EXHIBIT 19.1

To Our Stockholders, Customers, and Employees

Mueller’s net income in the second quarter of 2011 was $22.3 million, or 59 cents per diluted share.  This compares with net income of $15.6 million, or 41 cents per diluted share, for the same period of 2010.  Net sales for the second quarter of 2011 were $652.9 million compared with $540.4 million in the second quarter of 2010.  The Comex average price of copper was $4.16 per pound in the second quarter of 2011, which compares with $3.19 in the second quarter of 2010.  Higher selling prices due to rising material values accounted for approximately $90 million of the increase in net sales.

For the first half of 2011, net income was $62.9 million, or $1.65 per diluted share, on net sales of $1.34 billion.  This compares with net income of $49.5 million, or $1.31 per diluted share, on net sales of $1.03 billion for the first half of 2010.  The year-to-date results of both 2011 and 2010 include unusual items in net income.  For the 2011 period, income of 18 cents per diluted share was included, resulting from the favorable settlement of a legal action.  And, in 2010, income of 58 cents per diluted share was included in net income, resulting from an insurance claim.

Our financial condition remains strong.  We ended the quarter with $345.0 million in cash equal to $9.11 per share.  In preparation for a major maintenance program at our Fulton, Mississippi, copper tube mill, we increased inventory by more than 15 million pounds to ensure uninterrupted supply for our customers; accordingly, we used in excess of $60 million cash to fund this temporary bulge in inventory quantities.

The construction industry continues to struggle in the face of high unemployment, foreclosures, and a weak economic recovery.  Nonetheless, we believe we are at or near the cyclical lows.  We are well prepared to ramp-up production when the recovery gains momentum.  Mueller’s performance in the first half was gratifying.

Very Truly Yours,
 
 
/S/ Harvey L. Karp
  
/S/ Gregory L. Christopher
  
 
 Harvey L. Karp   
  
Gregory L. Christopher
  
 
 Chairman of the Board  
  
Chief Executive Officer
  
         
 
    July 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 and energy, market demand, pricing, competitive and technological factors, and the availability of financing, among others, as set forth in the Company’s SEC filings.  These filings are available through our website at www.muellerindustries.com.

 
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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
   
For the Quarter Ended
    
For the Six Months Ended
  
   
July 2, 2011
    
June 26, 2010
    
July 2, 2011
    
June 26, 2010
  
   
(In thousands, except per share data)
  
                         
Net sales
  
$
652,923
    
$
540,388
    
$
1,340,604
    
$
1,025,656
  
                                 
Cost of goods sold
    
573,877
      
466,645
      
1,163,751
      
879,693
  
Depreciation and amortization
    
9,166
      
10,090
      
18,865
      
20,438
  
Selling, general, and administrative expense
    
33,330
      
33,468
      
68,699
      
70,791
  
Litigation settlement
    
—
      
—
      
(10,500
)
    
—
  
Insurance settlement
    
—
      
1,210
      
—
      
(21,296
)
                                 
Operating income
    
36,550
      
28,975
      
99,789
      
76,030
  
                                 
Interest expense
    
(2,834
)
    
(2,964
)
    
(6,182
)
    
(5,496
)
Other income (expense), net
    
264
      
(2,518
)
    
1,323
      
(2,378
)
                                 
Income before income taxes
    
33,980
      
23,493
      
94,930
      
68,156
  
                                 
Income tax expense
    
(11,249
)
    
(7,456
)
    
(31,657
)
    
(17,320
)
                                 
Consolidated net income
    
22,731
      
16,037
      
63,273
      
50,836
  
                                 
Net income attributable to noncontrolling interest
    
(400
)
    
(479
)
    
(355
)
    
(1,320
)
                                 
Net income attributable to Mueller Industries, Inc.
  
$
22,331
    
$
15,558
    
$
62,918
    
$
49,516
  
                                 
Weighted average shares for basic earnings per share
    
37,737
      
37,674
      
37,730
      
37,631
  
Effect of dilutive stock-based rewards
    
356
      
43
      
309
      
69
  
                                 
Adjusted weighted average shares for diluted earnings per share
    
38,093
      
37,717
      
38,039
      
37,700
  
                                 
Basic earnings per share
  
$
0.59
    
$
0.41
    
$
1.67
    
$
1.32
  
                                 
Diluted earnings per share
  
$
0.59
    
$
0.41
    
$
1.65
    
$
1.31
  
                                 
Dividends per share
  
$
0.10
    
$
0.10
    
$
0.20
    
$
0.20
  
                                 

 
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MUELLER INDUSTRIES, INC.
  
CONDENSED CONSOLIDATED BALANCE SHEETS
  
(Unaudited)
  
             
             
   
July 2,
    
December 25,
  
   
2011
    
2010
  
   
(In thousands)
  
ASSETS
            
Cash and cash equivalents
  
$
345,039
    
$
394,139
  
Accounts receivable, net
    
327,381
      
269,258
  
Inventories
    
296,999
      
209,892
  
Other current assets
    
47,144
      
39,025
  
                 
    Total current assets
    
1,016,563
      
912,314
  
                 
Property, plant, and equipment, net
    
223,234
      
229,498
  
Other assets
    
118,747
      
117,184
  
                 
   
$
1,358,544
    
$
1,258,996
  
                 
                 
LIABILITIES AND EQUITY
          
Current portion of long-term debt
  
$
50,582
    
$
32,020
  
Accounts payable
    
86,574
      
67,849
  
Other current liabilities
    
94,496
      
95,258
  
                 
Total current liabilities
    
231,652
      
195,127
  
                 
Long-term debt, less current portion
    
156,976
      
158,226
  
Pension and postretirement liabilities
    
40,558
      
40,939
  
Environmental reserves
    
23,232
      
23,902
  
Deferred income taxes
    
21,813
      
24,081
  
Other noncurrent liabilities
    
1,877
      
824
  
                 
Total liabilities
    
476,108
      
443,099
  
                 
Stockholders' equity
    
854,305
      
788,736
  
Noncontrolling interest
    
28,131
      
27,161
  
                 
Total equity
    
882,436
      
815,897
  
                 
   
$
1,358,544
    
$
1,258,996
  
                 
                 
 

 
 
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