Mueller (PAUL) Co. (MUEL) research, news, and more from GeoInvesting

Company description

Tue, 20 Mar 2012 04:00:00 GMT

Paul Mueller Company, together with its subsidiaries, manufactures and sells stainless steel tanks and industrial processing equipment worldwide. The company operates in four segments: Dairy Farm Equipment, Industrial Equipment, Field Fabrication, and Transportation. The Dairy Farm Equipment segment provides milk cooling and storage equipment and accessories, refrigeration units, and heat recovery equipment for use on dairy farms. This segment sells its products directly to farmers and independent dealers for resale, as well as provides service for farmers and milk coolers for rent to farmers. The Industrial Equipment segment sells food, beverage, chemical, and industrial processing equipment; biopharmaceutical equipment; pure water equipment; and thermal energy storage equipment to industrial customers. The Field Fabrication segment offers large field-fabricated tanks and vessels, such as large stainless steel storage tanks for sanitary and industrial process applications. The Transportation segment delivers products to customers, and backhauls of materials and components. This segment also offers contract carriage services for third parties. The company’s products are used in dairy farms and various industrial applications, including food, dairy, and beverage processing; pharmaceutical, biotechnological, and chemical processing; water distillation; heat transfer; HVAC; heat recovery; process cooling; and thermal energy storage. Paul Mueller Company was founded in 1940 and is headquartered in Springfield, Missouri.

Research

Mon, 30 Mar 2026 15:35:57 GMT

Mueller (Paul) Co. (OTCID:MUEL) ($414.00; $385.0M market cap) announced Q4 and full-year 2025 results:

Q4 sales of $94.1 million vs. $70.5 million in the prior year
Q4 2025 EPS: $14.73 vs. $11.89 in the prior year
Full-year sales of $287.0 million vs. $248.6 million in the prior year
Full-year 2025 EPS: $37.53 vs. $30.46 in the prior year
Backlog increased to $243.6 million vs. $153.7 million in the prior year
Book value per share rose to $106.42 vs. $84.27 in the prior year
Company paid dividends totaling $1.043 million during 2025
Company repurchased $16.8 million of treasury stock during 2025

Our Quick Take:

Shares are trading at a P/E of 11x versus around 5x when we first brought MUEL back into our coverage universe in 2023, eventually adding it to our Model Portfolio platform. If the current momentum is sustained, we see potential expansion of the P/E multiple toward 15x, implying a stock price of $883.8 based on the run-rate quarterly EPS.

There are three important takeaways.

First, even though backlog declined sequentially from Q3’s $250 million, it was still up nicely year over year, indicating the company has been able to maintain a strong backlog as it works through existing orders.

The second takeaway is capacity expansion and the talent pipeline. As we have pointed out, MUEL continues to invest to meet rising demand, combining expansion of physical capacity with workforce development. The company has invested $60 million in CAPEX since 2023. However, it appears the company is slightly behind schedule in completing its capacity expansions, shifting from early 2026 to mid-2026.

At the same time, it is strengthening its talent pipeline through a new on-site training school, a registered youth apprenticeship program in welding and grinding, and partnerships with local educational institutions.

The third takeaway is the information arbitrage opportunity. We believe this is the first time the company has mentioned data centers in the industries served section of its annual letter, which you can see here. This aligns with what the company recently posted on its website. We now need to dig further into this product offering.

Paul Mueller Company specializes in the design and manufacture of stainless steel processing equipment and services for the dairy, food, beverage, chemical, pharmaceutical, and other industries.

Research

Mon, 27 Oct 2025 14:43:15 GMT

Mueller (Paul) Co. (OOTC:MUEL) ($509.00; $473.3M market cap) announced Q3 2025 results:

Q3 sales of $61.3 million vs. $62.1 million in the prior year
Q3 EPS: $5.25 vs. $7.77 in the prior year
TTM sales of $26330 million vs. $233.9 million in the prior year
TTM EPS: $34.90 vs. loss of ($5.28) in the prior year

?“Backlog increased to $250.4 million at Sept 30, 2025, from $171.5 million a year earlier. The September 30, 2025 backlog has been reduced by $50.2 million as we received notice that a large pharmaceutical project is to be canceled and we anticipate the cancellation to be finalized in the fourth quarter. As a result, we are publishing the September 30, 2025 backlog with this project removed. We did, however, receive a purchase order for a $20 million project around the time we received the cancellation, which will help fill in our schedule primarily in 2026. With the cancelled order removed, our U.S. backlog is $238.4 million, compared to $165.3 million at September 30, 2024.”

