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FOR IMMEDIATE RELEASE Contact: Kent A. McKee
July 18, 1994 (316) 636-6300
MUELLER INDUSTRIES, INC. ANNOUNCES
A 37 PERCENT INCREASE IN SECOND QUARTER EARNINGS
Wichita, KS - Mueller Industries, Inc. (NYSE: MLI) today reported net income
for the quarter ended June 25, 1994 of $7.3 million or 72 cents per share, on
10,176,000 weighted average shares outstanding. This compared with net income
for the second quarter of 1993 of $5.3 million, or 51 cents per share on
10,443,000 weighted average shares outstanding. Net sales for the second
quarter of 1994 were $136.6 million compared with net sales of $127.3 million
for the same quarter of 1993.
For the first six months of 1994, net income was $12.9 million, or $1.26 per
share, on net sales of $257.4 million, which compares with net income of $9.5
million, or 92 cents per share on net sales of $258.4 million for the same
period of 1993.
Harvey L. Karp, Chairman, stated, "We are optimistic about the outlook for
the balance of 1994. Housing starts, the most significant indicator of trends
in our business, are currently at a level which signals continued brisk
business."
Mueller Industries, Inc. is a leading and diversified fabricator whose
products include copper tube and fittings; brass and copper alloy rods, bars
and shapes; brass and bronze forgings; aluminum and copper impact extrusions;
plastic fittings and valves; and refrigeration valves, driers and flare
fittings. The Company also owns a short line railroad in Utah and natural
resource properties in the Western United States, Alaska and Canada.
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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share data)
For the Quarter Ended For the Six-Months Ended
June 25, June 26, June 25, June 26,
1994 1993 1994 1993
Net sales $136,576 $127,321 $257,388 $258,358
Costs and expenses 124,441 117,341 235,302 240,530
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Operating income 12,135 9,980 22,086 17,828
Non operating expense, net 595 1,271 1,587 2,134
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Income before taxes 11,540 8,709 20,499 15,694
Income tax expense 4,240 3,397 7,562 6,169
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Net income $ 7,300 $ 5,312 $ 12,937 $ 9,525
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Earnings per common and
common equivalent share:
Primary $ .72 $ .51 $ 1.26 $ .92
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Fully diluted $ .72 $ .51 $ 1.26 $ .91
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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except per share data)
June 25, 1994 December 25, 1993
ASSETS
Cash and cash equivalents $ 58,646 $ 77,336
Accounts receivable, net 68,358 59,197
Inventories 59,601 53,118
Other current assets 6,232 4,760
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Total current assets 192,837 194,411
Property, plant and equipment, net 158,643 154,403
Other assets 32,182 20,929
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$ 383,662 $ 369,743
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current portion of long-term debt $ 12,069 $ 8,391
Accounts payable 24,965 15,637
Other current liabilities 30,890 26,878
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Total current liabilities 67,924 50,906
Long-term debt 66,355 54,320
Other noncurrent liabilities 40,748 42,403
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Total liabilities 175,027 147,629
Stockholders' equity 208,635 222,114
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$ 383,662 $ 369,743
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Book value per share $ 24.05 $ 23.18
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