Mueller Industries, Inc.
Quarterly Statements of Operations
(Unaudited)
(In thousands, except per share data)
--------------------2002--------------------
First Second Third Fourth
Quarter Quarter Quarter Quarter
Pounds sold 181,500 186,600 164,400 161,500
Net sales $ 249,053 $ 260,507 $ 227,294 $ 216,129
Cost of goods sold 191,806 201,351 176,302 175,322
-------- -------- -------- --------
Gross profit 57,247 59,156 50,992 40,807
Depreciation and amortization 9,076 9,163 9,277 9,924
Selling, general, and
administrative expense 21,981 22,374 21,280 19,371
-------- -------- -------- --------
Operating income 26,190 27,619 20,435 11,512
Interest expense (493) (343) (320) (304)
Environmental expense (175) (230) (483) (751)
Other income, net 1,626 1,414 1,104 1,666
-------- -------- -------- --------
Income from continuing
operations before
income taxes 27,148 28,460 20,736 12,123
Income tax (expense) benefit:
Current (6,690) (5,483) 9,102 (4,533)
Deferred (2,593) (4,261) (4,016) 1,184
-------- -------- -------- --------
Total (9,283) (9,744) 5,086 (3,349)
-------- -------- -------- --------
Income from continuing
operations 17,865 18,716 25,822 8,774
Discontinued operations,
net of income taxes:
Income (loss) from
operation of
discontinued operations 71 (251) (313) (393)
Gain (loss) on
disposition of
discontinued operations - - 21,123 (13,422)
-------- -------- -------- --------
Net income (loss) $ 17,936 $ 18,465 $ 46,632 $ (5,041)
======== ======== ======== ========
See accompanying note to financial statement.
1
Mueller Industries, Inc.
Quarterly Statements of Operations, continued
(Unaudited)
(In thousands, except per share data)
--------------------2002--------------------
First Second Third Fourth
Quarter Quarter Quarter Quarter
Basic earnings (loss)
per share:
Weighted average shares
outstanding 33,506 33,940 34,269 34,255
-------- -------- -------- --------
From continuing operations $ 0.54 $ 0.55 $ 0.75 $ 0.25
From discontinued
operations - (0.01) (0.01) (0.01)
From gain (loss) on
disposition of
discontinued operations - - 0.62 (0.39)
-------- -------- -------- --------
Basic earnings (loss)
per share $ 0.54 $ 0.54 $ 1.36 $ (0.15)
======== ======== ======== ========
Diluted earnings (loss)
per share:
Weighted average shares
outstanding plus
assumed conversions 37,329 37,198 36,837 36,825
-------- -------- -------- --------
From continuing operations $ 0.48 $ 0.50 $ 0.70 $ 0.24
From discontinued
operations - - - (0.01)
From gain (loss) on
disposition of
discontinued operations - - 0.57 (0.37)
-------- -------- -------- --------
Diluted earnings (loss)
per share $ 0.48 $ 0.50 $ 1.27 $ (0.14)
======== ======== ======== ========
Summary Segment Data:
Net sales:
Standard Products Division $ 180,098 $ 187,187 $ 161,188 $ 150,791
Industrial Products
Division 69,987 74,937 67,946 66,721
Elimination of
intersegment sales (1,032) (1,617) (1,840) (1,383)
-------- -------- -------- --------
Net sales $ 249,053 $ 260,507 $ 227,294 $ 216,129
======== ======== ======== ========
See accompanying note to financial statement.
2
Mueller Industries, Inc.
Quarterly Statements of Operations, continued
(Unaudited)
(In thousands, except per share data)
--------------------2002--------------------
First Second Third Fourth
Quarter Quarter Quarter Quarter
Operating income:
Standard Products Division $ 25,158 $ 25,409 $ 19,206 $ 9,191
Industrial Products
Division 5,668 5,803 4,640 4,242
Unallocated expenses (4,636) (3,593) (3,411) (1,921)
-------- -------- -------- --------
Operating income $ 26,190 $ 27,619 $ 20,435 $ 11,512
======== ======== ======== ========
See accompanying note to financial statement.