Our Quick Take:

The down quarter was a surprise, however another tender offer by management, this time at $485 per share shows management may not be concerned. This marks the third tender offer in the past 18 months.

Third Tender offers over the past 18 months.
- $15 million March 2024 at $78
- $15 million April 2025 at $250 (only 6,654 shares or $1.6 million was tendered)
- $15 million October 2025 at $485

You can see our full coverage here.

Paul Mueller Company specializes in the design and manufacture of stainless steel processing equipment and services for the dairy, food, beverage, chemical, pharmaceutical, and other industries.

Research

Mon, 22 Sep 2025 18:29:08 GMT

Mueller (Paul) Co. (OOTC:MUEL) ($375.00; $348.8M market cap) - A nice InfoArb find from @shantaram83 highlights MUEL’s entrance into Data Center market:

In this X thread, Maj discusses his conversations with management on this topic.

Paul Mueller Company specializes in the design and manufacture of stainless steel processing equipment and services for the dairy, food, beverage, chemical, pharmaceutical, and other industries.

Research

Mon, 28 Jul 2025 04:00:00 GMT

Mueller (Paul) Co. (OOTC:MUEL) ($370.00; $346.6M market cap) announced Q2 2025 results:

Q2 sales of $72.6 million vs. $65.7 million in the prior year
Q2 EPS: $12.50 vs. $7.26 in the prior year
Full-year sales of $264.0 million vs. $228.9 million in the prior year
Full-year EPS: $37.40 vs. loss of ($6.79) in the prior year
Backlog increased to $234.2 million at June 30, 2025, from $187.3 million a year earlier, with the U.S. backlog rising $42.4 million year-over-year, driven mainly by pharmaceutical customer demand in the Industrial Equipment segment. The backlog was slightly down sequentially from record Q1 levels of $254.5 million.

Our Quick Take:

With a trailing twelve month P/E of 9.8 and a runrate P/E of 7.4, shares are still cheap despite a strong rise over the last 12 months on the heels of two tender offers and facility expansions. You can see our full coverage here.

Paul Mueller Company specializes in the design and manufacture of stainless steel processing equipment and services for the dairy, food, beverage, chemical, pharmaceutical, and other industries.

Research

Mon, 12 May 2025 14:38:39 GMT

Mueller (PAUL) Co. (OTC:MUEL) ($288.00; $269.8M market cap) announced the following shareholder actions:

Dividend: Declared a cash dividend of $0.30 per share, payable on June 27, 2025, to shareholders of record as of May 27, 2025.
Tender Offer: The tender offer announced March 31, 2025, expired on May 8, 2025, with 6,654 shares tendered for a total of $1,663,500.
- Funds will be delivered to Depository Trust Company on May 12, 2025 for disbursement to brokerage accounts.
- May 13, 2025: Checks will be mailed to registered shareholders who correctly tendered.

Paul Mueller Company specializes in the design and manufacture of stainless steel processing equipment and services for the dairy, food, beverage, chemical, pharmaceutical, and other industries.

Research

Mon, 28 Apr 2025 16:49:56 GMT

Adding Mueller (Paul) Co. (OOTC:MUEL) to Select Coverage Universe Model Portfolio. Major Reasons Why:

After years of poor capital allocation, management is proving that it has changed its tune:

Two Tender offers over the past year.
- $15 million March 2024 at $78
- $15 million April 2025 at $250
Three manufacturing capacity expansion announcements totaling 131,000 square feet (10% to 15% increase of total SF).
- April 2025 - $17.9 million
- July 2024 - $20 million
- November 2023 - $4 million
- New $120 million pharmacy contract
- New expansions will enable the company to target more markets (part of new strategy).
- Ideal candidate for major valuation re-rate from the current low P/E of 8x (was 4x when we resumed coverage on the stock in July 2023.
- Build in the U.S. theme (need to check supply chain).
- Very bullish shareholder letter buried in the 2024 annual report.
SPECIAL CAVEAT: Stock is extremely illiquid.

