Exhibit 99.1 Mueller Industries, Inc. Reports Second Quarter Earnings@< MEMPHIS, Tenn., July 13 /PRNewswire-FirstCall/ -- Quarterly and Year-to-Date Earnings Harvey L. Karp, Chairman of Mueller Industries, Inc. (NYSE: MLI), today announced the Company's results for the second quarter and first-half period ended June 26, 2004. For the second quarter of 2004, earnings per diluted share were 73 cents compared with 24 cents in the second quarter of 2003. Net income was $27.0 million for the second quarter of 2004 compared with $9.0 million for the second quarter of fiscal 2003. Net sales for the three months ended June 26, 2004, were $380.8 million compared with net sales of $248.2 million for the same quarter of last year. Net sales in the first half of 2004 were $726.8 million compared with net sales of $480.2 million in the 2003 period. Year-to-date, net income was $45.0 million, or $1.22 per diluted share, compared with $12.9 million, or 35 cents per diluted share, for the same period last year. Financial Highlights Regarding the results, Mr. Karp said, "Mueller's second quarter of 2004 clearly demonstrated our Company's ability to leverage the benefits of favorable market conditions." * "Operating income increased to $38.7 million for the second quarter of 2004 which compares with $11.5 million in the second quarter of 2003. * "Pounds of product shipped increased 13 percent to 198.5 million in the second quarter of 2004 compared with 175.5 million for 2003. * "Gross profit increased more than 70 percent to $77.1 million in the second quarter of 2004 compared with $44.8 million in the second quarter of 2003. * "Our Standard Products Division posted operating earnings of $37.2 million in the second quarter, compared with $11.9 million in the second quarter of 2003. Standard Products Division's net sales were $278.9 million for second quarter, compared with $178.9 million for 2003. Operating results increased on the strength of higher volume and margins, particularly copper tube where spreads returned to year 2000 levels. * "Results at our European operations continue to improve on better volume and spreads. * "Our Industrial Products Division posted operating earnings of $6.3 million during the quarter on net sales of $105.9 million, which compares with operating income of $3.6 million and net sales of $71.6 million for the same period a year ago. The earnings of our brass rod business increased markedly as margins, volume, and costs improved. * "Mueller ended the quarter with $263.7 million in cash and virtually no debt. * "Our current ratio remains excellent at 4.4 to 1 and our working capital is $519.9 million. * "Capital expenditures totaled $8.8 million during the first half of 2004. For the fiscal year 2004, we expect capital expenditures to be in the range of $20 to $25 million. * "Stockholders' equity has grown to $858.8 million, or $24.55 per share." Business Outlook Discussing the business outlook, Mr. Karp said, "The business outlook remains good. Housing starts for 2004 will likely exceed the robust level of 1,853,000 starts achieved in 2003. Moreover commercial construction, an important market for our products, is improving along with our national economy. Interest rates have recently ticked up, but by historical standards are quite low. And the National Association of Home Builders has forecasted that 2005 will be another outstanding year for the housing industry." Mueller Industries, Inc. is a leading manufacturer of copper tube and fittings; brass and copper alloy rod, bar and shapes; aluminum and brass forgings; aluminum and copper impact extrusions; plastic fittings and valves; refrigeration valves and fittings; and fabricated tubular products. Mueller's operations are located throughout the United States and in Canada, Mexico, and Great Britain. 