Exhibit 19.1
TO OUR STOCKHOLDERS, CUSTOMERS, AND EMPLOYEES
 
  For the three months ended September 26, 2009, Mueller’s net income was $18.7 million, or 50 cents per diluted share, on net sales of $419.9 million.  Year-to-date, the Company earned $22.2 million, or 59 cents per diluted share.  Net sales for the first nine months of 2009 were $1.11 billion.
 
  Net sales of the Company’s core product lines including copper tube, fittings, brass rod and forgings were substantially affected by the lower market values of copper and brass, the Company’s principal raw materials, which are largely passed through to customers.  In the third quarter of 2009, the Comex average price of copper was 23 percent lower than in the third quarter of 2008.  In addition, unit volumes of most of the Company’s core product lines were well below year ago levels.
 
  Our cost control initiatives have helped to mitigate the impact of weak demand in the residential and commercial construction sectors.  We expect challenging market conditions will continue into next year.
 
  Our Plumbing & Refrigeration segment posted operating earnings of $16.0 million on net sales of $240.9 million compared with operating earnings of $25.4 million on net sales of $371.3 million in the third quarter of 2008.  Due to lower throughput volumes, we experienced higher per unit conversion costs.  Our OEM segment posted operating earnings of $16.5 million during the third quarter of 2009 on net sales of $181.6 million, which compared with operating earnings of $10.6 million on net sales of $299.5 million for the same period in 2008.
 
  We continue to generate cash by intensively managing working capital and monitoring capital expenditures. Mueller ended the quarter with $353.9 million in cash, or $9.40 per share.  Our financial position remains strong.

 Very Truly Yours,
                                                             
/S/ Harvey L. Karp /S/ Gregory L. Christopher
Harvey L. Karp  Gregory L. Christopher
Chairman of the Board   Chief Executive Officer
 
October 20, 2009

1
MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

   
For the Quarter Ended
    
For the Nine Months Ended
  
   
September 26, 2009
    
September 27, 2008
    
September 26, 2009
    
September 27, 2008
  
   
(In thousands, except per share data)
  
                         
Net sales
  
$
419,890
    
$
665,496
    
$
1,114,248
    
$
2,123,075
  
                                 
Cost of goods sold
    
354,039
      
588,469
      
954,775
      
1,861,475
  
Depreciation and amortization
    
10,441
      
11,529
      
31,276
      
33,517
  
Selling, general, and administrative expense
    
27,593
      
35,674
      
89,067
      
108,583
  
                                 
Operating income
    
27,817
      
29,824
      
39,130
      
119,500
  
                                 
Interest expense
    
(2,435
)
    
(5,050
)
    
(7,553
)
    
(15,755
)
Other (expense) income, net
    
(324
)
    
2,573
      
688
      
9,103
  
                                 
Income before income taxes
    
25,058
      
27,347
      
32,265
      
112,848
  
                                 
Income tax expense
    
(6,246
)
    
(8,422
)
    
(9,796
)
    
(37,992
)
                                 
Consolidated net income
    
18,812
      
18,925
      
22,469
      
74,856
  
                                 
Less: net income attributable to noncontrolling interest
    
(146
)
    
(254
)
    
(267
)
    
(1,816
)
                                 
Net income attributable to Mueller Industries, Inc.
  
$
18,666
    
$
18,671
    
$
22,202
    
$
73,040
  
                                 
Weighted average shares for basic earnings per share
    
37,474
      
37,136
      
37,253
      
37,117
  
Effect of dilutive stock options
    
72
      
176
      
89
      
238
  
                                 
Adjusted weighted average shares for diluted earnings per share
    
37,546
      
37,312
      
37,342
      
37,355
  
                                 
Basic earnings per share
  
$
0.50
    
$
0.50
    
$
0.60
    
$
1.97
  
                                 
Diluted earnings per share
  
$
0.50
    
$
0.50
    
$
0.59
    
$
1.96
  
                                 
Dividends per share
  
$
0.10
    
$
0.10
    
$
0.30
    
$
0.30
  
                                 
 
 
2
 
MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

                           
   
September 26,
    
December 27,
      
September 26,
    
December 27,
  
   
2009
    
2008
      
2009
    
2008
  
   
(In thousands)
      
(In thousands)
  
ASSETS
            
LIABILITIES AND STOCKHOLDERS' EQUITY
        
Cash and cash equivalents
   $ 353,874     $ 278,860  
Current portion of long-term debt
   $ 12,372     $ 24,184  
Accounts receivable, net
     225,316       219,035  
Accounts payable
     70,380       63,732  
Inventories
     178,372       210,609  
Other current liabilities
     96,346       113,668  
Other current assets
     30,327       46,322                    
                                   
Total current assets
     787,889       754,826  
    Total current liabilities
     179,098       201,584  
                                   
                 
Long-term debt
     158,226       158,726  
                 
Pension and postretirement liabilities
     39,180       38,452  
 
                
Environmental reserves
     23,090       23,248  
Property, plant, and equipment, net     258,278       276,927   Deferred income taxes     33,435       33,940  
Other assets
     151,429       151,160  
Other noncurrent liabilities
     1,401       1,698  
                                   
                 
    Total liabilities
     434,430       457,648  
                                   
                 
Stockholders' equity
     737,799       700,683  
                 
Noncontrolling interest
     25,367       24,582  
                                   
                 
    Total equity
     763,166       725,265  
                                   
    $ 1,197,596     $ 1,182,913       $ 1,197,596     $ 1,182,913  
 
 
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, market demand, pricing, and competitive and technological factors, among others, as set forth in the Company’s SEC filings.  These filings are available through our website at www.muellerindustries.com.
 
3