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FOR IMMEDIATE RELEASE Contact: Kent A. McKee
April 20, 1995 (316) 636-6300
MUELLER INDUSTRIES, INC. ANNOUNCES
FIRST QUARTER EARNINGS INCREASED BY 140 PERCENT
Wichita, KS - Mueller Industries, Inc. (NYSE MLI) today reported net income
of $10.1 million, or $1.06 per share, on net sales of $171.8 million for the
fiscal quarter ended April 1, 1995. This compares with a net income of $4.2
million, or 40 cents per share, on net sales of $120.8 million for the first
quarter of 1994. Average shares outstanding totalled 9,449,000 in 1995 and
10,437,000 in 1994.
Harvey L. Karp, Chairman stated, "Our manufacturing operations performed very
well during the first quarter. Our copper and plastic fittings business
operated at near full capacity, and the same was true of our brass rod mill.
Similarly, copper tubing operations had a busy quarter. Our outlook for the
balance of 1995 remains optimistic since we believe that Mueller's operations
will continue to improve as our capital programs take effect."
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, a placer gold
mining operation in Alaska, and other natural resource properties.
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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share data)
For the Quarter Ended
April 1, 1995 March 26, 1994
Net sales $ 171,770 $ 120,812
Cost of goods sold 140,560 99,785
Depreciation, and amortization 3,646 2,700
Selling, general, and
administrative expense 12,967 10,688
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Operating income 14,597 7,639
Interest expense (1,377) (1,694)
Environmental reserves - (412)
Unusual items - (265)
Other income, net 1,473 1,379
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Income before taxes 14,693 6,647
Income tax expense 4,643 2,465
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Net income $ 10,050 $ 4,182
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Net income per share:
Primary:
Average shares outstanding 9,449 10,437
Net income $ 1.06 $ 0.40
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Fully Diluted:
Average shares outstanding 9,478 10,437
Net income $ 1.06 $ 0.40
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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
April 1, 1995 December 31, 1994
ASSETS
Cash and cash equivalents $ 23,885 $ 34,492
Accounts receivable, net 88,388 66,925
Inventories 76,891 74,368
Other current assets 9,483 7,766
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Total current assets 198,647 183,551
Property, plant and equipment, net 201,405 196,772
Other assets 45,632 50,432
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$ 445,684 $ 430,755
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Liabilities and Stockholders' Equity
Current portion of long-term debt $ 18,475 $ 18,611
Accounts payable 31,228 21,607
Other current liabilities 28,741 27,003
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Total current liabilities 78,444 67,221
Long-term debt 72,398 76,125
Other noncurrent liabilities 44,783 45,461
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Total liabilities 195,625 188,807
Stockholders' equity 250,059 241,948
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$ 445,684 $ 430,755
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Book Value Per Share $ 28.93 $ 27.81
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