2001
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (D) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal quarter ended September 29, 2001 Commission file number 1-6770
MUELLER INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 25-0790410
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
8285 TOURNAMENT DRIVE, SUITE 150
MEMPHIS, TENNESSEE 38125
(Address of principal executive offices)
Registrant's telephone number, including area code: (901) 753-3200
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange
Title of each class on which registered
Common Stock, $ 0.01 Par Value New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by a check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes /X/ No / /
The number of shares of the Registrant's common stock outstanding as of
October 31, 2001, was 33,440,632.
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<Page>
MUELLER INDUSTRIES, INC.
FORM 10-Q
For the Period Ended September 29, 2001
INDEX
Part I. Financial Information Page
Item 1. Financial Statements (Unaudited)
a.) Consolidated Statements of Income
for the quarters and nine months ended
September 29, 2001 and September 23, 2000 3
b.) Consolidated Balance Sheets
as of September 29, 2001 and December 30, 2000 5
c.) Consolidated Statements of Cash Flows
for the nine months ended September 29, 2001
and September 23, 2000 7
d.) Notes to Consolidated Financial Statements 9
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 12
Item 3. Quantitative and Qualitative Disclosure
of Market Risk 15
Part II. Other Information
Item 6. Exhibits and Reports on Form 8-K 16
Signatures 17
-2-
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
MUELLER INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share data)
For the Quarter Ended
September 29, 2001 September 23, 2000
Net sales $ 253,438 $ 304,017
Cost of goods sold 190,809 242,101
---------- ----------
Gross profit 62,629 61,916
Depreciation and amortization 10,683 9,238
Selling, general, and
administrative expense 21,073 22,437
---------- ----------
Operating income 30,873 30,241
Interest expense (660) (2,207)
Environmental reserves (1,349) -
Other income, net 1,755 2,554
---------- ----------
Income before income taxes 30,619 30,588
Current income tax expense (7,010) (8,739)
Deferred income tax expense (4,608) (2,542)
---------- ----------
Total income tax expense (11,618) (11,281)
---------- ----------
Net income $ 19,001 $ 19,307
========== ==========
Weighted average shares
for basic earnings per share 33,424 34,439
Effect of dilutive stock options 3,874 3,836
---------- ----------
Adjusted weighted average shares
for diluted earnings per share 37,298 38,275
---------- ----------
Basic earnings per share $ 0.57 $ 0.56
========== ==========
Diluted earnings per share $ 0.51 $ 0.50
========== ==========
<FN>
See accompanying notes to consolidated financial statements.
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MUELLER INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share data)
For the Nine Months Ended
September 29, 2001 September 23, 2000
Net sales $ 816,037 $ 950,847
Cost of goods sold 628,015 732,305
---------- ----------
Gross profit 188,022 218,542
Depreciation and amortization 31,715 27,519
Selling, general, and
administrative expense 66,390 71,547
---------- ----------
Operating income 89,917 119,476
Interest expense (2,764) (7,130)
Environmental reserves (2,966) -
Other income, net 4,890 7,509
---------- ----------
Income before income taxes 89,077 119,855
Current income tax expense (24,928) (38,605)
Deferred income tax expense (8,904) (5,615)
---------- ----------
Total income tax expense (33,832) (44,220)
---------- ----------
Net income $ 55,245 $ 75,635
========== ==========
Weighted average shares
for basic earnings per share 33,396 34,582
Effect of dilutive stock options 3,841 3,867
---------- ----------
Adjusted weighted average shares
for diluted earnings per share 37,237 38,449
---------- ----------
Basic earnings per share $ 1.65 $ 2.19
========== ==========
Diluted earnings per share $ 1.48 $ 1.97
========== ==========
<FN>
See accompanying notes to consolidated financial statements.