Mueller (Paul) Co. (OOTC:MUEL) ($255.00; $238.89M market cap) announced Q1 2025 earnings:

Q1 net sales of $58.9 million vs. $50.4 million in the prior year
Q1 EPS of $5.26 vs. $4.10 in the prior year
March 31, 2025 backlog of $254.5 million vs. $95.2 million at March 31, 2024
New $120 million pharmaceutical contract.
Encourage you to read the company's 2024 annual report.
See our full coverage of MUEL here.

We have recently highlighted the company’s expansion plans and recent strong Q4 2024 results, which also included a $250 per share tender offer.

We also opined on MUEL in our April 20 Weekly Wrap-Up Newsletter.

Investors should note that Q1 is the company’s seasonally weakest quarter, so a sequential decline was expected. However, it was nice to see the year-over-year growth and, most importantly, the strong increase in backlog, helped along with a nice $120 million contract.

“March 31, 2025 backlog is $254.5 million compared to $95.2 million at March 31, 2024. The majority of this backlog is in the U.S. where the backlog is $247.7 million at March 31, 2025 compared to $87.8 million at March 31, 2024. The $159.3 million increase in U.S. backlog is primarily from the Industrial Equipment segment which accepted approximately $120 million in purchase orders in March 2025 to be completed through the end of 2026.” I

Trailing 12 month EPS is now $32.18, or currently trading at P/E of 7.9x.

MUEL manufactures and sells stainless steel tanks and industrial processing equipment worldwide.

Research

Thu, 17 Apr 2025 20:01:11 GMT

Mueller (Paul) Co. (OOTC:MUEL) ($250.00 $231.3 M market cap) announced the second expansion to its components product facilities. (Tuesday after hours release)

“This expansion increases the capacity for producing tank heads, cones, and shells. It will also allow the production of thicker materials to access new markets.

This is the second expansion to the Components Products facility following the addition of 11,000 square feet announced in November 2023.

The Component Products projects are in addition to the current construction of a 100,000-square-foot building announced in July 2024. The new building is designed for the modular construction of large pharmaceutical and processing equipment and product development. It is expected to be completed in early 2026.”

This comes on the heels of extremely strong 2024 results, where the company posted $30.46 in non-GAAP EPS. stock still only sells at a P/E of 8.2 on trailing EPS, it’s a long way from the days it was trading in a P/E of around 5. This is a classic example of a value trap re-rating process.

MUEL specializes in the design and manufacture of stainless steel processing equipment and services for the dairy, food, beverage, chemical, pharmaceutical, and other industries.

Research

Tue, 01 Apr 2025 15:01:54 GMT

Mueller (Paul) Co. (OOTC:MUEL) ($198.99 $186.4 M market cap) reported in Q4 and full year 2024 earnings:

Net Sales Q4 2024: $70.4 million vs. $55.7 million in Q4 2023.
Non GAAP Earnings Per Share Q4 2024: $11.89 vs. $4.32 in Q4 2023.
Net Sales Full year 2024: $248.5 million vs. $229.1 million in the same period in 2023.
Non-GAAP EPS for full year 2024: $30.46 vs. $15.75 in the first half of 2023.

The board authorized a tender offer to purchase up to 60,000 shares at a price of $250 per share.

“The Board believes that this Offer reinforces the Company’s commitment to return excess cash and provide a supplemental source of liquidity to its shareholders.”

The stock now sells at a P/E of only 6.5 on trailing EPS.

MUEL specializes in the design and manufacture of stainless steel processing equipment and services for the dairy, food, beverage, chemical, pharmaceutical, and other industries.

Research

Mon, 28 Oct 2024 14:31:39 GMT

Mueller (Paul) Co. (OOTC:MUEL) ($150.00 $140.5 M market cap) reported in Q3 2024 earnings:

Net Sales Q3 2024: $62.0 million vs. $57.0 million in Q3 2023.
Earnings Per Share Q3 2024: $7.77 vs. $5.07 in Q3 2023.
Net Sales for First Nine Months of 2024: $178.1 million vs. $173.3 million in the same period in 2023.
EPS for First Nine Months of 2024: $18.79 vs. $12.88 in the first half of 2023.

“Due to recent record backlogs, on July 26, 2024, the Company announced a facility expansion of just over 100,000 square feet at a cost of $22 million. On August 26, 2024, the Company had a ground-breaking ceremony with the Missouri governor, Mike Parsons, and other dignitaries present. On October 16, 2024, site preparation began. Building completion date is scheduled for the end of 2025.”