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. MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) For the Quarter Ended For the Six Months Ended June 26, June 28, June 26, June 28, 2004 2003 2004 2003 (Unaudited) (Unaudited) Net sales $380,822 $248,221 $726,781 $480,243 Cost of goods sold 303,720 203,461 584,749 395,376 Depreciation and amortization 10,159 9,722 20,124 19,462 Selling, general, and administrative expense 28,199 23,575 54,881 46,871 Impairment charge - - 3,941 - Operating income 38,744 11,463 63,086 18,534 Interest expense (199) (292) (423) (603) Environmental expense (269) (257) (438) (464) Other income, net 1,449 2,182 4,242 2,739 Income from continuing operations before income taxes 39,725 13,096 66,467 20,206 Income tax expense (12,677) (4,117) (21,459) (6,767) Income from continuing operations 27,048 8,979 45,008 13,439 Loss from operation of discontinued operations, net of tax - - - (539) Net income $27,048 $8,979 $45,008 $12,900 Earnings (loss) per share: Basic earnings (loss) per share: Weighted average shares outstanding 34,978 34,263 34,818 34,260 From continuing operations $0.77 $0.26 $1.29 $0.40 From discontinued operations - - - (0.02) Basic earnings per share $0.77 $0.26 $1.29 $0.38 Diluted earnings (loss) per share: Weighted average shares outstanding plus assumed conversions 36,892 36,803 36,900 36,787 From continuing operations $0.73 $0.24 $1.22 $0.36 From discontinued operations - - - (0.01) Diluted earnings per share $0.73 $0.24 $1.22 $0.35 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) June 26, December 27, 2004 2003 (Unaudited) ASSETS Cash and cash equivalents $263,687 $255,088 Accounts receivable, net 223,111 163,006 Inventories 171,685 140,548 Other current assets 15,293 11,713 Total current assets 673,776 570,355 Property, plant, and equipment, net 334,093 345,537 Other assets 134,633 139,292 $1,142,502 $1,055,184 LIABILITIES AND STOCKHOLDERS' EQUITY Current portion of long-term debt $1,085 $2,835 Accounts payable 63,856 42,081 Other current liabilities 88,976 68,590 Total current liabilities 153,917 113,506 Long-term debt 11,334 11,437 Pension and postretirement liabilities 32,508 31,643 Environmental reserves 9,822 9,560 Deferred income taxes 65,894 63,734 Other noncurrent liabilities 10,211 10,238 Total liabilities 283,686 240,118 Minority interest in subsidiaries 24 208 Stockholders' equity 858,792 814,858 $1,142,502 $1,055,184 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) For the Six Months Ended June 26, June 28, 2004 2003 (Unaudited) Operating activities: Net income from continuing operations $45,008 $13,439 Reconciliation of net income from continuing operations to net cash provided by operating activities: Depreciation and amortization 20,124 19,462 Income tax benefit from exercise of stock options 9,685 - Impairment charge 3,941 - Equity in loss of unconsolidated subsidiaries 2,740 404 (Gain) loss on disposal of properties (5,143) 193 Deferred income taxes (1,384) 4,030 Minority interest in subsidiaries, net of dividend paid (184) (173) Changes in assets and liabilities: Receivables (59,453) (30,341) Inventories (30,774) 3,073 Current liabilities 41,983 3,293 Other, net 307 757 Net cash provided by operating activities 26,850 14,137 Investing activities: Capital expenditures (8,807) (15,982) Proceeds from sales of properties 5,481 210 Purchase of Conbraco Industries, Inc. common stock - (10,806) Other, net - 449 Net cash used in investing activities (3,326) (26,129) Financing activities: Dividends paid (6,991) - Acquisition of treasury stock (9,320) - Proceeds from the sale of treasury stock 3,326 244 Repayments of long-term debt (1,853) (2,045) Net cash used in financing activities (14,838) (1,801) Effect of exchange rate changes on cash (87) 3,294 Increase (decrease) in cash and cash equivalents 8,599 (10,499) Cash provided by discontinued operations - 252 Cash and cash equivalents at the beginning of the period 255,088 217,601 Cash and cash equivalents at the end of the period $263,687 $207,354 SOURCE Mueller Industries, Inc. -0- 07/13/2004 /CONTACT: Kent A. McKee of Mueller Industries, Inc., +1-901-753-3208/ (MLI) CO: Mueller Industries, Inc. ST: Tennessee IN: MNG CST SU: ERN ERP