Mueller Industries, Inc. Reports First Quarter 2009 Results

MEMPHIS, Tennessee - Harvey L. Karp, Chairman of Mueller Industries, Inc. (NYSE: MLI), announced today that Mueller posted a net loss of US$2.5 million, or 7 cents per diluted share, for the first quarter of 2009. This compares with net income of US$27.4 million, or 73 cents per diluted share, for the same period of 2008. First quarter net sales for 2009 were US$326.6 million compared with US$704.1 million in 2008.

Net sales of the Company’s core product lines including copper tube, fittings, brass rod and forgings were substantially affected by the lower market values of copper and brass, the Company’s principal raw materials, which are largely passed through to customers. In the first quarter of 2009, the Comex average price of copper was 55.5 percent lower than in the first quarter of 2008. Approximately US$225 million of the decrease in net sales was attributable to lower unit volume primarily in the OEM segment. Lower selling prices, primarily in the Plumbing & Refrigeration segment, accounted for approximately US$130 million of the decrease in net sales.

Financial and Operating Highlights Regarding the first quarter of 2009, Mr. Karp said: - “This is the first operating loss our Company has reported since 1991. Business conditions were exceptionally difficult during the first quarter, but improved as the quarter progressed. We do not know if the improvement will persist, but we are hopeful that it will. - “Our Plumbing & Refrigeration segment posted operating earnings of US$10.3 million on net sales of US$190.4 million which compares with prior year earnings of US$25.1 million on net sales of US$383.9 million. The decline in operating income was primarily due to lower unit shipments across most product lines and higher per unit conversion costs due to lower production volume. - “Our OEM segment posted an operating loss of US$6.3 million during the first quarter of 2009 on net sales of US$138.4 million, which compares with operating earnings of US$25.6 million on net sales of US$326.2 million for the same period in 2008. The loss was primarily due to lower volume and spreads and higher per unit conversion costs due to weak demand in the industrial and automotive markets. - “Total stockholders’ equity was US$694.5 million which equates to a book value per share of US$18.70 of which US$8.09 per share was cash. - “Our current ratio remained solid at 4.8 to 1. We ended the quarter with US$300.3 million in cash and US$554.3 million in working capital. - “As of quarter end, our financial leverage was modest with a debt to total capitalization ratio of 19.9 percent. - “The Comex average price of copper was US$1.57 per pound in the first quarter of 2009, which compares with US$3.53 in the first quarter of 2008. - “During the first quarter of 2009, capital expenditures totaled US$4.8 million. We expect to invest approximately US$20 million for capital expenditures during 2009.”

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.

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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.

(All amounts in US Dollars unless otherwise specified) MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) For the Quarter Ended ——————— March 28, March 29, 2009 2008 —— —— (Unaudited) Net sales $326,558 $704,108 Cost of goods sold 287,383 611,797 Depreciation and amortization 10,480 10,984 Selling, general, and administrative expense 31,158 38,291 —— —— Operating (loss) income (2,463) 43,036 Interest expense (2,636) (5,467) Other income, net 627 4,569 —— —— (Loss) income before income taxes (4,472) 42,138 Income tax benefit (expense) 1,962 (14,231) —— —— Consolidated net (loss) income (2,510) 27,907 Less: net loss (income) attributable to noncontrolling interest 18 (552) —— —— Net (loss) income attributable to Mueller Industries, Inc. $(2,492) $27,355 ====== ====== Weighted average shares for basic (loss) earnings per share 37,143 37,089 Effect of dilutive stock options - 192 —— —— Adjusted weighted average shares for diluted (loss) earnings per share 37,143 37,281 —— —— Basic (loss) earnings per share $(0.07) $0.74 —— —— Diluted (loss) earnings per share $(0.07) $0.73 ====== ====== Dividends per share $0.10 $0.10 ====== ====== Summary Segment Data: ——————— Net sales: Plumbing & Refrigeration Segment $190,393 $383,884 OEM Segment 138,392 326,207 Elimination of intersegment sales (2,227) (5,983) ——- ——- Net sales $326,558 $704,108 ======= ======= Operating (loss) income: Plumbing & Refrigeration Segment $10,331 $25,084 OEM Segment (6,266) 25,574 Unallocated expenses (6,528) (7,622) ——- ——- Operating (loss) income $(2,463) $43,036 ======= ======= MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) March 28, December 27, 2009 2008 ——— ——— (Unaudited) ASSETS Cash and cash equivalents $300,336 $278,860 Accounts receivable, net 190,172 219,035 Inventories 170,968 210,609 Other current assets 37,596 46,322 ——— ——— Total current assets 699,072 754,826 Property, plant, and equipment, net 270,626 276,927 Other assets 148,487 151,160 ——— ——— $1,118,185 $1,182,913 ========= ========= LIABILITIES AND EQUITY Current portion of debt $14,022 $24,184 Accounts payable 52,476 63,732 Other current liabilities 78,262 113,668 ——— ——— Total current liabilities 144,760 201,584 Long-term debt, less current portion 158,726 158,726 Pension and postretirement liabilities 37,692 38,452 Environmental reserves 23,184 23,248 Deferred income taxes 32,663 33,940 Other noncurrent liabilities 1,441 1,698 ——— ——— Total liabilities 398,466 457,648 ——— ——— Total Mueller Industries, Inc. stockholders’ equity 694,458 700,683 Noncontrolling interest 25,261 24,582 ——— ——— Total equity 719,719 725,265 ——— ——— $1,118,185 $1,182,913 ========= ========= MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) For the Quarter Ended ——————— March 28, March 29, 2009 2008 ——– ——– (Unaudited) Operating activities: Net (loss) income attributable to Mueller Industries, Inc. $(2,492) $27,355 Reconciliation of net (loss) income attributable to Mueller Industries, Inc. to net cash provided by (used in) operating activities: Depreciation and amortization 10,521 11,110 Stock-based compensation expense 607 731 Gain on early retirement of debt - (2,408) (Gain) loss on disposals of properties (87) 339 Deferred income taxes (248) (429) Net (loss) income attributable to noncontrolling interest (18) 552 Changes in assets and liabilities: Receivables 28,010 (62,218) Inventories 38,657 (3,664) Other assets 3,070 (6,780) Current liabilities (42,167) 14,264 Other liabilities (620) 2,566 Other, net (261) (2,708) ——- ——- Net cash provided by (used in) operating activities 34,972 (21,290) ——- ——- Investing activities: Capital expenditures (4,842) (8,573) Proceeds from sales of properties 402 - Net withdrawals from restricted cash balances 5,852 85 ——- ——- Net cash provided by (used in) investing activities 1,412 (8,488) ——- ——- Financing activities: Dividends paid (3,714) (3,709) Issuance of shares under incentive stock option plans from treasury - 266 (Repayment) issuance of debt by joint venture, net (10,152) 21,032 Repayments of long-term debt - (22,979) ——- ——- Net cash used in financing activities (13,866) (5,390) ——- ——- Effect of exchange rate changes on cash (1,042) 830 ——- ——- Increase (decrease) in cash and cash equivalents 21,476 (34,338) Cash and cash equivalents at the beginning of the period 278,860 308,618 ——- ——- Cash and cash equivalents at the end of the period $300,336 $274,280 ======= =======

Source: Mueller Industries, Inc.

Kent A. McKee of Mueller Industries, Inc., +1-901-753-3208