MUEL manufactures and sells stainless steel tanks and industrial processing equipment worldwide.

Research

Mon, 29 Jul 2024 19:32:33 GMT

MUEL - Reports blowout Q2 and announces huge 100,000 square foot capacity expansion.

Mueller (Paul) Co. (OOTC:MUEL) ($100, $937 M market cap) reported in Q2 2024 earnings:

Net Sales Q2 2024: $65.67 million vs. $59.93 million in Q2 2023.
Earnings Per Share Q2 2024: $7.26 vs. $4.43 in Q2 2023.
Net Sales for First Six Months of 2024: $116.03 million vs. $116.28 million in the same period in 2023.
EPS for First Six Months of 2024: $11.13 vs. $7.81 in the first half of 2023.

The earnings release was straightforward and offered no additional commentary, but as we can see, the EPS comp over last year can certainly be viewed as a blowout.

The company also announced a new facility expansion at its headquarters, which we covered in our Weekly GeoWire Issue 146 yesterday, commenting about it in the section titled, “Value Traps continue to unlock shareholder value”. (Go here to read that)

MUEL manufactures and sells stainless steel tanks and industrial processing equipment worldwide.

Research

Mon, 29 Apr 2024 18:59:36 GMT

Paul Mueller Company (OTC:MUEL) ($78.90;$85.6M market cap), announced Q1 2024 earnings and the board of directors approved an increase to the share repurchase program.

Q1 sales of $50.3 million vs $56.3 million
Q1 EPS of $4.10 vs $3.38 in the prior year
March 31, 2024 backlog is $95.2 million compared to $122.8 million at March 31, 2023.

After a few nice quarterly revenue outings, it’s unclear if the weak first quarter sales performance and backlog implies that the company has still not reached a level where it can grow revenues on a consistent basis. This has been the issue challenging valuation expansion. However, the company is now more profitable than it has been in the past due to divesting assets and eliminating its pension obligation from its balance sheet.

At an EPS run rate of $4.10, MUEL is selling it at P/E of 4.8x.

The company also announced it has increased its tender offer from $10 to $15 million. As of April 26, 2024, MUEL has received tender requests for $5.88 million of shares at $80 a share.

Research

Mon, 18 Mar 2024 14:45:20 GMT

Paul Mueller Company (OTC:MUEL) ($70.00;$84.5M market cap), announced Q4 2023 earnings and the board of directors approved a share repurchase program.

Q4 sales of $55.7 million vs $59.0 million
Q4 EPS of $4.32 vs $3.59 in the prior year
Board has authorized the repurchase of shares at a price of $80.00 per share, up to $10 million worth. The tender offer begins March 15, 2024 and will expire on May 7, 2024. The company may also buy an additional $5 million of shares at an increased price if it chooses.

After a long hiatus, we dug up MUEL from our coverage universe on July 31, 2023, when it reported strong earnings and disclosed that it would be eliminating the pension liability from its balance sheet. Not too long after that, the company announced a small expansion in one of its manufacturing facilities.

Last friday after close, Mueller(Paul)Co (OOTC:MUEL) announced its 2023 financial results, where it reported earnings per share of $4.32 for the fourth quarter and $15.75 per share for the year. You had to dig into the financials to adjust the earnings per share from the reported numbers in the press release that included one time gains and charges.

For 2022, the company reported adjusted earnings per share of $3.32

More importantly, the company published a separate press release that we believe is their attempt at sending a message to the market that they are not a value trap anymore.

They announced they are willing to buy up to $15 million worth of stock from shareholders who may want to sell (otherwise known as a tender offer) at $80.00. This price is 15% above the current market price. Furthermore, the amount of shares that could be bought with $15 million represents about 15% of the company’s outstanding shares.

The stock is currently selling at a P/E of 4.4x.

Just getting to a P/E of 10x would equate to a $150 stock, a scenario that could only possibly happen if investors no longer treat MUEL as a value trap.

We have discussed value traps over the last few weeks.

Remember, the term "value trap" refers to a stock that appears to be a bargain based on traditional valuation metrics but is actually “cheap” for legitimate reasons, like a company showing a lack of growth for years or if there are hidden risks that could quickly lead to a company losing money or jeopardize the entire business plan.

