Exhibit 99.1 MUELLER INDUSTRIES, INC. REPORTS FOURTH QUARTER AND FISCAL 2006 EARNINGS MEMPHIS, Tenn., Feb. 6 /PRNewswire-FirstCall/ -- Harvey L. Karp, Chairman of Mueller Industries, Inc. (NYSE: MLI), announced today that Mueller's income from continuing operations for fiscal 2006 was $148.9 million, or $4.00 per diluted share, which compares with $89.2 million, or $2.40 per diluted share, for 2005. Net sales for 2006 were $2.51 billion compared with $1.73 billion in 2005. The 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. For the fourth quarter of 2006, the Company's net income was $5.2 million, or 14 cents per diluted share, on net sales of $544.2 million. This compares with net income of $35.8 million, or 97 cents per diluted share, on net sales of $483.6 million for the quarter ended December 31, 2005. The fourth quarter of 2006 includes a pre-tax charge of approximately $14.2 million (or 26 cents per diluted share after tax) to write-down inventories to the lower-of-cost- or-market that resulted from falling copper prices. Additionally, the fourth quarter results were adversely impacted by lower unit volumes due to the much anticipated "correction" in the residential construction market. Financial and Operating Highlights Mr. Karp said: * "The COMEX average price of copper was $3.19 per pound in the fourth quarter of 2006 and closed the year at $2.85 per pound. During 2006, copper had reached the price of $4.08 per pound, which is a historic high. * "Our current ratio remains strong at 3.0 to 1 and our working capital is $520.7 million, of which $200.5 million is cash on hand. * "Cash provided by operating activities was $64.5 million in 2006 compared with $106.1 million during 2005. Additional investments in accounts receivable and inventories were required because of higher raw material costs. * "For the full year, our Plumbing & Refrigeration segment posted operating earnings of $197.4 million on net sales of $1.72 billion which compares with operating earnings of $125.5 million on net sales of $1.28 billion in 2005. During the fourth quarter of 2006, market conditions for our core product lines remained challenging; unit volumes, particularly copper tube, were down substantially compared with the fourth quarter of 2005. Operating margins were curtailed during the fourth quarter due to weakness in demand, price reductions, and higher unit costs on lower production volume. * "Our OEM segment posted operating earnings of $44.8 million during the year on net sales of $835.3 million, which compares with operating earnings of $27.0 million on net sales of $460.3 million for 2005. Included in the OEM segment is our Chinese joint venture which reported total operating income of $6.4 million for 2006. * "Of the $14.2 million inventory write-down, $11.2 million occurred in Europe where FIFO inventory accounting is employed. In the U.S., LIFO inventory accounting is primarily used for the cost of the copper component in inventory, which moderates swings in inventory valuations. * "Capital expenditures during 2006 totaled $41.2 million of which $17.9 million relates to our Chinese joint venture." Business Outlook for 2007 Regarding the outlook for 2007, Mr. Karp said, "After more than five years of vigorous growth, the housing industry is experiencing the widely predicted 'correction.' The 'correction' is underway but may have already bottomed-out. "We note that the inventory of unsold new homes is declining, while building permits, the key indicator of future business, increased at the end of 2006. Also, mortgage rates are near historical lows and demographic factors are positive for the housing market. "We expect the commercial and retail sectors of Mueller's business will perform well during the year." 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)