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MUELLER INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
September 29, 2001 December 30, 2000
Assets
Current assets:
Cash and cash equivalents $ 133,520 $ 100,268
Accounts receivable, less allowance
for doubtful accounts of $5,759 in
2001 and $5,612 in 2000 156,393 152,157
Inventories:
Raw material and supplies 28,662 25,111
Work-in-process 19,177 19,941
Finished goods 80,316 97,273
---------- ----------
Total inventories 128,155 142,325
Current deferred income taxes 3,891 -
Other current assets 9,804 10,421
---------- ----------
Total current assets 431,763 405,171
Property, plant, and equipment, net 381,428 379,885
Goodwill, net 99,355 102,673
Other assets 26,809 22,547
---------- ----------
$ 939,355 $ 910,276
========== ==========
<FN>
See accompanying notes to consolidated financial statements.
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MUELLER INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share data)
September 29, 2001 December 30, 2000
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of long-term debt $ 4,120 $ 5,909
Accounts payable 42,436 43,733
Accrued wages and other employee costs 21,471 26,994
Other current liabilities 69,069 41,213
---------- ----------
Total current liabilities 137,096 117,849
Long-term debt 47,884 100,975
Pension and postretirement liabilities 18,691 19,320
Environmental reserves 9,068 9,862
Deferred income taxes 48,056 39,362
Other noncurrent liabilities 10,693 8,506
---------- ----------
Total liabilities 271,488 295,874
---------- ----------
Minority interest in subsidiaries 297 297
Stockholders' equity:
Preferred stock - shares authorized
4,985,000; none outstanding - -
Series A junior participating preferred
stock - $1.00 par value; shares
authorized 15,000; none outstanding - -
Common stock - $.01 par value; shares
authorized 100,000,000; issued
40,091,502; outstanding 33,425,554
in 2001 and 33,358,061 in 2000 401 401
Additional paid-in capital, common 261,278 260,979
Retained earnings 520,412 465,167
Accumulated other comprehensive
income (loss) (14,761) (11,826)
Treasury common stock, at cost (99,760) (100,616)
---------- ----------
Total stockholders' equity 667,570 614,105
Commitments and contingencies (Note 2) - -
---------- ----------
$ 939,355 $ 910,276
========== ==========
<FN>
See accompanying notes to consolidated financial statements.
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MUELLER INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
For the Nine Months Ended
September 29, 2001 September 23, 2000
Cash flows from operating activities
Net income $ 55,245 $ 75,635
Reconciliation of net income to net
cash provided by operating
activities:
Depreciation and amortization 31,715 27,519
Minority interest in subsidiaries - (57)
Deferred income taxes 8,904 5,615
Gain on disposal of properties (243) (4)
Income tax benefit from exercise
of stock options 252 1,402
Changes in assets and liabilities:
Receivables (4,801) (16,371)
Inventories 13,981 (6,125)
Other assets (5,881) (5,570)
Current liabilities 21,298 (1,425)
Other liabilities 1,992 (55)
Other, net (2,597) 184
---------- ----------
Net cash provided by operating activities 119,865 80,748
---------- ----------
Cash flows from investing activities
Capital expenditures (32,660) (38,349)
Businesses acquired - (15,245)
Proceeds from sales of properties 2,476 222
Escrowed IRB proceeds (1,891) -
---------- ----------
Net cash used in investing activities (32,075) (53,372)
---------- ----------
Cash flows from financing activities
Acquisition of treasury stock - (24,878)
Repayments of long-term debt (64,879) (18,475)
Proceeds from stock options exercised 902 2,591
Proceeds from issuance of
long-term debt 10,000 -
---------- ----------
Net cash used in financing activities (53,977) (40,762)
---------- ----------
Effect of exchange rate changes on cash (561) (924)
---------- ----------
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MUELLER INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(Unaudited)
(In thousands)
For the Nine Months Ended
September 29, 2001 September 23, 2000
Increase (decrease) in cash
and cash equivalents 33,252 (14,310)
Cash and cash equivalents at the
beginning of the period 100,268 149,454
---------- ----------
Cash and cash equivalents at the
end of the period $ 133,520 $ 135,144
========== ==========
<FN>
See accompanying notes to consolidated financial statements.
