FOR IMMEDIATE RELEASE Contact: Kent A. McKee Memphis, TN-April 15, 2003 (901) 753-3208 MUELLER INDUSTRIES, INC. REPORTS FIRST QUARTER RESULTS Quarterly Earnings Harvey L. Karp, Chairman of Mueller Industries, Inc. (NYSE: MLI), today announced the Company's results for the first quarter of 2003. Net income was $3.9 million, or 11 cents per diluted share, which compares with $17.9 million, or 48 cents per diluted share, for the first quarter of 2002. Net sales for the three months ended March 29, 2003 declined to $232.0 million, from $249.1 million for the comparable 2002 period. Income from continuing operations was $4.5 million, or 12 cents per diluted share, which compares with income from continuing operations in the first quarter of 2002 of $17.9 million, or 48 cents per diluted share. The decline in sales volume was partly due to exceptionally cold weather conditions that slowed product shipments. In addition, depressed copper tube margins and market pressures adversely affected profitability. Financial Highlights Regarding the first quarter financial results, Mr. Karp said, "Mueller ended the quarter with $194.9 million in cash, which is more than $5.00 per outstanding share. "Our debt-to-total-capitalization is virtually nil and, in fact, we currently have no net debt as cash on hand substantially exceeds total debt. "Our current ratio is an impressive 5.1 to 1 with total working capital of $393.7 million. "We invested $10.8 million increasing to 34 percent our interest in Conbraco Industries, Inc. We are working with Conbraco's management to achieve mutual benefits for our companies. "Capital expenditures were $6.6 million in the quarter. For 2003, we expect that our capital expenditure requirements will be less than depreciation" Operating Highlights With regard to operations, Mr. Karp noted the following: "We shipped 166.6 million pounds of product, versus 181.5 million pounds in the first quarter of 2002. "Operating income was $7.1 million compared with $26.2 million in the same period a year ago. The decline is due primarily to lower volumes and margins in our copper tube business. -1- "Our European business operated near break even, despite the lowest margins we've experienced since our entry into the European market in 1997. "Our Standard Products Division posted operating earnings of $7.1 million, compared with $25.2 million in the first quarter of 2002. Standard Products Division's net sales were $159.4 million for the quarter, compared with $180.1 million for the same period a year ago. "Our Industrial Products Division posted operating earnings of $4.1 million during the first quarter on sales of $74.9 million which compares with operating earnings of $5.7 million from sales of $70.0 million during the first quarter of 2002." Business Outlook Discussing the business outlook, Mr. Karp said, "The housing industry continues to be a bright spot in our national economy. Building permits, which are an excellent indicator of future business, remain high, and are tracking the pace of 2002. Recently, consumer confidence dipped and the national job market was noticeably weaker. We are carefully monitoring these and other factors; but, it is significant that mortgage rates remain very attractive and that may enable the housing industry to have another good year in 2003." Statements in this release that are not strictly historical may be "forward-looking" statements, which involve risks and uncertainties. These include economic and currency conditions, market demand, pricing, and competitive and technological factors, among others, as set forth in the company's SEC filings. Mueller Industries, Inc. is a leading manufacturer of copper tube and fittings; brass and copper alloy rod, bar and shapes; aluminum and brass forgings; aluminum and copper impact extrusions; plastic fittings and valves; refrigeration valves and fittings; and fabricated tubular products. Mueller's operations are located throughout the United States and in Canada, Mexico, and Great Britain. -2-