FOR IMMEDIATE RELEASE Contact: Kent A. McKee
April 18, 1996 (316) 636-6300
MUELLER INDUSTRIES, INC. ANNOUNCES
FIRST QUARTER EARNINGS INCREASED BY 32 PERCENT
Wichita, KS - Mueller Industries, Inc. (NYSE MLI) today reported a 32
percent increase in net income for the first quarter of 1996 compared with
the same quarter of 1995. Gross profit, net income, pounds of product
produced and shipped, and earnings per share, all reached record levels. Net
sales for the first quarter of 1996 totaled $180.5 million, an increase of 5.1
percent over net sales of $171.8 million for the first quarter of 1995.
Earnings for the first quarter of 1996 were $13.3 million, or 69 cents per
share, compared to earnings of $10.1 million or 53 cents per share for the
same quarter of 1995. Average shares outstanding totaled 19,368,000 in 1996
and 18,898,000 in 1995.
Harvey L. Karp, Chairman stated, "Over the past 24 months, our Company has
invested approximately $100 million in capital improvement programs. The
purpose was to reduce costs, update technology, and increase productivity and
yield. In the first quarter of 1996, we realized the initial increment of
benefits these programs were designed to achieve. We believe that additional
benefits will accrue as the year progresses. By year-end, we expect to fully
benefit from these programs."
Mueller Industries, Inc. is a leading and diversified fabricator whose products
include copper tube and fittings; brass and copper alloy rods, bars and shapes;
aluminum and brass 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.
2
MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share data)
For the Quarter Ended
March 30, 1996 April 1, 1995
Net sales $ 180,515 $ 171,770
Cost of goods sold 143,532 140,560
Depreciation and amortization 4,450 3,646
Selling, general, and
administrative expense 13,904 12,967
------- -------
Operating income 18,629 14,597
Interest expense (1,240) (1,377)
Other income, net 1,880 1,473
------- -------
Income before taxes 19,269 14,693
Income tax expense 5,977 4,643
------- -------
Net income $ 13,292 $ 10,050
======= =======
Net income per share:
Primary:
Average shares outstanding 19,368 18,898
Net income $ 0.69 $ 0.53
======= =======
Fully Diluted:
Average shares outstanding 19,464 18,956
Net income $ 0.68 $ 0.53
======= =======
3
MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except per share data)
March 30, 1996 December 30, 1995
ASSETS
Cash and cash equivalents $ 45,471 $ 48,357
Accounts receivable, net 99,328 83,712
Inventories 64,731 66,360
Other current assets 15,180 12,609
------- -------
Total current assets 224,710 211,038
Property, plant and equipment, net 224,116 221,012
Other assets 18,352 18,785
------- -------
$ 467,178 $ 450,835
======= =======
Liabilities and Stockholders' Equity
Current portion of long-term debt $ 16,837 $ 16,249
Accounts payable 23,159 16,931
Other current liabilities 35,823 34,704
------- -------
Total current liabilities 75,819 67,884
Long-term debt 55,792 59,653
Other noncurrent liabilities 35,891 37,423
------- -------
Total liabilities 167,502 164,960
Minority interest in subsidiaries 325 -
Stockholders' equity 299,351 285,875
------- -------
$ 467,178 $ 450,835
======= =======
Book value per share $ 17.23 $ 16.48
======= =======