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MUELLER INDUSTRIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
General
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted. Results of operations
for the interim periods presented are not necessarily indicative of results
which may be expected for any other interim period or for the year as a
whole. This quarterly report on Form 10-Q should be read in conjunction
with the Company's Annual Report on Form 10-K, including the annual
financial statements incorporated therein by reference.
The accompanying unaudited interim financial statements include all
adjustments which are, in the opinion of management, necessary to a fair
statement of the results for the interim periods presented.
Note 1 - Earnings Per Common Share
Basic per share amounts have been computed based on the average number
of common shares outstanding. Diluted per share amounts reflect the
increase in average common shares outstanding that would result from the
assumed exercise of outstanding stock options, computed using the treasury
stock method.
Note 2 - Commitments and Contingencies
The Company is subject to normal environmental standards imposed by
federal, state, local, and foreign environmental laws and regulations.
Based upon information currently available, management believes that the
outcome of pending environmental matters will not materially affect the
overall financial position and results of operations of the Company.
In addition, the Company is involved in certain litigation as either
plaintiff or defendant as a result of claims that arise in the ordinary
course of business which management believes will not have a material effect
on the Company's financial condition.
Note 3 - Reclassifications
Certain prior period amounts have been reclassified to conform with the
current period's presentation.
During 2001, the Company began classifying the cost of shipping its
products to customers as a component of cost of goods sold resulting from
the adoption of Emerging Issues Task Force Issue No. 00-10, "Accounting for
Shipping and Handling Fees and Costs". Previously, the Company classified
these costs as a reduction of net sales. This change required a restatement
of net sales and cost of goods sold amounts for all periods presented and
did not have a significant effect on the net sales, cost of goods sold, and
gross profit of the Company.
-9-
Note 4 - Comprehensive Income
Comprehensive income for the Company consists of net income and other
comprehensive income. Total comprehensive income was $23,627,000 and
$15,811,000 for the quarters ending September 29, 2001, and September 23,
2000, respectively and was $52,311,000 and $68,518,000 for the nine-month
periods ending September 29, 2001, and September 23, 2000, respectively.
Included in "Accumulated other comprehensive income (loss)" were cumulative
changes in the fair value of certain derivative financial instruments which
qualify for hedge accounting totaling $2.8 million at September 29, 2001,
and none at December 30, 2000.
Note 5 - Industry Segments
Summarized segment information is as follows:
(In thousands)
For the Quarter Ended
September 29, 2001 September 23, 2000
Net sales:
Standard Products Division $ 188,345 $ 226,342
Industrial Products Division 60,745 72,735
Other Businesses 5,870 5,833
Elimination of intersegment sales (1,522) (893)
---------- ----------
$ 253,438 $ 304,017
========== ==========
Operating income:
Standard Products Division $ 29,743 $ 26,612
Industrial Products Division 3,225 5,334
Other Businesses 497 725
Unallocated expenses (2,592) (2,430)
---------- ----------
$ 30,873 $ 30,241
========== ==========
-10-
(In thousands)
For the Nine Months Ended
September 29, 2001 September 23, 2000
Net sales:
Standard Products Division $ 606,397 $ 701,456
Industrial Products Division 195,206 231,526
Other Businesses 17,638 19,940
Elimination of intersegment sales (3,204) (2,075)
---------- ----------
$ 816,037 $ 950,847
========== ==========
Operating income:
Standard Products Division $ 86,132 $ 102,174
Industrial Products Division 12,525 23,423
Other Businesses 2,286 3,588
Unallocated expenses (11,026) (9,709)
---------- ----------
$ 89,917 $ 119,476
========== ==========
Note 6 - Adoption of a New Accounting Standard
Effective at the beginning of fiscal 2001, the Company adopted
Statement of Financial Accounting Standards No. 133, "Accounting for
Derivative Instruments and Hedging Activities" (SFAS No. 133), as amended
by Statement of Financial Accounting Standards No. 138, "Accounting for
Certain Derivative Instruments and Certain Hedging Activities" (SFAS No.
