FOR IMMEDIATE RELEASE Contact: Kent A. McKee
April 22, 1994 (316) 636-6300
MUELLER INDUSTRIES, INC. ANNOUNCES
FIRST QUARTER RESULTS
Wichita, KS - Mueller Industries, Inc. (NYSE MLI) today reported net income
of $5.6 million, or $.54 per share, on net sales of $120.8 million for the
fiscal quarter ended March 26, 1994. This compares with a net income of $4.2
million, or $.41 cents per share, on net sales of $131.0 million for the first
quarter of 1993. Average shares outstanding totaled 10,437,000 in 1994 and
10,372,000 in 1993.
Harvey L. Karp, Chairman stated, "We are gratified that the earnings increase
was achieved despite harsh weather conditions which prevailed during most of
the first quarter this year. However, productivity increases, yield
improvements and cost reductions contributed to improved profit margins."
Mr Karp also stated that "Mueller's sales dollars are significantly affected
by the price of copper, our principal raw material. Average copper prices
were fourteen percent lower in the first quarter of 1994 compared to the same
period of 1993."
Mueller Industries, Inc. is a leading and diversified fabricator whose
products include copper tube and fittings; brass and copper alloy rods, bars
and shapes; brass and bronze forgings; aluminum and copper impact extrusions;
plastic fittings and valves; and refrigeration valves, driers and flare
fittings. The Company also owns a short line railroad in Utah and natural
resource properties in the Western United States, Alaska and Canada.
MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share data)
For the Quarter Ended
March 26, 1994 March 27, 1993
Net sales $ 120,812 $ 131,037
Costs and expenses 110,861 123,189
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Operating income 9,951 7,848
Non operating expense, net 992 863
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Income before taxes 8,959 6,985
Income tax expense 3,322 2,772
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Net income $ 5,637 $ 4,213
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Earnings per common and common
equivalent share:
Primary $ 0.54 $ 0.41
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Fully diluted $ 0.54 $ 0.41
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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except per share data)
March 26, 1994 December 25, 1993
ASSETS
Cash and cash equivalents $ 79,360 $ 77,336
Accounts receivable, net 62,404 59,197
Inventories 54,376 53,118
Other current assets 5,549 4,760
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Total current assets 201,689 194,411
Property, plant and equipment, net 156,388 154,403
Other assets 35,015 20,929
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$ 393,092 $ 369,743
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current portion of long-term debt $ 11,352 $ 8,391
Accounts payable 16,245 15,637
Other current liabilities 26,968 26,878
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Total current liabilities 54,565 50,906
Long-term debt 69,654 54,320
Other noncurrent liabilities 41,500 42,403
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Total liabilities 165,719 147,629
Stockholders' equity 227,373 222,114
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$ 393,092 $ 369,743
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Book value per share $ 23.69 $ 23.18
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