FOR IMMEDIATE RELEASE Contact: Kent A. McKee
July 18, 1996 (901) 753-3208
MUELLER INDUSTRIES, INC. ANNOUNCES
A 30 PERCENT INCREASE IN SECOND QUARTER EARNINGS
Memphis, TN - Mueller Industries, Inc. (NYSE: MLI) today reported net
income for the quarter ended June 29, 1996 of $13.9 million or 71 cents per
share, on 19,525,000 weighted average shares outstanding. This compared with
net income for the second quarter of 1995 of $10.7 million, or 56 cents per
share on 19,099,000 weighted average shares outstanding. Net sales for the
second quarter of 1996 were $189.6 million compared with net sales of $181.4
million for the same quarter of 1995.
For the first six months of 1996, net income was $27.2 million, or $1.40
per share, on net sales of $370.1 million. This compared with net income of
$20.7 million, or $1.09 per share, on net sales of $353.2 million for the
same period of 1995.
Harvey L. Karp, Chairman, stated, "Our manufacturing operations showed
excellent improvement during the second quarter. We were particularly
pleased with the results of our plastic products business. We continue to
refine the implementation of our major capital improvement programs which
should result in increased productivity, efficiency, and yield. Mueller's
business is currently strong, and we believe it will remain so provided
interest rates do not spike upwards. Although long-term mortgage rates have
recently moved up, they are still quite attractive by historical standards."
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.
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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 29, July 1, June 29, July 1,
1996 1995 1996 1995
Net sales $189,557 $181,380 $370,072 $353,150
Cost of goods sold 149,536 149,587 293,068 290,147
Depreciation and amortization 4,571 3,763 9,021 7,409
Selling, general, and
administrative expense 14,919 12,409 28,823 25,376
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Operating income 20,531 15,621 39,160 30,218
Interest expense (1,473) (1,134) (2,713) (2,511)
Other income, net 1,060 1,102 2,940 2,575
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Income before taxes 20,118 15,589 39,387 30,282
Income tax expense (6,221) (4,926) (12,198) (9,569)
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Net income $ 13,897 $ 10,663 $ 27,189 $ 20,713
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Net income per share:
Primary:
Average shares outstanding 19,525 19,099 19,457 19,012
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Net income $ 0.71 $ 0.56 $ 1.40 $ 1.09
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Fully diluted:
Average shares outstanding 19,550 19,201 19,550 19,227
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Net income $ 0.71 $ 0.56 $ 1.39 $ 1.08
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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except per share data)
June 29, 1996 December 30, 1995
ASSETS
Cash and cash equivalents $ 52,804 $ 48,357
Accounts receivable, net 107,218 83,712
Inventories 68,379 66,360
Other current assets 15,956 12,609
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Total current assets 244,357 211,038
Property, plant and equipment, net 223,699 221,012
Other assets 16,084 18,785
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$ 484,140 $ 450,835
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current portion of long-term debt $ 16,177 $ 16,249
Accounts payable 24,479 16,931
Other current liabilities 41,460 34,704
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Total current liabilities 82,116 67,884
Long-term debt 52,900 59,653
Other noncurrent liabilities 35,495 37,423
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Total liabilities 170,511 164,960
Minority interest in subsidiares 325 -
Stockholders' equity 313,304 285,875
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$ 484,140 $ 450,835
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Book value per share $ 18.02 $ 16.48
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