Exhibit 19.1 To Our Stockholders, Customers, and Employees Mueller's net income for the first quarter was $15.2 million, or 41 cents per diluted share, compared with $18.0 million, or 49 cents per diluted share for the same quarter of 2004. Operating income and gross profit improved compared with the first quarter of 2004. Our current period results include $5.0 million of additional interest expense due primarily to the Subordinated Debentures that we issued late last year. First quarter net sales were $401.7 million, compared with net sales of $346.0 million for the first quarter of 2004. This increase in sales was partially attributable to rising raw material costs, particularly the price of copper, as well as the contribution of recently acquired businesses (Vemco and Mueller Comercial SA). Spreads in our copper tube and brass rod businesses narrowed as demand softened from the high levels we enjoyed in the first half last year. Our copper and plastic fittings businesses reported improvements as did B&K. Acquired businesses contributed as expected and we are optimistic about additional opportunities. Mueller's financial position remains sound after the distribution of the Special Dividend late last year. We ended the quarter with almost $70 million of cash on hand. Also, the Company declared and paid its regular quarterly cash dividend of ten cents per common share during the first quarter. We are carefully assessing business conditions with a view toward reacting promptly as need arises. Recently, interest rates have risen; nonetheless, 30- year fixed rate mortgages are still very attractive and housing starts and permits are at a historically high level of 2 million units (seasonally adjusted annual rate). Importantly, commercial construction is rising and GDP and employment remain relatively strong. Our Annual Stockholders' Meeting will be held at Mueller's headquarters in Memphis, Tennessee on May 5, 2005. We hope you can attend, but if you cannot, we urge you to sign and return your proxy card. Sincerely, /s/Harvey L. Karp Harvey L. Karp Chairman of the Board /s/William D. O'Hagan William D. O'Hagan President and Chief Executive Officer April 22, 2005 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, continued availability of raw materials and financing, market demand, pricing, and competitive and technological factors, among others, as set forth in the Company's SEC filings. -1-