FOR IMMEDIATE RELEASE Contact: Kent A. McKee October 14, 1994 (316) 636-6300 MUELLER INDUSTRIES, INC. ANNOUNCES IMPROVED THIRD QUARTER EARNINGS Wichita, KS - Mueller Industries, Inc. (NYSE: MLI) today reported net income for the quarter ended September 24, 1994 of $8.5 million or 90 cents per share, on 9,499,000 weighted average shares outstanding. This compared with net income for the third quarter of 1993 of $5.6 million, or 54 cents per share on 10,473,000 weighted average shares outstanding. Net sales for the third quarter of 1994 were $138.0 million compared with net sales of $122.1 million for the same quarter of 1993. During the third quarter, the Company adopted the last-in, first-out (LIFO) method of accounting for the copper component of its inventories. This change in accounting principle is retroactive to the beginning of fiscal 1994, which required the restatement of the first and second quarter results. The LIFO method should mitigate the income statement effect of copper price fluctuations by more closely matching current costs with current selling prices. For the first nine months of 1994, net income was $18.5 million, or $1.84 per share, on net sales of $395.4 million, which compares with net income of $15.2 million, or $1.45 per share on net sales of $380.5 million for the same period of 1993. The results for the first nine months of 1994 include the first and second quarter effect of restating income for adoption of the LIFO method. Also, earnings were favorably effected by the sale of selected natural resource assets and lower state and federal income tax provisions. Harvey L. Karp, Chairman, stated, "We believe business will remain strong for the balance of 1994. Demand for housing continues to be vigorous and that is good for our business." 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.