividends paid | (652 | ) | (164 | ) | ||||
Treasury Stock Acquisitions | (38 | ) | (4,405 | ) | ||||
$ | (5,578 | ) | $ | (7,071 | ) | |||
Effect of Exchange Rate Changes | 508 | 679 | ||||||
Net Increase (Decrease) in Cash and Cash Equivalents | $ | 26,895 | $ | (11,662 | ) | |||
Cash and Cash Equivalents at Beginning of Year | 11,281 | 22,943 | ||||||
Cash and Cash Equivalents at End of Year | $ | 38,176 | $ | 11,281 | ||||
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
Three Months Ended | |||||||
Revenue | 2022 | 2021 | |||||
Domestic | $ | 47,299 | $ | 32,897 | |||
$ | 12,002 | $ | 14,451 | ||||
Eliminations | $ | (299 | ) | $ | (355 | ) | |
Net Revenue | $ | 59,002 | $ | 46,993 | |||
The chart below depicts the net revenue on a consolidating basis for the twelve months ended
Twelve Months Ended | |||||||
Revenue | 2022 | 2021 | |||||
Domestic | $ | 145,193 | $ | 137,079 | |||
$ | 47,356 | $ | 48,820 | ||||
Eliminations | $ | (1,029 | ) | $ | (1,286 | ) | |
Net Revenue | $ | 191,520 | $ | 184,613 | |||
The chart below depicts the net income on a consolidating basis for the three months ended
Three Months Ended | |||||||
Net Income | 2022 | 2021 | |||||
Domestic | $ | 3,861 | $ | 961 | |||
$ | 52 | $ | 963 | ||||
Eliminations | $ | (13 | ) | $ | 38 | ||
Net Income | $ | 3,900 | $ | 1,962 | |||
The chart below depicts the net income on a consolidating basis for the twelve months ended
Twelve Months Ended | |||||||
Net Income | 2022 | 2021 | |||||
Domestic | $ | 4,517 | $ | 7,328 | |||
$ | (903 | ) | $ | (365 | ) | ||
Eliminations | $ | (5 | ) | $ | 38 | ||
Net Income | $ | 3,609 | $ | 7,001 | |||
B. Please refer to the President’s letter and footnotes in the 2022 Annual Report for relevant management discussion and analysis.
C. The pre-tax results for the three months ended
D. The consolidated financials are affected by the euro to dollar exchange rate when consolidating
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 2022 annual report, available at
www.paulmueller.com/investors.
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