We covered this topic with Brandon Beylo (@marketplunger1) , specifically on an episode of Avoiding The Crowd in December 2020.

https://youtu.be/KWDlci3x3to

MUEL specializes in the design and manufacture of stainless steel processing equipment and services for the dairy, food, beverage, chemical, pharmaceutical, and other industries. And as the stock symbol insinuates, it clearly had the traits of value trap (a reason why so many investors have hated the stock).

The stock now sells at a P/E of only 4.4x, even after increasing 27% ($55 to $70) from our July 2023 research update.

Anyways, we wanted to show you all this because this illustrates that the market doesn’t always get it right, especially when dealing with value traps.

Research

Thu, 30 Nov 2023 17:47:07 GMT

Paul Mueller Company (OTC:MUEL) ($54.75;$59.4M market cap), a company that manufactures and sells copper, brass, aluminum, and plastic products, announced the ground-breaking for expansion in its component division.

“This marks a strategic growth move during a strong 2023. Phase I of the expansion is underway, adding another 11,000 square feet of manufacturing space. Upon completion in late 2024, Phase II will follow. The Components team’s exceptional performance has paved the way for these expansions”.

“The 2023 focus has been on “Creating Quality for Life” for our coworkers, customers, and communities. These facility expansions support Paul Mueller Company's continued commitment to meet customers’ diverse needs worldwide. The construction project will create substantial gains through advanced manufacturing technologies and the development of new markets and product offerings. It also supports current and future coworkers’ opportunities for career development and highlights local investment within our communities.”

We recently resumed coverage on this crazy illiquid stock due to strong Q2 2023 results, which was followed by even stronger Q3 results.

With a P/E of 3.3x and cash per share of $38.00, we are trying to determine if this very boring BigCap Microcap play has become more exciting amid what appears to be management's moves to be more shareholder friendly and taking on new growth initiatives.

Recall that we talked about our increased focus on BigCapMicrocap companies at the outset of 2023, during the year's first live Open Forum.

Part of these moves included eliminating its large pension liability. The interesting scenario here is that the stock could be helped along by 2 major factors, where the P/E multiple experiences a major upward expansion if growth picks up and the perception of risk declines.

Research

Mon, 30 Oct 2023 04:00:00 GMT

Paul Mueller Company (OTC:MUEL) ($48.00;$58.0M market cap), a company that manufactures and sells copper, brass, aluminum, and plastic products, announced Q3 2023 results:

Q3 Sales of $57.1 million vs $45.7 million in the prior year
Q3 EPS of $5.07 vs EPS of $0.90 in the prior year

In our July 31, 2023 Q2 coverage note, we highlighted that the company was looking to terminate its two pension liability plans. It seems the company is close to fully resolving both plans per the update in this quarterly release:

“The Company applied to the IRS for its approval of the terminations on December 15, 2022. The Company gave notice of intent to terminate to the PBGC for the Contract Plan on June 27, 2023 and the Noncontract Plan on July 14, 2023. The Company has received no questions from the PBGC and on September 28, 2023, the Company received a favorable determination letter from the IRS.”

“The underfunded status of the two plans combined as of December 31, 2022, was $11.8 million. These terminations will require approximately this amount of cash from the Company, adjusted for any further changes to the plans’ funded status. The terminations will end future requirements for Company contributions to the plans, which have averaged $4.2 million per year in the previous three years. The Company expects to complete the terminations in late 2023”

With trailing 12 month EPS of $16.47, shares are trading at a P/E of 2.9. Please note that with an average daily volume of 400 shares per day, the stock is extremely illiquid. It also should be noted that the backlog is down to $99.4 million from $132.8 million at the end of 2022.

Research

Mon, 31 Jul 2023 04:00:00 GMT

Reasons For Tracking

Mon, 31 Jul 2023 04:00:00 GMT

Paul Mueller Company (OTC:MUEL) ($46.00;$49.9M market cap) operates 3 segments:

Dairy Farm Equipment – Milk cooling and storage, refrigeration products, and heat recovery equipment.
Industrial Equipment – Standard and customized stainless steel and alloy processing and storage tanks, pure water equipment, and heat transfer products.
Transportation – Delivery of products and components to customers and field fabrication sites, backhauls of material, and contract carriage.

****CAUTION: Stock is extremely illiquid****

The stock is back on our radar (after a decade) as financial results are too strong to ignore on the heels of organizational changes announced in the Q1 2023 release.

