FOR IMMEDIATE RELEASE Contact: Kent A. McKee
October 18, 1995 (316) 636-6300
MUELLER INDUSTRIES, INC. ANNOUNCES
36 PERCENT INCREASE IN THIRD QUARTER EARNINGS
Wichita, KS - Mueller Industries, Inc. (NYSE: MLI) today reported net income
for the quarter ended September 30, 1995 of $11.6 million or 60 cents per
share, on 19,263,000 weighted average shares outstanding. This compared with
net income for the third quarter of 1994 of $8.5 million, or 45 cents per
share on 18,997,000 weighted average shares outstanding. Net sales for the
third quarter of 1995 were $171.5 million compared with net sales of $138.0
million for the same quarter of 1994. Earnings per share and weighted average
shares outstanding have been adjusted in all periods presented for the
Company's two-for-one stock split that was effected in September, 1995.
For the first nine months of 1995, net income was $32.3 million, or $1.69 per
share, on net sales of $524.7 million, which compares with net income of $18.5
million, or 92 cents per share on net sales of $395.4 million for the same
period of 1994.
Harvey L. Karp, Chairman, stated, "We are pleased to report that the copper
tube modernization project and our new high-volume copper fittings plant
should be substantially completed by year-end. Additionally, the indirect
extrusion press project at our Port Huron rod mill should be completed by
early 1996. We expect to achieve substantial benefits from these capital
programs in the years ahead."
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
September 30, September 24,
1995 1994
Net sales $ 171,549 $ 137,975
Cost of goods sold 137,410 113,253
Depreciation and amortization 4,098 3,227
Selling, general, and administrative expense 13,011 10,497
----------- -----------
Operating income 17,030 10,998
Interest expense (820) (1,988)
Environmental reserves (955) -
Unusual items - -
Other income, net 1,736 3,023
----------- -----------
Income before taxes 16,991 12,033
Income tax expense (5,386) (3,515)
----------- -----------
Net income $ 11,605 $ 8,518
=========== ===========
Net income per share:
Primary:
Average shares outstanding 19,263,000 18,997,000
Net income $ 0.60 $ 0.45
=========== ===========
Fully diluted:
Average shares outstanding 19,263,000 19,029,000
Net income $ 0.60 $ 0.45
=========== ===========
3
MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share data)
For the Nine-Months Ended
September 30, September 24,
1995 1994
Net sales $ 524,699 $ 395,363
Cost of goods sold 427,557 325,483
Depreciation and amortization 11,507 9,102
Selling, general, and administrative expense 38,387 32,411
----------- -----------
Operating income 47,248 28,367
Interest expense (3,331) (5,300)
Environmental reserves (955) (412)
Unusual items - (1,406)
Other income, net 4,311 6,566
----------- -----------
Income before taxes 47,273 27,815
Income tax expense (14,955) (9,337)
----------- -----------
Net income $ 32,318 $ 18,478
=========== ===========
Net income per share:
Primary:
Average shares outstanding 19,115,000 20,071,000
Net income $ 1.69 $ 0.92
=========== ===========
Fully diluted:
Average shares outstanding 19,256,000 20,077,000
Net income $ 1.68 $ 0.92
=========== ===========
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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except per share data)
September 30, December 31,
1995 1994
ASSETS
Cash and cash equivalents $ 31,176 $ 34,492
Accounts receivable, net 96,229 66,925
Inventories 69,734 74,368
Other current assets 9,193 7,766
----------- -----------
Total current assets 206,332 183,551
Property, plant and equipment, net 220,315 196,772
Other assets 33,372 50,432
----------- -----------
$ 460,019 $ 430,755
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current portion of long-term debt $ 17,721 $ 18,611
Accounts payable 23,446 21,607
Other current liabilities 40,047 27,003
----------- -----------
Total current liabilities 81,214 67,221
Long-term debt 62,727 76,125
Other noncurrent liabilities 42,576 45,461
----------- -----------
Total liabilities 186,517 188,807
Stockholders' equity 273,502 241,948
----------- -----------
$ 460,019 $ 430,755
=========== ===========
Book value per share $ 15.78 $ 13.91
=========== ===========