Exhibit 99.1 MUELLER INDUSTRIES, INC. REPORTS RECORD SECOND QUARTER RESULTS MEMPHIS, Tenn., July 25 /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 of 2006. Net income for the second quarter was $58.8 million, or $1.57 per diluted share, which compares with $17.2 million, or 46 cents per diluted share, for the second quarter of fiscal 2005. Net sales for the three months ended July 1, 2006 were $779.7 million, compared with net sales of $410.5 million for the second quarter of 2005. This increase in net sales is primarily due to the increased cost of copper, the Company's principal raw material, which is generally passed through to customers by changes in selling prices. Year-to-date, the Company earned $92.1 million, or $2.48 per diluted share, on net sales of $1.33 billion. This compares with net income of $32.4 million, or 87 cents per diluted share, on net sales of $812.2 million for the first half of 2005. Approximately $92.3 million of the increase in first half net sales was attributable to businesses acquired late in 2005. Financial and Operating Highlights Regarding the second quarter of 2006, Mr. Karp said, "Market conditions remained vibrant throughout the second quarter on the fundamentals of strong demand and product availability. The majority of the increase in operating income is attributable to core product lines. The impact of rising raw material costs also significantly contributed to the earnings improvement. "Mueller's financial strength and flexibility played an important role in our success during the quarter. The price of copper gyrated widely and on average more than doubled compared with the same quarter last year. Nonetheless, we were able to secure copper supplies which enabled us to service our customers' orders on a timely basis. In all, Mueller committed over $85 million in net working capital to our business during the quarter. - "The COMEX average price of copper was $3.37 per pound in the second quarter of 2006, which compares with $1.53 per pound in the second quarter of 2005. - "Mueller ended the quarter with $138.9 million in cash; the higher balances of accounts receivable and inventories caused by rising copper prices were readily funded with cash on-hand. - "Our current ratio remains excellent at 2.3 to 1 and our working capital is $471.3 million. - "Our Plumbing & Refrigeration segment posted operating earnings of $78.3 million on net sales of $551.2 million which compares with operating earnings of $23.2 million on net sales of $302.4 million in the second quarter of 2005. - "Our OEM segment posted operating earnings of $21.5 million during the second quarter of 2006 on net sales of $242.1 million, which compared with operating earnings of $7.3 million on net sales of $111.0 million for the same period in 2005. Included in the OEM segment is our Chinese joint venture which reported total operating income of $3.3 million. - "Capital expenditures during the first half of 2006 totaled $20.9 million of which $9.1 million relates to our Chinese joint venture. We expect to invest between $40 and $45 million for capital expenditures during 2006. - "Selling, general and administrative expense increased to $39.7 million in the second quarter of 2006 due primarily to acquired businesses and compensation expense." Business Outlook for 2006 Regarding the outlook for 2006, Mr. Karp said, "Housing starts have remained at high levels even though mortgage rates have continued to rise. Importantly, commercial construction has markedly improved and the value of private nonresidential construction put in place this year is on track to exceed the peak year of 2000. This trend is favorable for Mueller and could very well offset a slowing in the residential construction markets. Our business outlook for the third quarter of 2006 remains positive." 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, Great Britain, and China. Mueller's business is importantly linked to (1) the construction of new homes; (2) the improvement and reconditioning of existing homes and structures; and (3) the commercial construction market which includes, office buildings, factories, hotels, hospitals, etc. 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. The words "outlook," "estimate," "project," "intend," "expect," "believe," "target," and similar expressions are intended to identify forward-looking statements. The reader should not place undue reliance on forward-looking statements, which speak only as of the date of this report. The Company has no obligation to publicly update or revise any forward-looking statements to reflect events after the date of this report. MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data)