138), which requires that all derivative instruments be reported on the
balance sheet at fair value and establishes criteria for designation and
effectiveness of hedging relationships. The cumulative effect of adopting
SFAS No. 133 and SFAS No. 138 as of the beginning of fiscal 2001 was not
material to the Company's consolidated financial statements.
The Company occasionally uses financial instruments, including forward
contracts and interest rate swap contracts, to manage its exposures to
movements in foreign exchange rates, commodity prices, and interest rates.
The use of these financial instruments modifies the exposure of these risks
with the intent to reduce the risk and variability to the Company. The
Company does not hold or issue derivative financial instruments for trading
purposes.
During the first nine months of 2001, the Company utilized foreign
currency forward contracts to offset the effect of exchange rate
fluctuations on certain foreign sales and the collection of the receivables
related to these sales. These foreign sales were primarily denominated in
the Euro, British pound sterling, and Swedish krona. In addition, the
Company used copper and natural gas forward contracts to manage the
volatility related to certain copper and natural gas purchases. The Company
also entered into interest rate swaps that effectively fix the interest
payments of certain floating rate debt instruments. At September 29, 2001,
-11-
the Company had interest rate swap contracts outstanding with a notional
principal amount of $10 million, which expire in 2008. These derivative
financial instruments are accounted for as cash flow hedges. The fair value
of these contracts and instruments at September 29, 2001 and changes in
their fair values during the third quarter and first nine months of 2001
were not material to the consolidated financial statements of the Company.
In July 2001, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 141, "Business Combinations" (SFAS
No. 141), and Statement No. 142, "Goodwill and Other Intangible Assets"
(SFAS No. 142). SFAS No. 141 requires the purchase method of accounting for
all business combinations initiated after June 30, 2001 and eliminates the
pooling-of-interests method. SFAS No. 142 requires that goodwill and
intangible assets with indefinite lives no longer be amortized, but instead
be reviewed for impairment and written-down to fair value when impairment is
indicated. SFAS No. 141 is effective immediately, while SFAS No. 142 will be
effective at the start of fiscal 2002. The Company is currently reviewing
the impact of adopting these Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
General Overview
The Company is a leading manufacturer of copper, brass, plastic, and
aluminum products. The range of these products is broad: copper tube and
fittings; brass and copper alloy rod, bar, and shapes; aluminum and brass
forgings; aluminum and copper impact extrusions; plastic fittings and
valves; refrigeration valves and fittings; and fabricated tubular products.
Mueller's plants are located throughout the United States, and in Canada,
France, and Great Britain. The Company also owns a short line railroad in
Utah.
The Company's businesses are managed and organized into three segments:
(i) Standard Products Division (SPD); (ii) Industrial Products Division
(IPD); and (iii) Other Businesses. SPD manufactures and sells copper tube,
copper and plastic fittings, and valves. Outside of the United States, SPD
manufactures copper tube in Europe and copper fittings in Canada. SPD sells
these products to wholesalers in the HVAC (heating, ventilation, and air-
conditioning), plumbing, and refrigeration markets, and to distributors to
the manufactured housing and recreational vehicle industries. IPD
manufactures and sells brass and copper alloy rod, bar, and shapes; aluminum
and brass forgings; aluminum and copper impact extrusions; refrigeration
valves and fittings; fabricated tubular products; and gas valves and
assemblies. IPD sells its products primarily to original equipment
manufacturers (OEMs), many of which are in the HVAC, plumbing, and
refrigeration markets. Other Businesses is composed primarily of Utah
Railway Company. SPD and IPD account for more than 98 percent of
consolidated net sales and more than 86 percent of consolidated total
assets.
-12-
New housing starts and commercial construction are important
determinants of the Company's sales to the HVAC, refrigeration, and plumbing
markets because the principal end use of a significant portion of the
Company's products is in the construction of single and multi-family housing
and commercial buildings.