Q2 2023 results:

Q2 Sales of $59.9 million vs $45.9 million in the prior year
Q2 EPS of $4.43 vs a loss of $0.14 in the prior year
6 month sales of $116.2 vs $86.7 million in the prior year
6 month EPS of $7.81 vs a loss of $1.17 in the prior year

Management Comments:

Most every business segment in the U.S. has an increase led by the pharmaceutical, food and beverage, and component groups. In the Netherlands, revenue is flat for the quarter and down for the six-month and twelve-month periods compared to last year. The shortfall is primarily from milk tanks sold to Great Britain and Ireland, serving beer tanks and the shutdown of DEG.

Net Income is up from the previous year by $5.0 million, $9.8 million and $13.7 million on a three-month, six-month and twelve-month basis. This improvement is partially driven by the US operations where profits were less negatively affected by the change in the LIFO reserve as outlined in footnote F. However, the greater impact has been an increased focus on improving margins.

The company has a history of reporting lumpy financial results, so we are curious if the changes implemented in Q1 2023 will drive more consistency.

However, the bigger development is an update on the company’s moves to terminate its two pension liability plans. It appears that the plans were underfunded by an amount of $11.8 million.

We are digging into the company’s filings to determine what type of impact the termination of the will have on the it’s balance sheet and income statement. At the very least, termination will free up annual pension plan contribution requirements that have historically been around $4.2 million. .

The company has plenty of cash, $38.9 million, on the balance sheet to settle past amounts due to the pension plan. Also, since company press releases offer little color on business plan changes that the company has been implementing, we are going to keep a close eye on the progress of these endeavors.

Shares are trading at a trailing P/E of 3.8 and run-rate P/E of 2.6.

For a recap on what can happen when company’s settle pension plan obligations, please see our recap on Evans & Sutherland Computer Cor (OOTC:ESCC).

Comments & Business Outlook

Tue, 29 Jul 2014 04:00:00 GMT

Second Quarter 2014 Results

Net sales of $52.8 million vs $45.6 million in the prior year
EPS of $2.71 vs $2.59 in the prior year

Comments & Business Outlook

Thu, 01 May 2014 04:00:00 GMT

First Quarter 2014 Results

Net sales of $46.0 million vs $41.4 million in the prior year
EPS of $1.01 vs $1.18 in the prior year

Comments & Business Outlook

Wed, 31 Oct 2012 04:00:00 GMT

Third Quarter 2012 Results

Reported third quarter 2012 revenues of $46.0 million vs 36.8 million in prior year quarter
Reported third quarter 2012 diluted net income per share of $0.70 vs a loss of $0.10 in prior year period.

Comments & Business Outlook

Tue, 31 Jul 2012 04:00:00 GMT

Reports Second Quarer 2012 Results

Reported second quarter 2012 revenues of $43.5 million vs 42.6 million in prior year quarter
Reported second quarter 2012 diluted net income per share of $1.13 vs a loss of $1.00 in prior year period.

Comments & Business Outlook

Tue, 01 May 2012 04:00:00 GMT

PAUL MUELLER COMPANY AND SUBSIDIARIES
THREE-MONTH REPORT
UNAUDITED

CONSOLIDATED SUMMARIES OF OPERATIONS

	Three Months Ended March 31		Twelve Months Ended March 31
	2012	2011	2012	2011

Net Sales	$ 41,148,000	$ 30,828,000	$ 164,501,000	$ 135,283,000
Cost of Sales	29,232,000	20,869,000	115,260,000	95,549,000
Gross Profit	$ 11,916,000	$ 9,959,000	$ 49,241,000	$ 39,734,000
Selling, General and Admin. Expenses	10,175,000	9,498,000	44,602,000	38,825,000
Operating Income	$ 1,741,000	$ 461,000	$ 4,639,000	$ 909,000
Other Income (Expense)	10,000	(416,000)	(859,000)	(1,942,000)
Income (Loss) Before
Provision for Income Taxes	$ 1,751,000	$ 45,000	$ 3,780,000	$ (1,033,000)
Provision for Income Taxes	456,000	302,000	211,000	5,241,000
Net Income (Loss)	$ 1,295,000	$ (257,000)	$ 3,569,000	$ (6,274,000)

Earnings per Common Share --
Basic	$1.07	($0.22)	$2.95	($5.26)
Diluted	$1.07	($0.22)	$2.95	($5.26)