Exhibit 19.1

To Our Stockholders, Customers, and Employees

Mueller’s net income was $40.6 million, or $1.07 per diluted share, for the first quarter of 2011.  This compares with net income of $34.0 million, or 90 cents per diluted share, for the same period of 2010.

Both the first quarters of 2011 and 2010 had unusual items which were included in net income.  In 2011, income of 18 cents per diluted share was included, resulting from the favorable settlement of a legal action.  And, in the first quarter of 2010, income of 62 cents per diluted share was included in net income, resulting from an insurance claim.  Excluding these unusual items, Mueller’s net income for the first quarter of 2011 was $33.8 million, or 89 cents per diluted share, compared with $10.6 million, or 28 cents per diluted share, for the first quarter of 2010.  On this basis, net income more than tripled.

Net sales in the first quarter of 2011 amounted to $687.7 million, a 42 percent increase over net sales in the same quarter a year ago.  The first quarter of 2011 was a 14-week period while the first quarter of 2010 was a 13-week period.

Our Plumbing & Refrigeration segment posted operating earnings of $29.7 million.  Net sales for the first quarter of 2011 totaled $380.6 million.  In the same period a year ago, comparable segment earnings were $18.0 million (plus a $22.5 million gain on the settlement of an insurance claim as discussed above) on net sales of $256.7 million.  Volumes and margins were better across most product lines contributing to the improved earnings.

Our OEM segment posted operating earnings of $29.6 million during the first quarter of 2011 on net sales of $319.3 million, which compares with operating income of $16.1 million on net sales of $232.2 million for the same period in 2010.  The increase in earnings was primarily due to higher volume and lower costs.

The construction sector remains anemic.  On the residential side, foreclosures and the threats thereof weigh on weak demand caused by poor jobs growth, even though mortgage rates are low and favorable affordability conditions exist.  As for commercial construction, private nonresidential activity suffers from high vacancy rates.  Despite these difficult conditions, Mueller achieved a very good first quarter and we remain positive about the outlook for the year.

Very Truly Yours,
 
/S/ Harvey L. Karp
/S/ Gregory L. Christopher
 Harvey L. Karp   
Gregory L. Christopher
 Chairman of the Board  
Chief Executive Officer
   
 
    April 26, 2011

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.

 
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME
  
(In thousands, except per share data)
  
             
   
For the Quarter Ended
  
   
April 2,
    
March 27,
  
   
2011
    
2010
  
   
(Unaudited)
  
             
Net sales
  
$
687,681
    
$
485,268
  
                 
Cost of goods sold
    
589,874
      
413,048
  
Depreciation and amortization
    
9,699
      
10,348
  
Selling, general, and administrative expense
    
35,369
      
37,323
  
Litigation settlement
    
(10,500
)
    
--
  
Insurance gain
    
--
      
(22,506
)
                 
Operating income
    
63,239
      
47,055
  
Interest expense
    
(3,348
)
    
(2,532
)
Other income, net
    
1,059
      
140
  
                 
Income  before income taxes
    
60,950
      
44,663
  
                 
Income tax expense
    
(20,408
)
    
(9,864
)
                 
Consolidated net income
    
40,542
      
34,799
  
                 
Net loss (income) attributable to noncontrolling interest
    
45
      
(841
)
                 
Net income attributable to the Company
  
$
40,587
    
$
33,958
  
                 
Basic earnings per share:
          
Weighted average shares outstanding
    
37,723
      
37,588
  
                 
Basic earnings  per share
  
$
1.08
    
$
0.90
  
                 
Diluted earnings per share:
          
Weighted average shares outstanding plus assumed conversions
    
37,986
      
37,682
  
                 
Diluted earnings per share
  
$
1.07
    
$
0.90
  
                 
Dividends per share
  
$
0.10
    
$
0.10
  
                 

 
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CONDENSED CONSOLIDATED BALANCE SHEETS
  
(In thousands)
  
             
             
   
April 2,
    
December 25,
  
   
2011
    
2010
  
   
(Unaudited)
  
ASSETS
            
Cash and cash equivalents
  
$
413,922
    
$
394,139
  
Accounts receivable, net
    
353,321
      
269,258
  
Inventories
    
231,270
      
209,892
  
Other current assets
    
36,583
      
39,025
  
                 
    Total current assets
    
1,035,096
      
912,314
  
                 
Property, plant, and equipment, net
    
227,890
      
229,498
  
Other assets
    
119,026
      
117,184
  
                 
   
$
1,382,012
    
$
1,258,996
  
                 
                 
LIABILITIES AND EQUITY
          
Current portion of long-term debt
  
$
43,117
    
$
32,020
  
Accounts payable
    
123,031
      
67,849
  
Other current liabilities
    
111,982
      
95,258
  
                 
Total current liabilities
    
278,130
      
195,127
  
                 
Long-term debt, less current portion
    
157,226
      
158,226
  
Pension and postretirement liabilities
    
40,995
      
40,939
  
Environmental reserves
    
23,263
      
23,902
  
Deferred income taxes
    
21,915
      
24,081
  
Other noncurrent liabilities
    
808
      
824
  
                 
Total liabilities
    
522,337
      
443,099
  
                 
Stockholders' equity
    
832,299
      
788,736
  
Noncontrolling interest
    
27,376
      
27,161
  
                 
Total equity
    
859,675
      
815,897
  
                 
   
$
1,382,012
    
$
1,258,996
  
                 
                 

 
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