Profitability of certain of the Company's product lines depends upon
the "spreads" between the cost of raw material and the selling prices of its
completed products. The open market prices for copper cathode and scrap,
for example, influence the selling price of copper tubing, a principal
product manufactured by the Company. The Company attempts to minimize the
effects of fluctuations in material costs by passing through these costs to
its customers. Spreads fluctuate based upon market conditions.
Results of Operations
Net income was $19.0 million, or 51 cents per diluted share, for the
third quarter of 2001, compared with net income of $19.3 million, or 50
cents per diluted share, for the same period of 2000. Weighted average
shares outstanding plus assumed conversions used to compute diluted earnings
per share were 37.3 million during the third quarter of 2001 versus 38.3
million for the third quarter last year. Year-to-date, net income was $55.2
million, or $1.48 per diluted share, compared with net income of $75.6
million, or $1.97 per diluted share, for 2000.
During the third quarter of 2001, the Company's net sales were $253.4
million, which compares with net sales of $304.0 million, or a 16.6 percent
decrease over the same period of 2000. Net sales were $816.0 million in the
first nine months of 2001 compared with $950.8 million in 2000. The average
price of copper was approximately 10 percent lower in the first nine months
of 2001 compared with the same period of 2000, which contributed to the
decrease in net sales. During the third quarter of 2001, the Company's
manufacturing businesses shipped 173.6 million pounds of product compared
to 193.3 million pounds in the same quarter of 2000. The Company shipped
535.8 million pounds of product in the first nine months of 2001 compared
with 602.8 million in the same period of 2000. This decline in volume
reflects the overall slowdown in the economy.
Cost of goods sold decreased from $242.1 million in the third quarter
of 2000 to $190.8 million in the same period of 2001. Selling, general, and
administrative expense also decreased from $22.4 million in 2000 to $21.1
million in the third quarter of 2001. The decreases in these operating
costs are attributable to the decline in volume experienced in the third
quarter. Depreciation and amortization increased to $10.7 million in the
third quarter of 2001 compared with $9.2 million in 2000. Production
efficiencies at certain manufacturing locations contributed to the increase
in third quarter gross profit. Operating income was partially offset by
losses at our European operations.
-13-
Interest expense for the third quarter of 2001 totaled $0.7 million
compared with $2.2 million in the same quarter of 2000. For the first nine
months of 2001, interest expense was $2.8 million compared with $7.1 million
for the same period of 2000. The Company capitalized $1.4 million and $0.9
million of interest related to capital improvement programs in the first
three quarters of 2001 and 2000, respectively. Total interest in the third
quarter and first nine months of 2001 decreased due to rate reductions
following the restructuring of the Company's bank credit facility late in
2000, combined with lower funded balances.
The Company's effective income tax rate for the first nine months of
2001 was 38.0 percent compared with 36.9 percent for the same period of
last year.
Liquidity and Capital Resources
Cash provided by operating activities during the first nine months of
2001 totaled $119.9 million, which is primarily attributable to net income,
depreciation and amortization, decreased inventories, and increased current
liabilities. During the first nine months of 2001, the Company used $32.1
million in investing activities, consisting primarily of capital
expenditures. The Company also used $54.0 million for financing activities
during the nine-month period consisting primarily of $64.9 million for
repayments of long-term debt, offset by $10.0 million of proceeds from the
issuance of Industrial Revenue Bonds (IRB). Existing cash balances, cash
from operations, and IRB proceeds were used to fund the year-to-date
investing and financing activities.
On October 18, 1999, the Company's Board of Directors authorized the
repurchase of up to four million shares of the Company's common stock from
time-to-time through open market transactions or through privately
negotiated transactions. During 2000, this authorization was expanded to
purchase up to 10 million shares. During the third quarter, the
authorization was extended through October 2002. The Company will have no
obligation to purchase any shares and may cancel, suspend, or extend the
time period for the purchase of shares at any time. The purchases will be
funded primarily through existing cash and cash from operations. The
Company may hold such shares in treasury or use a portion of the repurchased
shares for employee benefit plans, as well as for other corporate purposes.
