TWELVE-MONTH REPORT | ||||||||||||||||
(In thousands) | ||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
$ | 55,786 | $ | 59,002 | $ | 229,156 | $ | 191,520 | |||||||||
Cost of Sales | 38,744 | 50,082 | 158,625 | 152,286 | ||||||||||||
Gross Profit | $ | 17,042 | $ | 8,920 | $ | 70,531 | $ | 39,234 | ||||||||
Selling, General and Administrative Expense | 51,723 | 4,679 | 88,269 | 35,011 | ||||||||||||
Operating Income (Loss) | $ | (34,681 | ) | $ | 4,241 | $ | (17,738 | ) | $ | 4,223 | ||||||
Interest Expense | (91 | ) | (87 | ) | (350 | ) | (697 | ) | ||||||||
Other Income | 856 | 939 | 2,666 | 1,115 | ||||||||||||
Income (Loss) before Provision (Benefit) for Income Taxes | $ | (33,916 | ) | $ | 5,093 | $ | (15,422 | ) | $ | 4,641 | ||||||
Provision (Benefit) for Income Taxes | (10,042 | ) | 1,193 | (5,532 | ) | 1,032 | ||||||||||
Net Income (Loss) | $ | (23,874 | ) | $ | 3,900 | $ | (9,890 | ) | $ | 3,609 | ||||||
Earnings (Loss) per Common Share –– Basic and Diluted | ( | ) | $ | 3.59 | ( | ) | $ | 3.32 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||
Twelve Months Ended | |||||||||
2023 | 2022 | ||||||||
Net Income (Loss) | $ | (9,890 | ) | $ | 3,609 | ||||
Other Comprehensive Income (Loss), Net of Tax: | |||||||||
Foreign Currency Translation Adjustment | 677 | (1,416 | ) | ||||||
Change in Pension Liability | 33,322 | 1,262 | |||||||
Comprehensive Income | $ | 24,109 | $ | 3,455 | |||||
CONSOLIDATED BALANCE SHEETS | |||||||||
2023 | 2022 | ||||||||
Cash | $ | 1,883 | $ | 679 | |||||
32,042 | 37,497 | ||||||||
Accounts Receivable | 25,166 | 20,580 | |||||||
Inventories (FIFO) | 45,910 | 48,515 | |||||||
LIFO Reserve | (21,774 | ) | (21,691 | ) | |||||
Inventories (LIFO) | 24,136 | 26,824 | |||||||
Current Net Investments in Sales-Type Leases | 27 | 24 | |||||||
Other Current Assets | 3,537 | 3,156 | |||||||
Current Assets | $ | 86,791 | $ | 88,760 | |||||
Net Property, Plant, and Equipment | 42,011 | 41,511 | |||||||
Right of Use Assets | 2,421 | 2,304 | |||||||
Other Assets | 2,590 | 5,041 | |||||||
Long-Term Net Investments in Sales-Type Leases | 456 | 312 | |||||||
Total Assets | $ | 134,269 | $ | 137,928 | |||||
Accounts Payable | $ | 11,041 | $ | 11,802 | |||||
Current Maturities and Short-Term debt | 640 | 628 | |||||||
Current Lease Liabilities | 402 | 448 | |||||||
Advance Billings | 27,383 | 41,288 | |||||||
Pension Liabilities | 32 | 11,558 | |||||||
Other Current Liabilities | 19,599 | 20,062 | |||||||
Current Liabilities | $ | 59,097 | $ | 85,786 | |||||
Long-Term Debt | 8,880 | 9,349 | |||||||
Long-Term Pension Liabilities | 233 | 236 | |||||||
Other Long-Term Liabilities | 1,768 | 1,737 | |||||||
Lease Liabilities | 775 | 762 | |||||||
Total Liabilities | $ | 70,753 | $ | 97,870 | |||||
63,516 | 40,058 | ||||||||
Total Liabilities and | $ | 134,269 | $ | 137,928 |
SELECTED FINANCIAL DATA | |||||||||
2023 | 2022 | ||||||||
Book Value per Common Share | $ | 58.50 | $ | 36.90 | |||||
Total Shares Outstanding | 1,085,711 | 1,085,711 | |||||||
Backlog | $ | 97,350 | $ | 132,829 |
CONSOLIDATED STATEMENT OF SHAREHOLDERS' INVESTMENT | ||||||||||||||||||||||||
Common Stock | Paid-in Surplus | Retained Earnings | Stock | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||
Balance, | $ | 1,508 | $ | 9,708 | $ | 75,721 | $ | (10,787 | ) | $ | (36,092 | ) | $ | 40,058 | ||||||||||
Add (Deduct): | ||||||||||||||||||||||||
Net (Loss) | (9,890 | ) | (9,890 | ) | ||||||||||||||||||||
Other Comprehensive Income, Net of Tax | 2,001 | 31,998 | 33,999 | |||||||||||||||||||||
Dividends, | (651 | ) | (651 | ) | ||||||||||||||||||||
Treasury Stock Acquisition | ||||||||||||||||||||||||
Balance, | $ | 1,508 | $ | 9,708 | $ | 67,181 | $ | (10,787 | ) | $ | (4,094 | ) | $ | 63,516 |
CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||
Twelve Months Ended | Twelve Months Ended | |||||||
Operating Activities: | ||||||||
Net Income (Loss) | $ | (9,890 | ) | $ | 3,609 | |||
Adjustment to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: | ||||||||
Pension Contributions (Greater) Less than Expense | 21,793 | (4,980 | ) | |||||
Bad Debt Expense | 275 | 81 | ||||||
Depreciation & Amortization | 6,641 | 6,156 | ||||||
Deferred Tax (Benefit) Expense | (9,230 | ) | 831 | |||||
Loss (Gain) on Disposal of Equipment | 796 | (1 | ) | |||||
Change in Assets and Liabilities | ||||||||
(Inc) Dec in Accts and Notes Receivable | (4,861 | ) | 5,113 | |||||
Dec (Inc) in Inventories | 2,688 | (370 | ) | |||||
Dec (Inc) in Prepayments | 394 | (1,052 | ) | |||||
(Inc) in Net Investment in Sales-Type Leases | (147 | ) | (149 | ) | ||||
Dec in Other Assets | 381 | 347 | ||||||
Dec in Deferred Taxes | 11,550 | 437 | ||||||
(Dec) in Accounts Payable | (761 | ) | (2,668 | ) | ||||
Inc in Accrued Income Tax | 1,536 | - | ||||||
Inc in Accrued Expenses | 5,014 | 414 | ||||||
(Dec) Inc in Advanced Billings | (13,905 | ) | 22,693 | |||||
(Dec) Inc in Billings in Excess of Costs and Estimated Earnings | (7,013 | ) | 10,552 | |||||
Inc in Lease Liability for Operating | - | 421 | ||||||
Inc in Lease Liability for Financing | 133 | 33 | ||||||
Principal payments on Lease Liability for Operating | (85 | ) | (350 | ) | ||||
(Dec) in Long Term Liabilities | (1,058 | ) | (111 | ) | ||||
Net Cash Provided by Operating Activities | $ | 4,251 | $ | 41,006 | ||||
Investing Activities | ||||||||
Proceeds from Sales of Equipment | 171 | 26 | ||||||
Investments in | 5,455 | (29,466 | ) | |||||
Additions to Property, Plant, and Equipment | (7,704 | ) | (9,067 | ) | ||||
$ | (2,078 | ) | $ | (38,507 | ) | |||
Financing Activities | ||||||||
Principal payments on Lease Liability for Financing | (116 | ) | (201 | ) | ||||
(Repayment) of Short-Term Borrowings, Net | - | (642 | ) | |||||
(Repayment) of Long-Term Debt | (634 | ) | (4,045 | ) | ||||
Dividends paid | (651 | ) | (652 | ) | ||||
Treasury Stock Acquisitions | - | (38 | ) | |||||
$ | (1,401 | ) | $ | (5,578 | ) | |||
Effect of Exchange Rate Changes | 432 | 508 | ||||||
Net Increase (Decrease) in Cash | $ | 1,204 | $ | (2,571 | ) | |||
Cash at Beginning of Year | 679 | 3,250 | ||||||
Cash at End of Year | $ | 1,883 | $ | 679 | ||||
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 | 2023 | 2022 | ||||
Domestic | ||||||
Eliminations | ( | ) | ( | ) | ||
Net Revenue | ||||||
The chart below depicts the net revenue on a consolidating basis for the twelve months ended
Twelve Months Ended | ||||||
Revenue | 2023 | 2022 | ||||
Domestic | ||||||
Eliminations | ( | ) | ( | ) | ||
Net Revenue | ||||||
The chart below depicts the net income (loss) on a consolidating basis for the three months ended
Three Months Ended | ||||||
Net Income | 2023 | 2022 | ||||
Domestic | ( | ) | ||||
Eliminations | ( | ) | ( | ) | ||
Net Income (Loss) | ( | ) | ||||
The chart below depicts the net income (loss) on a consolidating basis for the twelve months ended
Twelve Months Ended | ||||||
Net Income | 2023 | 2022 | ||||
Domestic | ( | ) | ||||
( | ) | |||||
Eliminations | ( | ) | ( | ) | ||
Net Income (Loss) | ( | ) | ||||
B. Please refer to the President’s letter and footnotes in the 2023 Annual Report for relevant management discussion and analysis.
C. The Company successfully terminated two defined benefit pension plans on
D. The pre-tax results for the three months ended
E. 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 2023 annual report, available at
www.paulmueller.com/investors.
Press Contact:
kjeffries@paulmueller.com | https://paulmueller.com
Source:
2024 GlobeNewswire, Inc., source