Exhibit 99.1 MUELLER INDUSTRIES, INC. REPORTS FIRST QUARTER RESULTS MEMPHIS, Tenn., April 21 /PRNewswire-FirstCall/ -- Quarterly Earnings Harvey L. Karp, Chairman of Mueller Industries, Inc. (NYSE: MLI), today announced the Company's results for the first quarter of 2005. Net income for the first quarter was $15.2 million, or 41 cents per diluted share, which compares with $18.0 million, or 49 cents per diluted share, for the first quarter of fiscal 2004. Net sales for the three months ended April 2, 2005 were $401.7 million, compared with net sales of $346.0 million for the first quarter of 2004. The current period includes approximately $5.0 million pre-tax of additional interest expense (approximately 9 cents per diluted share) related primarily to the Subordinated Debentures issued in the fourth quarter of 2004. Financial and Operating Highlights Regarding the first quarter financial results, Mr. Karp said, "Mueller's financial position remains sound. * "Operating income increased to $27.2 million, despite lower profitability at two of our core product lines, copper tube and brass rod. * "Pounds of product shipped by our core product lines totaled 189.4 million in the first quarter of 2005 compared with 197.6 million for 2004. The COMEX average copper price in the first quarter of 2005 was $1.47 per pound compared with $1.23 per pound for the first quarter of 2004. * "Our Standard Products Division posted operating earnings of $24.6 million, compared with $25.0 million in 2004. Standard Products Division's net sales were $293.9 million for the quarter, compared with $249.7 million for 2004. We realized improved results in our copper and plastic fittings businesses as well as contributions from acquired businesses, that were offset somewhat by decreases in copper tube profitability due to lower volumes and spreads. * "Operating income at Industrial Products Division was $6.5 million compared with $3.4 million (after a $3.9 million impairment charge related to Overstreet-Hughes) for the first quarter of 2004. Net sales were $111.3 million in the first quarter of 2005 which compares with $99.8 million for 2004. Results at our brass rod mill decreased on lower volumes and spreads. * "Mueller ended the quarter with almost $70 million in cash. * "Our current ratio remains excellent at 2.4 to 1 and our working capital is $290.9 million. * "Capital expenditures totaled $4.8 million during the first quarter of 2005. For the fiscal year 2005, we expect capital expenditures to be in the range of $20 to $25 million. * "Stockholders' equity has grown to $365.2 million." Business Outlook Discussing the outlook, Mr. Karp said, "We are carefully assessing business conditions with a view toward reacting promptly as need arises. Recently, interest rates have risen; nonetheless, 30-year fixed rate mortgages are still very attractive and housing starts and permits are at a historically high level of 2 million units (seasonally adjusted annual rate). Importantly, commercial construction is rising and GDP and employment remain relatively strong." 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, competitive and technological factors, and the availability of financing, 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 --------------------------- April 2, March 27, 2005 2004 ------------ ------------ (Unaudited) Net sales $ 401,663 $ 345,959 Cost of goods sold 334,024 281,029 Depreciation and amortization 10,078 9,965 Selling, general, and administrative expense 30,355 26,682 Impairment charge - 3,941 Operating income 27,206 24,342 Interest expense (5,184) (224) Other income, net 794 2,624 Income before income taxes 22,816 26,742 Income tax expense (7,608) (8,782) Net income $ 15,208 $ 17,960 Earnings per share: Basic earnings per share: Weighted average shares outstanding 36,505 34,658 Basic earnings per share $ 0.42 $ 0.52 Diluted earnings per share: Weighted average shares outstanding plus assumed conversions 37,151 36,908 Diluted earnings per share $ 0.41 $ 0.49 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) April 2, December 25, 2005 2004 ------------ ------------ (Unaudited) ASSETS Cash and cash equivalents $ 69,720 $ 47,449 Accounts receivable, net 219,838 201,396 Inventories 193,577 187,853 Other current assets 18,977 18,633 Total current assets 502,112 455,331 Property, plant, and equipment, net 329,043 335,610 Other assets 174,948 172,790 $ 1,006,103 $ 963,731 LIABILITIES AND STOCKHOLDERS' EQUITY Current portion of long-term debt $ 2,346 $ 5,328 Accounts payable 115,872 79,723 Other current liabilities 92,973 95,767 Total current liabilities 211,191 180,818 Long-term debt 310,595 310,650 Pension and postretirement liabilities 33,114 33,167 Environmental reserves 9,435 9,503 Deferred income taxes 66,367 67,479 Other noncurrent liabilities 10,141 10,361 Total liabilities 640,843 611,978 Minority interest in subsidiaries 67 67 Stockholders' equity 365,193 351,686 $ 1,006,103 $ 963,731 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) For the Quarter Ended --------------------------- April 2, March 27, 2005 2004 ------------ ------------ (Unaudited) Operating activities: Net income $ 15,208 $ 17,960 Reconciliation of net income to net cash provided by (used in) operating activities: Depreciation and amortization 10,118 9,965 Income tax benefit from exercise of stock options 529 9,685 Impairment charge - 3,941 Equity in (earnings) loss of unconsolidated subsidiaries (266) 3,272 Deferred income taxes (828) 108 Loss (gain) on disposal of properties 94 (5,142) Changes in assets and liabilities: Receivables (19,189) (70,032) Inventories (6,393) (9,714) Current liabilities 33,973 8,248 Other, net (3,059) (4,669) Net cash provided by (used in) operating activities 30,187 (36,378) Investing activities: Capital expenditures (4,814) (5,063) Proceeds from sales of properties 25 5,173 Net cash (used in) provided by investing activities (4,789) 110 Financing activities: Dividends paid (3,659) (3,493) Acquisition of treasury stock (168) (9,320) Proceeds from the sale of treasury stock 3,778 3,259 Repayments of long-term debt (2,972) (926) Net cash used in financing activities (3,021) (10,480) Effect of exchange rate changes on cash (106) (8) Increase (decrease) in cash and cash equivalents 22,271 (46,756) Cash and cash equivalents at the beginning of the period 47,449 255,088 Cash and cash equivalents at the end of the period $ 69,720 $ 208,332 SOURCE Mueller Industries, Inc. -0- 04/21/2005 /CONTACT: Kent A. McKee of Mueller Industries, Inc., +1-901-753-3208/