Through September 29, 2001, the Company has repurchased approximately 2.3
million shares under this authorization. There were no shares repurchased
during the first three quarters of 2001.
The Company has an unsecured $200 million revolving credit facility
(the Credit Facility), which matures in November 2003. Borrowings under the
Credit Facility bear interest, at the Company's option, at (i) LIBOR plus a
variable premium or (ii) the larger of Prime or the Federal Funds rate plus
.50 percent. LIBOR advances may be based upon the one, two, three, or six-
month LIBOR. The variable premium over LIBOR is based on certain financial
ratios and can range from 25 to 40 basis points. At September 29, 2001, the
premium was 25 basis points. Additionally, a facility fee is payable
quarterly on the total commitment and varies from 12.5 to 22.5 basis points
based upon the Company's capitalization ratios. When funded debt is 50
percent or more of the commitment, a utilization fee is payable quarterly on
the average loan balance outstanding and varies from 0 to 20 basis points
-14-
based upon the capitalization ratio. Availability of funds under the Credit
Facility is reduced by the amount of certain outstanding letters of credit,
which totaled approximately $6.5 million at September 29, 2001. At
September 29, 2001, the Company's total debt was $52.0 million or 7.2
percent of its total capitalization.
The Company's financing obligations contain various covenants which
require, among other things, the maintenance of minimum levels of working
capital, tangible net worth, and debt service coverage ratios. The Company
is in compliance with all debt covenants.
The Company expects to invest approximately $50 million for capital
improvements and additions in 2001, the majority of which relate to projects
approved and initiated during the previous year. The modernization of the
Company's European copper tube operations is nearing completion. This
investment, totaling approximately $40 million, will upgrade the casting,
extrusion, and drawing processes. The Company expects to recognize certain
benefits of cost reductions and productivity improvements during the
remainder of 2001.
On February 13, 2001, the Company, through a wholly owned subsidiary,
issued $10 million of 2001 Series IRBs. The Company entered into an
interest rate swap agreement, which fixes the interest rate at 6.63 percent
for seven years. Subsequent to the seven-year period, the rate will convert
to LIBOR plus .90 percent. The IRBs call for quarterly interest payments
from June 1, 2001 to March 1, 2021 and for quarterly principal payments of
$250 thousand plus interest from June 1, 2011 to March 1, 2021. Proceeds
from these 2001 Series IRBs are being used to fund a new extrusion press in
the Company's tube mill in Fulton, Mississippi.
Management believes that cash provided by operations and currently
available cash of $133.5 million will be adequate to meet the Company's
normal future capital expenditure and operational needs. The Company's
current ratio is 3.1 to 1 at September 29, 2001.
Item 3. Quantitative and Qualitative Disclosure of Market Risk
Quantitative and qualitative disclosures about market risk are
incorporated herein by reference to Part II, Item 7A, of the Company's
Report on Form 10-K for the year ended December 30, 2000.
-15-
Part II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
19.1 Mueller Industries, Inc.'s Quarterly Report to
Stockholders for the quarter ended September 29,
2001. Such report is being furnished for the
information of the Securities and Exchange Commission
only and is not to be deemed filed as part of this
Quarterly Report on Form 10-Q.
(b) During the quarter ended September 29, 2001, the Registrant
filed no Current Reports on Form 8-K.
Items 1, 2, 3, 4, and 5 are not applicable and have been omitted.
-16-
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized, on
November 2, 2001.
MUELLER INDUSTRIES, INC.
/s/ KENT A. MCKEE
Kent A. McKee
Vice President and
Chief Financial Officer
/s/ RICHARD W. CORMAN
Richard W. Corman
Corporate Controller
-17-
EXHIBIT INDEX
Exhibits Description Page
19.1 Mueller Industries, Inc.'s Quarterly Report to
Stockholders for the quarter ended September 29, 2001.
Such report is being furnished for the information of
the Securities and Exchange Commission only and is not
to be deemed filed as part of this Quarterly Report on
Form 10-Q.