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PAUL MUELLER COMPANY

TWELVE-MONTH REPORT

(In thousands)

CONSOLIDATED STATEMENTS OF INCOME

Three Months Ended

Twelve Months Ended

December 31

December 31

2024

2023

2024

2023

Net Sales

$

70,474

$

55,786

$

248,585

$

229,156

Cost of Sales

44,665

38,744

166,124

158,625

Gross Profit

$

25,809

$

17,042

$

82,461

$

70,531

Selling, General and Administrative Expense

12,235

51,723

46,248

88,269

Operating Income (Loss)

$

13,574

$

(34,681

)

$

36,213

$

(17,738

)

Interest Expense

(45

)

(91

)

(301

)

(350

)

Other Income

492

856

2,377

2,666

Income (Loss) before Provision (Benefit) for Income Taxes

$

14,021

$

(33,916

)

$

38,289

$

(15,422

)

Provision (Benefit) for Income Taxes

2,881

(10,042

)

8,617

(5,532

)

Net Income (Loss)

$

11,140

$

(23,874

)

$

29,672

$

(9,890

)

Earnings (Loss) per Common Share –– Basic and Diluted

$

11.89

($

21.99

)

$

30.46

($

9.11

)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Twelve Months Ended

December 31

2024

2023

Net Income (Loss)

$

29,672

$

(9,890

)

Other Comprehensive Income (Loss), Net of Tax:

Foreign Currency Translation Adjustment

(1,577

)

677

Change in Pension Liability

64

33,322

Comprehensive Income

$

28,159

$

24,109

CONSOLIDATED BALANCE SHEETS

December 31

December 31

2024

2023

Cash and Cash Equivalents

$

21,169

$

7,147

Marketable Securities

24,446

26,778

Accounts Receivable, net

31,266

25,166

Inventories (FIFO)

40,905

45,910

LIFO Reserve

(20,146

)

(21,774

)

Inventories (LIFO)

20,759

24,136

Current Net Investments in Sales-Type Leases

39

27

Other Current Assets

4,933

3,537

Current Assets

$

102,612

$

86,791

Net Property, Plant, and Equipment

50,754

42,011

Right of Use Assets

2,235

2,421

Other Assets

1,862

2,590

Long-Term Net Investments in Sales-Type Leases

1,211

456

Total Assets

$

158,674

$

134,269

Accounts Payable

$

17,588

$

11,041

Current Maturities and Short-Term debt

3,466

640

Current Lease Liabilities

336

402

Advance Billings

26,788

27,383

Other Current Liabilities

23,226

19,631

Current Liabilities

$

71,404

$

59,097

Long-Term Debt

5,096

8,880

Other Long-Term Liabilities

2,329

2,001

Lease Liabilities

896

775

Total Liabilities

$

79,725

$

70,753

Shareholders' Investment

78,949

63,516

Total Liabilities and Shareholders' Investment

$

158,674

$

134,269

SELECTED FINANCIAL DATA

December 31

December 31

2024

2023

Book Value per Common Share

$

84.27

$

58.50

Total Shares Outstanding

936,837

1,085,711

Backlog

$

153,685

$

97,350

 CONSOLIDATED STATEMENT OF SHAREHOLDERS' INVESTMENT

Common Stock

Paid-in Surplus

Retained Earnings

Treasury Stock

Accumulated Other Comprehensive Income (Loss)

Total

Balance, December 31, 2023

$

1,508

$

9,708

$

67,181

$

(10,787

)

$

(4,094

)

$

63,516

Add (Deduct):

Net Income (Loss)

29,672

29,672

Other Comprehensive Income, Net of Tax

(7

)

(1,513

)

(1,520

)

Dividends, $.60 per Common Share

(809

)

(809

)

Treasury Stock Acquisition

(11,910

)

(11,910

)

Balance, December 31, 2024

$

1,508

$

9,708

$

96,037

$

(22,697

)

$

(5,607

)

$

78,949

 CONSOLIDATED STATEMENT OF CASH FLOWS

Twelve Months Ended December 31, 2024

Twelve Months Ended December 31, 2023

Operating Activities:

Net Income (Loss)

$

29,672

$

(9,890

)

Adjustment to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:

Pension Contributions Less than Expense

-

21,592

Bad Debt Expense

35

275

Depreciation & Amortization

6,992

6,641

Deferred Tax (Benefit) Expense

(1,001

)

(9,230

)

(Gain) loss on Disposal of Equipment

(9

)

796

Change in Assets and Liabilities

(Inc) in Accts and Notes Receivable

(6,135

)

(4,861

)

Dec in Inventories

4,316

2,688

(Inc) Dec in Prepayments

(1,684

)

394

(Inc) in Net Investment in Sales-Type Leases

(768

)

(147

)

Dec in Other LT Assets

1,273

380

Dec in Deferred Taxes

295

11,550

Inc (Dec) in Accounts Payable

6,546

(761

)

Inc in Accrued Income Tax

137

1,536

(Dec) Inc in Accrued Expenses

(294

)

5,278

(Dec) in Advanced Billings

(595

)

(13,905

)

Inc(Dec) in Billings in Excess of Costs and Estimated Earnings

3,711

(7,013

)

Inc in Lease Liability for Operating

-

-

Inc in Lease Liability for Financing

-

133

Principal payments on Lease Liability for Operating

(233

)

(85

)

Inc (Dec) in Other Long Term Liabilities

1,637

(1,121

)

Net Cash Provided by Operating Activities

$

43,895

$

4,250

Investing Activities

Intangibles

Purchases of Marketable Securities

(28,419

)

(27,128

)

Proceeds from Sales of Marketable Securities

30,751

35,059

Proceeds from Sales of Equipment

132

171

Additions to Property, Plant, and Equipment

(17,299

)

(7,704

)

Net Cash (Required) for Provided by Investing Activities

$

(14,835

)

$

398

Financing Activities

Principal payments on Lease Liability for Financing

(175

)

(116

)

(Repayment) of Short-Term Borrowings

(2,922

)

(2,190

)

Proceeds of Short-Term Borrowings

2,922

2,190

(Repayment) of Long-Term Debt

(1,130

)

(634

)

Dividends paid

(809

)

(651

)

Treasury Stock Acquisitions

(11,910

)

-

Net Cash (Required) for Financing Activities

$

(14,024

)

$

(1,401

)

Effect of Exchange Rate Changes

(1,014

)

432

Net Increase (Decrease) in Cash

$

14,022

$

3,679

Cash at Beginning of Year

7,147

3,468

Cash at End of Year

$

21,169

$

7,147