3
Mueller Industries, Inc.
Quarterly Statements of Operations, continued
(Unaudited)
(In thousands, except per share data)
--------------------2001--------------------
First Second Third Fourth
Quarter Quarter Quarter Quarter
Pounds sold 160,100 173,000 162,600 154,200
Net sales $ 254,412 $ 266,028 $ 236,871 $ 211,795
Cost of goods sold 198,395 202,316 175,877 163,778
-------- -------- -------- --------
Gross profit 56,017 63,712 60,994 48,017
Depreciation and amortization 9,662 9,735 10,133 9,931
Selling, general, and
administrative expense 21,675 21,931 20,144 20,000
-------- -------- -------- --------
Operating income 24,680 32,046 30,717 18,086
Interest expense (1,385) (650) (637) (639)
Environmental expense (761) (856) (1,349) (634)
Other income, net 1,740 1,339 1,700 1,008
-------- -------- -------- --------
Income from continuing
operations before
income taxes 24,274 31,879 30,431 17,821
Income tax (expense) benefit:
Current (7,474) (9,414) (6,569) 212
Deferred (1,697) (2,566) (4,594) (6,880)
-------- -------- -------- --------
Total (9,171) (11,980) (11,163) (6,668)
-------- -------- -------- --------
Income from continuing
operations 15,103 19,899 19,268 11,153
Discontinued operations,
net of income taxes:
Income (loss) from
operation of
discontinued operations 366 876 (267) 557
-------- -------- -------- --------
Net income $ 15,469 $ 20,775 $ 19,001 $ 11,710
======== ======== ======== ========
See accompanying note to financial statement.
4
Mueller Industries, Inc.
Quarterly Statements of Operations, continued
(Unaudited)
(In thousands, except per share data)
--------------------2001--------------------
First Second Third Fourth
Quarter Quarter Quarter Quarter
Basic earnings (loss)
per share:
Weighted average shares
outstanding 33,368 33,399 33,424 33,446
-------- -------- -------- --------
From continuing operations $ 0.45 $ 0.59 $ 0.58 $ 0.33
From discontinued
operations 0.01 0.03 (0.01) 0.02
-------- -------- -------- --------
Basic earnings per share $ 0.46 $ 0.62 $ 0.57 $ 0.35
======== ======== ======== ========
Diluted earnings (loss)
per share:
Weighted average shares
outstanding plus
assumed conversions 37,134 37,281 37,298 37,269
-------- -------- -------- --------
From continuing operations $ 0.41 $ 0.53 $ 0.52 $ 0.30
From discontinued
operations 0.01 0.03 (0.01) 0.01
-------- -------- -------- --------
Diluted earnings per share $ 0.42 $ 0.56 $ 0.51 $ 0.31
======== ======== ======== ========
Summary Segment Data:
Net sales:
Standard Products Division $ 186,413 $ 201,248 $ 177,648 $ 156,211
Industrial Products
Division 68,966 65,495 60,745 56,541
Elimination of
intersegment sales (967) (715) (1,522) (957)
-------- -------- -------- --------
Net sales $ 254,412 $ 266,028 $ 236,871 $ 211,795
======== ======== ======== ========
Operating income:
Standard Products Division $ 23,861 $ 32,981 $ 30,763 $ 16,998
Industrial Products
Division 5,129 4,170 3,225 4,945
Unallocated expenses (4,310) (5,105) (3,271) (3,857)
-------- -------- -------- --------
Operating income $ 24,680 $ 32,046 $ 30,717 $ 18,086
======== ======== ======== ========
See accompanying note to financial statement.
5
Note to financial statement:
During 2002, Mueller Industries, Inc. (the Company) sold its wholly owned
subsidiary, Utah Railway Company, and initiated steps to discontinue operations
at its French manufacturing business, Mueller Europe S.A. The operations and
cash flows of these two businesses have been eliminated from the ongoing
operations of the Company, and are reported as discontinued operations.
6